The Man, The Myth, The Legend...the man with some REALLY COOL TOYS!!!
keyman64
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Jay Parrino
MidLifeCrisis recently posted a thread that had a photo of a PILE of AMAZING TOYS. I asked him the origin and he was not certain but thought some of those items may belong or did belong to Jay Parrino. Ahhh, I recall that name from the 1990s. MLC gave me a link to some info about him and it refreshed my memory on a couple of things and taught me things I did not know. I also did some additional GOOGLING to see what else I could find.
Photo that got me thinking- Does anyone know if he actually owns these, did own them, still owns them etc? Some of them?
Excerpts from a August 15, 1996 Article by Scott A. Travers (with a few edits by me to make it shorter)-
Parrino, a prominent coin dealer from Kansas City, Missouri, was determined to be the owner of the finest 1913 Liberty nickel--the one that belonged to Louis E. Eliasberg Sr.--came up for sale at another glittering auction in New York City on May 21, 1996: He snared the famous coin with a floor bid of $1,350,000. With the 10-percent buyer's fee tacked on, his total outlay came to $1,485,000, or just under $1.5 million.
"I had always promised myself that I would be the first person to pay a million dollars for a coin at auction," Parrino told COINage in an exclusive interview.
He concluded before the Eliasberg Sale, held May 20-22 in New York City, that Eliasberg's specimen of the 1913 nickel--widely acclaimed as the finest-known example of this highly publicized rarity--would in all likelihood bring a million dollars or more. And he entered the auction room at the St. Moritz Hotel determined to be its new owner, even if he had to pay TWO million dollars for the privilege.
"I figured this way: Eliasberg's is the most famous collection, and this is the most famous coin--gold, silver or copper--in the entire sale, so this was the one to do it on," he explained. "I didn't want the price to have an asterisk--bringing a million dollars only with the buyer's fee added. That's why I shouted out a million-dollar bid. That way, there could be no question about its status as the first million-dollar coin.
"At the same time, I didn't want to overpay for the coin just to say that I was the first to pay a million. I wish that the bidding had stopped there, but it didn't. But I was pretty determined to own the coin; I would have gone up to two million. And truthfully, I was quite surprised that I didn't have to pay a lot more for it."
Parrino reported that shortly after the sale, he turned down not one but two different offers from people who would have paid him $2 million for the 1913 nickel.
Parrino had received less favorable publicity from portions of the news media three months earlier when he figured in the aborted sale of another famous and controversial rarity--the 1933 Saint-Gaudens double eagle. He and British coin dealer Stephen C. Fenton were arrested for their roles in arranging for sale of the coin, which the U.S. government claimed had been stolen from the Mint (a claim based on its contention that 1933 double eagles were never officially issued and therefore are illegal to own).
Ironically, the price reportedly being asked for the double eagle was $1.5 million--almost exactly the sum that Parrino later paid for the 1913 nickel.
Parrino won vindication when the government later dropped the criminal charges, and he is hopeful that civil litigation now being pursued by Uncle Sam--aimed at preventing sale or private ownership of this or any other '33 double eagle--will end in similar victory for the defense.
"In my opinion, the '33 Saint never WAS illegal to own," he declared. "Never. This whole thing was absolutely a joke. There are so many coins in numismatics with more questionable pasts--the '13 Liberty nickel I just bought being the prime example. We KNOW it was stolen; there isn't any question about that. And yet, they leave coins like that alone and go after the '33 Saint."
Obviously, Parrino hopes that federal agents won't start going after 1913 Liberty Head nickels, now that he owns one. And he's confident that the government will continue its benign neglect of these and other such coins.
"In my opinion, the Secret Service and the Treasury Department--if they had this to do over again--wouldn't even touch the 1933 Saint with a 10-foot pole," he remarked. "I think they've opened up a can of worms and they wish they could close it."
According to Parrino, there were only three regular- issue U.S. coins that he had never owned prior to the Eliasberg Sale, and the 1913 "V" nickel was one of them.
