Despite Good Advice, I Bought The Coin Anyway!
Catbert
Posts: 7,490 ✭✭✭✭✭
Rather than just post a pic of my new piece, I decided to take a little different approach and add a little spice to this thread.
I recently considered a purchase of a coin from Mark Feld that I found attractive. Before pulling the trigger, I sought out the advice of a well regarded CU forum contributor and Washington quarter series expert. He graciously provided his honest opinion of this piece that I was very appreciative to receive. After obtaining his permission to post his advice here, this is what he told me:
“Of course I have not seen this coin in-hand, but both sets of images (I had sent him Feld’s and Heritage’s images) speak to me in a manner that would make me grade this coin as at least a high end MS66 and perhaps an MS67. The color on the coin looks natural and my first impression was that the coin spent time in a Dansco album or one of the older Whitman Classic albums. This does not appear to be Wayte Raymond (National Coin Album) or Mehgrig toning on the coin. It is also my impression that with some patience you will be able to find a very similar WQ with perhaps an extra milling mark in the hair of Washington or on the eagle's breast either raw or in a PCGS MS66 holder and that I would value a coin such as that at around $45-$60. I realize that this coin was not only graded MS67 by PCGS, but that it also has a CAC sticker on it and that Heritage sold it at auction for over $540. It is my opinion that unless you are attempting to put together a high grade, silver, toned WQ set that this coin at this level is not a good value or store of wealth. There are simply too many pieces that are nearly equivalent for a fraction of the cost. Additionally, the "look" of the coin, while quite nice, is simply neither stunning nor extraordinary in any way. The only way I can imagine myself keeping a coin such as this would be if the coin has luster that absolutely booms out and never stops.
I would likely value this coin at about $125 and I realize this is far less than the market, but the market drove the price up on this particular piece in large part because there were no US Mint Sets issued in 1944 and, thus, nicely toned coinage from 1944 is a bit tougher than 1947-1958 exclusive of 1950. You are paying for the year of issue in high grade with some nice color. If you are looking for a single type piece then you would do very well to wait for a better coin, again in my opinion. I do not know what you are looking for in terms of appearance, but I have paid the type of premium that is being asked for on this coin in the past and have done so only for coins with deep, vivid, natural toning in high grade and with great luster. They are not common, but when found they are very liquid at aggressive prices.”
After digesting this helpful and frank opinion, I reviewed the coin on approval and further considered my advisor’s comments. I liked the coin, but also reflected upon how, if one thinks of a continuum, I am on one end of the scale on this series while my advisor is on the other end. What grabs his collar and pulls him close is perhaps different than what grabs mine. So, I felt fine with the caliber of the piece for me.
Now, the value proposition was what really gave me pause (but not for long). In the final analysis, I just didn’t care! I like the piece and I’ll pay for it.
After securing my purchase from Mark, I sent the coin to Todd Pollock for imaging.
The coin’s color reminds me of the Orion Nebula!
My questions for you…….
1) If you like Washington quarters, how does this one strike you?
2) Would you make the same decision?
3) Have you made a similar purchase, regardless of series, after receiving cautionary advice not to buy the piece?
Thanks for all your feedback, however blunt it may be!
I recently considered a purchase of a coin from Mark Feld that I found attractive. Before pulling the trigger, I sought out the advice of a well regarded CU forum contributor and Washington quarter series expert. He graciously provided his honest opinion of this piece that I was very appreciative to receive. After obtaining his permission to post his advice here, this is what he told me:
“Of course I have not seen this coin in-hand, but both sets of images (I had sent him Feld’s and Heritage’s images) speak to me in a manner that would make me grade this coin as at least a high end MS66 and perhaps an MS67. The color on the coin looks natural and my first impression was that the coin spent time in a Dansco album or one of the older Whitman Classic albums. This does not appear to be Wayte Raymond (National Coin Album) or Mehgrig toning on the coin. It is also my impression that with some patience you will be able to find a very similar WQ with perhaps an extra milling mark in the hair of Washington or on the eagle's breast either raw or in a PCGS MS66 holder and that I would value a coin such as that at around $45-$60. I realize that this coin was not only graded MS67 by PCGS, but that it also has a CAC sticker on it and that Heritage sold it at auction for over $540. It is my opinion that unless you are attempting to put together a high grade, silver, toned WQ set that this coin at this level is not a good value or store of wealth. There are simply too many pieces that are nearly equivalent for a fraction of the cost. Additionally, the "look" of the coin, while quite nice, is simply neither stunning nor extraordinary in any way. The only way I can imagine myself keeping a coin such as this would be if the coin has luster that absolutely booms out and never stops.
I would likely value this coin at about $125 and I realize this is far less than the market, but the market drove the price up on this particular piece in large part because there were no US Mint Sets issued in 1944 and, thus, nicely toned coinage from 1944 is a bit tougher than 1947-1958 exclusive of 1950. You are paying for the year of issue in high grade with some nice color. If you are looking for a single type piece then you would do very well to wait for a better coin, again in my opinion. I do not know what you are looking for in terms of appearance, but I have paid the type of premium that is being asked for on this coin in the past and have done so only for coins with deep, vivid, natural toning in high grade and with great luster. They are not common, but when found they are very liquid at aggressive prices.”
