1936 PCGS PR67 WASHINGTON ON EBAY

MoneyLA

Hi, it's not mine but thought you might want to follow the auction, as I will.

The coin belongs to Dr Richard Appel, the well known Washington dealer. Richard called me to let me know that the coin was going on ebay. He said he had several clients interested in it and decided that putting it on ebay was the fairest way to sell it. I told him I agreed, wished him luck, and told him that I would take a look at the auction.

While I sold my registry set, this is a coin that I wouldn't mind having as "a keeper" since it is perhaps the KEY proof of the whole series and certainly is the KEY of the early proofs.

My first question to him was if the coin had any sign of frosting, or cameo? he said it was in an old green holder. He also said the coin was toned and even with the toning there is no sign of cameo frosting.

Still, a nice PR67 is something to cherish.

Then I took a look at the auction. Yikes. The starting bid was too rich for me, and a reserve on top of the starting bid. Sorry, I'm out.

About two years ago, Pinnacle had a PR67 for sale at $9500. Unfortunately, I was the second collector on the want list, and the first collector grabbed it. So, $9500 is the price I find attractive. I might even go to $10K -- but more than $10K even with the current "registry frenzy" is just too much.

Let me add, however, that the PCGS price guide lists the coin at $12,500.

Let me know what you think. cheers, Alan Mendelson

Link to Dr Appel's ebay auction

wondercoin

Alan: Thanks for the "heads up". Wondercoin.

quattrocoins

Hey Alan,

Good to see you here, and thanks for the heads-up. I put one of my eyes on it!

Cheers back atcha,

Don

1936 PCGS PR67 Washingtons, and

itsnotjustme

Wow... $10,000 to open and 2 bids already! I wish it had a picture.

quattrocoins

Three bids!!!

Touche', Mitch!

Cocoinut

I can't understand why anyone would put a coin like that on e-Bay without a scan or photo. I'm sure he can afford a digital camera. A coin with a good photo always seems to get more attention. The CU price (which is usually about 20-25% too high) is $12,500, so unless I desperately wanted it for a high-end registry set, I wouldn't go much over $10,500. Looks like Mitch and Don will have to battle it out. I know my pockets aren't that deep!

Jim

MoneyLA

I didnt ask Dick what his reserve is on the coin (I think that would be rude since Im not bidding) but Im going to venture a guess that his reserve is right at the CU price of 12,500.

Good luck to you guys bidding. (Don, maybe if the bidding gets too high you can talk me into going partners on this one??)

cheers, alan

MoneyLA

Well, Im a bit surprised. Only about a day left, only five bids, and Im "guessing" that the bidding is still about 2,000 under the reserve (note: I dont know what the reserve is, just guessing at 12,500). I will be very interested in how this auction turns out. Any predictions? cheers, alan

wondercoin

Alan: My personal guess is either $10,500 or $10,600 as I am finished bidding.

I can use this date and grade for a set I am putting together, if anyone knows where one is. Wondercoin.

IrishMike

Alan, I was tempted too, it would be a nice finish to my run of proof quarters. However, at that price I have folded my cards too. I hope I have no regrets as the prices for high grade proofs 36-42 have been on a steep incline for the past 2 years.

MoneyLA

less than an hour to go, reserve not yet met, and top bid at 10,600 which is well under the CU price and may be well under the reserve. hmmm..... has the bubble stopped expanding??

another point for discussion:

about a year ago, the 1936 in pr67 had a pop of 4 -- the pop is now 6. what is the effect on market prices by this 50% increase in the known slabbed population, if any?

cheers, alan mendelson

MoneyLA

auction is over, top bid was 10,600. is whisper you hear is the air leaking from the bubble.... cheers, alan

IrishMike

Don't know how the increase in pop numbers affected this auction. Two things come to my mind, one it was difficult to assess a market value to it, because of how few have sold, and two it would have been nice to see the coin. I wonder if ebay was even the right venue for this coin.

DANNY

Yes the auction is over, I was the high bidder, but NO SALE.
Even though this coin is needed by me to upgrade my Registry Set,
I was not going to bid unwisely.
I submitted a maximum bid on this coin of $11111.11. It is worth this price to me.
If this is below Dr. Appel's reserve price, so be it.


Prices for early proof Washington Quarters have been going up
consistently for many months now. I do not believe that this trend will
change in the near future.
Maybe the reason there was not a picture of the coin on Ebay,
is because it was unattractive. It was O.K. for me to try and buy the coin sight unseen, as long as I had full return priviledge.
We all win some and lose some. Better luck next time to all.

Danny Biddle
Paris, KY.

wondercoin

Danny: Nice bidding. I could use the date as well for a set. I passed on one a couple years back around $8,000. No biggie. I suspect there will be more PR67 graded down the road. I know a major dealer trying to upgrade a PR66 right now.