"When the last '13 nickel (the Reed Hawn specimen) came up," he said, "I wanted it, but I wasn't as anxious as this time, because my tastes have grown to the point that I don't want to just own a '13 nickel, I want to own the BEST '13 nickel. I own the best '94-S Barber dime, the best '27-D Saint, the best Chain cent, the best Wreath cent--I own the best of just about all the rarities. So when the Eliasberg Sale came up, this was just something I wanted to do for myself."
He said he bought the nickel "for stock," and he's clearly in no hurry to dispose of it.
"I really have no plans for selling it," he said. "It's in my box of 20, and that's where it will stay for right now."
He has no immediate plans to put the coin on display, but he said he would be agreeable to exhibiting it--and possibly other rarities--at one or more major coin shows.
"I want people to see them," he declared. "I'm not so much looking for publicity; it's more a case of giving our hobby good exposure. When I lay out some of these coins at shows, I get fathers coming up with their sons--and when those kids hold a million-dollar coin in their hand, it's a moment they'll never forget. A lot of people never really get to see these things. That's why I've dragged them to shows and paid horrendous insurance costs--to help promote interest in numismatics."
"....Take the 1796 half cent. No half cent has ever brought $100,000 at auction, and I don't even think any copper coin has ever brought $200,000 at auction. And yet, here comes this coin, which is famous to numismatists but not famous at all to the general public, and it brings half a million dollars. It's the same thing with the 1873-CC no- arrows dime--half a million plus.
Source: Full Article Here
_________________________________________________________________________________________
From another Web Article -
At the height of his coin career in the mid-90's, Parrino had a booklet prepared that was inserted in the middle of a Coin World issue just before a major show. Unless I'm mistaken, it was distributed just before the FUN show. The booklet contained most or all of the expensive coins in his inventory at the time, including much of the fabulous large cent collection he bought from Eric Streiner (with Stack's help).
Having never seen anything like this booklet, before or since, I was very intrigued. I decided to add up the prices in the booklet. As I recall, the total came to about $32,000,000.00. But there was one item in the booklet that was 'P.O.R.'. That was a 1913 liberty nickel. I took the liberty of adding $3,000,000.00 for the nickel, which made the total $35,000,000.00.
Source: HERE
DOES ANYONE KNOW ANYTHING ABOUT THIS BOOKLET?
_________________________________________________________________________________________
This web page shows some of the coolest coins, comics, posters, paper money etc...that have gone through his hands.
From his eBay Store it seems he deals mainly in VINTAGE PHOTOS and STAMPS these days.
His Website Seems to ONLY deal in STAMPS
Read about his involvement with Million Dollar Stamps Here
1793 Large Cent in MS69!!! That had his name attached to it.
1794 LARGE CENT - SHELDON 24 in MS67RB!!!!
On Collectors' Corner - He is only dealing in Stamps
In 2000, he purchased Binion's 100 $10,000 notes.
It seems TDN is somewhat familiar with Jay Parrino...I wonder if he has any good info to share?
This article seems to ask a few questions about the mystery man...
He Sold the 1913 Liberty Nickel in 2001 for $1,840,000. ...in 2007, that same coin failed to sell at auction.
_________________________________________________________________________________________
So, what can you share about Jay Parrino? Does he still own some cool coins? Is he ONLY into STAMPS these days? Why? Any good stories to share?
MidLifeCrisis recently posted a thread that had a photo of a PILE of AMAZING TOYS. I asked him the origin and he was not certain but thought some of those items may belong or did belong to Jay Parrino. Ahhh, I recall that name from the 1990s. MLC gave me a link to some info about him and it refreshed my memory on a couple of things and taught me things I did not know. I also did some additional GOOGLING to see what else I could find.
Photo that got me thinking- Does anyone know if he actually owns these, did own them, still owns them etc? Some of them?