After digesting this helpful and frank opinion, I reviewed the coin on approval and further considered my advisor’s comments. I liked the coin, but also reflected upon how, if one thinks of a continuum, I am on one end of the scale on this series while my advisor is on the other end. What grabs his collar and pulls him close is perhaps different than what grabs mine. So, I felt fine with the caliber of the piece for me.
Now, the value proposition was what really gave me pause (but not for long). In the final analysis, I just didn’t care! I like the piece and I’ll pay for it.
After securing my purchase from Mark, I sent the coin to Todd Pollock for imaging.
The coin’s color reminds me of the Orion Nebula!
My questions for you…….
1) If you like Washington quarters, how does this one strike you?
2) Would you make the same decision?
3) Have you made a similar purchase, regardless of series, after receiving cautionary advice not to buy the piece?
Thanks for all your feedback, however blunt it may be!
Seated Half Society member #38
"Got a flaming heart, can't get my fill"
"Got a flaming heart, can't get my fill"
0
Comments
he would not steer you wrong.
that is all.
AL
merse
<< <i>Do you have any of the other images as it looks awfully dark and it makes the obverse look like it has album slide marks
Here is Mark's photo that doesn't capture the golden luster flash that is very much evident in hand and shown in Todd's pic:
Here is the smaller image from Heritage:
"Got a flaming heart, can't get my fill"
<< <i>Here is Mark's photo that doesn't capture the golden luster flash that is very much evident in hand and shown in Todd's pic:
I'm sorry to say this... but I like this Washie 3 grades higher based on these images then compared to the OP pics
So to summarize, I think it would be easier to answer your question if you gave a background on your colleting goals for this series.
<< <i>
<< <i>Here is Mark's photo that doesn't capture the golden luster flash that is very much evident in hand and shown in Todd's pic:
I'm sorry to say this... but I like this Washie 3 grades higher based on these images then compared to the OP pics
+1. THe lighting is well off in the OP pics. You cant even see the tail feathers.
<< <i>So to summarize, I think it would be easier to answer your question if you gave a background on your colleting goals for this series. >>
Actually, the questions were directed toward what you would do if presented with a similar situation. I am a type collector, but I may own a few Washingtons along the way.
"Got a flaming heart, can't get my fill"
Large pic deleted per comments.
Wondercoin
Wondercoin
<< <i>wondercoin, These huge images your posting today are pretty cool as it's like looking at coins with a Hubble telescope!
I agree! Unfortunately my modem doesn't care much for them.
<< <i>
<< <i>So to summarize, I think it would be easier to answer your question if you gave a background on your colleting goals for this series. >>
Actually, the questions were directed toward what you would do if presented with a similar situation. I am a type collector, but I may own a few Washingtons along the way. >>
I think I answered that somewhat indirectly. I'll try again. If I was collecting a nicely toned example from every year/mint and this was the nicest I could find, I'd buy it. As a type set, theres no value there.
"Got a flaming heart, can't get my fill"
<< <i>After digesting this helpful and frank opinion, I reviewed the coin on approval and further considered my advisor’s comments. I liked the coin, but also reflected upon how, if one thinks of a continuum, I am on one end of the scale on this series while my advisor is on the other end. What grabs his collar and pulls him close is perhaps different than what grabs mine. So, I felt fine with the caliber of the piece for me. >>
I like the above text and put in bold that part that I think is most important in this case. I have often told folks that "quality is what you value" and that you should strive for quality in your collection. The text in bold is stating that in somewhat different words, but the feeling is the same. Your questions can be looked upon as a single, multi-part question instead of three independent questions and if looked at as a single question then the answer would have to lead back to quality and how you define quality. In this instance I believe you followed your instincts and understood that for each person this decision will rely upon different total input.
In honor of the memory of Cpl. Michael E. Thompson
<< <i>.......but the images in this post are vastly different - a good photographer should strive to capture the coin as it looks in hand
the O.P pix is far different then Mark's .................
so your asking an opinion on a coin with no clear insight as to what the colors really look like , based on conflicting images .
M. Feld sells top notch stuff, but you disregarded the advice of an apparent expert who next time might not give you such a detailed
explanation of his reasoning since he apparently wasted his time .
The coin could have been won by any one of countless thousands of Heritages bidders , including yourself >>
I don't think the expert who gave the advice wasted his time. It sounds as if the OP took it to heart and weighed it carefully, before making his decision. And that's a far cry from not paying attention or not considering such advice.
Yes, the coin could have been won "by any one of countless thousands of Heritages bidders", but in order to do so, they would have had to bid considerably more than the OP paid for the coin.
Regarding the coin's true appearance - my recollection is that not surprisingly, I think it falls somewhere in between that which is represented by the different images provided.
<< <i>...... but you disregarded the advice of an apparent expert who next time might not give you such a detailed
explanation of his reasoning since he apparently wasted his time . >>
PawPaul - thank you for your frank opinion. I would be truly mortified if I created that impression with my advisor. You'll just have to believe me that I did in fact consider his advice, but ultimately I decided to go against it. He was not upset. This thread was not intended to be an in-your-face post (further underscored by soliciting his OK to post his comments). In the final analysis, I made an informed decision before placing my money on the table and I felt I was being judicious in doing so.
"Got a flaming heart, can't get my fill"