Well, see you at the next important ebay auction Wondercoin

MoneyLA

Danny, thanks for revealing your high bid. If I still had my registry set I might have gone to 10,500 to get that coin, yes I might even have stretched it to 11K. Or even 11,111. I might have even gone higher if I wanted to upgrade my registry set. I agree with wondercoin, that another will come along, and frankly I think a price of 9500 is a more sane price. cheers, alan

IrishMike

That would be a terrific coin to own. I was trying to figure out a price for it, does anyone mind sharing some thoughts on how they arrived at the price you would have been willing to pay? Wondercoin, you always seem to come up with (mostly) logical ideas for value.

wondercoin

"Wondercoin, you always seem to come up with (mostly) logical ideas for value."

Thanks Mike for the wonderful compliment


OK. How is this for determining a value on the proof 36 quarter? The proof 36 Walker basically doubles in price between grades PR66 and PR67. Sheet on the Walker in PR67 is $11,800, but figure a price of around $20,000 today for a nice PR67 coin (70% over sheet). The quarter does not basically double between PR66 and PR67 - it appears the coin may triple or go up even higher - why? A number of factors including present Registry competition for the coin. Using the same 70% over sheet price of $7,000, you come to $11,900 for the quarter in PR67. This $7,000 figure already factors in a jump of nearly 4x between grades PR66 and PR67 on the sheet (unlike the Walker at a 2x jump). This tells me:

1. The sheet price of the PR66 quarter at $1690 is too low. A more logical level might be at least $2500. This is a very desireable coin to own as far as I am concerned.

2. The present "jump" between a single grade point on the proof quarter between grades PR66 and PR67 may potentially be too great assuming the adjusted upward $2500 figure in #1 and a forcast price of $11,900 for the PR67 discussed above. To me, this is because there is a very thin line between these (2) grade levels on the coins I have seen thus far (i.e. it is difficult sometimes to determine PR66 from PR67). I expect more PR67 coins will be made and once the present demand for a couple coins is filled, we've all seen what can happen to the "next" available coin.

So, I come up with a final adjusted price of $11,112.22. Since this is higher than Danny, I get the coin




Seriously though, my analysis essentially factors "plastic" not a coin. If this coin in question was a low end PR67 that looks dull, lifeless and silver-brown (as I have seen), it may well be a $7,000 "sight-unseen" kind of coin to me. On the other hand, if the coin was fully brilliant (WOW!) and "PQ", it may well be a $15,000++ coin!!!

DISCLAIMER: These figures are my personal opinion only and shouldn't be relied upon by anyone. Further, my analysis could be skewed by my burning desire to own this coin in PR67 as cheaply as possible!

DANNY

Does anyone know what the reserve price was on this coin?
I emailed Dr. Appel after the auction closed, requesting this
figure, and inquiring about the possobility of him adjusting
his reserve price, however, I have received no reply from him.

Question for Mitch:
If you are trying to put together a set of early proof quarters,
why would you sell the "anchor coin" of the set that you once offered me,
(1950 PR68 DCAM)?
Danny Biddle
Paris, KY.

wondercoin

"Question for Mitch:
If you are trying to put together a set of early proof quarters,
why would you sell the "anchor coin" of the set that you once offered me,
(1950 PR68 DCAM)?"

Danny: The better question is why you didn't buy it!!

I presently own the 1950 Wash quarter in NGC-PR68UC (pop 1/0) - a neat coin in its own right. Yes, I do miss the pop 1/0 PCGS-PR68DCAM coin, but it went to a very good home. I can still visit my "old friend" anytime I click on the quarter section of my website. Wondercoin.

DANNY

$16500 $16500 $16500
That was Dr. Appel Reserve Price for this coin.
Mitch, I guess we underestimated the "true value"
of this proof quarter.
Danny Biddle
Paris, KY.

MoneyLA

16-5 for a pr67. that is absurd.

frankly, his prices are high. About two years ago I purchased a pr66 for $3,000 from him, and that was overpaying by about 500 but I needed the coin to upgrade my registry set at the time.

16-5 for a coin that should not be priced at more than 10,500 is ridiculous.

Richard told me prior to the auction that he was putting the coin on ebay because he had three customers interested in the coin, and selling it on ebay was the fairest way to sell it. Frankly, I forgot to ask him if he was going to have a reserve on the coin -- I thought that with three active bidders (I was one of them until I saw the opening minimum) it would sell at a fair market price.

I hope his high reserve shows how absurd the market has become for some sellers who believe the registry craze will justify out of the world prices for some special pieces.

A special coin, yes it is; but not a $16,500 coin.

Yikes.

Its time to buy art again.

cheers, alan mendelson