Excerpts from a August 15, 1996 Article by Scott A. Travers (with a few edits by me to make it shorter)-
Parrino, a prominent coin dealer from Kansas City, Missouri, was determined to be the owner of the finest 1913 Liberty nickel--the one that belonged to Louis E. Eliasberg Sr.--came up for sale at another glittering auction in New York City on May 21, 1996: He snared the famous coin with a floor bid of $1,350,000. With the 10-percent buyer's fee tacked on, his total outlay came to $1,485,000, or just under $1.5 million.
"I had always promised myself that I would be the first person to pay a million dollars for a coin at auction," Parrino told COINage in an exclusive interview.
He concluded before the Eliasberg Sale, held May 20-22 in New York City, that Eliasberg's specimen of the 1913 nickel--widely acclaimed as the finest-known example of this highly publicized rarity--would in all likelihood bring a million dollars or more. And he entered the auction room at the St. Moritz Hotel determined to be its new owner, even if he had to pay TWO million dollars for the privilege.
"I figured this way: Eliasberg's is the most famous collection, and this is the most famous coin--gold, silver or copper--in the entire sale, so this was the one to do it on," he explained. "I didn't want the price to have an asterisk--bringing a million dollars only with the buyer's fee added. That's why I shouted out a million-dollar bid. That way, there could be no question about its status as the first million-dollar coin.
"At the same time, I didn't want to overpay for the coin just to say that I was the first to pay a million. I wish that the bidding had stopped there, but it didn't. But I was pretty determined to own the coin; I would have gone up to two million. And truthfully, I was quite surprised that I didn't have to pay a lot more for it."
Parrino reported that shortly after the sale, he turned down not one but two different offers from people who would have paid him $2 million for the 1913 nickel.
Parrino had received less favorable publicity from portions of the news media three months earlier when he figured in the aborted sale of another famous and controversial rarity--the 1933 Saint-Gaudens double eagle. He and British coin dealer Stephen C. Fenton were arrested for their roles in arranging for sale of the coin, which the U.S. government claimed had been stolen from the Mint (a claim based on its contention that 1933 double eagles were never officially issued and therefore are illegal to own).
Ironically, the price reportedly being asked for the double eagle was $1.5 million--almost exactly the sum that Parrino later paid for the 1913 nickel.
Parrino won vindication when the government later dropped the criminal charges, and he is hopeful that civil litigation now being pursued by Uncle Sam--aimed at preventing sale or private ownership of this or any other '33 double eagle--will end in similar victory for the defense.
"In my opinion, the '33 Saint never WAS illegal to own," he declared. "Never. This whole thing was absolutely a joke. There are so many coins in numismatics with more questionable pasts--the '13 Liberty nickel I just bought being the prime example. We KNOW it was stolen; there isn't any question about that. And yet, they leave coins like that alone and go after the '33 Saint."
Obviously, Parrino hopes that federal agents won't start going after 1913 Liberty Head nickels, now that he owns one. And he's confident that the government will continue its benign neglect of these and other such coins.
"In my opinion, the Secret Service and the Treasury Department--if they had this to do over again--wouldn't even touch the 1933 Saint with a 10-foot pole," he remarked. "I think they've opened up a can of worms and they wish they could close it."
According to Parrino, there were only three regular- issue U.S. coins that he had never owned prior to the Eliasberg Sale, and the 1913 "V" nickel was one of them.
"When the last '13 nickel (the Reed Hawn specimen) came up," he said, "I wanted it, but I wasn't as anxious as this time, because my tastes have grown to the point that I don't want to just own a '13 nickel, I want to own the BEST '13 nickel. I own the best '94-S Barber dime, the best '27-D Saint, the best Chain cent, the best Wreath cent--I own the best of just about all the rarities. So when the Eliasberg Sale came up, this was just something I wanted to do for myself."
He said he bought the nickel "for stock," and he's clearly in no hurry to dispose of it.
"I really have no plans for selling it," he said. "It's in my box of 20, and that's where it will stay for right now."
