Dumb question about Heritage Auction coins
TequilaDave
Posts: 271 ✭✭✭
I've a dumb question about coins that Heritage auctions out. I've heard, though not thru a reputable source, that all coins sent to Heritage for auction are automatically sent to CAC before being presented for auction. Personally, I have my doubts about this but he "claims" it's true. Does anyone know this to be a fact or is it just another Heritage coin myth and not to be believed?
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Not to be believed.
This is definitely not true. Some coins arrive too late, some are not worth the cost, and some the consignor doesn't wish for them to be submitted.
I would not put too much weight into that.
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Sounds like BS to me. They might do it, if requested, but that would be extra $$$, of course. They don't just do it automatically, imo.
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My Full Walker Registry Set (1916-1947):
https://www.ngccoin.com/registry/competitive-sets/16292/
I could see where Heritage might receive a really nice collection and ask the consignor if they felt it was worth the time and cost. Can't see them doing it on every coin.
I'm absolutely SURE the auction house WILL send your coins to CAC. For a fee... Negotiable like everything else depending on the amount being consigned.
ANA 50 year/Life Member (now "Emeritus")
Heritage does not forward all their auction material to CAC.
In honor of the memory of Cpl. Michael E. Thompson
Thanks all - I found an interesting earlier thread that also discusses this issue...sorta.
https://forums.collectors.com/discussion/974013/for-coins-over-1000-on-heritage-or-gc-with-no-cac-sticker-whats-the-probability-it-was-tried#pagetop
Too late for WHAT??? they must sell over a half million coins per year.
Huh? $13.50/coin is a money machine how? Running a business employing several professionals and "raking in" about $1500/day in submissions does not make for a money machine.
But making 3% per coin traded out of a possible $500 MILL does make money. In some ways CAC becomes a focal point for deal making, especially with their CAC only/mostly dealers. You don't even have to go to shows/auctions anymore to buy/sell coins. All CAC has to do is verify the sticker is accurate and let USPS/FedEx do the rest. That $500 MILL in stickered coins spread out over 8 years is approx $250,000/day arriving at CAC. Seems like decent potential to make money. After stepping away from rare coin certification in 1998 JA returned in 2007. In a way, they have a seat at the table again, which has to be worth something for the future.
Even for lots that don't get sent to CAC, Heritage has the option of bidding on those as well. I would think that they better than anyone can figure out which unstickered coins could become stickered. Cha-ching.
No, they do not automatically send every coin to CAC. They do have the "Service" and use that service as an add-on or a freebie to help them attract and retain customers.
There is a lot of insight in the comment from @roadrunner "Even for lots that don't get sent to CAC, Heritage has the option of bidding on those as well. I would think that they better than anyone can figure out which unstickered coins could become stickered."
Where did you pull that $1500 per day number from? Do you really think they only look at a little more than 100 coins per day?
When I left Stacks they did not have the "no CAC no PAY" deal anymore. There was a flat discounted fee paid which is very typical with all the grading services and their largest submitters. I'm sure Heritage has something similar. I also don't believe Heritage sends all their auction coins to CAC. Many times the auction companies will get some of their best consignments right at the consignment deadline and simply don't have time send them to CAC.
Yes, I really think that. $1500/day is 28,000 coins/year or over 300,000 coins since 2007. That's an estimate to refute elmiracoin's claim that "CAC is a money machine - all they have to do is check the cert NO. and cull the prior rejects".
Even if you double that number to 600,000 coins you're at $3000/day. Hardly a "money machine checking the cert NOs. and culling prior rejects". The business model is likely set up to break even on submission costs.
Time to check your math and facts Skippy!
Wabbit2313: Need a lesson in 4th grade math too?
Let me know where I lost you and I'll help you learn to add and multiply. Now acting like an adult is something I can't help you with.
Making up facts is going to make you look dumb. You are WAY off in your numbers, not even taking into consideration that they still collect on those that do not pass, unless they are collector submissions.
Like I said, check your math and facts Skippy!
No....
However I do remember that Great Collections did offer to send consigned coins to CAC, and not for free. I am uncertain if they still do that. Heritage? Nope.
"Just because you were born on 3rd base doesn't mean you hit a triple"