Wow!

19Lyds · February 21, 2011 1:52AM

Just a little off topic but, from the front cover of the online Coin World, I can't help but wonder why this New Jersey Copper was auctioned with eBay instead of Heritage, Stacks or Bowers and Merena?

Only two known with this being the finest known example?

STONE · February 21, 2011 1:58AM

Do you think it would have gone a lot higher than $100k if auctioned through another venue?

AUandAG · February 21, 2011 2:00AM

Starting price at $995! Sure does have faith in Ebay! But, then, if he doesn't like the price then he can
just not ship and take a negative? $50 final value fee, No Paypal, and way less cost to sell may have
been the determinating factors. What would he have gotten on H, B&M or Stacks? Any ideas?

bob

MidLifeCrisis · February 21, 2011 2:02AM

The coin was discussed in at least one other thread.

It's possible the seller needed to sell quickly...or didn't anticipate the coin bringing nearly that much money.

Why do you think this is a little off topic?

19Lyds · February 21, 2011 2:08AM

<< Do you think it would have gone a lot higher than $100k if auctioned through another venue? >>

Yes.

19Lyds · February 21, 2011 2:09AM

<< The coin was discussed in at least one other thread.

It's possible the seller needed to sell quickly...or didn't anticipate the coin bringing nearly that much money.

Why do you think this is a little off topic? >>

Because it's a mainly venue oriented question.

llafoe · February 21, 2011 2:16AM

<< ...or didn't anticipate the coin bringing nearly that much money. >>

Well, it did sell for $105,000 more than his next highest selling item!

CaptHenway · February 21, 2011 2:27AM

<< The coin was discussed in at least one other thread.

It's possible the seller needed to sell quickly...or didn't anticipate the coin bringing nearly that much money.

Why do you think this is a little off topic? >>

It certainly worked, didn't it????
TD

Russ · February 21, 2011 2:32AM

I was refreshing that auction at the end. Doubled in the last minute or so. Fun to watch!

Russ, NCNE

sonofagunk · February 21, 2011 2:38AM

Probably got more on ebay after the fees and such. Colonials, Patterns and errors are so late in the auction, that most people just get tired and head home.

19Lyds · February 21, 2011 3:38AM

<< I was refreshing that auction at the end. Doubled in the last minute or so. Fun to watch!

Russ, NCNE >>

Yes!

Coin World reported it incorrectly though implying that the $71,000 underbid was beat by a $105,655.55 bid. That bid actuall beat out a $105,555.55 bid! LOL!

Had the winning bidder bid sooner, the coin would have crested $110k easily.

Had the coin gone to the auction floor, it would have brought much, much more.

timcoin · February 21, 2011 3:50AM

<< 

<< I was refreshing that auction at the end. Doubled in the last minute or so. Fun to watch!

Russ, NCNE >>

Yes!

Coin World reported it incorrectly though implying that the $71,000 underbid was beat by a $105,655.55 bid. That bid actuall beat out a $105,555.55 bid! LOL!

Had the winning bidder bid sooner, the coin would have crested $110k easily.

Had the coin gone to the auction floor, it would have brought much, much more. >>

I agree, and bet that it will appear in a live auction sooner rather than later.

Raybob15239 · February 21, 2011 4:37AM

<< I agree, and bet that it will appear in a live auction sooner rather than later. >>

First it will be entombed in plastic, then will go to auction... and it will net significantly more than its current new owner shelled out on the bay.

19Lyds · February 21, 2011 4:47AM

<< 

<< I agree, and bet that it will appear in a live auction sooner rather than later. >>

First it will be entombed in plastic, then will go to auction... and it will net significantly more than its current new owner shelled out on the bay. >>

Check out the auction link Raybob, the coin was sold graded VF35 by PCGS.

NewEnglandRarities · February 21, 2011 5:02AM

Hey Guys,

It was a great piece that is happily housed in a specialists collection. It will not be appearing any time in the near future.

MWallace · February 21, 2011 5:11AM

That's some serious eBay Bucks. LOL!!

ColonialCoinUnion · February 21, 2011 5:16AM

<< Had the coin gone to the auction floor, it would have brought much, much more. >>

I am not sure that is true.

There is something about an Ebay auction for something like this that causes people to put in a giant snipe bid that represents their 'stretchiest' stretch number in hopes of beating out what they think will be other people's super-stretch snipe bids. And in this case, it was a couple of people much higher than the rest of the bidders.

Of course, had this been in a Stack's or Heritage auction the bidders would have had the opportunity to examine the item up close and in hand, but that may have induced one or more of them to bid lower, not higher.

