Newman sale - raising coin prices or did everyone just overpay?

Are prices going way up on coins or did people just bury themselves?
Compare this coin with this one from the Newman sale
Yes the coin is pretty but it's not rare.
The bids I figured were too insane to lose were most all the under bidder, 20 times someone either bid or cut bid some very insane bids I placed.
Compare this coin with this one from the Newman sale
Yes the coin is pretty but it's not rare.
The bids I figured were too insane to lose were most all the under bidder, 20 times someone either bid or cut bid some very insane bids I placed.
I seldom check PM's but do check emails often jason@seated.org
Buying top quality Seated Dimes in Gem BU and Proof.
Buying great coins - monster eye appeal only.
Buying top quality Seated Dimes in Gem BU and Proof.
Buying great coins - monster eye appeal only.
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Comments
<< <i>Are prices going way up on coins or did people just bury themselves?
Compare this coin with this one from the Newman sale
Yes the coin is pretty but it's not rare.
The bids I figured were too insane to lose were most all the under bidder, 20 times someone either bid or cut bid some very insane bids I placed. >>
If people were interested in buying a coin or two out of Newman, in the relatively affordable category, in a particular series, wanted something pretty, and actually viewed the lots, I don't think there were all that many to choose from and they ended up bidding on the same few lots.
Coin Rarities Online
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<< <i>Are prices going way up on coins or did people just bury themselves?
Compare this coin with this one from the Newman sale
Yes the coin is pretty but it's not rare.
The bids I figured were too insane to lose were most all the under bidder, 20 times someone either bid or cut bid some very insane bids I placed. >>
If people were interested in buying a coin or two out of Newman, in the relatively affordable category, in a particular series, wanted something pretty, and actually viewed the lots, I don't think there were all that many to choose from and they ended up bidding on the same few lots. >>
Intriguing observation, I think you are spot on
One coin I bought was the one GSA dollar with the Newman pedigree. It is for my core collections so I wasn't really concerned with burying myself with that one, but I know I paid over three times market value for a very ordinary coin. I suspect, based on the results, that many others had similar purchases.
<< <i>We paid an all time record price for a gem 1803 dollar. I am sure the priceguides will go up but how do you price something that didn't exist before? >>
One the once in a lifetime coins I can see raising the bar to the new price level. That makes sense.
I tried on a few coins too but on something that is common, sells often and was nothing special how can one justify paying 8-10x the current value?
Prices for this sale for non cac and common coins was insane. I will I could have been selling in that sale.
Buying top quality Seated Dimes in Gem BU and Proof.
Buying great coins - monster eye appeal only.
Everything else stays the same
There could even be an argument we are at the top for most
other US coins .....
I give away money. I collect money.
I don’t love money . I do love the Lord God.
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<< <i>Are prices going way up on coins or did people just bury themselves?
Compare this coin with this one from the Newman sale
Yes the coin is pretty but it's not rare.
The bids I figured were too insane to lose were most all the under bidder, 20 times someone either bid or cut bid some very insane bids I placed. >>
If people were interested in buying a coin or two out of Newman, in the relatively affordable category, in a particular series, wanted something pretty, and actually viewed the lots, I don't think there were all that many to choose from and they ended up bidding on the same few lots. >>
Intriguing observation, I think you are spot on >>
Very true, and this is frequently a difficult lesson for beginning/intermediate collectors to learn. Want to know why luster is important? Just walk by a case full of MS coins and quickly glance at them. Ones with booming luster will jump out at you in seconds.
RMR: 'Wer, wenn ich schriee, hörte mich denn aus der Engel Ordnungen?'
CJ: 'No one!' [Ain't no angels in the coin biz]
<< <i>If you are talking about the dollar, yes there are ticks and lines. As I have said before, the coin most overgraded by collectors is one with clean surfaces but impaired luster. The one most undergraded has original mint bloom but contact marks. The first starts at MS64 and goes down, the second at MS70. >>
This is an interesting point. I often wonder if the graders feel the same?