He has no immediate plans to put the coin on display, but he said he would be agreeable to exhibiting it--and possibly other rarities--at one or more major coin shows.
"I want people to see them," he declared. "I'm not so much looking for publicity; it's more a case of giving our hobby good exposure. When I lay out some of these coins at shows, I get fathers coming up with their sons--and when those kids hold a million-dollar coin in their hand, it's a moment they'll never forget. A lot of people never really get to see these things. That's why I've dragged them to shows and paid horrendous insurance costs--to help promote interest in numismatics."
"....Take the 1796 half cent. No half cent has ever brought $100,000 at auction, and I don't even think any copper coin has ever brought $200,000 at auction. And yet, here comes this coin, which is famous to numismatists but not famous at all to the general public, and it brings half a million dollars. It's the same thing with the 1873-CC no- arrows dime--half a million plus.
Source: Full Article Here
_________________________________________________________________________________________
From another Web Article -
At the height of his coin career in the mid-90's, Parrino had a booklet prepared that was inserted in the middle of a Coin World issue just before a major show. Unless I'm mistaken, it was distributed just before the FUN show. The booklet contained most or all of the expensive coins in his inventory at the time, including much of the fabulous large cent collection he bought from Eric Streiner (with Stack's help).
Having never seen anything like this booklet, before or since, I was very intrigued. I decided to add up the prices in the booklet. As I recall, the total came to about $32,000,000.00. But there was one item in the booklet that was 'P.O.R.'. That was a 1913 liberty nickel. I took the liberty of adding $3,000,000.00 for the nickel, which made the total $35,000,000.00.
Source: HERE
DOES ANYONE KNOW ANYTHING ABOUT THIS BOOKLET?
_________________________________________________________________________________________
This web page shows some of the coolest coins, comics, posters, paper money etc...that have gone through his hands.
From his eBay Store it seems he deals mainly in VINTAGE PHOTOS and STAMPS these days.
His Website Seems to ONLY deal in STAMPS
Read about his involvement with Million Dollar Stamps Here
1793 Large Cent in MS69!!! That had his name attached to it.
1794 LARGE CENT - SHELDON 24 in MS67RB!!!!
On Collectors' Corner - He is only dealing in Stamps
In 2000, he purchased Binion's 100 $10,000 notes.
It seems TDN is somewhat familiar with Jay Parrino...I wonder if he has any good info to share?
This article seems to ask a few questions about the mystery man...
He Sold the 1913 Liberty Nickel in 2001 for $1,840,000. ...in 2007, that same coin failed to sell at auction.
_________________________________________________________________________________________
So, what can you share about Jay Parrino? Does he still own some cool coins? Is he ONLY into STAMPS these days? Why? Any good stories to share?
"If it's not fun, it's not worth it." - KeyMan64
Looking for Top Pop Mercury Dime Varieties & High Grade Mercury Dime Toners.
Looking for Top Pop Mercury Dime Varieties & High Grade Mercury Dime Toners.
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Fellas, leave the tight pants to the ladies. If I can count the coins in your pockets you better use them to call a tailor. Stay thirsty my friends......
As for Jay, if I remember correctly, he's now doing stamps. Others can give you better details, or you can search around on the forum, if I remember correctly there are some good stories with this guy.
"He purchased all his coins from Jay Parrino - who was the leader in the market for high end coinage in the 90's. Curiously, Jay disappeared from coins after the turn of the Century ... and Legend pretty much took his place as the leader in that segment.
Perhaps he shouldn't have called me a 'pissant'?"
(This was in an older thread)
PCGS Registries
Box of 20
SeaEagleCoins: 11/14/54-4/5/12. Miss you Larry!
This statement from 1996: I own the best '94-S Barber dime, the best '27-D Saint, the best Chain cent, the best Wreath cent--I own the best of just about all the rarities....and then he bought the FINEST KNOWN 1913 Nickel. I doubt something like this has been topped recently? Has LEGEND owned all of these coins at the same time? This seems like a pretty tough accomplishment to me.