Broadstruck · February 21, 2011 5:45AM

Can you even paypal $105,655.55

USMoneylover · February 21, 2011 5:58AM

<< Can you even paypal $105,655.55

>>

Considering the paypal fees would be 3k+ I would think it would be cheaper to fly to where the coin was and deliver the money and pick up your coin in person

Pistareen · February 21, 2011 6:02AM

I've catalogued more than a few pricey colonials and worked for more than a couple auction houses.

I don't think that coin would have brought a penny more if it was sold in a major venue. Needless to say, a case like this is an exception, but all of the top specialists knew about the coin -- and all brought their big guns.

I wrote the Coin World article. The thing about the $71,000 underbid just got lost in editing -- the $105K bid was in the original version. So it goes.

Frankly, I was stunned to see the article on the front page!

Russ · February 21, 2011 6:19AM

<< Can you even paypal $105,655.55

>>

Nope. PayPal has a single transaction limit of $10K. In fact, when you go to place a bid on an item above that level it produces a note that states such.

Russ, NCNE

HTubbs · February 21, 2011 6:24AM

From the auction description:

Note: We started in the coin business in 1954 and that makes us .... really old.

19Lyds · February 21, 2011 6:33AM

<< 

<< Had the coin gone to the auction floor, it would have brought much, much more. >>

I am not sure that is true.

There is something about an Ebay auction for something like this that causes people to put in a giant snipe bid that represents their 'stretchiest' stretch number in hopes of beating out what they think will be other people's super-stretch snipe bids. And in this case, it was a couple of people much higher than the rest of the bidders.

Of course, had this been in a Stack's or Heritage auction the bidders would have had the opportunity to examine the item up close and in hand, but that may have induced one or more of them to bid lower, not higher. >>

Under Normal circumstances I would agree but this is a "One of Two Known" and the higher grade of the two.

19Lyds · February 21, 2011 6:38AM

<< I've catalogued more than a few pricey colonials and worked for more than a couple auction houses.

I don't think that coin would have brought a penny more if it was sold in a major venue. Needless to say, a case like this is an exception, but all of the top specialists knew about the coin -- and all brought their big guns.

I wrote the Coin World article. The thing about the $71,000 underbid just got lost in editing -- the $105K bid was in the original version. So it goes.

Frankly, I was stunned to see the article on the front page! >>

Well at least two of them did so I'll bow to the experts on such matters.

ColonialCoinUnion · February 21, 2011 6:44AM

<< 

<< I've catalogued more than a few pricey colonials and worked for more than a couple auction houses.

I don't think that coin would have brought a penny more if it was sold in a major venue. Needless to say, a case like this is an exception, but all of the top specialists knew about the coin -- and all brought their big guns.

I wrote the Coin World article. The thing about the $71,000 underbid just got lost in editing -- the $105K bid was in the original version. So it goes.

Frankly, I was stunned to see the article on the front page! >>

Well at least two of them did so I'll bow to the experts on such matters. >>

The reality is that none of us will ever know what might have happened in a different venue. And even if the coin eventually, years from now, appears in a mainstream auction, the novelty, freshness and out-of-the-woodwork- surprise factor present in this instance will not be there.

So we can only guess.

NewEnglandRarities · February 21, 2011 7:35AM

It was nice to see a colonial on the front page of Coin World. I think you did an excellent job on that article John!

MidLifeCrisis · February 21, 2011 7:47AM

<< It was nice to see a colonial on the front page of Coin World. I think you did an excellent job on that article John! >>

Of course...just after I let my subscription to Coin World expire.

Broadstruck · February 21, 2011 7:54AM

<< 

<< Can you even paypal $105,655.55

>>

Nope. PayPal has a single transaction limit of $10K. In fact, when you go to place a bid on an item above that level it produces a note that states such.

Russ, NCNE >>

Thanks Russ!

coindeuce · February 21, 2011 7:58AM

As I was plodding through this thread, this thought that kept recurring to me: Why do Morgan Dollar die variety collectors get so little respect, when they are finding items on similar levels of rarity that can be traded for far less in the market?

Bochiman · February 21, 2011 8:04AM

<< 

<< It was nice to see a colonial on the front page of Coin World. I think you did an excellent job on that article John! >>

Of course...just after I let my subscription to Coin World expire. >>

johnperk747 · February 21, 2011 8:07AM

If I had a coin worth 100K, and sold it on e-bay, don't think I would charge $16.50 for shipping . . lol

Blessings

19Lyds · February 21, 2011 8:18AM

<< As I was plodding through this thread, this thought that kept recurring to me: Why do Morgan Dollar die variety collectors get so little respect, when they are finding items on similar levels of rarity that can be traded for far less in the market?

>>

Simple.

The "potential" to find others is much greater than with these colonials in that the overall population of Morgans is MUCH greater.