As for the coin that started this string, I like the looks of the piece that sold for $223 more than the Newman specimen that sold for $1880. It reminds me of the Garrett sale many years ago when people bid $250 for a common date Peace dollar that was selling for $10 to $15 at the time. There were folks there who just wanted to go home with a souvenir from the event who didn't care if they were buried it.
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<< <i>We paid an all time record price for a gem 1803 dollar. I am sure the priceguides will go up but how do you price something that didn't exist before? >>
One the once in a lifetime coins I can see raising the bar to the new price level. That makes sense.
I tried on a few coins too but on something that is common, sells often and was nothing special how can one justify paying 8-10x the current value? >>
There is no justification, except for limited examples such as TDN cited, for the irrational exuberance that 291fifth mentioned. Or one could call it a neurotic desire to have a tangible connection to the previous owner. That type of behavior has been evidenced many times prior in the coin market with signature sales of pedigreed (I hate that word, it should only be applied to show dogs and race horses) or provenanced collections. Your mileage may vary.
"Everything is on its way to somewhere. Everything." - George Malley, Phenomenon
http://www.american-legacy-coins.com
<< <i>We paid an all time record price for a gem 1803 dollar. I am sure the priceguides will go up but how do you price something that didn't exist before? >>
In this case it would be what the highest bidder was willing to pay. Is there likely someone else out there who was unaware of the sale and would pay even more?
<< <i> I am comfortable that my two purchases will prove to be a great acquisition. It is an honor to be one of 3 or 4 caretakers in the last 1150 years or thereabouts. Off they go to PCGS for crossing or near crossing
Will PCGS keep the pedigree or don't you care?
<< <i>In general for common coins prices were definitely crazy high that is for certain.
And if anyone had the intention to buy to flip what are they thinking, here is a well publicized event with an entire collection being promoted by both HA and NGC and many other numismatic organizations along with some pieces having a great pedigree Col Green to be exact, kind of like the perfect storm where if any flipper was to try to flip later he/she would never have that perfect storm in which to showcase his flip. Irrational exuberance was at play here, and it caused a one time spike in prices again for the common pieces.
That being said there were some incredible rarities, incredible grades/condition census, incredible toning/eyeappeal, incredible pedigree of Col Green and with those great coins go for strong/moon money prices which appears to be the norm in numismatics. I personally went what I thought was nuclear on two examples both were checked out by a trusted ex-member mark Feld and both were rare and condition census and original and naturally toned and had eye appeal and were ex:Col Green and I don't intend to them and I wanted these two in a BAD way. I am comfortable that my two purchases will prove to be a great acquisition. It is an honor to be one of 3 or 4 caretakers in the last 1150 years or thereabouts. Off they go to PCGS for crossing or near crossing
The Col Green pedigree is pretty cool and it's great that Mark viewed those coins for you. Congrats!
<< <i>Will PCGS keep the pedigree or don't you care? >>
Of course they will.
Coin Rarities Online
Here's a photo of his house:
I overpaid for the two dreck coins that I purchased.
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<< <i>Will PCGS keep the pedigree or don't you care? >>
Of course they will. >>
Did they retain the [pedigree?] on every Battle Creek Morgan that was submitted for crossover?
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<< <i>Will PCGS keep the pedigree or don't you care? >>
Of course they will. >>
Did they retain the [pedigree?] on every Battle Creek Morgan that was submitted for crossover? >>
If the coin is submitted in a Newman holder, or submitted raw with a no-doubt plate match, they'll cross the pedigree. Trust me, I do this for a living.
Coin Rarities Online
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<< <i>Will PCGS keep the pedigree or don't you care? >>
Of course they will. >>
Did they retain the [pedigree?] on every Battle Creek Morgan that was submitted for crossover? >>
If the coin is submitted in a Newman holder, or submitted raw with a no-doubt plate match, they'll cross the pedigree. Trust me, I do this for a living. >>
That was my response on Friday to the 91 year old woman who was concerned about the technique of a procedure that I have literally done at least 3000 times.
Eric
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<< <i>Will PCGS keep the pedigree or don't you care? >>
Of course they will. >>
Did they retain the [pedigree?] on every Battle Creek Morgan that was submitted for crossover? >>
If the coin is submitted in a Newman holder, or submitted raw with a no-doubt plate match, they'll cross the pedigree. Trust me, I do this for a living. >>
That was my response on Friday to the 91 year old woman who was concerned about the technique of a procedure that I have literally done at least 3000 times.
