<< <i>My phones have not stopped ringing today. I may sell out today if this keeps up.
On that ebay auction post earlier... did you notice nearly 10,000 hits! >>
All of these are getting thousands of hits.. a few minutes after a RAW high leaf sold for over $800.00, some not too bright seller listed another high leaf with a "Buy It Now" of $100.00.. his auction lasted less than 15 minutes.. that's probably how long it took to show up in eBay's search engine and someone saw it and snatched it.. grr.. This morning, someone listed a RAW low leaf with a $250.00 "Buy It Now".. that one was gone in less than an hour..
One would think that if one knows he has a rarity, and even quotes the press in his auction description, he would at least take a few minutes to see what the same thing has been selling for, before listing his.. but you know know what they say about making ASSumptions ) ..
Harv
"I won't be wronged, I won't be insulted, I won't be laid a hand on.. I don't do these things to other people.. I require the same of them.." - John Wayne, "The Shootist" (1976.. his final film)..
I've been watching this phenomenon for some time now. It all seems risky to me -- gambling on these errors on the Wisconsin quarters. I just don't feel confident diving in and trying to purchase some of these varieties.
I think I'll leaf it to you younger guys to play this market.
<< <i> One would think that if one knows he has a rarity, and even quotes the press in his auction description, he would at least take a few minutes to see what the same thing has been selling for, before listing his.. but you know know what they say about making ASSumptions ) ..
I went down to one of my local coin dealers here in Houston (U.S. Coins) to check out some of their Morgan Dollars, and there was a Channel 2 local T.V. camera man and reporter there interviewing the retail manager about the Wisconsin Quarters, to be shown on today's news.
These media events are typically a short-term boon to the hobby by making the general (non-numismatic) public more aware of coins and coin collecting -- like the whole state quarter program has effectively done.
I do not purchase highly promoted "frothy" coins, however I appreciate that this kind of broad-based free publicity can have a short term buoyant effect on the overall coin market, and can also have a longer term impact by attracting new collectors into the hobby.
Stuart
Collect 18th & 19th Century US Type Coins, Silver Dollars, $20 Gold Double Eagles and World Crowns & Talers with High Eye Appeal
"Luck is what happens when Preparation meets Opportunity"
A Statement from the United States Mint February 8, 2005
We are aware of the extra leaf-like markings on the reverse of some Wisconsin state quarters that bear the “D” mint mark. The United States Mint is looking into the matter to determine possible causes in the manufacturing process. It is unknown how many of these specific quarters may have been produced.
We are not aware of any past instances in the 50 State Quarters® program similar to this. Quality control is a high priority for the United States Mint and will remain so.
Therefore, we are reviewing retained Wisconsin quarter samples, examining our process assurance inspections, and reviewing our manufacturing processes.
In total, 453,200,000 Wisconsin quarters were minted for up to a 10-week period. About half of those were minted at the United States Mint at Denver, the other half at the United States Mint at Philadelphia. Each state quarter is not minted beyond the specified 10-week period.
<< <i> I do not purchase highly promoted "frothy" coins, however I appreciate that this kind of broad-based free publicity can have a short term buoyant effect on the overall coin market, and can also have a longer term impact by attracting new collectors into the hobby. >>
Let me frame this as a hypothetical, somewhat similar situation. You know that there were never any full rolls or bags of 1955 DD cents found. Many of them were found behind the cellophane of packs of cigarettes sold on the East Coast in 1955.. a pack of smokes was 23 cents, so you'd put a quarter into a machine, pull the knob, out would come your smokes with two cents inside the cellophane as your change.. that's where many 1955 DDs were found..
So you open the pack, take out the coins, put them in your pocket, and don't even glance at them. Later you spend them, never even knowing you had this extreme rarity in your pocket..
On the other hand, say you're a coin collector and you look at your change. Follow the same scenario. You open the cigarette pack wrapper, spill the two cents into your hand and say whoa, this one looks strange.. wow, it's double-struck or a doubled die. I better take it to my local coin shoppe and see what he'll give me for it..
