WOW -- Prices of 1902 Micro-O Morgans are going nuts!!

DennisH

Has anybody else noticed what's been happening lately to prices of this super-tough VAM? Here are some numbers:

-- On 11-06-04 at the Heritage Palm Beach sale lot # 10163, a PCGS VF20, sold for $2,070 including commission.
-- On 1-11-05 at the Superior Ft. Lauderdale sale lot #871, a PCGS VF30, sold for $5,100 including commission.
-- Tonight on eBay item #3949506604, a PCGS VG08, sold for $1,275.

I've been a big believer in this coin for several years, but all I seem to be able to say is WOW!

coinpage

Link to 3949506604

Wolf359

Amazing...

coinkat

The 1896-o , 1900-o and 1902-o micro o dates are all rare in high end circ grades... (AND PERHAPS NOT SO HIGH CIRC GRADE) I am not surprised because these are rare and most dealers ignore them because they just are not able to promote them... there is a difference between rarity and hype... thats just the way it is... end of discussion.

coinkat

amazing that there are not more responses to this thread...

Louis76

And the sad part is, there HAVE to be more of them floating around somewhere, just WHERE? I have an 1899 Micro O that's only an AG, but it wouldn't bring NEAR what those did because uncirculated specimens have been found.

jdsinva

It's amazing how certain VAMs have hit the stratosphere in prices realized. I've seen uncertified examples sell on eBay prior but for no where near that money. Original, problem-free pieces must be even more scarce than imagined. The same thing happened to the scar face a few years back. Unfortunately I lack the 1900-O micro and 1902-O micro. I do have the 1896-O micro in VG, a 1903-S micro in XF. and numerous 1899-O micro, including one in BU. I agree that there must still be more out there and I'm hopeful I'll eventually pick up an example or two of the ones I'm missing.

alergar

It's not the price of the 1902 Micro-O that's going wild; it's the bidiots buying them for way over book



A nice coin for say $500.00, can't figure why they paid AU price for it.

DennisH

Who says "the book" is right? (In fact, what "book" are we talking about? Is it any more accurate than the Grey Sheet?)

What the price of a coin was in the past is totally irrelevant when demand increases and supply can't keep up. Take houses as an example. What point is there to saying, "I remember when these sold for $100,000" when today's world values them at $500,000? If you decide you're not going to pay more than $100,000 you'll be sleeping outside for the rest of your life. If you're selling, however, are you going to sell for the "used to be" price or the "today" price?

If you added them all together, the combined population of the 1896-1900-1902 Micro-O would only be a fraction of the 1893-S. A fraction. The demand for these coins -- even in the low-grade circ. levels that basically all of them exist -- already vastly exceeds supply. If just half a dozen people wake up tomorrow and decide they are determined to get one, prices will rightfully go even more ballistic.

Anyone want to predict what's going to happen to demand for these coins when PCGS starts attributing all Top 100 VAMs on their holders later this year?

Anyone want to predict what's going to happen to demand for these coins a year or two later?

Here's my prediction: Hang on to your hats with both hands.

greghansen

I've delayed posting to this thread since the coin in question was my coin. Admittedly, any comments I have on it should be considered with that conflict in mind.

The coin brought a couple hundred more than my pre-auction guess. I figured it would go for just under a thousand. When I listed it with a $749 opening bid, I received an email from someone asking me if I was crazy...that he/she had one in to PCGS for crossover. It was in an ANACS F12 slab...and they said they would be 'thrilled' to get my opening bid price of $749 for it. I immediately wrote back and said, I would buy the coin sight unseen for $750 on the condition it came back VG10 or better. They then got cold feet and indicated that they would wait and see what my coin did first. Now of course, that deal is off.

I have no idea where these coins are going. I may have sold too early. I may have sold at the top. I don't have a Morgan Registry set, so it made sense for me to sell the coin since there had been the 2 recent high auction results. These are undoubtedly tough coins to find, and even more so, to find in a condition that PCGS will find market acceptable. All I know, is my auction winner was thrilled to win the coin. It made his Registry Set with Varieties 100% complete.

Wolf359

Anyone want to predict what's going to happen to demand for these coins when PCGS starts attributing all Top 100 VAMs on their holders later this year?

I hope you're right. But knowing human nature, I think VAM prices will initially take a hit . Everyone will want to "cherry" and flip them, not "pay" for them. Too many new holdered vams will hit the market in PCGS holders, overwhelming the supply.

Of course, 2-3 years down the road will be different.