State of Ohio Rare Coin sale?

mrearlygold

Someone told me that the state of ohio is selling off the fund coins by sealed bid. Is anyone familiar with this? How does it work? Can anyone place a bid? How?

Tom

TAClough

Just bumped the thread that was on earlier today: Spectrum Fund in Ohio - Laura's name in lights (in a positive way)t

Tim

kranky

Another thread.

mrearlygold

Thanks!

10 G's just to have a look see huh? Speaks volumes about the level of intelligence there. This effectively cuts out masses of people, collectors, investors, dealers from being involved in the sale.

Further, did I read this correctly that they figured 6 1/2 million is cost on 3400 coins?

TAClough

<< <i>10 G's just to have a look see huh? Speaks volumes about the level of intelligence there. >>



Bare in mind, we are talking about a State agency. I wasn't aware that intelligence and State agencies could be used in the same sentence?

Tim

mrearlygold

<< <i>

<< <i>10 G's just to have a look see huh? Speaks volumes about the level of intelligence there. >>



Bare in mind, we are talking about a State agency. I wasn't aware that intelligence and State agencies could be used in the same sentence?

Tim >>




Touche'

RYK

It looks to me that Ohio is banking on the guaranteed $7.5M from Spectrum and going through the motions for the auction.

Ms. Deisher said a bona fide public auction would be open to almost anyone interested and that the energy of true public bidding could have driven up prices, especially for those buyers who might pay a premium just to have a coin connected to the state scandal, she said.

I cannot imagine that anyone would be interested in owning a coin connected to this political scandal. Shipwreck? Maybe. Ohio Coingate? Doubt it.

Longacre

<< <i>It looks to me that Ohio is banking on the guaranteed $7.5M from Spectrum and going through the motions for the auction.

Ms. Deisher said a bona fide public auction would be open to almost anyone interested and that the energy of true public bidding could have driven up prices, especially for those buyers who might pay a premium just to have a coin connected to the state scandal, she said.

I cannot imagine that anyone would be interested in owning a coin connected to this political scandal. Shipwreck? Maybe. Ohio Coingate? Doubt it. >>




I don't know Ms. Deisher personally, but some of the statements that she makes, if true, are totally wacky. They border on the ludicrous.

kranky

To me it comes down to one thing - it is always in the best interest of a consignor to have as many people as possible eligible to bid on your items. Yet Ohio is doing the opposite.

Ohio has put some very odd restrictions in place that will minimize their returns - $10K deposit to view lots, auctioning items in groups of 100, no catalog, crappy photos.

I wonder who advised them to go with that particular auction setup.

MORGANHUNTER2

<<To me it comes down to one thing - it is always in the best interest of a consignor to have as many people as possible eligible to bid on your items. Yet Ohio is doing the opposite.

Ohio has put some very odd restrictions in place that will minimize their returns - $10K deposit to view lots, auctioning items in groups of 100, no catalog, crappy photos.

I wonder who advised them to go with that particular auction setup.>>

do you get the feeling that Spectrum may have had a hand in how this was put together?

Longacre

Or maybe the people who ran the King Farouk sale?

RYK

Perhaps the partisans in Ohio want to look like they are running a competitive auction but would rather lose money to aid their political objectives. If the sale brought in too much money, perhaps Noe's investment will show a profit, and it will hurt the political agenda and the criminal case. That's a very cynical viewpoint.

MrEureka

To me it comes down to one thing - it is always in the best interest of a consignor to have as many people as possible eligible to bid on your items. Yet Ohio is doing the opposite.

Apparently the State values the guaranty more than they value the possibility of getting higher prices. I doubt that Spectrum would have been willing to guaranty the $7.5 million if the coins were to be sold at public auction.

Edited to say that I've reviewed the auction catalog and highly doubt that the coins would bring 10% above the reserves (on average) at public auction.

TheRaven

No I think there is something to the fact that they don't want these coins to potentially bring more and end up turning a profit on the entire situation.....

They have like the entire state of Ohio has there head up there ......

And I live in this state .....

Cladiator

<< <i>especially for those buyers who might pay a premium just to have a coin connected to the state scandal, she said. >>

Not something that I would expect to demand a pedigree premium lol.

JadeRareCoin

Perhaps the partisans in Ohio want to look like they are running a competitive auction but would rather lose money to aid their political objectives. If the sale brought in too much money, perhaps Noe's investment will show a profit, and it will hurt the political agenda and the criminal case. That's a very cynical viewpoint.