Now I was only six years old in 1955 and wasn't buying packs of cigarettes out of machines back then so I don't know what these 1955 DDs were fetching at dealers back then.. fifty bucks maybe??.. I have a 1957 Red Book and they're not even listed in it..
But here we are, 50 years later, you know the price range of a 1955 DD in various grades, you know a lot of them saw circulation, and you know what an MS64 or MS65 Red is worth.. you also know there were never any full rolls or bags of them found.. and you also know that it's such a visible error, you don't need a loupe, a microscope, or any imagination to see it..
I see this leafy situation as something similar to that.. the distribution was extremely small, most of them turned up in Tucson and environs, a few have shown up in San Antonio, for some reason.. they were discovered in late November, 2004, and no one has found a single solid roll of them.. all the banks in Tucson have been searched, probably repeatedly..
Maybe you don't see any parallels in these two situations.. I think I see some.. only time will tell what happens with these quarters.. either the early buyers hit the jackpot bigtime, or they'll end up as oddities worth a few bucks.. it's way too soon to know.. no one knows..
I gambled and bought two slabs from Rick. If they're selling for $1000 ot $2000 in a month, yay me. If not, well, I've lost more in a casino in an afternoon than I paid for them..
Harv
"I won't be wronged, I won't be insulted, I won't be laid a hand on.. I don't do these things to other people.. I require the same of them.." - John Wayne, "The Shootist" (1976.. his final film)..
Short term these are going through the roof. today: $360 on ebay for a low leaf, $800 for a High leaf, both raw.
These will shoot up in the next few weeks to over $1000 per coin and then settle down to $600 to $1000 per coin uncertifed. The price will sit there for about 4 years then maybe move up.
There are already sellers who price the coins for tomorrows market, they may get their price, but their greed may bite them back. We are holding our prices and are going to let them sell out rather than chase the market up. I think buyers at our prices will be happy they bought them down the road.
<< <i>Actually about 10 years ago a roll of 1955 Doubled dies showed up. Guess what happened after they hit the market. The price went up, way up! >>
Wow.. in the words of the late Johnny Carson.. "I. Did. Not. Know. That"..
Was the roll minty fresh cherry reds or a mixed uhh.. bag of circs and uncircs, or what..
How do you explain the price going way up after the roll was discovered..
Harv (Still ready and willing to rent a time machine.. I only need it for an hour or so..) ..
"I won't be wronged, I won't be insulted, I won't be laid a hand on.. I don't do these things to other people.. I require the same of them.." - John Wayne, "The Shootist" (1976.. his final film)..
<< <i>(Still ready and willing to rent a time machine.. I only need it for an hour or so..) ..
With a little careful planning you should be able to return it before you took it. >>
Heh.. and with apologies to Stephen Wright..
"I almost had a psychic gurlfriend once, but she left me before we met"..
Harv
"I won't be wronged, I won't be insulted, I won't be laid a hand on.. I don't do these things to other people.. I require the same of them.." - John Wayne, "The Shootist" (1976.. his final film)..
Here's a picture I just took of one of the slabs I bought from Rick and got a few days ago.. my apologies for the lack of absolutely perfect photography.. I write magazine reviews of various elecronic gizmoz and just got a new camera to play with.. it's an Olympus C-7000 Zoom.. which does seven megapixels and is about the size of a pack of cigarettes and has more features on it than a BMW.. so I'm still figuring it out.. I shot this in super macro mode, and then scaled it down and diddled with it a little.. the (C) notice is on it so some {{mumble}} doesn't rip it off and stick it in an eBay auction..
My lighting setup for taking slab pictures is far from ideal.. in fact, I just set this on a table by an open window and let the camera do it auto-everything thing.. without a proper lighting setup, coins in slabs are one of the hardest things to photograph.. it's an art, and I'm not there yet, so for now, this will have to do..
This file is guaranteed to go away any time I feel like deleting it..
