<< <i>The coin is worth, at the moment, what it sold for in the auction. >>
That is a misconception. The coin is worth most to the winning bidders. That means that if they suddenly want to sell it and the underbidder doesn't want to pay any more, they must accept a lower price.
Salute the automobile: The greatest anti-pollution device in human history! (Just think of city streets clogged with a hundred thousand horses each generating 15 lbs of manure every day...)
At Central States I had my eye on a beautiful '73 wreath cent. Since it wasn't my series, I vacilated on purchasing it, leaving it for a possible purchase later in the show. Well, after 1/2 hour, I decided not to let it get away. I went back to buy it. It was sold - to a Father and son who later bought many great coins in the auction. No doubt the same father and son Legend is talking about. Although it got away from me, I was glad they got such a great coin.
Here is my response to Laura's last report. I guess I'm some sort of genius now.
"I get a little tired of reading her "THIS IS A TOTAL QUALITY DRIVEN MARKET. " and "The dealers who have adapted to this market are doing very well-especially when they can find the right material. ". These are the type statements that come up over and over again in her market reports. I know it's not really directed to dealers, it's trying to direct customers to her. It just gets a bit old after awhile. We get it! You sell high quality coins and if we are smart if we would buy high quality coins.
I just don't believe it. You will do just fine (if not better!) purchasing rare coins that are not in the top grades."
Once again, purchasing only the finest quality coins is not any smarter than purchasing the lowest coins. Or genuine coins for that matter!
There is no "AT" or "NT". We only have "market acceptable" or "not market acceptable.
I liked the story. As big a deal it is to find and purchase a 70 S Seated $, I think the coin is of secondary importance here. We hear about and see too much anti-social behavior among coin collectors / dealers at virtually all levels. In fact, as the story points out, coin collecting can bring people together as well.
I wished there was an activity -- any activity -- that I could have shared with my father that Mark is sharing with his (father).
"Vou invadir o Nordeste, "Seu cabra da peste, "Sou Mangueira......."
2) The tooling is only on the obverse. Both fields are tooled, the left to remove initials and the tooling was done prior to the Boyd sale in 1945 (sometime between 1926 and 1945). The world LIBERTY is also repunched/tooled.
The head could use some tooling. But since the coin is in a genuine holder, why not? Just curious, at what point does the number of retoolings of a coin begins to take an adverse affect on the buyer? Congrats to the new owners!
Leo
The more qualities observed in a coin, the more desirable that coin becomes!
Alright, time for my own thread... I'll try to answer some of the questions mentioned here in that one. And also, I truly believe the coin is at least a $150k coin and i'm sure if we tried we could sell it for that today.
However the coin is going NOWHERE in the forseeable future. It was an opportunity of a lifetime for us to own one and we're not letting her go anywhere out of our sight, except for the safety deposit box... Of which i'm sure i'll be visiting a lot more now.
Let the price thing die, it doesn't matter if it's worth $25k or $250K. We paid what we were comfortable paying for this numismatic treasure. It's not going anywhere in the near future whether we are offered $100k or $500k for the coin, it is truly irreplacable with most known 1870-s dollars now locked away in long term collections and strong hands.
Want to buy an auction catalog for the William Hesslein Sale (December 2, 1926). Thanks to all those who have helped us obtain the others!!!
Thanks, Bruce for sharing this story with us. I may have missed it. Congratulations to Mark and his Dad for truly enjoying the hobby for what it was meant to be. Congratulations to Laura for helping this team score their victory. As a seller, we cannot always agree with the buyers as to what is important to them, but its a great attribute on your part for overlooking your own opinions and valuing theirs and helping their dream become a reality. Obviously, these rare coins will never cross my path, but the story is the same whether your dream coin is an 1870 s $ or an 1877 Indian Head Cent. Great story, great outcome and great moral. Jim
When a man who is honestly mistaken hears the truth, he will either quit being mistaken or cease to be honest....Abraham Lincoln
Patriotism is supporting your country all the time, and your government when it deserves it.....Mark Twain
Congrats on the pick up. Problem coin or not very few collectors ever buy a coin in the 6 figure range. I have over 100k in coins but do not have the balls to do it in 1 coin.
