<< <i>The greater fool theory at work, you just don't want to be the last fool to own such a coin before the market collapses. A Japanese Insurance Co paid $100 million for one of Vincent Van Gogh's sunflower paintings. I read they took over a 50% loss when the painting was sold. >>
Worry is the interest you pay on a debt you may not owe.
"Paper money eventually returns to its intrinsic value---zero."----Voltaire
"Everything you say should be true, but not everything true should be said."----Voltaire
Legend will now be part of the provenance of the coin as its history continues to be made. Flagship coins like this demonstrate to the market who the players really are. It will be very interesting to see their next big coin. Congratulations!! I live vicarioiusly through people TDN.
Retired United States Mint guy, now working on an Everyman Type Set.
<< <i>The greater fool theory at work, you just don't want to be the last fool to own such a coin before the market collapses. A Japanese Insurance Co paid $100 million for one of Vincent Van Gogh's sunflower paintings. I read they took over a 50% loss when the painting was sold. >>
You are not remembering this incident correctly.
Yasuo Goto paid USD $39,921,750 for Van Gogh's Still Life: Vase with Fifteen Sunflowers [in 1987]...
After the purchase a controversy arose whether this is a genuine van Gogh or an Emile Schuffenecker forgery. --wikipedia
My hope of someone finding that nickel in a Salvation Army bucket have been diminished. 20% Profit ? TDN does much better outside of numismatics. It's still a mil short of what it's worth in my book. Congratulations are in order. Lots of folks could retire on much less than 850 grand.
If it was I sure hope he's got some room left in garage for storage. Actually, if Manley was the buyer I can't imagine that he would remain anonymous. He's got far too much of an ego for that!
He did not purchase it yesterday, but Dwight Manley used to own this coin. He bought it at the ANA National Money Show convention auction in Salt Lake City in March 2001 for, I believe, about $1.85 million (can't recall specific figure). He subsequently sold it to Ed Lee for a reported $3 million in August 2003. Lee then sold it to Legend/Morelan for a reported $4.15 million in May 2005.
Here's a link to an Associated Press story about the latest sale for $5 million.
You amaze me. With you having "half a sense", your recall of facts and details is amazing.
I can barely remember half of what you can recall! >>
Oreville, thanks for the kind comment. I have been extreeeeeemly fortunate in my professional career (journalism/broadcasting and then turning to The Dark Side of the Force -- PR), to have come in contact with some of the most historic and valuable US and world coins and bank notes. I have a special affection for 1913 Liberty nickels. I was involved in the publicity for the search, "discovery" and subsequent exhibits of the previously "missing" Walton specimen. (Yes, it was kept by Walton's unsuspecting heirs in a Virginia closet for 41 years after they were mistakenly told in 1962 it was a fake, and no, I and everyone else involved had absolutely no idea it still existed when the PR stunt for the 2003 Baltimore ANA convention was created in April of that year.)
Watch Coin World and Numismatic News for more info and photos about the sale of the Eliasberg specimen.
-donn-
"If it happens in numismatics, it's news to me....
Congratulations to the new owner - it's a fantastic piece of numismatic history!
He did not purchase it yesterday, but Dwight Manley used to own this coin. He bought it at the ANA National Money Show convention auction in Salt Lake City in March 2001 for, I believe, about $1.85 million (can't recall specific figure).
I remember it well - I was in attendance and was the underbidder to Martin Paul [acting as Dwight's agent]. I was also in attendance at the reunion party where Dwight's sale of the coin to Ed Lee was announced.
Why isn't the Secret Service confiscating this coin like it has the 1933 Saints? Were the 1913 Liberty nickels ever "monetized?"
Monetization is a function of the Federal Reserve system - which wasn't even in place at the time these coins were manufactured. The government has long ago abandoned any claim to the nickels.
17% in 2 years is nothing to write home about, my guess is they expected to make more. And if money was borrowed to make the original purchase (likely), then you can subtract the interest on that principal. The quick flip hints at a fear of toppiness, unless they just need their money back. Wasn't this recently offered up at auction with no nibbles? But beyond the money, how many people can say they owned a 1913 Liberty nickel? With that in mind the deal net grades to a VERY decent return on investment IMO.
Laura, We all know that someday the name of the new owner of this coin will become public. Now we have two anonymous owners for two of the five coins. Two others are in museums and the fifth Walton coin is probably awaiting a future sale. I only wish that these five coins can be reunited at a major coin event every few years so that the hobby can get a chance to see them like they did in Baltimore. I know you were involved with the Baltimore events. You KNOW exactly where all five coins are now. Do you think, based on the people and the museums involved, that another reunion is possible in the next couple of years? Thanks for your input. Steve
<< <i>The coin went to a new "steward" who bought it from his heart. The gentleman is a passionate collector who has plans for his family to own this coin-forever. >>
Comments
<< <i>The greater fool theory at work, you just don't want to be the last fool to own such a coin before the market collapses. A Japanese Insurance Co paid $100 million for one of Vincent Van Gogh's sunflower paintings. I read they took over a 50% loss when the painting was sold. >>
Worry is the interest you pay on a debt you may not owe.
"Paper money eventually returns to its intrinsic value---zero."----Voltaire
"Everything you say should be true, but not everything true should be said."----Voltaire
Congrats to all involved.