"I won't be wronged, I won't be insulted, I won't be laid a hand on.. I don't do these things to other people.. I require the same of them.." - John Wayne, "The Shootist" (1976.. his final film)..
"I won't be wronged, I won't be insulted, I won't be laid a hand on.. I don't do these things to other people.. I require the same of them.." - John Wayne, "The Shootist" (1976.. his final film)..
I had everyone and their brother calling me today saying they found a Wisconsin Quarter.. Trouble was, that's what they found, a Wisconsin Quarter (no variety). Most of the callers were from eastern states too, so all I had to ask was "where are you calling from?" and say that they have P-Mint coins which don't carry the variety anyway.
This is going to be as well known by the public as any variety known, including the 1909 "VDB". Does that tell you something? Aside from this happening in my town, this is the best thing that could happen to coin collecting. Not only do you have interesting coins in circulation (state-quarters), but some of them are now actually worth looking though change for. How many new coin collectors were created today. This is big!
<< <i>I had everyone and their brother calling me today saying they found a Wisconsin Quarter.. Trouble was, that's what they found, a Wisconsin Quarter (no variety). Most of the callers were from eastern states too, so all I had to ask was "where are you calling from?" and say that they have P-Mint coins which don't carry the variety anyway.
This is going to be as well known by the public as any variety known, including the 1909 "VDB". Does that tell you something? Aside from this happening in my town, this is the best thing that could happen to coin collecting. Not only do you have interesting coins in circulation (state-quarters), but some of them are now actually worth looking though change for. How many new coin collectors were created today. This is big! >>
And best of all is that all the excitement really is for just a clad quarter.
Congrats Rick, you were in the right place at the right time and have done some righteous business. Personally, I look forward to calling you in about a year to ask what you're paying for them.
Rick - Thanks for the set. I am absolutely SHOCKED at the press on this. Was on the local Detroit news stations today. I agree with you Rick - THIS IS BIG for the numismatic world. One fo the best ways for our coins to go up in value, is higher demand and more interest. Press exposure is free advertising. COIN COIN WORLD!
Told my family I have them. They thought I was kidding!!! I showed them. They think I am in the mob or something. Can't figure out how I already have them, let alone knew about it!!!
I'm shocked by the media attention too! It was in the Plain Dealer today (Cleveland) with descriptive photos and all. I should have bought when they first hit the market (which we all knew about weeks ago b/c we are insiders in this market!!!!! )
<< <i>Rick - Thanks for the set. I am absolutely SHOCKED at the press on this. Was on the local Detroit news stations today. I agree with you Rick - THIS IS BIG for the numismatic world. One fo the best ways for our coins to go up in value, is higher demand and more interest. Press exposure is free advertising. COIN COIN WORLD!
Told my family I have them. They thought I was kidding!!! I showed them. They think I am in the mob or something. Can't figure out how I already have them, let alone knew about it!!!
-------Lloyd >>
LOL me too, I told a few friends that I found them in a roll (I did but I got it off of ebay) they think they can find them here in Oregon ... LOL I'll keep them hanging a few more days.
We'll I'll tell you what I'm telling people now who want to sell some they've just found. I say: "They're paying more on ebay than I'm selling them for! Best sell yours there!" I think the broader market is in control of the pricing now. I'm a copper guy and when these are gone, I don't think anyone believes that I will be the best place to sell these in the future. I'm also spoiled, I paid $50 a coin (never found a single one) and the other dealers and collectors in town thought I was very gutzy. Ha. Now $50 is stealing! When I set the prices in the Coin World ad people thought I was price gouging (I even got a nasty letter). Now I'm sold out in a day!
You know human nature is a funny thing. There were (are) a lot of naysayers on this board. When the 1955 DD came out there was moderate interest. Ken Bressett said that he remembers being shown a roll of them in Maine (his words) offered at 25¢ each. He remembered saying "why would I want those for 25¢". At the next club meeting they were $1 and he felt it was way out of line. After they hit $3 he bought some.
