How to price a coin that has no sales history, private or auction

TahoeDale

I recently took an 1813 bust half in MS 67 to the ANA in Denver, for the purpose of selling it, if I could determine it's present market value. The following steps led to an amazingly consistent result.

First, some pop background:

PCGS- 14 64's, 1 65 and none finer
NGC- 16 64's, 7 65's, 5 66's, and 1 67

Rarity factor-2 for the variety

Hermann's prices realized show the highest graded 1813 sold to be a 66 for 23,000( but it is the 50/uni variety)

PCGS price guides do not value 67's.

There are no prices realized or bids on the CCE( I think)

Highest price in Heritage records- $6400 for a MS65

I asked 3 dealers who are knowledgeable in Bust coinage to give me their best judgment on value( not an offer to buy at wholesale). Each came up with a specific price.

I asked another whom I respect to make me an offer. After much ado, he suggested I consign it at X, and he would try to get Y.

The coin is highly toned, with luster, and jumps out at you when first observed. BUT, it's details(strike, smoothness in fields) is not like a 67 Barber or Seated half.

What do you think, and what else would you like to have in order to value this coin?

66RB

a picture

ColonialCoinUnion

We had a roughly parallel experience at the show where an XL item walked up to the table. We did our best and ultimately pulled a number out of the air.

I would suggest that the only true way to value your coin would be to have someone interested in the piece make you an offer, either privately at a show or in an auction. You might well find that someone is willing to pay $25,000 or $125,000 depending on just how badly they need it.

TahoeDale

66rb

Of course, you would need the coin in hand to properly give an opinion on value. Tho an image would assist you in this query, it would not be enough for you to actually make an offer.

CCU

As a dealer, your offer(not an estimate of value) has to be based on your ability to sell it, to a known customer, or to another dealer. That price is going to be less than the present market value, cause you have to make something reasonable for the substantial outlay or the carrying cost, if you don't turn it right away.

I will give the results later today

BlindedByEgo

Fascinating. I can't wait to read more. What a "rare" situation in which to find yourself.

I would think that a large, well advertised auction would be the only vanue I would trust it in.

Please let us know.

IrishMike

Average out the 3 offers or estimates and multiply by 130%.

AceK

Price a coin for what purpose? Auction reserve? Sale to a dealer? Insurance valuation? It's going to depend on the circumstances.

partagas

There is one simple way to find your answer. Consign a coin like that to ANR. Let the market forces take it to its final hammer price.

tradedollarnut

Gotta go with the gut on stuff like that.... sight seen.

Seems like it's worth about $20-25k.

ColonialCoinUnion

<< <i>As a dealer, your offer(not an estimate of value) has to be based on your ability to sell it, to a known customer, or to another dealer. That price is going to be less than the present market value, cause you have to make something reasonable for the substantial outlay or the carrying cost, if you don't turn it right away. >>



That would be logical, but in the case of the sexiest most desireable items it would virtually ensure that we would never be able to buy any of them. For good stuff, we pay what is necessary to obtain it knowing that if we buy the right coins, someone, somewhere will want to include them in their collection.

PonyExpress8

Dale,

A very interesting thread and I will look forward to hearing more about this. I also wanted to pass on how much I enjoyed meeting you and your lovely wife in person. It was a great pleasure.

Glenn

michael

I recently took an 1813 bust half in MS 67 to the ANA in Denver, for the purpose of selling it to a dealer COD

the coin is a nice ms 66 with no rub

20k

TahoeDale

Answer, in parts:

The first dealer suggested I consign it to him, placing a price of $35,000 on it, and see what happens.

The second suggested I consign the coin, with a net of $35,000 to me, pricing it at $40,000

The third valued it at $35,000, thinking they could wholesale it at $31,500.

No one asked what I paid for the coin, 5 years ago.

CoinGuy 1 graded the coin for me, with a final opinion of -------

More to come

Nysoto

My two cents worth - check for recent auction prices in MS 67 with other years of somewhat similar value for bust halves (1808-1814, possibly 1817,1820 and 1821), if none found factor up MS66. I would think $30-$35K or more with great eye appeal.

rhedden

Any dealer will be conservative when making a cash offer on a coin like that. There is no basis to pay you $15,000 or $25,000, and most people don't feel comfortable selling something like that, unless they already have a buyer and a number.

My recommendation is to consign the coin to a big-time dealer who sells high-end material- you know who they are. Let them start the asking price at a level that seems "too high," and if it sells, then that's great and they get their percentage. If it doesn't sell, work the asking price down bit by bit until it goes. The market will tell you what it's worth.

Cladiator

<< <i>My recommendation is to consign the coin to a big-time dealer who sells high-end material- you know who they are. Let them start the asking price at a level that seems "too high," and if it sells, then that's great and they get their percentage. If it doesn't sell, work the asking price down bit by bit until it goes. The market will tell you what it's worth. >>

MikeInFL

This might be a silly question, but why not just put it up at auction and let the market decide?

elwood

I'm assuming there was a high grade Bustie in the Knoxville Collection. What did it grade and do you know how much it was sold for?

Wasn't there also a 68 that has been sold in the past year?

showmethepenneys

Throw it up on ebay with 25,000 reserve. put it on the featured page!statrt bidiing at $.99.

Elcontador

As a matter of first impression, I would do what most people do with expensive, rare coins these days. They send them to a top tier auction house and have the reserve set ridiculously high. If the coin is nice, often someone bites.

If you're really lucky, a couple of guys get into a pi**ing contest over the coin, and you get even more for it. In the worst case scenario, you're out X% of the reserve (as this coin would be one of the auction's featured coins, this percentage may be lower than normally would be the case), know what the highest unacceptable offer was, and can start anew (you might even get back to the person who made such offer).

tradedollarnut

<< <i>I'm assuming there was a high grade Bustie in the Knoxville Collection. What did it grade and do you know how much it was sold for? >>



It graded MS68 and was one hell of a coin.

Derek2100

Sell it double bubble - cost x 2.