Did someone really pay $100,000 for the first slabbed Gold Kennedy?

TopographicOceans · January 1, 2015 2:33AM

Ms Laura says it's so

rkfish · January 1, 2015 2:37AM

very old news.........

ColonelJessup · January 1, 2015 2:38AM

DO NO FEED THE TROLLS . . . .

TopographicOceans · January 1, 2015 2:39AM

<< very old news......... >>

I've been busy - but is it true?

TopographicOceans · January 1, 2015 2:59AM

<< DO NO FEED THE TROLLS . >>

I know it wasn't you Mr. Sear, but you would know the story if it did happen.

Eclectic · January 1, 2015 3:42AM

<< 

<< very old news......... >>

I've been busy - but is it true? >>

At the very least it is the rumor. Whether a check was actually cashed and/or that much money changed hands is unclear. But the story made the Numismatic newspaper circuit.

CoinZip · January 1, 2015 3:49AM

When the legend becomes fact, print the legend !!!

19Lyds · January 1, 2015 3:56AM

Yes. It is true.

At least, that's what we were told.

You see, a very clever marketing campaign was devised where a HUGE presence was bought and paid for to acquire these coins at the various US Mint Locations where they were being offered on release. The effort was so HUGE that it made many local and national news outlet stories. TV News shows were reporting on activities in Denver and Philadelphia. The lines were massive which created a sense that something VERY Big was being released by the US Mint and was a sure MOENY MAKER for those that bought and then resold them.
Supposedly, it was released and reported that someone had paid a flat $100,000 fir the very 1st Slabbed Kennedy Gold Half Dollar. This, of course, was inspired by the Coin World Story or the young boy who stood in line for hours to be the 1st Purchaser of the Baseball HOF Coin. It was even certified on the Spot by US Mint Representatives as being the very 1st coin sold!

The only problem with the Gold Kennedy Half Dollar was in the REAL story.

It turns out, actors had been bussed in to create the "illusion" of mass hysteria in acquiring these coins. These "plants" were at all the release points for the coin!
The sheer volume of folks involved caused the US Mint to eventually halt "over the counter" sales at the Coin Show AND the US Mint facilities.

All pretty much a sham to create a massive wave of interest which in turn would create massive profits for certain enterprising individuals.

So, did the coin REALLY sell for $100,000? Yes, it sold but whether or not the deal was actually consummated is unknown since we now know that the $100,000 price tag was just another facet of this elaborate marketing scheme.

TopographicOceans · January 1, 2015 4:15AM

Thanks for the clarification Electric and 19Lyds.
I really don't follow the numismatic world. I like coins, but really only care about my own collection.

I hope it was a marketing scheme because I think stupid people with money are annoying. It means they didn't really earn it and don't respect it and I'd hate to think someone would pay that kind of money for something so trivial - unless you're a rock star or famous actor.

BillJones · January 1, 2015 4:19AM

<< So, did the coin REALLY sell for $100,000? Yes, it sold but whether or not the deal was actually consummated is unknown since we now know that the $100,000 price tag was just another facet of this elaborate marketing scheme. >>

In the short run I suppose that those who were involved made a fair amount of money. In the longer term it might turn out differently. I know I lost a lot of respect for the people who were in involved in this, and I imagine some other collectors feel the same way.

ChrisRx · January 1, 2015 4:21AM

Without better info (like the name of the fool) I will say it is not true.

I just don't see how anyone could be that dumb.

TopographicOceans · January 1, 2015 4:29AM

Actually I fell for the hype myself.

After a 10 year absence, I rejoined PCGS collectors club and bought 5 gold Kennedy's and sent them to PCGS.
I got 1 70 and 4 69's. I kept one 69 and sold the others on eBay where I made about $75 on the 70 and lost about $225 each on the 3 69's.

A fool and his money are soon parted.

ColonelJessup · January 1, 2015 4:30AM

"No one ever went broke underestimating the intelligence of the American Public." - H. L. Mencken

PerryHall · January 1, 2015 4:42AM

Hard to believe it was a straight sale for that amount unless it was done as some kind of publicity stunt or some kind of tax avoidance scheme.

19Lyds · January 1, 2015 4:46AM

<< 

<< So, did the coin REALLY sell for $100,000? Yes, it sold but whether or not the deal was actually consummated is unknown since we now know that the $100,000 price tag was just another facet of this elaborate marketing scheme. >>

In the short run I suppose that those who were involved made a fair amount of money. In the longer term it might turn out differently. I know I lost a lot of respect for the people who were in involved in this, and I imagine some other collectors feel the same way. >>

I did, I do and I cannot mention names because despite what it may appear, I do enjoy participating in this forum with all the different discussions. The names are there with just a little research.

19Lyds · January 1, 2015 4:46AM

<< Without better info (like the name of the fool) I will say it is not true.

I just don't see how anyone could be that dumb. >>

From what I understand, it was a "group" of buyers. Not a single individual.