I suppose I should add, for clarity, that they will not cross the pedigree IF YOU SPECIFICALLY ASK THEM NOT TO.
Coin Rarities Online
Experience the World through Numismatics...it's more than you can imagine.
<< <i>Thanks for the link. Holy Smokes! He IS the son of Hetty Green! I kept wondering that. She is or was in the Guinness Book for something or other. Richest woman, or stingiest. I can't recall.
Eric >>
Her entry in Guinness was for "World's Greatest Miser" and I'm sure that approach helped Ned assemble his collection. Both entries for Ned and Hetty are worth reading IMO.
While it is a neat collection to come to market there was a lot of promotion and hype for it, even though the story of the collection is interesting and neat.
I get the feeling a few years down the line when the common date material comes back on the market the prices this weekend won't be realized for the consigner.
I'm sure I am in the minority but thats what I felt!
Website-Americana Rare Coin Inc
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<< <i>If you are talking about the dollar, yes there are ticks and lines. As I have said before, the coin most overgraded by collectors is one with clean surfaces but impaired luster. The one most undergraded has original mint bloom but contact marks. The first starts at MS64 and goes down, the second at MS70. >>
This is an interesting point. I often wonder if the graders feel the same? >>
Yes, especially at PCGS.
Eric
Unfortunately edited to change 25 to 35
Hoard the keys.
<< <i>I definitely overpaid and am loving it......I now own 2 coins that have been traced back approx. 100 years to a great collector, they are condition census rare examples with great eye appeal, when am I going to get another chance and would have regretted not winning them for years if I don't stretch the wallet.......so ridicule me, go ahead I dare yah
So what did you buy from the Newman auction?
I give away money. I collect money.
I don’t love money . I do love the Lord God.
Buy the coin first. The pedigree, holder and stickers are all secondary. For the most part, I'd like to think I listen to myself.
Looking for Top Pop Mercury Dime Varieties & High Grade Mercury Dime Toners.
<< <i>I think most Newman winners overpaid, especially those winning the very high end coins. Once we see the results of the crossover attempts to PCGS, the value of the Newman pedigree might not be worth as much as it was worth last week. I am one that is not willing to pay very much for any pedigree. >>
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<< <i>I think most Newman winners overpaid, especially those winning the very high end coins. Once we see the results of the crossover attempts to PCGS, the value of the Newman pedigree might not be worth as much as it was worth last week. I am one that is not willing to pay very much for any pedigree. >>
Actually, I looked through the lots that Legend won. With a single exception, I think the price
paid was probably justifiable. Most of the common lots from the sale I've seen posted here
appear to have fetched huge premiums based on the label.
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<< <i>I think most Newman winners overpaid, especially those winning the very high end coins. Once we see the results of the crossover attempts to PCGS, the value of the Newman pedigree might not be worth as much as it was worth last week. I am one that is not willing to pay very much for any pedigree. >>
Actually, I looked through the lots that Legend won. With a single exception, I think the price
paid was probably justifiable. Most of the common lots from the sale I've seen posted here
appear to have fetched huge premiums based on the label. >>
Additionally, it seems like most of the bidders that paid premiums for the pedigree met their objectives.
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<< <i> I am comfortable that my two purchases will prove to be a great acquisition. It is an honor to be one of 3 or 4 caretakers in the last 1150 years or thereabouts. Off they go to PCGS for crossing or near crossing
Will PCGS keep the pedigree or don't you care? >>
PCGS will surely keep the pedigree if you ask for it.
<< <i>Additionally, it seems like most of the bidders that paid premiums for the pedigree met their objectives. >>
True, I think the only sense in which "overpay" can sensibly be discussed is ROI down the line.
You can't really quantify the enjoyment factor.
Sometimes, it’s better to be LUCKY than good. 🍀 🍺👍
My Full Walker Registry Set (1916-1947):
https://www.ngccoin.com/registry/competitive-sets/16292/