The biggest cherrypick ever!
EagleEye
Posts: 7,677 ✭✭✭✭✭
I posted this on another thread, but since it might derail it, I decided to give it its own:
As a Indian Cent variety expert, I usually am shown great varieties that some other collector found or cherrypicked. I usually don’t have the opportunity to find them myself. There are very few instances where a rare coin lays waiting for anyone to come by and buy it well below its true value.
In early October, 2012, I had a spare moment and dropped in on eBay and search for auctions that were just listed. The first auction I spotted was just put up by a dealer of “junk” coins.
eBay auction
Here is the image:
Do you see the rare coin? It is the 1888 Indian cent. Due to the die break at 9:00 on the edge, I can tell that it is the very rare 1888/7 Snow-1 in VF condition. It is a $10,000 coin!
So, I am all giddy that I discovered this coin. I place a small bid of $20 on the auction and then go to a “snipe” site and register an automatic bid for well over $5,000 set to go off 5 seconds prior to the close of the auction. I then spent the next few days in anxiety waiting for the auction to finish. Would someone else see it? Quite probably, yes. It might cost me a few thousand to acquire the coin. What if the owner removed the coin from sale - perhaps at the instigation of some side-offer? The chance of getting the coin was 50-50.
On the Sunday afternoon when the auction ended, I was off with the family out of internet range. When I finally got back to a town, I looked up the auction - and held my breath.
$47.00!
A few bidders tried to grab it at the end, but the high bid other than my “snipe” bid was only $46. I got it! After paying instantly, I waited for days for my prize! On the Monday before leaving for the Dallas ANA show, it came - first class with signature confirmation. Clearly a low value package!
The coin was submitted to PCGS at the show and they graded it VF-35. It sold instantly to another dealer for close to $10,000. It is the biggest percentage gain I have ever had on a cherrypick.
As a Indian Cent variety expert, I usually am shown great varieties that some other collector found or cherrypicked. I usually don’t have the opportunity to find them myself. There are very few instances where a rare coin lays waiting for anyone to come by and buy it well below its true value.
In early October, 2012, I had a spare moment and dropped in on eBay and search for auctions that were just listed. The first auction I spotted was just put up by a dealer of “junk” coins.
eBay auction
Here is the image:
Do you see the rare coin? It is the 1888 Indian cent. Due to the die break at 9:00 on the edge, I can tell that it is the very rare 1888/7 Snow-1 in VF condition. It is a $10,000 coin!
So, I am all giddy that I discovered this coin. I place a small bid of $20 on the auction and then go to a “snipe” site and register an automatic bid for well over $5,000 set to go off 5 seconds prior to the close of the auction. I then spent the next few days in anxiety waiting for the auction to finish. Would someone else see it? Quite probably, yes. It might cost me a few thousand to acquire the coin. What if the owner removed the coin from sale - perhaps at the instigation of some side-offer? The chance of getting the coin was 50-50.
On the Sunday afternoon when the auction ended, I was off with the family out of internet range. When I finally got back to a town, I looked up the auction - and held my breath.
$47.00!
A few bidders tried to grab it at the end, but the high bid other than my “snipe” bid was only $46. I got it! After paying instantly, I waited for days for my prize! On the Monday before leaving for the Dallas ANA show, it came - first class with signature confirmation. Clearly a low value package!
The coin was submitted to PCGS at the show and they graded it VF-35. It sold instantly to another dealer for close to $10,000. It is the biggest percentage gain I have ever had on a cherrypick.
Rick Snow, Eagle Eye Rare Coins, Inc.Check out my new web site:
0
Comments
Thanksgiving National Battlefield Coin Show is November 29-30, 2024 at the Eisenhower Allstar Sportsplex, Gettysburg, PA. Tables are available. WWW.AmericasCoinShows.com
<< <i>Great job! I bet the sellers was pleased with the $47. bid. This shows us what to look for now. >>
Until they see this thread at least!!!
Michael Kittle Rare Coins --- 1908-S Indian Head Cent Grading Set --- No. 1 1909 Mint Set --- Kittlecoins on Facebook --- Long Beach Table 448
I'd forgive it in this case being such a rarity, but not crazy about the verdigris and especially on the feather tip. Would "care", olive oil, etc. help in such an instance? Or is it better to leave be.
