What is the biggest loss a coin has had at auction?
TheLiberator
Posts: 1,023 ✭✭✭
In other words, maybe a rarity hammered at 50,000 in one auction but a few years later only came in at 30,000. Have any of you sen this happen? If so, what kind of coin was it and what was the dollar amount?
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I don't know about the past but I predict for in the future it will be "the" 1933 Double Eagle. That's if the others are allowed into the hands of the public.
Great transactions with oih82w8, JasonGaming, Moose1913.
I know a board member that took a $5,000+ loss on a Buffalo nickel.
"Seu cabra da peste,
"Sou Mangueira......."
<< <i> How can anyone lose $$ on a coin at auction---set a reserve ! >>
Can an auction with a reserve really be called an auction?
They both like to brag about their scores, but
never about their losses. Ego I think.
Camelot
Nice huh?
Coin's for sale/trade.
Tom Pilitowski
US Rare Coin Investments
800-624-1870
But the all time King of Flops is the King of Siam set. It sold for $3.19M in 1990 and then only $1.815M in 1993.
That's the same one I recall.
<< <i>In other words, maybe a rarity hammered at 50,000 in one auction but a few years later only came in at 30,000. Have any of you sen this happen? If so, what kind of coin was it and what was the dollar amount? >>
Assay Commission medals of the 1970's have not done well. As examples, the 1971 medal in the Dreyfuss sale (1986) sold for $1,430, while when sold again in 1995, went for only $825. The 1972 medal which appeared in both sales went for $1,430 in 1986 and dropped to $385 in 1995. The 1973 medal sold for $1,650 in 1986, $935 in 1995, didn't meet reserve when auctioned in 2003, and in 2005 sold for $460.
They are, however, quite fascinating to collect.
Ed. S.
(EJS)
Wondercoin
Go BIG or GO HOME. ©Bill
<< <i>The 1870-S half dime sold for $425K and a few years later around $250K, if memory serves. >>
That is basically correct, but the first price was not an auction. Rarcoa bought the 1870-S Half Dime from a local right here where I am sitting now, and Milas sold it to somebody with the agreement that the sale price would be whatever the Garrett 1804 dollar brought. Well, Garrett prices went through the roof, and the 1804 went for $400,000, which surprised everybody at the time. The buyer honored the deal, and paid $400,000 for the half dime. Later, after the market crashed, it brought somewhere in the low $200,000's. Oddly enough, so did the Garrett 1804 dollar.
I remember the $400,000 number well, because about a year later the Linderman 1804 dollar came in to ANACS and I spotted it as one of the pieces stolen from DuPont in 1967. We talked the guy into leaving it with us, and then called the Colorado Springs police. When they asked how much the coin was worth, I said $400,000, using the Garrett number even though this coin was much nicer. The police said that that was too much for them to handle, and that we had to call the FBI.
When I called the Colorado Springs office of the FBI, they asked how much the coin was worth, and again I said $400,000. They said that that was too much for THEM to handle, and that we had to call the Denver office. We did, and waited over two hours for an agent to drive down and take our statements and the coin. Of course, the local office would not even send anybody over to sit with us while we waited. I never knew that FBI offices had dollar limits.
Tom DeLorey
Later, Paul.
Later, Paul.
Percent wise, that one should take the cake...or better said loss (I think PCGS absorbed this one)
Ike Specialist
Finest Toned Ike I've Ever Seen, been looking since 1986
<< <i>How can anyone lose $$ on a coin at auction---set a reserve ! >>
Sometimes people just want to sell. Haven't you ever sold a stock at a loss?
Why? Because at the first sale there were about half a dozen well heeled collectors who needed that one last coin to finish their Sheldon set. (Robbie was only the fourth person to ever accomplish that feat because there are only 4 1/2 S-79's. Three are in very firm hands and the 1/2 specimen hasn't been seen in years.) So there was a lot of competition for it. Three yeas later the buyer sold his set and there were five competitors. Then he sold and there were four, then three, then two. Then Robbie got back in to finish the Sheldon set for the SECOND time and he won out at top dollar. In the meantime the other collector managed to acquire one of the other examples. So when Robbie sold again, there were collectors that wanted it, but no one who HAD to have it because no one was down to that last variety. So the price plummeted.
<< <i>ow about the 1963 Cent graded PF70DCAm that sold for around $39,000, now worth......maybe $300-500.
Percent wise, that one should take the cake...or better said loss (I think PCGS absorbed this one) >>
Yes, PCGS took the loss on that coin. The coin regraded PR64DCAM making "maybe $300-500" extremely optimistic!