Lincoln FUN report
jacktheknife
Posts: 1,547 ✭
Man o man, what a waste of time and money! I had to beg, borrow and steal to get coverage for my practice. I can't describe the pain and torture endured from my wife. Nonetheless, I got on the plane and flew to Orlando for the Lincoln session of the Heritage auction. There were a few pieces that I thought would fit with my collection. I was still standing in the door of the lot viewing room trying to get my bearings when Stewart showed up. He was there with Chuck Daughtrey (nice to meet you Chuck). Both had a chuckle at my expense as lot viewing was packed with about 45 minutes to go before the auction. I even tried the "I'm a Legacy client" card, but just got a blank stare in response. I finally got to look at a few lots with about 30 minutes left. Turns out it didn't matter!! I was only a spectator as I sat and watched Jack Lee buy any remotely nice Lincoln. Even if there were duplicates, he bought them as well. I think he bought all three of the 1928-P's in 67RD ( I know two for sure). Two and a half hours later, I was depressed and on the phone with Northwest to see if I could catch and evening flight and just leave! Stewart offered to represent me at Platinum night (thanks, Stewart), but what good would that do? My guess is that Jack Lee will win 80% of those lots, maybe more.
So, back to the sidelines for me...Baah Humbug!!!
Jack
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Comments
I bought Ron's 19-d I got outbid on any of the others I bid on.
So did you notice this, the ms67rd 54-p which sat in Andy's inventory at $9000 for like 8 months sold for $19000? Holy cow!
O'K, so I was wrong. I just got done watching the Lincolns sell via live feed and Jack Lee only bought 56% of the Lincolns (14/25). Bidder 246 did pretty well also. Whoever it was bought the 26-s for $130,000. I sat and listened as my bids failed time and again.
I need another beer....
Jack
So did you notice this, the ms67rd 54-p which sat in Andy's inventory at $9000 for like 8 months sold for $19000? Holy cow!
Exactly! It was crazy. Any reasonable bids were just smacked down.
Jack
roadrunner
<< <i>So did you notice this, the ms67rd 54-p which sat in Andy's inventory at $9000 for like 8 months sold for $19000? Holy cow!
Exactly! It was crazy. Any reasonable bids were just smacked down.
Jack >>
For once, I didn't submit any bids in the auction, and just browsed. Bought some coins from Andy before they went to auction and doubled in price!!!
You know, you guys are right. I can now remember how much I whined after the Mershon sale as well. I didn't buy a darn thing. Another big sale now history and I haven't added a coin in the longest time. You think I would just give up and move on.
NO WAY!! I'm a diehard Lincoln nut. I'll keep torturing myself until I get r done!
Jack
<< <i>O'K, so I was wrong. I just got done watching the Lincolns sell via live feed and Jack Lee only bought 56% of the Lincolns (14/25). Bidder 246 did pretty well also. Whoever it was bought the 26-s for $130,000. I sat and listened as my bids failed time and again.
I need another beer....
Jack >>
Maybe at this rate he will finish quickly and life for the rest of us peons will return to quasi-normal.
Well, that depends on how many sets he is trying to complete (remember Jack Lee I, II, III,...). Again, I saw him buy two and possibly all three of the 28's in 67.
I know I'm a sore loser, but I'm tenacious.
Jack
<< <i>Well, that depends on how many sets he is trying to complete (remember Jack Lee I, II, III,...). Again, I saw him buy two and possibly all three of the 28's in 67.
I know I'm a sore loser, but I'm tenacious.
Jack >>
You wanna know something horrid? Most of those new 28's in 7 and 8 came from an OBW roll bought on Ebay for ~$2200!!! I was going to bid $3k for the roll and forgot - Doh!
<< <i>O'K, so I was wrong. I just got done watching the Lincolns sell via live feed and Jack Lee only bought 56% of the Lincolns (14/25). Bidder 246 did pretty well also. Whoever it was bought the 26-s for $130,000. I sat and listened as my bids failed time and again.
I need another beer....
Jack >>
Bob Hughes, owner of First American Numismatics bought quite a few of the better date and was the winning bidder of the MS-65 R 1926-S at about $149,500 with the juice. I saw it in hand and it looked a lot better than the photo of the coin in it's slab at the Heritage website. Of course Heritage's large closeup photos which I personally often find misleading made it look even better than in real life. Jack Lee bid $112,000 for it but gave up.
I talked to Ron Bozarth at the FUN show after the auction and he was quite pleased. He more than tripled his $$ on the 1926-S in PCGS 64-Rd (bought at FUN by Andy of Angel Dee's). I sold him that coin and I had sold it earlier to the owner of the Northland collection who sold it back to me when he dispersed his collection. It had been in an ICG holder back in the days but Northland got it crossed at the same grade.
As was reported here, Lincolns are still VERY hot and unless you were on the floor bidding, it was VERY likely that even if you had bid strong $$ via Internet or a mail bid, you'll not likely get any significant coin.
Ira
Sorry to hear about your bad trip to FUN. I thought I had it bad having to pay more than I thought for some of the Larry Shapiro Merc Dimes for my sets, but it was nothing like your Lincolns. Its too bad that guys like that can control the market and ruin a nice hobby for the rest of us.
I did manage to get 20 to 25 dimes for my sets. About 10 in the auction and the rest on the floor.
Good luck to you in the future on your search for the Lincoln's you need.
Jon
I've seen a bunch of your posts before and I'm wondering...which set is yours in the registry?
Thanks,
Toby
Stewart
sorry pal...that spot is already taken...and he wears orange underwear
monsterman
out of rockets ...out of bullets...switching to harsh language
Sorry about the late response. I've been out of town for a few days.
Thanks Jon for the kind words. Yes, it was very frustrating. I have discussed this situation with someone that I really trust and I starting to settle down a bit. I am a diehard Lincoln collector. Always will be. The big shots will come and go, but I'll still be here plugging away. I mean just look at what has happened in the past couple years. Mershon, Walsh, Lauren's Lincolns and numerous others, all come and gone.
I don't have a registry set any longer. I don't like what it has done to my hobby. I am more than happy to share with fellow collectors, though. If you PM me an email I will send you a listing of what is currently in my set.
Jack
1) you are THE top buyer - you will not lose out on a coin because of price.
2) you are a stealth buyer - you only buy privately for the right price
3) a mix of the above - normally stealthy but you might pick a coin or two in auction with a limit.. if you get it or not then fine
Each method has its advantages and drawbacks ... your method should fit your personality, series and budget.
Jack, I can just picture your face after this sale!!! Maybe the top pops are only a dream now for most Lincoln collectors. Remember, Lee sold big time dollars for big time dollars. Has PLENTY for the "measly" Lincolns. Rich get richer. Wonder what they will be worth during the 100 year anniversary...
TradeDollarNut - You forgot what you did : invest in a coin company and have an advantage of cherry picking.Tell us what Laura has done for you !Perhaps there will be more collectors investing in a coin company.
Stewart
Well, I thought it was a smart plan ... but I gotta put up with Laura!
It's nice having access ... but these days I'm pretty much just a customer ... and not even top dog!
Bruce - You'll always be a Top Dog in my book !
Stewart
>>>Monsterman...where can I get some painted coins like the one on your avatar?
i traded my 1932 saint in ms 64 for it...and we both got what we wanted :-)...thus a good deal all the way around
stew
>>>> You forgot what you did : invest in a coin company and have an advantage of cherry picking
it does have its advantages.....except i hate the cash calls
monsterman
out of rockets ...out of bullets...switching to harsh language
Bob Hughes has started so many coin companies since the 1970's that he must be a genius. What's the over/under on the next one?
roadrunner