<< <i>20% is impressive? I made 400% plus on the 06W's, in two months, now thats impressive. >>
Indeed, but I do not think the US Mint would have let you use credit cards to buy up $4 million of the 06W's in just a short period of time.
Perhaps only the American Express Black card might have let you buy so many of them.
Big Congrats to Bruce, for a job well done.
hey Bruce, did you scratch your initial in it before handing it over
Go BIG or GO HOME. ©Bill
<< <i>The greater fool theory at work, you just don't want to be the last fool to own such a coin before the market collapses. A Japanese Insurance Co paid $100 million for one of Vincent Van Gogh's sunflower paintings. I read they took over a 50% loss when the painting was sold. >>
You are not remembering this incident correctly.
Yasuo Goto paid USD $39,921,750 for Van Gogh's Still Life: Vase with Fifteen Sunflowers [in 1987]...
After the purchase a controversy arose whether this is a genuine van Gogh or an Emile Schuffenecker forgery. --wikipedia
Maybe he'll crack it out and get a coin doctor to put some MONSTER toning on it...double the price...sell
it next year....
I've told him that a fugly nickel ain't worth a penny....so this is a salvation.
Now he's going to start his Saint collection. He's asked me to help him, which I will gladly do.
Why is it legal to own such a coin?
Why isn't the Secret Service confiscating this coin like it has the 1933 Saints? Were the 1913 Liberty nickels ever "monetized?"
I would be very worried owning a coin that was made surreptitiously as the nickel in question, as I understand it.
20% Profit ? TDN does much better outside of numismatics. It's still a mil short of what it's worth in my book.
Congratulations are in order. Lots of folks could retire on much less than 850 grand.
``https://ebay.us/m/KxolR5
<< <i>Great news!
Was it Manley who purchased it? >>
If it was I sure hope he's got some room left in garage for storage. Actually, if Manley was the buyer I can't imagine that he would remain anonymous. He's got far too much of an ego for that!
Here's a link to an Associated Press story about the latest sale for $5 million.
Associated Press story
Here's a link to an AP-distributed photo of the coin. Perhaps you'll recognize the holder......
Link to AP photo of 1913 Liberty nickel
Enjoy,
-donn-
It doesn't matter, there so well done you wouldn't know anyway.
Good question, I'm wondering the same thing.
Can someone enlighten us forum members, why the Secret Service hasn't gotten into the mix?
You amaze me. With you having "half a sense", your recall of facts and details is amazing.
I can barely remember half of what you can recall!
<< <i>halfsense:
You amaze me. With you having "half a sense", your recall of facts and details is amazing.
I can barely remember half of what you can recall! >>
Oreville, thanks for the kind comment. I have been extreeeeeemly fortunate in my professional career (journalism/broadcasting and then turning to The Dark Side of the Force -- PR), to have come in contact with some of the most historic and valuable US and world coins and bank notes. I have a special affection for 1913 Liberty nickels. I was involved in the publicity for the search, "discovery" and subsequent exhibits of the previously "missing" Walton specimen. (Yes, it was kept by Walton's unsuspecting heirs in a Virginia closet for 41 years after they were mistakenly told in 1962 it was a fake, and no, I and everyone else involved had absolutely no idea it still existed when the PR stunt for the 2003 Baltimore ANA convention was created in April of that year.)
Watch Coin World and Numismatic News for more info and photos about the sale of the Eliasberg specimen.
-donn-
He did not purchase it yesterday, but Dwight Manley used to own this coin. He bought it at the ANA National Money Show convention auction in Salt Lake City in March 2001 for, I believe, about $1.85 million (can't recall specific figure).
I remember it well - I was in attendance and was the underbidder to Martin Paul [acting as Dwight's agent]. I was also in attendance at the reunion party where Dwight's sale of the coin to Ed Lee was announced.
Why isn't the Secret Service confiscating this coin like it has the 1933 Saints? Were the 1913 Liberty nickels ever "monetized?"
Monetization is a function of the Federal Reserve system - which wasn't even in place at the time these coins were manufactured. The government has long ago abandoned any claim to the nickels.
And if money was borrowed to make the original purchase (likely), then you can subtract the interest on that principal.
The quick flip hints at a fear of toppiness, unless they just need their money back.
Wasn't this recently offered up at auction with no nibbles?
But beyond the money, how many people can say they owned a 1913 Liberty nickel?
With that in mind the deal net grades to a VERY decent return on investment IMO.
(but remember his name is tradedollarnut not libertyheadnickel1913nut!)
- Jim
Experience the World through Numismatics...it's more than you can imagine.
We all know that someday the name of the new owner of this coin will become public. Now we have two anonymous owners for two of the five coins. Two others are in museums and the fifth Walton coin is probably awaiting a future sale. I only wish that these five coins can be reunited at a major coin event every few years so that the hobby can get a chance to see them like they did in Baltimore. I know you were involved with the Baltimore events. You KNOW exactly where all five coins are now. Do you think, based on the people and the museums involved, that another reunion is possible in the next couple of years? Thanks for your input. Steve
My Complete PROOF Lincoln Cent with Major Varieties(1909-2015)Set Registry
<< <i>The coin went to a new "steward" who bought it from his heart. The gentleman is a passionate collector who has plans for his family to own this coin-forever. >>
Good. I wish more coins went to people like that.