Mark NGC registry V-Nickel proof #6!!!! working on proof shield nickels # 8 with a bullet!!!!
I can't rationalize why the $125K figure has been thrown around here as the possible current value:
"1) Laura's timing allowed us to open the bidding at out max bid. However, neither her nor us thought that we'd win the coin for that bid, presale guesses ranged from $150k to $175k."
The above quote being accepted at face, and Legend's statement that the coin was purchased for $126,500 would indicate to me that the current owners paid around $133K for the coin, given the customary 5% representation fee associated with purchases of this level. I wouldn't mind being in a position to make $6500 for about 15 minutes of work...
Comments
<< <i>The coin is worth, at the moment, what it sold for in the auction. >>
That is a misconception. The coin is worth most to the winning bidders. That means that if they suddenly want to sell it and the underbidder doesn't want to pay any more, they must accept a lower price.
(Just think of city streets clogged with a hundred thousand horses each generating 15 lbs of manure every day...)
Nice report.
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Here is my response to Laura's last report. I guess I'm some sort of genius now.
"I get a little tired of reading her "THIS IS A TOTAL QUALITY DRIVEN MARKET. " and "The dealers who have adapted to this market are doing very well-especially when they can find the right material. ". These are the type statements that come up over and over again in her market reports. I know it's not really directed to dealers, it's trying to direct customers to her. It just gets a bit old after awhile. We get it! You sell high quality coins and if we are smart if we would buy high quality coins.
I just don't believe it. You will do just fine (if not better!) purchasing rare coins that are not in the top grades."
Once again, purchasing only the finest quality coins is not any smarter than purchasing the lowest coins. Or genuine coins for that matter!
articulate, composed and mature well beyond his years. The father/ son
team up, is truly a coin collectors dream. I only wish I could get my bear cubs
interested in coins. It is not always the amount of time a father and son spend
together, but rather the quality of that time, that truly matters.
Camelot
<< <i>I only wish I could get my bear cubs
interested in coins. >>
Are you willing to adopt?
I wished there was an activity -- any activity -- that I could have shared with my father that Mark is sharing with his (father).
"Seu cabra da peste,
"Sou Mangueira......."
<< <i>
<< <i>Anyone have photos of the coin? >>
2) The tooling is only on the obverse. Both fields are tooled, the left to remove initials and the tooling was done prior to the Boyd sale in 1945 (sometime between 1926 and 1945). The world LIBERTY is also repunched/tooled.
The head could use some tooling. But since the coin is in a genuine holder, why not? Just curious, at what point does the number of retoolings of a coin begins to take an adverse affect on the buyer?
Congrats to the new owners!
Leo
The more qualities observed in a coin, the more desirable that coin becomes!
My Jefferson Nickel Collection
Camelot
However the coin is going NOWHERE in the forseeable future. It was an opportunity of a lifetime for us to own one and we're not letting her go anywhere out of our sight, except for the safety deposit box... Of which i'm sure i'll be visiting a lot more now.
Let the price thing die, it doesn't matter if it's worth $25k or $250K. We paid what we were comfortable paying for this numismatic treasure. It's not going anywhere in the near future whether we are offered $100k or $500k for the coin, it is truly irreplacable with most known 1870-s dollars now locked away in long term collections and strong hands.
Jim
When a man who is honestly mistaken hears the truth, he will either quit being mistaken or cease to be honest....Abraham Lincoln
Patriotism is supporting your country all the time, and your government when it deserves it.....Mark Twain
NGC registry V-Nickel proof #6!!!!
working on proof shield nickels # 8 with a bullet!!!!
RIP "BEAR"
they bought it because they wanted to collect. not flip for a quick buck
"1) Laura's timing allowed us to open the bidding at out max bid. However, neither her nor us thought that we'd win the coin for that bid, presale guesses ranged from $150k to $175k."
The above quote being accepted at face, and Legend's statement that the coin was purchased for $126,500 would indicate to me that the current owners paid around $133K for the coin, given the customary 5% representation fee associated with purchases of this level. I wouldn't mind being in a position to make $6500 for about 15 minutes of work...
"Everything is on its way to somewhere. Everything." - George Malley, Phenomenon
http://www.americanlegacycoins.com