It's kind of like wondering why Morgan variety collectors get so much more respect than Eisenhower variety collectors? Other than the fact that they have a greater intrinsic precious metal content (vs none for the cn clad coins) they are still coins. Big coins! Heavy Coins! And with some really neat "uncommon" varieties that are very difficult to find.
BUT, until 95% of them have been searched, its difficult to tell exactly "how" many there really are and as such the potential for finding more is much greater.

joebb21 · February 21, 2011 8:40AM

<< 

<< 

<< Can you even paypal $105,655.55

>>

Nope. PayPal has a single transaction limit of $10K. In fact, when you go to place a bid on an item above that level it produces a note that states such.

Russ, NCNE >>

Thanks Russ!

>>

Russ- I believe you are incorrect about paying over 10k in a single transaction.
The pop up says SOME credit cards do not allow it.
Im 100% sure visa allows it

BlindedByEgo · February 21, 2011 9:42AM

<< 

<< 

<< 

<< Can you even paypal $105,655.55

>>

Nope. PayPal has a single transaction limit of $10K. In fact, when you go to place a bid on an item above that level it produces a note that states such.

Russ, NCNE >>

Thanks Russ!

>>

Russ- I believe you are incorrect about paying over 10k in a single transaction.
The pop up says SOME credit cards do not allow it.
Im 100% sure visa allows it >>

So does the AMEX Black Card

Russ · February 21, 2011 10:06AM

Read the first three links to PayPal's help section. All clearly state that there is a $10K single transaction limit.

http://www.google.com/search?hl=en&source=hp&biw=1436&bih=729&q=paypal+transaction+limit&aq=f&aqi=g1g-v1&aql=&oq=

Russ, NCNE

MadMax67 · February 21, 2011 10:38AM

This is what ebay states about 10k transactions-" If your account is Verified, you can send up to $10,000 in a single transaction but there’s no limit on the total amount of money you can send from your account"
and yes if your account is verified and have a great credit card or the money in the bank you can send multiple 10k transactions-have done it myself in the past with 50k or more ebay transactions,apparently Russ you have never bought anything on ebay for over 10k-

MadMax67 · February 21, 2011 10:46AM

I think ebay should give a status for buyer's like they do for Power Seller's and call it Power Buyer's as i spend approx. 300k a year on gold/silver bullion and coins and only cap out at $500 on ebay bucks every 3 months ,that suck's-

Aegis3 · February 21, 2011 10:47AM

<< 

<< 

<< Had the coin gone to the auction floor, it would have brought much, much more. >>

I am not sure that is true.

There is something about an Ebay auction for something like this that causes people to put in a giant snipe bid that represents their 'stretchiest' stretch number in hopes of beating out what they think will be other people's super-stretch snipe bids. And in this case, it was a couple of people much higher than the rest of the bidders.

Of course, had this been in a Stack's or Heritage auction the bidders would have had the opportunity to examine the item up close and in hand, but that may have induced one or more of them to bid lower, not higher. >>

Under Normal circumstances I would agree but this is a "One of Two Known" and the higher grade of the two. >>

The Connecticut copper 1785 M. 4.2-F.6 (or whatever; the "second" African Head), also one of two known, that Heritage sold a few months ago sold for a similar price, so I suspect this is one of those cases where the ebay price is similar to what a major auction house price would have been.

pontiacinf · February 21, 2011 10:53AM

I read the thread title and said "ok, another clown claiming wow"

all I can say is "HOLY SMOKES"

had other stuff but it wouldnt pass the word censor

WinLoseWin · February 24, 2011 8:24AM

Check out the Ebay feedback. You don't often see a $100,000 plus item next to a $1.95 one.

<< 
The Connecticut copper 1785 M. 4.2-F.6 (or whatever; the "second" African Head), also one of two known, that Heritage sold a few months ago sold for a similar price, so I suspect this is one of those cases where the ebay price is similar to what a major auction house price would have been. >>

Aegis3, Good catch on finding a comparable situation. Sounds like it wouldn't have brought too much different unless the emotion of a live auction could have continued a bidding war as opposed to a time deadline on Ebay.

SanctionII · February 24, 2011 8:29AM

Neat thread and EBay auction.

Also a wonderful coin.

I wonder if anyone [buyer, or forumite reading this thread] would have the temerity to gripe about the $16.50 shipping charge

leothelyon · February 24, 2011 10:54AM

<< I've catalogued more than a few pricey colonials and worked for more than a couple auction houses.

I don't think that coin would have brought a penny more if it was sold in a major venue. Needless to say, a case like this is an exception, but all of the top specialists knew about the coin -- and all brought their big guns.

I wrote the Coin World article. The thing about the $71,000 underbid just got lost in editing -- the $105K bid was in the original version. So it goes.

Frankly, I was stunned to see the article on the front page! >>

I guess it's safe to assume all top specialists do subscribe to Coin World.

Leo

Wow!

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