Does he still own any of these or did he sell them...maybe around the time he sold his FINEST KNOWN 1913 Nickel? Is he completely out of the coin world?
Looking for Top Pop Mercury Dime Varieties & High Grade Mercury Dime Toners.
<< <i>This statement from 1996: I own the best '94-S Barber dime, the best '27-D Saint, the best Chain cent, the best Wreath cent--I own the best of just about all the rarities....and then he bought the FINEST KNOWN 1913 Nickel. I doubt something like this has been topped recently? Has LEGEND owned all of these coins at the same time? This seems like a pretty tough accomplishment to me. >>
Keep in mind that Jay Parrino was a dealer. As a dealer would you really want to own all of these coins at the same time? Seems like a chit load of money tied up in some trophey coins. You brought up Legend so I'll make this simple statement: Jay bragged about owning coins, Legend brags about selling coins, from a dealers perspective which would you prefer?
I'm not trying to offend those that do collect stamps...(Rule #1...enjoy what you collect)...from what I know (which isn't much, in the way of stamps, except they go on the top right corner of the envelope) there are, perhaps, a couple handfuls of stamps that aren't cheap, but perhaps the hobby is bigger/healthier than I thought? As a whole, though, I thought stamp collecting went the way of Beanie Babies? At a few coin shows I've been at (there's always a few stamp dealers on hand at every show), I've seen them practically given away, and when I've seen a collector bring a large quantity of stamps in, there are so few worth finding that the pile (normally HUGE piles//folders) isn't really gone through at all...just too time consuming (not to mention the very low buy price, but the seller appears to be prepared for low buy prices).
Sorry to derail the post from coins, but for a big name like that, and to be able to own those coins (I'd LOVE to be able to say 'I'm going to buy a coin for $1 mil.....I say it alot, but know it just ain't gonna happen) to just up and exit numismatics, and enter philatelics (sic?) seems strange to me...but to each their own. While I admittedly know ZERO about philatelics, I have seen transactions at shows, as I said earlier, and from what I've seen, it does seem that it's a pretty lifeless hobby...perhaps it's something to look into, if it's that cheap to get into...and hope it gets back to the stature it once held, as I know it USED to be a big hobby, and had a huge collector base (but dang, the Stamp forum has just that ONE post, and the stamp BST has only TWO posts...though the autograph sections have less.....but I know there are still alot of people spending decent $$ on autographs...my family sold an autographed Nimitz item for over $1,500).
I certainly hope he (Parrino) did hang on to SOME of his absolutely amazing coins.
I wonder if any of his 'keepers', if he did, in fact, keep any, were in Doilies... imagine, a 1793 Vine/Bars Wreath cent, MS69BN in a Doily.......
I hope someone can share some cool info. Otherwise, I guess I could give him a call and see if he gives me the time of day. That would be kinda cool.
Looking for Top Pop Mercury Dime Varieties & High Grade Mercury Dime Toners.
Looking for Top Pop Mercury Dime Varieties & High Grade Mercury Dime Toners.
Keep in mind that Jay Parrino was a dealer. As a dealer would you really want to own all of these coins at the same time? Seems like a chit load of money tied up in some trophey coins. You brought up Legend so I'll make this simple statement: Jay bragged about owning coins, Legend brags about selling coins, from a dealers perspective which would you prefer? >>
I would rather own the coins, i do not get the dealers that make a big deal out of buying a rare coin and then selling it 2 weeks later.
NGC registry V-Nickel proof #6!!!!
working on proof shield nickels # 8 with a bullet!!!!
RIP "BEAR"
I still have this coin and yes, it is still in the old PCGS slab.
<< <i>This was another PCGS/now CAC MS-65 OGH 1955 DDO 1c I bought from Jay Parrino in 1997.
I still have this coin and yes, it is still in the old PCGS slab.
WOW!
Looking for Top Pop Mercury Dime Varieties & High Grade Mercury Dime Toners.
