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Perhaps it was an uninformed heir who dodged a bullet
kranky
Posts: 8,709 ✭✭✭
Reported in CW. A coin last seen in 1961 was consigned to an auction coming up in September. It was from the estate of the collector who bought it 50 years ago, and the consignor believed it to be an 1870-P $20, in a Capital Plastics holder, and estimated its worth at $1,500-$2,000. The auction house discovered it was an 1870-CC, estimated to bring perhaps $180,000, described in the article as the rarest CC gold coin issued. It was purchased at an auction in 1961 for $4,200.
The relationship of the consignor to the deceased was not explained but even if the owner had left instructions for his collection to be auctioned, I can easily imagine someone thinking they could "save a lot of money" by shopping a $2,000 coin around to dealers rather than putting it in an auction. And if that person had the misfortune to run into an unscrupulous one who offered $3,000, the seller might have jumped on it. To me it just reinforced how important it is to take appropriate steps to properly identify your collection and provide clear guidance on disposition in case your heirs have to deal with it.
The relationship of the consignor to the deceased was not explained but even if the owner had left instructions for his collection to be auctioned, I can easily imagine someone thinking they could "save a lot of money" by shopping a $2,000 coin around to dealers rather than putting it in an auction. And if that person had the misfortune to run into an unscrupulous one who offered $3,000, the seller might have jumped on it. To me it just reinforced how important it is to take appropriate steps to properly identify your collection and provide clear guidance on disposition in case your heirs have to deal with it.
New collectors, please educate yourself before spending money on coins; there are people who believe that using numismatic knowledge to rip the naïve is what this hobby is all about.
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Specializing in 1854 and 1855 large FE patterns
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Just dreaming...yes, I wholeheartedly agree with you.