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Sunnywood's weekly treat ... three cent silver!
Sunnywood
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It's really amazing when a coin this tiny can look this good under huge magnification ... incredible color and surfaces, clear and cameoed, but with just enough of the right sort of wavy wateriness in the fields to confirm circulation strike status; different in visual quality from the flat glassy mirrors of a proof.
Now here's a good case of "buy the coin, not the holder." This coin was in a first-generation NGC MS65 holder for many years, right up through the June auction of the first installment of Gene Gardner's collection. But that NGC MS65 did NOT stop this coin from realizing MS67+ prices several times at auction. Obviously the buyers were looking well past the holder.
At the January 2013 Heritage FUN Signature Sale, this coin appeared as lot 3275 and realized $19,975, consigned from the Walter Freeman Collection of three cent silvers. At the time there was no CAC sticker on the holder, and the slab grade was NGC MS65. My point is, sometimes the coin speaks for itself, and the price realized has nothing to do with the grade on the holder. By comparison, according to CoinFacts, most other 65's were realizing around $3000, and even an NGC MS68 realized under $10,000. This happens when two or more bidders see the coin at lot viewing, and decide that it is more than a 65. In this case, they evidently decided it was more than a 66 too. The buyer at the January 2013 Heritage sale was Gene Gardner.
Fast forward to June 2014. Heritage now offered the coin in its June 23rd auction of the Eugene Gardner Collection (Part I). The coin appeared as lot 30116, still in the same first generation NGC "fatty," but now with the addition of a CAC Gold sticker, indicating the opinion of CAC that the coin is essentially a lock upgrade from the 65 slab grade. Once again, the coin blew past any price guide, realizing $23,500. This time the buyer resubmitted the coin to PCGS, and it came back PCGS MS67 (and rightly so ... the coin is so nice, one wonders where the plus is). CAC agreed with PCGS and gave it a green sticker, indicating the coin is "solid for the grade" in their opinion.
My point is, a more timid buyer at auction might have passed on the coin, concerned as to whether it would cross, at what grade, or whether it would be questioned as a business strike as vs. a proof. That "more timid" buyer was me. I loved the coin at lot viewing, but I was too concerned with the NGC MS65 slab, even with the gold sticker. Fortunately for me, the dealer who bought it at auction was both confident in the coin, and correct; and I was later offered the coin in the present PCGS MS67 holder, CAC. That worked for me ... and the coin looks so much better in the PCGS holder too. Here's a case where a dealer bought a coin at auction, added value by getting it into the more desirable PCGS MS67 holder, and then sold it to a collector who was happy to buy it. A win-win situation!
Now here's a good case of "buy the coin, not the holder." This coin was in a first-generation NGC MS65 holder for many years, right up through the June auction of the first installment of Gene Gardner's collection. But that NGC MS65 did NOT stop this coin from realizing MS67+ prices several times at auction. Obviously the buyers were looking well past the holder.
At the January 2013 Heritage FUN Signature Sale, this coin appeared as lot 3275 and realized $19,975, consigned from the Walter Freeman Collection of three cent silvers. At the time there was no CAC sticker on the holder, and the slab grade was NGC MS65. My point is, sometimes the coin speaks for itself, and the price realized has nothing to do with the grade on the holder. By comparison, according to CoinFacts, most other 65's were realizing around $3000, and even an NGC MS68 realized under $10,000. This happens when two or more bidders see the coin at lot viewing, and decide that it is more than a 65. In this case, they evidently decided it was more than a 66 too. The buyer at the January 2013 Heritage sale was Gene Gardner.
Fast forward to June 2014. Heritage now offered the coin in its June 23rd auction of the Eugene Gardner Collection (Part I). The coin appeared as lot 30116, still in the same first generation NGC "fatty," but now with the addition of a CAC Gold sticker, indicating the opinion of CAC that the coin is essentially a lock upgrade from the 65 slab grade. Once again, the coin blew past any price guide, realizing $23,500. This time the buyer resubmitted the coin to PCGS, and it came back PCGS MS67 (and rightly so ... the coin is so nice, one wonders where the plus is). CAC agreed with PCGS and gave it a green sticker, indicating the coin is "solid for the grade" in their opinion.
My point is, a more timid buyer at auction might have passed on the coin, concerned as to whether it would cross, at what grade, or whether it would be questioned as a business strike as vs. a proof. That "more timid" buyer was me. I loved the coin at lot viewing, but I was too concerned with the NGC MS65 slab, even with the gold sticker. Fortunately for me, the dealer who bought it at auction was both confident in the coin, and correct; and I was later offered the coin in the present PCGS MS67 holder, CAC. That worked for me ... and the coin looks so much better in the PCGS holder too. Here's a case where a dealer bought a coin at auction, added value by getting it into the more desirable PCGS MS67 holder, and then sold it to a collector who was happy to buy it. A win-win situation!
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Great transactions with oih82w8, JasonGaming, Moose1913.
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That coin looks just amazing in the NGC slab image as well as the Trueview.
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<< <i>G O R G E O U S!!! Congrads on a superlative specimen!
Too bad it was left in the oldnolinefatty like yeoldone had it in w/gold sticka, but I realize I may be in the minority with these decisions.
...it wasn't left in it though
Very Nice coin and a great example of a True Collector with the pocket-book to pursue his/her passion....gotta Respect that!
Erik
<< <i>Great coin. Saw it in hand at Las Vegas >>
Beautiful coin -- I'll play Monday morning quarterback and say I would have had no problem/plenty of confidence buying it in the NGC slab, but then I'm saying that in fantasy money terms, perhaps if I had the $ to spend in the real world on it, I'd have hesitated too.
As well, I can place only so much importance on the plastic shell surrounding a gem coin that's been around since 1863. It would present just as well in a Capital Plastics board, and if well cared for would remain the gem that it is well into the future.
My 1866 Philly Mint Set
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<< <i>Great coin ... but IMO a real bummer that it lost its fatty slab. >>
BTW nothing like a highly toned coin in a white slab! >>
I was also thinking in terms of the coin's tremendous color...keeping that old slab holds some assurance that it hasn't been monkeyed with for a certain period of time....when I see wild toners in brand new slabs I'm generally more skeptical. This is of course completely from a collector's POV...not a seller trying to maximize profit from a higher (properly) graded, newer slab.
Mint state three cent silvers are a challenge to find with monster color and eye appeal. It's a little easier in the proofs, especially the later proofs. This particular piece is just awesome, especially if you love colorfully toned silver as I do.
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