Part of the reason is the glass ceiling that they were bouncing off of. Realistically, there's not a lot of room to upgrade PR68 and 69 Morgans and other high grade proofs. The 69 grade is reserved for the one Wonder Coin [which they're not gonna 70] and it would take an obvious undergrade for them to break that pop 1. And PCGS just doesn't grade PR68 DCAM gold proofs like NGC does - and in some areas the PCGS coin is worth more a grade lower. So there just wasn't much room for upgrades.
Another part of the reason is Jay worked the system strongly to get upgrades. You'd see a coin in one holder in an ad of his and then later in another holder. The Eliasberg 1885 trade dollar that I bought from him first appeared in an ad in a PF65 holder and then later was listed in PF66.. And I know at least one coin appeared in his ad in a lower grade and was later sold in a higher holder ... and when I bought it the coin was obviously puttied. Doesn't mean he did it or even knew about it, just means that even then coins were being aggressively upgraded through lots of methods.
As far as where those great coins are now ... spread to the wind. When Jay got out of coins, he sold them all off at cents on the dollar of his asking price. I now own the SP65 Ameri cent, Stellar owns The Coin, the 1894-S dime is owned by a David Lawrence customer, Cardinal owns the MS69 wreath cent.... to name a few. The Eliasberg 1913 was bought by Dwight Manley at the Salt Lake City Midwinter ANA and later sold to John Albanese whom I bought it from. Curiously, Dwight also owned the Hawaii 5-O [Olsen] specimen as did I which makes the two of us some of the few people who have owned TWO 1913 Liberty Head nickels.
As far as where Jay is now, I do not know. I do know that the seller of the Deal of the Decade told me that he gave him a call to check my offer price and Jay offered him less than he paid for the coins almost 20 years ago [excluding the Ameri]. That's not very aggressive. lol
Later in the sale, I was the underbidder on the 1913 at $1.5M, but Dwight bought it for $1.6M plus the juice.
<< <i> I now own the SP65 Ameri cent, Stellar owns The Coin, the 1894-S dime is owned by a David Lawrence customer, Cardinal owns the MS69 wreath cent.... to name a few. >>
Is "The Coin" the SP67 shown in the picture? I've heard a lot of people talk about "The Coin" but never any details on it.
<< <i>
<< <i> I now own the SP65 Ameri cent, Stellar owns The Coin, the 1894-S dime is owned by a David Lawrence customer, Cardinal owns the MS69 wreath cent.... to name a few. >>
Is "The Coin" the SP67 shown in the picture? I've heard a lot of people talk about "The Coin" but never any details on it. >>
Yes. IIRC, it was struck from an overly thick planchet - therefore the details are amazing.
Sean Reynolds
"Keep in mind that most of what passes as numismatic information is no more than tested opinion at best, and marketing blather at worst. However, I try to choose my words carefully, since I know that you guys are always watching." - Joe O'Connor
TD
Here is the Jack Lee 1921 walker PCGS/now CAC MS-66 still in the OGH. If any 1921 ever upgrades to MS-67 this will be the one to do so.
But I am holding firm at the MS-66 grade. This was the one coin I loved best of the entire Jack Lee collection. I was fortunate enough to review Jack Lee's entire collection in person.
Sorry for the old lousy picture but you get an idea of the blazing luster that oozes off this coin. The only bag mark on the entire coin is a small cross cut on the lower leg of Liberty.
That 1921 Walker is amazing. Those just don't look that that. One in a million. MJ
Fellas, leave the tight pants to the ladies. If I can count the coins in your pockets you better use them to call a tailor. Stay thirsty my friends......
Some of my friends like those brochures MORE than the coins themselves!!!
I'd prefer to be the one that made the most money. And while I haven't seen either firm's financial statements, I'll simply observe that one's ability to maintain an inventory like Parrino's would seem to be a pretty good indication of financial strength.
Doggedly collecting coins of the Central American Republic.
Visit the Society of US Pattern Collectors at USPatterns.com.