Can someone help me figure this out?

jacktheknife

Trying to wrap my brain around a winning bid I place in the recent StacksBowers auction. I won the 1913 Lincoln cent in 67RD for 17K hammer. I figured it was a reasonable price for the coin and it was also the reserve amount, so I place the bid. What I am trying to figure out is how I won the coin. The exact same coin just sold this past summer in a Heritage auction for $25,300. I really thought there was no way the 17K reserve would the final hammer, but it was. Why would someone pay $25,300 for a coin and then turn around and sell it for significantly less?

Jack

RYK

There are infinite possible reasons, but here are some that come to mind:

1. The previous owner purchased a nicer one.
2. The previous owner thought he had a buyer for it, and the buyer did not materialize.
3. The previous owner needed the money, desperately, for something else and had to dump the coin.
4. The coin did not meet approval of another party, independent or otherwise, that evaluates such coins, causing the owner to lose interest in the coin.
5. The owner did not realize that the underbidder(s) for the coin in the Heritage auction no longer needed or wanted the coin.
6. The appearance of the coin changed since the previous owner purchased it.
Etc.

LanceNewmanOCC

<< <i>There are infinite possible reasons, but here are some that come to mind:

1. The previous owner purchased a nicer one.
2. The previous owner thought he had a buyer for it, and the buyer did not materialize.
3. The previous owner needed the money, desperately, for something else and had to dump the coin.
4. The coin did not meet approval of another party, independent or otherwise, that evaluates such coins, causing the owner to lose interest in the coin.
5. The owner did not realize that the underbidder(s) for the coin in the Heritage auction no longer needed or wanted the coin.
6. The appearance of the coin changed since the previous owner purchased it.
Etc. >>



well said and i'll add one more.

7. the potential bidders were pondering the ramifications of the 2011 nobel prize in physics being won by supposedly proving the accelerating expansion (contrary to previous popular belief) of the (our known) Universe through observations of distant supernovae. well, i missed a few things pondering it anyway ><
.

CoinZip

Congratz......I'm sure is a beauty

magikbilly

Maybe the prev. owner overpaid?


Eric

1Mike1

<< <i>Maybe the prev. owner overpaid?


Eric >>



Ding ding ding - tell him what he's won Johnny...

roadrunner

I've seen prices fall by 50% in <6 months when a single buyer left the market, leaving no real underbidder at that previous high level.
Pop tops are great, as long as there are multiple underbidders at current price levels. If a couple of them leave, or find their coins, things
can fall way off. It's also possible the high end Lincoln cent market (ie MS67 and up) had fallen off that much in a year. The entire coin market
as a whole fell off 40-75% as a whole in only 1-2 yrs (1980-1982). And just because something has fallen 30% in one year, doesn't mean it can't fall
another 30% again.

At the same time this 1913 1c was bringing $25K in spring of last year, a stickered one fetched over $32,000, and an average one brought $16K. Quite a bit of
variability considering there are only 5 graded in MS67 Red. It apparently isn't hard for these premiums to come and go depending on market conditions and
who shows up at the auctions. As long as there are 5 registry set guys vying for the top spot, prices should remain stable. Add a few or subtract a couple and
things can change quickly. There are plenty of 66's and 66+ coins to satisfy everyone else.