BINGO!

I can't wait until all of this crap is over. In my opinion this fiasco was corrupt from day one right up until today....on both sides of the fence.

PerryHall

<< <i>No I think there is something to the fact that they don't want these coins to potentially bring more and end up turning a profit on the entire situation.....

They have like the entire state of Ohio has there head up there ......

And I live in this state ..... >>




I agree. They are doing what they can to minimize what the coins will bring for political reasons.

ElKevvo

Either that or the parties that are advising them might have an alterior motive....think about this...if the auction has onerous terms then many potential buyers will be discouraged from participating. For example, if you and 5 others just wanted one coin in particular then your out of luck with the 100 coin lots. Less buyers = less competition for the coins = lower realized prices. So who would benefit from an auction of this type? Persons who can afford to buy in 100 coins lots and have the means to resell the coins individually or in smaller groups. And of course they want to maximize their profit.

And the State would benefit from getting rid of the coins and the negativity associated with them as quickly as possible. Most people don't care about the details of the auction, they will just recall that the State took a loss on the items and tie it back to the defendants. And I suppose it is, in an odd way, a benefit to the State to make the loss large....it would be odd if after everything the total value realized would be a profit to the fund!

K

Conder101

Other things to consider. Possibly they are trying to make sure that Spectrum wins so they can guarantee the state a profit and be able to point out how they made sure the state made money. (the original purchase price of the coins was 6.5 million so by taking 7.5 they have a guarnteed profit) They are probably afraid that if they actually let it go to an open auctionand it brought less than that they would be criticised. So they see it as being better politically to remove the chance of a higher sale amount in order to guarantee a definite profit.



<< <i>do you get the feeling that Spectrum may have had a hand in how this was put together? >>


Possibly. What gets me was back when the scandal broke and they announced that they were going to be selling off the coins, they said that those people who had been partners of Noe would not be allowed to buy the coins. The Spectrum Fund with the $7.5 million bid WAS a partnership of Noes.

morgannut2

As they said in WWII -- FUBAR!!

keets

Apparently the State values the guaranty more than they value the possibility of getting higher prices. I doubt that Spectrum would have been willing to guaranty the $7.5 million if the coins were to be sold at public auction.

Edited to say that I've reviewed the auction catalog and highly doubt that the coins would bring 10% above the reserves (on average) at public auction.

thanks, Andy, for providing a reasoned perspective instead of peddling in idle speculation.

roadrunner

Please let me bid on all the gem "Ohio tainted" seated coins possible (w/o posting $10K first. The pedigree wouldn't bother me one bit.

roadrunner

streeter

Did Spectrum pay $10,000 for the 'free' look? and did they pay $750,000 to bid or make their offer?

AndyNC2005

I agree with Laura, I think that Spectrum is behing this mess. They have guaranteed that the coins will come back to them. Maybe they don't want the public taking a close look at what they sold the state.

Johnscoin

Andy, I assure you that anyone can see what the state owned. That has become public knowledge...Just wade through the 1000s of pages of stuff on the net now. And you can get a catalog to see what is available. The auction is sounding more and more like the Farouk sale, but I would blame the auctioneers and no one else. It's just like the government to use bureacracy and red tape to manipulate things. Of course, it doesn't seem like anyone has been a fan of how this entire deal has been handled since Mr Noe got in trouble...least of all the coin dealers involved who knew nothing of what was happening.

UncleWiggly

Johnscoin, you are right. This whole thing stank from the beginning and still stinks.



Jerry

PerryHall

Maybe the Coin Posse can straighten out this mess.

BAJJERFAN

YUP!! Yer taxes in action for sure. BTW how could anyone think that buying 1881-S Morgans in PCGS ms66 by the pickup load could be a sound investment strategy. Mite be kind of fun to see the cert numbers on those.

BAJJERFAN

Ms. Deisher said a bona fide public auction would be open to almost anyone interested and that the energy of true public bidding could have driven up prices, especially for those buyers who might pay a premium just to have a coin connected to the state scandal, she said.

I cannot imagine that anyone would be interested in owning a coin connected to this political scandal. Shipwreck? Maybe. Ohio Coingate? Doubt it.

xxxxxxxxx

I bet they would if you could get PCGS to reholder them with the pedigree "Ohio Whored".

GOLDGUY

At least the involved institutions in Ohio are consistent . . . consistent in poor judgement, that is. I agree with Legend. Yikes! I'm just full of shocking announcements this month