Is this a good deal?
Tookybandit
Posts: 3,412 ✭✭✭✭
Tookybandit
Posts: 3,412 ✭✭✭✭
Tookybandit
Posts: 3,412 ✭✭✭✭
Comments
Buying most large and small type notes and some nationals for inventory
Going to say I sold one I found that was at least a 55 EPQ/PPQ for a tiny fraction of that to a board member here...
That one I purchased from you a while back was a 1928E. Still a great note, but easier to locate (If you want to call it easy) than this 1928C on eBay.
Also, the '28E note ended up grading PCGS58, not too shaby!
That note on eBay certainly tough, but $5,000 ?? Come on, that is quite a stretch.
The 1928C FA mule is tougher than the GA, especially in upper grades.
I'll disagree if you include the grade 50 and higher. GA seems to be tougher based on pop count:
PCGS:
FA block: 1 58Q
GA block: 1 55, 1 63
Total:
One FA, two GA
PMG:
FA block: 1 50Q, 2 53Q, 1 55Q, 1 58Q, 1 64Q
GA block 1 50, 1 63Q
Total:
Six FA, only two GA
It's also possible that one or more of these has been crossed from one company to the other which would water down the pop report. Who knows. Of course nobody really knows how many of each exist out there but I'd say they are both very close in rarity and maybe too close to call.
Is it worth $5000? Perhaps, if you are collecting all 637 mules and need it.
I think the part most of you are missing is that it's a 637 back plate with about 8 known.
Is it worth $5000? Perhaps, if you are collecting all 637 mules and need it.
There are a lot more than 8 known. Have you checked the pop report in all grades? I was listing just the ones in AU or better.
I am a buyer at $351 LOL
kurtisjohnson is my eBay ID
http://www.ebay.com/sch/kurtisjohnson/m.html
I think the part most of you are missing is that it's a 637 back plate with about 8 known.
Is it worth $5000? Perhaps, if you are collecting all 637 mules and need it.
There are a lot more than 8 known. Have you checked the pop report in all grades? I was listing just the ones in AU or better.
Just looked at PC and PMG in all grades and neither one of the grading companies break it down to back plate 629 nor 637. Not all 1928-C $5s mules are 629 or 637! Now, I've emailed the seller and asked him were he received his information from and he told me that it was via Huntoon. So, knowing that neither one of the grading companies has it broken down and the seller did in fact contact Huntoon, I say he has done his home work. As for the value of 5k, that's between him and a buyer since the last time I knew we were in the USA and not the USSR.
1928 C $5 mules - Common, no disagreement. Heck, I've picked a few myself even!
1928 C $5 mules with plate 629 or 637 seem to be a pretty rare bird and that's why he's asking so much.
Those are the facts folks.
I think the part most of you are missing is that it's a 637 back plate with about 8 known.
Is it worth $5000? Perhaps, if you are collecting all 637 mules and need it.
There are a lot more than 8 known. Have you checked the pop report in all grades? I was listing just the ones in AU or better.
Just looked at PC and PMG in all grades and neither one of the grading companies break it down to back plate 629 nor 637. Not all 1928-C $5s mules are 629 or 637! Now, I've emailed the seller and asked him were he received his information from and he told me that it was via Huntoon. So, knowing that neither one of the grading companies has it broken down and the seller did in fact contact Huntoon, I say he has done his home work. As for the value of 5k, that's between him and a buyer since the last time I knew we were in the USA and not the USSR.
1928 C $5 mules - Common, no disagreement. Heck, I've picked a few myself even!
1928 C $5 mules with plate 629 or 637 seem to be a pretty rare bird and that's why he's asking so much.
Those are the facts folks.
You are mistaken. ALL $5 1928C LT Mules in the GA block (which is what we are talking about here) have BP 637. There are no 629's on the GA block mule.
You are mistaken. ALL $5 1928C LT Mules in the GA block (which is what we are talking about here) have BP 637. There are no 629's on the GA block mule.
Larry is correct. I recommend joining the SPMC, visiting the website archives, and reading the articles on the subject. A very valuable wealth of knowledge at an exrodinarily inexpensive price of admission!
I know in today's "anything goes" world, anyone can just step up with wild assertions and claim them to be factual despite any real evidence behind them and a large chunk of people will blindly believe. I get that that happens a lot now and there is no stopping it. However, I will still attempt to present the facts anyway (which are not yours) and perhaps win back some hearts and minds:
1. First, lets define what we are talking about here. It is a 1928-C $5 G-A Block Mule with back plate #637, which was the only micro-size back plate in use during the G-A Block run. I hope we can all agree on that. If we can't, then I quit. If we can, then let me assure you that there are a lot more than "8 known" of this type based upon cold, hard, empirical, testable evidence. There are, at minimum, eight (8) certified examples at PMG alone -- a figure that does not include this specific note on eBay because PMG certified it before recognizing the "Mule" friedberg with an "M" at the end of the number. Almost ten years ago, when this note was graded, PMG used to type the letters "Mule" on the holder but would still lump mules in with the Non-Mules for population report purposes. Therefore, we know "for a fact" that PMG has certified at least nine (9) examples here, with this Fine 12 being the worst grade by far.
2. At PCGS, there are currently seven (7) certified examples of the G-A Block BP #637 variety, the lowest being a 30PPQ, a full eighteen points above the Fine 12. While we certainly cannot say for sure that each one of those at PCGS is not currently represented within the PMG pop figure mentioned above, I know of several of them that have been graded only one time -- by PCGS alone. So at this point, we are well into the double-digits and we are talking only about properly-attributed certified examples, not any number of additional raw notes that exist, yet to be certified, or Mule examples such as the eBay note that have been improperly recorded under the Non-Mule line due to PMG accounting practices of yesteryear.
Asking one person -- even if it's a guy with credentials like Huntoon -- is not "doing your homework" and I trust the business records of the two prominent TPG's much more than I would hearsay about one person's recollection about how many exist when clearly that figure was considerably understated. (By the way, sellers tend to understate figures like this because they are conflicted parties - FYI)
As for the value -- well, you can always play the "it's worth as much as someone wants to pay for it" card but that is just very weak. Prices realized at public auction, various published "book" values as well as the opinions of the dozen-or-so experts on this subject here on the forums can give you a pretty good idea of a note's value, despite what someone may pay for an over-priced offering at some point in the future. There is some objectivity to be had here, otherwise, the valuation and pricing of notes would be completely wild-wild west at all times, which is not the case. This note is, objectively, worth nowhere near $5K, period. When a nice, certified AU example was recently acquired from a prominent seller (by someone I know) for about 1/5th of the asking price for literally the worst graded certified note (by far), I think we can all let out a collective chuckle and simultaneously respond to Tooky's title question with a resounding "hell no" and be able to look ourselves in the mirror the next morning. PT