PerryHall · January 1, 2015 5:00AM

Hopefully some day we'll get the rest of the story because there has to be more involved that what we've been told so far.

bestday · January 1, 2015 5:03AM

<< When the legend becomes fact, print the legend !!! >>

My think it was a wash transaction..... buyer paid $100,000 but was refunded back almost the entire amount . It was an another PR attempt to jump start interest in the gold Kennedy, by the ANA Show Bus Sitter dealers........ just like the Denver Mint store stampede fiasco.
It is rather funny ,my friend regularly gets email from one of the bus sitter dealers, offering to sell
Looks like the Gold Kennedy has bottomed for now

Baley · January 1, 2015 5:10AM

Haver there ever any suggestions of publicity shinanigans around nice round numbers starting with a 1 and lots of zeroes behind it?

Naaaaa

JJSingleton · January 1, 2015 5:15AM

<< 

<< When the legend becomes fact, print the legend !!! >>

My think it was a wash transaction..... buyer paid $100,000 but was refunded back almost the entire amount . It was an another PR attempt to jump start interest in the gold Kennedy, by the ANA Show Bus Sitter dealers........ just like the Denver Mint store stampede fiasco.
It is rather funny ,my friend regularly gets email from one of the bus sitter dealers, offering to sell
Looks like the Gold Kennedy has bottomed for now >>

I've had this discussion with a few folks and we figure that the coin was sold to one of Silvertown's whales with the agreement that Silvertown would in turn donate a vast majority of the money to a charity selected by the whale. The whale in turn will sell the coin at the time his collection is sold to take the capital loss against gains in the sale. That way both parties get the tax break on the 100k. But that is total speculation.

coinguy1989 · January 1, 2015 6:52AM

"I had my way, I ban the dealers for life (who upset the ANA Show). I'd reprimand the Mint and make them pay damages. I'm not so sure I'd want them to come back for a while. But, I do support free enterprise and I am sure a zillion people would probably tell me I am wrong for thinking what the dealers did was anything more then that."

I think she is wrong in assuming that people who support free enterprise will be critical of her. What the dealers did was not free enterprise. They hired actors and the impoverished to hype up the coin and create the appearance of artificial demand. I see this as fraudulent personally. At the very least, I think it could undermine the meeting of the minds required to form mutual assent at best and at worst constitute fraud or constructive fraud that would render the contract to purchase the $100k Kennedy coin voidable at the option of the buyer. I would love to see the buyer force the dealers' hand in taking back the piece.

Otherwise, I very much agree with her.

ricko · January 1, 2015 7:13AM

I strongly doubt it was really a legitimate transaction ....if it happened, it was stupid....Cheers, RickO

Davideo · January 1, 2015 7:14AM

Why would she question if the alleged purchaser was "dislexic" (sp)? How does dyslexia have anything to do with paying stupid money for something?

TopographicOceans · January 1, 2015 7:15AM

I found this and this from Google

The article says somebody paid $5,000 each for the first four sold and gave those four people replacements, so that's $24,960
Add $1,000 for show grading and the total is $25,960 for the first four, or $6,240 each.

That's still way too much IMO, but no where near $100,000.
So I guess he sold the first one graded by PCGS to somebody else for $100,000 but the article doesn't mention that. It does have the 1st Coin Sold label.
I guess that's like a Super Duper First Strike label. Seems rather expensive to me.

Oh well. Other people can do what they want with their money and their coins.

I'll let y'all know if I run across something else from a year ago that I find interesting.

The first dual-dated proof gold Kennedy half dollar sold by the United States Mint at the 2014 Chicago ANA World’s Fair of Money was graded PCGS PR70 Deep Cameo. (Photo by PCGS.)

Davideo · January 1, 2015 7:16AM

Double-Post

RichieURich · January 1, 2015 8:14AM

One of the sellers of the $100,000 coin was quoted in Coin World stating it had been sold to a customer for that amount.

Whether that was true or not I do not know.

winky · January 1, 2015 9:14AM

Someone has too much money and don't know what to do with it. Buy a Roosevelt dime and keep it for life.

HATTRICK · January 2, 2015 11:36AM

Read this thread for a history of the gold Kennedy's

Everything you don't want to know and were afraid to ask about the gold Kennedy's

THE GOLD KENNEDY STORY

Casman · January 3, 2015 12:35AM

I would also search on youtube. Those so called actors put up a video indicating they were duped and were really hired to stand in line and make the purchases.

The "hired to create a buzz" may have been the pretense used to hire/lure them to the site and also a ridiculous cover story after the fact for the dealer that got busted but believing the Buzz story makes one a fool.

johnny9434 · January 3, 2015 1:31AM

people with more money then brains. (fwiw & its old news)

410a · January 3, 2015 3:12AM

Why with all the classic coins to choose from would anyone spend that kind of money on a .75 ounce of gold shaped into crap. I said it before " This is 3/4 of an ounce of bullion" and it still is.

ms70 · January 3, 2015 3:19AM

<< Why with all the classic coins to choose from would anyone spend that kind of money on a .75 ounce of gold shaped into crap. I said it before " This is 3/4 of an ounce of bullion" and it still is. >>

WHOA! Wait a minute! This is a GOLD KENNEDY we're talking about here. This thread is destined for 200+ posts so show some respect for that coin!

Did someone really pay $100,000 for the first slabbed Gold Kennedy?

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