As for the roll of 1955 DD that showed up awhile back: Bret, who works with me (he's also a partner in the quarter deal) had one MS-64RD and sold it out of fear of the value going down. For the next year the coins were all over the place, but the prices didn't go down. The added coins created more demand as more people were exposed to these neat coins. Dealers bid higher to get them for their customers. There was no reason for the coins to fall in value becaue no one was selling them cheap.
How can these quarters fall in value? If a bag shows up? I doubt it. The added coins will only fuel the frenzy. These are neat coins too. Look at the Continental-Illinois hoard - 1,000,000 gem BU Morgan dollars hit the market in 1982-4 and what happens? Morgan Dollars went up, up, up! See for coins to fall in value, you need sellers who are DESPERATE to sell cheap. That ain't happening, the opposite is happening.
Haven't heard of any major finds of these since the national media attention. Anyone heard of anything other than the original AZ find and the small find at Kerrville?
Collecting coins, medals and currency featuring "The Sower"
The mint would be wise to make such "errors" every so often to fuel the demand for their product.
The price of the "leafies" could go to the moon, but I have to say the romance and shocking nature of a 1955 DDO cent is a far cry from an extra leaf on a corn ear. That's my beleaf.
Comments
On that ebay auction post earlier... did you notice nearly 10,000 hits!
<< <i>My phones have not stopped ringing today. I may sell out today if this keeps up.
On that ebay auction post earlier... did you notice nearly 10,000 hits! >>
All of these are getting thousands of hits.. a few minutes after a RAW high leaf sold for over $800.00, some not too bright seller listed another high leaf with a "Buy It Now" of $100.00.. his auction lasted less than 15 minutes.. that's probably how long it took to show up in eBay's search engine and someone saw it and snatched it.. grr.. This morning, someone listed a RAW low leaf with a $250.00 "Buy It Now".. that one was gone in less than an hour..
One would think that if one knows he has a rarity, and even quotes the press in his auction description, he would at least take a few minutes to see what the same thing has been selling for, before listing his.. but you know know what they say about making ASSumptions
Harv
- John Wayne, "The Shootist" (1976.. his final film)..
I've been watching this phenomenon for some time now. It all seems risky to me -- gambling on these errors on the Wisconsin quarters. I just don't feel confident diving in and trying to purchase some of these varieties.
I think I'll leaf it to you younger guys to play this market.
<< <i>
One would think that if one knows he has a rarity, and even quotes the press in his auction description, he would at least take a few minutes to see what the same thing has been selling for, before listing his.. but you know know what they say about making ASSumptions
Harv >>
Maybe it's a scam.
These media events are typically a short-term boon to the hobby by making the general (non-numismatic) public more aware of coins and coin collecting -- like the whole state quarter program has effectively done.
I do not purchase highly promoted "frothy" coins, however I appreciate that this kind of broad-based free publicity can have a short term buoyant effect on the overall coin market, and can also have a longer term impact by attracting new collectors into the hobby.
Stuart
Collect 18th & 19th Century US Type Coins, Silver Dollars, $20 Gold Double Eagles and World Crowns & Talers with High Eye Appeal
"Luck is what happens when Preparation meets Opportunity"
A Statement from the United States Mint
February 8, 2005
We are aware of the extra leaf-like markings on the reverse of some Wisconsin state quarters that bear the “D” mint mark. The United States Mint is looking into the matter to determine possible causes in the manufacturing process. It is unknown how many of these specific quarters may have been produced.
We are not aware of any past instances in the 50 State Quarters® program similar to this. Quality control is a high priority for the United States Mint and will remain so.
Therefore, we are reviewing retained Wisconsin quarter samples, examining our process assurance inspections, and reviewing our manufacturing processes.
In total, 453,200,000 Wisconsin quarters were minted for up to a 10-week period. About half of those were minted at the United States Mint at Denver, the other half at the United States Mint at Philadelphia. Each state quarter is not minted beyond the specified 10-week period.
<< <i>Do you think they had to go to Tucson and buy some? >>
I like your posts.
Apropos of the coin posse/aka caca: "The longer he spoke of his honor, the tighter I held to my purse."
