I think Zach summed it up exactly. Look at all the fools out there that have bought shiny clear cut rock for thousands of dollars (diamonds) when the situation is that if De Beers was to release on the market what they currently have in vaults, the price of a VS 1 carat diamond would be around $9 as diamonds are NOT rare but they are controlled. So anyone want to raise their hand proudly that they bought $9 rocks for $1,000s?
<< <i>A coin is always worth what someone will pay for it.
No, it's not. >>
Wondercoin's analysis is dead on. If you are willing to pay $75K for something, but no one else in the market is willing to pay more than $15K, what is it worth? At auction it will never attain more than one bid incriment above $15K. Another way to look at is if you bought it privately from the owner for $75K and then sent it to auction, you would lose $60K because it would only fetch $15K.
A high price may be attained but if it cannot be sustained, is it a valid measure of "worth?"
<< <i>A coin is always worth what someone will pay for it.
No, it's not. >>
Wondercoin's analysis is dead on. If you are willing to pay $75K for something, but no one else in the market is willing to pay more than $15K, what is it worth? At auction it will never attain more than one bid incriment above $15K. Another way to look at is if you bought it privately from the owner for $75K and then sent it to auction, you would lose $60K because it would only fetch $15K.
A high price may be attained but if it cannot be sustained, is it a valid measure of "worth?"
CG >>
CG you bring up a good point. I would however say that if the coin was purchased for $75k then at that-__ time it is worth that much. If however is goes to auction 2 weeks later and only sells for $15k then the coin is worth $15k. Think if it as a linear fashion with the price rising and/or falling with time. Just for the record I believe this coins is probably closer to $25k value and I always thought that the $15k mark was low.
I would also add that what will happen if PCGS never finds another business strike Lincoln that is worthy of a 70 grade and the mint continues to make satin finish coins for mint sets? Do you think the price will climb or fall? There have been a lot of people who have suggested that there will be many many many 70's made in Lincoln series. While they have made quite a few in the SF department there is still only one in the BS area. In addition I own one of the 286 2003 P lincolns in ms69. While it is a nice coin it is definitely not a 70 and I can tell just from the truview images of Keith's coins his is much nicer looking! If it looks this nice on a computer I can't imagine how wonderful that coin is in the real world!
I also think that breaking the type set in MS70 is one aspect but I don't see the value going down unless a 2nd 2003 of the same Mint were graded MS70. Why would a 2004 bring down the price of a 2003? I contend it would set off a feeding frenzy of Lincoln penny bank roll buyouts such that we wouldn't be able to make change anymore and we would be forced to dump the penny once and for all.
<< <i>Why would a 2004 bring down the price of a 2003? >>
Because the value of the 2003 is based on more than just the fact that it's a pop 1/0 for the year of issue. It's based on the fact that it's a pop 1/0 for all Lincoln business strikes.
<< <i>Why would a 2004 bring down the price of a 2003? >>
Because the value of the 2003 is based on more than just the fact that it's a pop 1/0 for the year of issue. It's based on the fact that it's a pop 1/0 for all Lincoln business strikes.
Russ, NCNE >>
Yes, I gave brief notice to that as a type coin which is essentially the same thing but still, I think if this is a $15K coin based on the experts here then if a 2004 were to be found I think the price would remain fairly unchanged. If it is a $15K coin but then sold for $75K I would expect a huge decline but I think there are enough people that would pay $15K for a pop 1/0 03 even if it were not pop 1/0 for LBS. In fact I would suspect that someone would pick them both up. IMO
Comments
<< <i>A coin is always worth what someone will pay for it.
No, it's not. >>
Wondercoin's analysis is dead on. If you are willing to pay $75K for something, but no one else in the market is willing to pay more than $15K, what is it worth? At auction it will never attain more than one bid incriment above $15K. Another way to look at is if you bought it privately from the owner for $75K and then sent it to auction, you would lose $60K because it would only fetch $15K.
A high price may be attained but if it cannot be sustained, is it a valid measure of "worth?"
CG
<< <i>
<< <i>A coin is always worth what someone will pay for it.
No, it's not. >>
Wondercoin's analysis is dead on. If you are willing to pay $75K for something, but no one else in the market is willing to pay more than $15K, what is it worth? At auction it will never attain more than one bid incriment above $15K. Another way to look at is if you bought it privately from the owner for $75K and then sent it to auction, you would lose $60K because it would only fetch $15K.
A high price may be attained but if it cannot be sustained, is it a valid measure of "worth?"
CG >>
CG you bring up a good point. I would however say that if the coin was purchased for $75k then at that-__ time it is worth that much. If however is goes to auction 2 weeks later and only sells for $15k then the coin is worth $15k. Think if it as a linear fashion with the price rising and/or falling with time. Just for the record I believe this coins is probably closer to $25k value and I always thought that the $15k mark was low.
I would also add that what will happen if PCGS never finds another business strike Lincoln that is worthy of a 70 grade and the mint continues to make satin finish coins for mint sets? Do you think the price will climb or fall? There have been a lot of people who have suggested that there will be many many many 70's made in Lincoln series. While they have made quite a few in the SF department there is still only one in the BS area. In addition I own one of the 286 2003 P lincolns in ms69. While it is a nice coin it is definitely not a 70 and I can tell just from the truview images of Keith's coins his is much nicer looking! If it looks this nice on a computer I can't imagine how wonderful that coin is in the real world!
Check my ebay BIN or Make Offers!!
<< <i>Why would a 2004 bring down the price of a 2003? >>
Because the value of the 2003 is based on more than just the fact that it's a pop 1/0 for the year of issue. It's based on the fact that it's a pop 1/0 for all Lincoln business strikes.
Russ, NCNE
<< <i>
<< <i>Why would a 2004 bring down the price of a 2003? >>
Because the value of the 2003 is based on more than just the fact that it's a pop 1/0 for the year of issue. It's based on the fact that it's a pop 1/0 for all Lincoln business strikes.
Russ, NCNE >>
Yes, I gave brief notice to that as a type coin which is essentially the same thing but still, I think if this is a $15K coin based on the experts here then if a 2004 were to be found I think the price would remain fairly unchanged. If it is a $15K coin but then sold for $75K I would expect a huge decline but I think there are enough people that would pay $15K for a pop 1/0 03 even if it were not pop 1/0 for LBS. In fact I would suspect that someone would pick them both up. IMO