Post a coin that lost the most $$ in the shortest time
shylock
Posts: 4,288 ✭✭✭
This Lincoln 1924-D PCGS 65RD sold for $14,375 in the infamous 2001 Central States sale.
7 weeks later it sold for $6,210
A PCGS Registry generated loss. Mike Hughes was in a hurry to complete/add to his great set before selling it.
7 weeks later it sold for $6,210
A PCGS Registry generated loss. Mike Hughes was in a hurry to complete/add to his great set before selling it.
Paul <> altered surfaces <> CoinGallery.org
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Wondercoin
Wondercoin
<< <i>I still contend PCGS' decision to NOT include the coins has saved scores of collectors possibly tens of thousands (if not a hundred+) of dollars. I tip my hat to PCGS on their smart decision.
Wondercoin
Sure, we talked about that but it was my impression from PCGS that they would add them or most probably create a new set. Neither has been done. Since the decision did not save me thousands of dollars but quite the reverse and since I would hope to think that PCGS would reconsider since my sets clearly are #1 in ALL of the First Strike sets without a close second. Tell me exactly who is being affected by their refusal to even consider inclusion in the FS sets? Except for a case or two no one other than me has even finished a FS set so again, who is getting the shaft here?
Wondercoin
The 60-D nickel is about the best evidence IMHO of a coin NOT being worth what someone is willing to pay for it. The coin fetched close to $35k with the juice as I recall at that Bowers sale (and was the cover coin on one of those monthly Coin magazines you buy at Borders). Bowers, like virtually every other major coin auction company out there (besides Heritage) does not reveal seller reserves - hence, it does not take -2- bidders to create a record price. Remove the reserve (second sale was a no reserve offering or super cheap reserve obviously) and remove the original bidder who wanted the coin and you are left with JHF who was happy to spend $10k on the coin to clean up the classic Jeff series and remove this "pop 1" problem coin from the scene. Agreed - losing 70% on a near $35,000 coin doesn't happen every day. Wondercoin
<< <i>This Lincoln 1924-D PCGS 65RD sold for $14,375 in the infamous 2001 Central States sale.
7 weeks later it sold for $6,210
A PCGS Registry generated loss. Mike Hughes was in a hurry to complete/add to his great set before selling it. >>
You must remember that the price in the earlier auction was not generated in a vacuum. At least one other bidder was competing to getthe price to that level.
Nevertheless, from the photos, it would appear that the 1924-D in question had been to the "doctor." Never seen a recolored cent that did betray the treatment within a year of being slabbed, as the surfaces are chemically active, encapulation notwithstanding. Probably impossible to tell when it was first slabbed, but in time, the evidence was apparent. Just my opinion, of course.
The second buyer may have suspected that as did others and that's what kept the price down.
Ira
A pop 1 seated half went from $5K to $22K to $7K in 3 successive auction appearances. The last 2 auctions were only a few months apart.
roadrunner