Rich keep getting Richer? 1870-S Richmond Dollar

lloydmincy

The XF-40 example, which sold at Richmond Collection a year ago, was in NGC holder. Crossed to PCGS, but really, why would that be a big deal, considering it is such a rarity, holder shouldn't matter much.

But now the reserve is at $500,000 through Heritage Palm Beach. One bid, and the owner makes $90,000. I have been doing this for a while. Buying key dates, selling them 2 years later, and wala. How long can trends like this continue? Most of these collectors (or dealers), could of owned TWICE the amount of coins or had more money in their pockets had they bought these things 3-4 years ago.

mgoodm3

Somebody will be left without a chair in this game eventually.

tradedollarnut

I agree with you in general, however every time I think they can't - prices on truly rare coins still keep going up.

In this specific instance, however, I thought that Jack got a true bargain when he bought the coin out of Richmond. Anyone wanting an 1870-S is truly between a rock and a hard place. The unc is now valued at $2.5M, the AU58 owner was offered $1.5M and turned it down, the AU50 is being offered at $1.25M+. With those values in mind, $575k for an EF doesn't seem so bad now does it?

cosmicdebris

<< <i> With those values in mind, $575k for an EF doesn't seem so bad now does it? >>



Depends on what your 1040 says.

tradedollarnut

Everything is relative.

The 1838-O selling for almost $700k earlier this year was a quantum jump for the secondary rarities [ie: 1884 trade dollar, 1838-O half, 1827 quarter, 1876-CC twenty cent piece, 1870-S dollar, etc]. The classics have been hopping for some time now [ie: repeated price records for 1885 trade dollars, 1913 liberty nickels and 1804 dollars], but there has been price resistance for the secondaries.

Just some pent up demand that's bringing the prices in line with those at the top.

291fifth

The prices will turn down when the heat starts building on the "billionaires." I have mentioned the DELPHI bankruptcy before. Watch it closely, very closely. It may have more bearing on your financial future than you realize.
At the moment the "common" thinking is that the unions are going top be crushed. Don't be so quick to jump to that conclusion. Learn to think outside the circle of people with whom you socialize.

lloydmincy

Heat starts buildng on the "billionaires"? What heat? Even if you had 50 million, a few million in coins is nothing much. And the rich are not the ones to suffer from a Delphi or whomever falling-out.

CarlWohlforth

Does anybody know whats the stamp guys were saying at the top?

Sunnywood

TDN, someone always loses at musical chairs. Your eternal optimism has never convinced me. Sooner or later, there will be hell to pay, as there always has been. Of course, for those who never need to sell, they can always ride out the storms ... I do agree that the LONG term trend is upward ... but I guarantee there will be a big dip or two along the way.

Sunnywood

roadrunner

Big Dip! There aren't enough chairs to play with as in the stock game. I don't see anything but an eventual crash also. But we could ride up for several more years if they can keep the economy and real estate well-floated. That's the key.

I was thinking that a 70-s dollar or 53-0 NA half was probably a good buy last time they sold. Where can you get another as TDN
said. In comparison, I think gem no motto halves and bust halves are give-aways in the $5000 range. You can't find them nice and they have always been the bread and butter of the speculator's coin market. Just so far there ain't been a whole lot of speculation there.
Will this be the first bull market since the 1970's that gem seated type didn't play a role....I hope not.

roadrunner

tradedollarnut

Here's another: Quellar's XF40

ahooka454

hey tdn, the link does not work?

tradedollarnut

Works for me...

firstmint

The VF-25 example (ex-Farouk) is currently being offered by Richard Melamed and David Schweitz. (1/14/2008 CW p. 63)

It hasn't been cleaned like the Quellar example and IMO may be a better purchase for this date and mintmark silver dollar.