<< <i>
I do not purchase highly promoted "frothy" coins, however I appreciate that this kind of broad-based free publicity can have a short term buoyant effect on the overall coin market, and can also have a longer term impact by attracting new collectors into the hobby. >>
Let me frame this as a hypothetical, somewhat similar situation. You know that there were never any full rolls or bags of 1955 DD cents found. Many of them were found behind the cellophane of packs of cigarettes sold on the East Coast in 1955.. a pack of smokes was 23 cents, so you'd put a quarter into a machine, pull the knob, out would come your smokes with two cents inside the cellophane as your change.. that's where many 1955 DDs were found..
So you open the pack, take out the coins, put them in your pocket, and don't even glance at them. Later you spend them, never even knowing you had this extreme rarity in your pocket..
On the other hand, say you're a coin collector and you look at your change. Follow the same scenario. You open the cigarette pack wrapper, spill the two cents into your hand and say whoa, this one looks strange.. wow, it's double-struck or a doubled die. I better take it to my local coin shoppe and see what he'll give me for it..
Now I was only six years old in 1955 and wasn't buying packs of cigarettes out of machines back then
But here we are, 50 years later, you know the price range of a 1955 DD in various grades, you know a lot of them saw circulation, and you know what an MS64 or MS65 Red is worth.. you also know there were never any full rolls or bags of them found.. and you also know that it's such a visible error, you don't need a loupe, a microscope, or any imagination to see it..
I see this leafy situation as something similar to that.. the distribution was extremely small, most of them turned up in Tucson and environs, a few have shown up in San Antonio, for some reason.. they were discovered in late November, 2004, and no one has found a single solid roll of them.. all the banks in Tucson have been searched, probably repeatedly..
Maybe you don't see any parallels in these two situations.. I think I see some.. only time will tell what happens with these quarters.. either the early buyers hit the jackpot bigtime, or they'll end up as oddities worth a few bucks.. it's way too soon to know.. no one knows..
I gambled and bought two slabs from Rick. If they're selling for $1000 ot $2000 in a month, yay me. If not, well, I've lost more in a casino in an afternoon than I paid for them..
Harv
- John Wayne, "The Shootist" (1976.. his final film)..
Short term these are going through the roof. today: $360 on ebay for a low leaf, $800 for a High leaf, both raw.
These will shoot up in the next few weeks to over $1000 per coin and then settle down to $600 to $1000 per coin uncertifed. The price will sit there for about 4 years then maybe move up.
There are already sellers who price the coins for tomorrows market, they may get their price, but their greed may bite them back. We are holding our prices and are going to let them sell out rather than chase the market up. I think buyers at our prices will be happy they bought them down the road.
<< <i>Actually about 10 years ago a roll of 1955 Doubled dies showed up. Guess what happened after they hit the market. The price went up, way up! >>
Wow.. in the words of the late Johnny Carson.. "I. Did. Not. Know. That"..
Was the roll minty fresh cherry reds or a mixed uhh.. bag of circs and uncircs, or what..
How do you explain the price going way up after the roll was discovered..
Harv
(Still ready and willing to rent a time machine.. I only need it for an hour or so..) ..
- John Wayne, "The Shootist" (1976.. his final film)..
If so send to cablumenthal@aol.com
Apropos of the coin posse/aka caca: "The longer he spoke of his honor, the tighter I held to my purse."
With a little careful planning you should be able to return it before you took it.
<< <i>(Still ready and willing to rent a time machine.. I only need it for an hour or so..) ..
With a little careful planning you should be able to return it before you took it. >>
Heh.. and with apologies to Stephen Wright..
"I almost had a psychic gurlfriend once, but she left me before we met"..
Harv
- John Wayne, "The Shootist" (1976.. his final film)..