Great find!!!
congratz and a nice pick indeed
.
<--- look what's behind the mask! - cool link 1/NO ~ 2/NNP ~ 3/NNC ~ 4/CF ~ 5/PG ~ 6/Cert ~ 7/NGC 7a/NGC pop~ 8/NGCF ~ 9/HA archives ~ 10/PM ~ 11/NM ~ 12/ANACS cert ~ 13/ANACS pop - report fakes 1/ACEF ~ report fakes/thefts 1/NCIS - Numi-Classes SS ~ Bass ~ Transcribed Docs NNP - clashed coins - error training - V V mm styles -
Chris' Complete Lincoln Variety Set 1909-date
I think you deserve a "You Suck Award"
Knowledge is power!
An authorized PCGS dealer, and a contributor to the Red Book.
<< <i>That is such a cool story. It is stories like this that keep me looking!
I think you deserve a "You Suck Award" >>
There wasn't enough emphasis on You Suck
~~~~~~~~~~~~
Coin collecting is not a hobby, it's an obsession !
New Barber Purchases
Way to go, and a BIG tip O' the cherrypicking cap!!!!!!
www.brunkauctions.com
<< <i>I think you deserve a "You Suck Award" >>
I agree. Suppose he sold it for $9,750, since he said "Close to $10,000." (9750-47)/47 = 206.446808511. That's roughly a 20,644.68% increase.
EagleEye, You Suck.
Interests:
Pre-Jump Grade Project
Toned Commemoratives
Jim
<< <i>It pays to know your series! Congrats! >>
Great story YOU SUCK.......................Enjoy
I used to be famous now I just collect coins.
Link to My Registry Set.
https://pcgs.com/setregistry/quarters/washington-quarters-specialty-sets/washington-quarters-complete-variety-set-circulation-strikes-1932-1964/publishedset/78469
Varieties Are The Spice Of LIFE and Thanks to Those who teach us what to search For.
See http://www.doubledimes.com for a free online reference for US twenty-cent pieces
I soaked it in Blue Ribbon Coin preserver to remove it, and luckily, it was not into the coin.
<< <i>Thanks all! Yes, the verdigris on the surface looked like it may have been a problem, which is why I didn't snipe it for $8,000.
I soaked it in Blue Ribbon Coin preserver to remove it, and luckily, it was not into the coin.
>>
Rick, Is it true that Blue Ribbon is out of production?
What will you do when your supply runs out?
Let me find my pen now, so I can add another one to the search list
The Whisker Cheek Collection - Top 50 Peace VAM Registry
Landmark Buffalo Collection
..............
you suck!
RIP Mom- 1932-2012
And, by the way, You Suck!
Looking for Top Pop Mercury Dime Varieties & High Grade Mercury Dime Toners.
and yes,
YOU REALLY, REALLY SUCK!!!
Heck of a eye!!
“We are only their care-takers,” he posed, “if we take good care of them, then centuries from now they may still be here … ”
Todd - BHNC #242
Keeper of the VAM Catalog • Professional Coin Imaging • Prime Number Set • World Coins in Early America • British Trade Dollars • Variety Attribution
This story about this coin couldn't have happened to a more appropriate person. Congrats!
It cleaned up amazingly well too.
--Severian the Lame
"Everything is on its way to somewhere. Everything." - George Malley, Phenomenon
http://www.americanlegacycoins.com
<< <i>Very nice pick Rick.........BUT......not even close to Stone's pick of a 1829 curl base 2 Dime on ebay a while back that made PCGS35!!!! >>
True Dat!.....but Jon, that was soooooooo 2010.
For 2012, I think Rick has taken care of business here. %age-wise Rick wins. $-wise Stone wins. Or something like that.
Looking for Top Pop Mercury Dime Varieties & High Grade Mercury Dime Toners.
I must say, it sure cleaned up nicely. Blue Ribbon is one of the Sniffer-hated substances. Good thing PCGS didn't use it.
Lance.
I wonder why indian head cent varieties bring such money but varieties from other series do not?
I give away money. I collect money.
I don’t love money . I do love the Lord God.
In God We Trust.... all others pay in Gold and Silver!
"You do Suck!"
"Keep your malarkey filter in good operating order" -Walter Breen
Many members on this forum that now it cannot fit in my signature. Please ask for entire list.