20 Proof Shield Nickels - $71,500 (in abandonded safe deposit box)

StrikeOutXXX

Saw a news story on abandoned safety deposit boxes here:
http://www.wspa.com/story/26775773/valuables-in-abandoned-safe-deposit-boxes-up-for-auction

Seems the highlight was a collection of shield nickels...
http://bid.yellowtagauctions.com/cgi-bin/mnlist.cgi?yellowtag34/41014B012

Just once I'd like my local bank(s) to have a sale like this 8-)

Was quite an assortment of items in this sale
http://bid.yellowtagauctions.com/cgi-bin/mnlist.cgi?yellowtag34/category/ALL


Just found this interesting.

Shortgapbob

The auctioneer was really pushing the Shield Nickel set, making lots of calls and sending out lots of emails.

joebb21

I didn't look up valuations but $70k is probably a good deal for the buyer as the 1867 5c pr64 is a $30k+ itself.
so $40k split among 19 nickels that are all pcgs and look like high grades

dbcoin

Abandoned? People don't abandon $70K worth of anything. More like confiscation with little effort going to finding the heirs. This is why I don't use a safe deposit box

Elcontador

<< <i>Abandoned? People don't abandon $70K worth of anything. More like confiscation with little effort going to finding the heirs. This is why I don't use a safe deposit box >>



1) If the goods were confiscated, there are no legitimate heirs.
2) If the goods were confiscated, there was good reason for it. The Federales don't confiscate safe deposit box contents on a whim.
3) If the goods were abandoned, heirs could contact the state excheat office within seven years and claim the goods.
4) Unless you have an elaborate (and usually expensive) security system, the chance of your coins being stolen is far greater if they are not kept in a safe deposit box

panexpoguy

<< <i>Abandoned? People don't abandon $70K worth of anything. More like confiscation with little effort going to finding the heirs. This is why I don't use a safe deposit box >>



Except that they do.(Saddle Ridge) And the funds from the sale are going to the states Unclaimed Funds account where they can be claimed by heirs.

OPA

<< <i>Abandoned? People don't abandon $70K worth of anything. More like confiscation with little effort going to finding the heirs. This is why I don't use a safe deposit box >>



All the time...ever hear of Alzheimer?

Walkerguy21D

Apparently they hadn't been abandoned very long, looking at the blue label PCGS holders most of the nickels are sporting.

StrikeOutXXX

<< <i>Apparently they hadn't been abandoned very long, looking at the blue label PCGS holders most of the nickels are sporting. >>



When I first read this, I had a hard time understanding why somebody in the coin community, or PCGS would not have some record to help locate the owner. Some of the other coins were mint sets or single gold coins - sure, those would be hard to find - but one would think those in the Shield Nickel community may have at least a lead here.

COALPORTER

<< <i>Abandoned? People don't abandon $70K worth of anything. More like confiscation with little effort going to finding the heirs. This is why I don't use a safe deposit box >>



If it were taken in a drug raid, for example, then what would contacting heirs have to do with it?

what state hands over ill-gotten gains to the heirs?

COALPORTER

<< <i>

<< <i>Abandoned? People don't abandon $70K worth of anything. More like confiscation with little effort going to finding the heirs. This is why I don't use a safe deposit box >>



1) If the goods were confiscated, there are no legitimate heirs.
2) If the goods were confiscated, there was good reason for it. The Federales don't confiscate safe deposit box contents on a whim.
3) If the goods were abandoned, heirs could contact the state excheat office within seven years and claim the goods.
4) Unless you have an elaborate (and usually expensive) security system, the chance of your coins being stolen is far greater if they are not kept in a safe deposit box >>



These rules must vary from state to state. In my state the hard goods (in this case, coins) are held at the state's unclaimed property division. No
need to convert to cash.
How then, would anyone beable to claim the cash without the goods being around anymore?

Wabbit2313

They are all part of the same series in sequential order, so there has to be some info on how that happened. The OGH was sold at the 2004 Orlando Fun show.

Nice set of coins, and crazy that they are abandoned.

hchcoin

Wow - nice coins

ianrussell

It actually sold for $71,500 plus 15% buyer's fee.

Wish I could have seen the coins. These were graded a while back - has to be some upgrades there.

- Ian

Elcontador

At the last Long Beach show, Bill Shamhart was kind enough to let me view the nicest run of PF Shield Nickels I've ever seen. He also had a complete set of the series.

BaronVonBaugh

<< <i>It actually sold for $71,500 plus 15% buyer's fee.

Wish I could have seen the coins. These were graded a while back - has to be some upgrades there.

- Ian >>





Just send in the whole set for regrading. There should be some that would grade another point and probably
several that would +.

astrorat

Given the circumstances, I wonder if PCGS could be contacted as a place to begin to find the rightful owners.

dbcoin

<< <i>Given the circumstances, I wonder if PCGS could be contacted as a place to begin to find the rightful owners. >>



Are they in a PCGS Registry set listing by chance?

Seems like this would be a nice service for PCGs to offer; lifetime tracking should an event like this ever occur.