--Severian the Lame
<< <i>Wow! Congratulations, Rick. And thanks for the super fast shipping on my set. You guys rock! >>
"Live long and prosper"
My "How I Started" columns
My lighting setup for taking slab pictures is far from ideal.. in fact, I just set this on a table by an open window and let the camera do it auto-everything thing.. without a proper lighting setup, coins in slabs are one of the hardest things to photograph.. it's an art, and I'm not there yet, so for now, this will have to do..
This file is guaranteed to go away any time I feel like deleting it..
http://www.amigazone.com/images/june/lowleaf1.jpg
Harv
- John Wayne, "The Shootist" (1976.. his final film)..
Posts: 128
Joined: Jul 2001
Carl
Posts: 47
Joined: Jun 2001
Welcome back! Where've you been all these years?
MOOOOOO
- John Wayne, "The Shootist" (1976.. his final film)..
That's still the $1000 question.
This is going to be as well known by the public as any variety known, including the 1909 "VDB". Does that tell you something? Aside from this happening in my town, this is the best thing that could happen to coin collecting. Not only do you have interesting coins in circulation (state-quarters), but some of them are now actually worth looking though change for. How many new coin collectors were created today. This is big!
<< <i>I had everyone and their brother calling me today saying they found a Wisconsin Quarter.. Trouble was, that's what they found, a Wisconsin Quarter (no variety). Most of the callers were from eastern states too, so all I had to ask was "where are you calling from?" and say that they have P-Mint coins which don't carry the variety anyway.
This is going to be as well known by the public as any variety known, including the 1909 "VDB". Does that tell you something? Aside from this happening in my town, this is the best thing that could happen to coin collecting. Not only do you have interesting coins in circulation (state-quarters), but some of them are now actually worth looking though change for. How many new coin collectors were created today. This is big! >>
And best of all is that all the excitement really is for just a clad quarter.
Told my family I have them. They thought I was kidding!!! I showed them. They think I am in the mob or something. Can't figure out how I already have them, let alone knew about it!!!
-------Lloyd
<< <i>Rick - Thanks for the set. I am absolutely SHOCKED at the press on this. Was on the local Detroit news stations today. I agree with you Rick - THIS IS BIG for the numismatic world. One fo the best ways for our coins to go up in value, is higher demand and more interest. Press exposure is free advertising. COIN COIN WORLD!
Told my family I have them. They thought I was kidding!!! I showed them. They think I am in the mob or something. Can't figure out how I already have them, let alone knew about it!!!
-------Lloyd >>
LOL me too, I told a few friends that I found them in a roll (I did but I got it off of ebay) they think they can find them here in Oregon ... LOL I'll keep them hanging a few more days.
You know human nature is a funny thing. There were (are) a lot of naysayers on this board. When the 1955 DD came out there was moderate interest. Ken Bressett said that he remembers being shown a roll of them in Maine (his words) offered at 25¢ each. He remembered saying "why would I want those for 25¢". At the next club meeting they were $1 and he felt it was way out of line. After they hit $3 he bought some.
As for the roll of 1955 DD that showed up awhile back: Bret, who works with me (he's also a partner in the quarter deal) had one MS-64RD and sold it out of fear of the value going down. For the next year the coins were all over the place, but the prices didn't go down. The added coins created more demand as more people were exposed to these neat coins. Dealers bid higher to get them for their customers. There was no reason for the coins to fall in value becaue no one was selling them cheap.
How can these quarters fall in value? If a bag shows up? I doubt it. The added coins will only fuel the frenzy. These are neat coins too. Look at the Continental-Illinois hoard - 1,000,000 gem BU Morgan dollars hit the market in 1982-4 and what happens? Morgan Dollars went up, up, up! See for coins to fall in value, you need sellers who are DESPERATE to sell cheap. That ain't happening, the opposite is happening.
Rick,
Congrats to you and Bret on your Wisconsin quarter success! You guys did a great job of explaining, promoting and selling the product.
Heck, maybe I'll get lucky and pick one up in change when I come down to see you guys next week?
The price of the "leafies" could go to the moon, but I have to say the romance and shocking nature of a 1955 DDO cent is a far cry from an extra leaf on a corn ear. That's my beleaf.
roadrunner