I got blown out of the water on Heritage
desslok
Posts: 310 ✭✭✭
There's a type of coin I've been searching for a long time. In 1949, just one year after Israel's declaration of independence, the Imperial Chemical Industries in England were commissioned to strike coins for the fledgeling state. At the time, a few specimen sample coins were produced to allow the decision makers to approve of the design and the manufacturer. The samples have the word "SPECIMEN" in raised English capital letters, so they must have been stamped into the dies. Those specimens are known in several denominations and different metallic compositions, and they are all very rare.
The known quantities range based on type from a few known to about 20 known for one specific type. The more common type (25 Pruta copper-nickel) usually brings around $2500 at auction, when one pops up (not more often that once every few years). Recently one was offered on eBay by Altas Numismatics for $3500, which was a bit on the high end but not out of the realm of possibilities. It was tied for the finest graded at PCGS MS-65 (PCGS population for all grades combined is 6 coins). I hesitated for some time, partly because I thought I'm going to need funds for other purposes, and eventually the coin went unsold and disappeared.
A short time later it popped up on Heritage. I bid strongly for it, but it slipped away at over $5000 winning bid (w/ BP). Here's the link:
Comments
These probably came from Karl Stephens. I saw at least one other Israel coin in his case that was ex. Kings Norton Mint, but didn't look closely enough to see if it had the SPECIMEN written across the surface.
BTW, I forgot to add, funny how a coin sits on Atlas' site for months, also on ebay, then it goes to HA and brings more PLUS the juice!
And the pessimists amongst us wonder what is a "real" sale and what is not. I was a bit suspicious of some of the prices last night at StacksBowers...
Well, just Love coins, period.
You got me curious, so I snapped photos of Karl's Israeli Kings Norton Mint inventory. Let me know privately if you want them.
Karl is fully aware of the prices realized, so if you want the coins, you had better hurry before he raises his prices to match.
Nice looking coin! Sorry to hear you missed it.
Here's the TrueView for the coin: PCGS 81335735. It's interesting that the obverse seems to be upside down in the photo.
That's part of my remorse - I was aware of the coin earlier but was unable to complete the purchase for that amount at that time. And I thought Atlas's $3500 quote was a bit high end because similar pieces brought less. Goldberg's sold one for $2000 in 2011 and Stacks sold one for $2350 in 2014.
@pruebas - I looked up Karl Stephens website following your tip. The November 2016 list has one such coin, PCGS MS63, listed for $2000. I e-mailed them but it was already sold. If you have any leads to similar items I would love to hear about it.
@Zoins - yes, the left image is upside down. Either they thought the grapes are some kind of tree that grows upwards, or they thought that Israel coins are struck in coin alignment like U.S. coins (Israel coins are struck w/ medal alignment).
Ha prints the price for many coins so it can be sold later in other auction. Don't chase the price, this is exactly what ha wants you to do. eBay is buyer friendly and ha is seller friendly. Lol
From what I sensed and see all to often, the good stuff that is not often seen will go for solid money and that falls into most areas. Especially so examples with great eye appeal. I chased a few items at the NYSale the other night and was blown away literally. I barely latched on to one win at Stack's.
Yes, me as well. However, without blowing up details, there were some suspicious patterns there. Can' t for obvious reasons go into details. BTW, no sour grapes.
Well, just Love coins, period.
I was very happy with the price realized, especially considering my reserve was well below my cost. Auctions can bring very low prices or very high prices, as the coin market is not a perfectly efficient system.
@desslok we have just purchased a similar pattern with a different composition and would be happy to offer it to you once we have it priced. You may PM us or email me through our website.
I believe that ethics vary by dealer and auction house. Atlas is an example of a very knowledgeable, hard working, dealer who is committed to hunting down the finest specimens. I assume the only way Atlas can justify such effort (personal participation in world auctions and shows, website management, cataloging, imaging and logistics) is a higher markup for choice material. I have seen many of the coins from his website that go unsold after some time end up selling in various auction houses and I have been successful at times buying them at a lower price point than offered. I am sure the 80/20 rule works - 20% of the coins generate ample margin to offset lower margin (or even losses) on the others.
James works very hard, had tremendous knowledge and has a wonderful eye for quality and I have found him as being very professional throughout. Fear and greed always plays a part in the decision whether to pursue a piece at the higher price point or wait for the live auction once consigned. Isn't this the case with any "not easily replaceable" asset (real estate, art etc)
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I second Zohar's positive and realistic comments about Atlas. At every show I attend, I try to buy something from him. Lately (seems like forever), I've been forced to divert nearly 100% of my tight funds towards my main passion: Anglo-Saxon.
But, Atlas is a good outfit to know if you seek quality material. And, I find that if you ask him a direct question, he will give you an honest answer.
PS I don't know how this morphed into a thread about Atlas, but I'm a big fan of any dealer of quality material who is also honest.
How does one get a hater to stop hating?
I can be reached at evillageprowler@gmail.com
I have to clarify one thing: I did not mean or imply anything negative either about Atlas or Heritage. Both are top-notch companies and I salute Heritage for earning top dollar for their consignors in their auctions. The thread was about my own remorse for not acting sooner and for letting an item I want slip out of my hands.
@Atlascoin I'll e-mail you about the item you mentioned
Oops. This is fixed now.
Radiant Collection: Numismatics and Exonumia of the Atomic Age.
https://www.pcgs.com/setregistry/showcase/3232
it's still upside down
Wow, PCGS fixed the coin rotation on their website. Do you think it's because of this thread? If so, cool!
Do you think they will fix other problems if pointed out to them? There are several obvious mistakes in the "Israel" section of their population reports.
Yup - Phil is the PCGS Photo guy above. He's pretty damn awesome.
8 Reales Madness Collection
Try refreshing the page (F5) - your browser is probably still using the cached photo.
8 Reales Madness Collection
Yep, I saw this thread and fixed it right away. Sorry for the error. Please email me at parnold@collectors.com if you notice any others and we'll fix them ASAP.
And thanks TwoKopeiki
Radiant Collection: Numismatics and Exonumia of the Atomic Age.
https://www.pcgs.com/setregistry/showcase/3232