Sometimes an upgrade isn't worth it?
U1chicago
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An interesting result here where the coin upgraded from a 66 to 67+ but sold for less.
The April 21, 2019 sale in the 66 holder brought $1,859.62 while the July 7, 2019 sale in the 67+ holder brought $1,750.50.
Any thoughts on why?
Is it the CAC sticker (maybe a small part of the reason)?
Is it people remembering the recent sale (I think that is part of the reason)?
Did someone just bid too high originally (I think this is another part of the reason)?
https://www.greatcollections.com/Coin/691288/1881-S-Morgan-Silver-Dollar-PCGS-MS-66-CAC-Toned
https://www.greatcollections.com/Coin/718941/1881-S-Morgan-Silver-Dollar-PCGS-MS-67-Toned
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Comments
I believe impact of summer doldrums. The CAC sticker on the 66 only ads $30 in bid value.
Given the marks below the eye and the reed scrape under the chin, I think that the MS-66 grade was a bit generous. This is an 1881-S dollar, and some pretty toning can only take a coin so far.
Too much exposure in short period of time. Crackout tried to bypass the aging process, many times does not work to his/her benefit.
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Pcgs CF is $225 for 66 and $1200 for 67 plus. But the toning is an esoteric additional factor depending on who in toning crowd bidding - YMMV. This is such a common coin I am shocked it brought that the first time.
I would have priced the 67plus retail $1200 plus toning premium from first auction $1635 = $2825 asking price.
Many crackout people speculators - win some / lose some. The seller on the 67 plus seems to have lost sight of the ball, fumbled and got hosed. Fantastic move on upgrade from 66 though.
I also thought that the 66 was best case scenario in terms of grade, but I was proven wrong.
Even with common dates though, a 67+ with color usually does go far (even if the grade is generous).
Maybe the right person just didn't see it?
I think the considerations you listed may indeed have limited the sale amount the second time around. Its also possible that the strong bidding underbidder from the first time at auction was not a participant in the second auction.
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The coins are what they are and they don’t always look better with a different label. The toning market can be fickle. Also, it’s possible that someone paid a strong price for the coin the first time, figuring it to be an upgrade candidate. Photos only show so much.....
Personally, I’m more willing to take a risk on a strong-for-grade coin than a barely-there coin, especially if I’m paying up for some unique attribute.
Wondering if a HIGH grade cuts down on visibility? I know I don't tend to track/watch coins that I believe are outside of my price range.
Then, by consensus here, we have a coin that is probably over-graded.
So: You have only those looking for an MS-67+....but they might pass on it, waiting for a better one. And the MS-66 shoppers ignored it early on, because "I won't be able to afford that one".
So, the price ended up significantly lower than it was when it was "only" a 66??
That’s something that I hadn’t thought of but agree is quite possible.
That's my initial thinking.
The reverse, in case any of you were wondering if it had one:
The power of the bean... There have been so many AT coins ending up in straight graded holders that there is some paranoia. Some are comforted by the bean. If the difference wasn't the sticker, I'd like to think that the bidders are punishing a crack out artist and service inconsistency, but I doubt it is anything that lofty.
A good argument for CAC-and others-make for simply ignoring the 'plus'. At three to five times the Money over a straight 67 in the mid to late Walkers which I collect, I ignore them too. It would be interesting as to what the bulk of these would be graded at a three out of five experiment cracked out and submitted raw at different intervals.
Very common date. Soft market. Crackout game. Sticker fixation.
Still, it brought far more than it should have both times.
same coin?
BHNC #203
I liked it better as a MS66 CAC than a 67+. No way would I fork out that kind of money for either auction for a one-sided toner. The dig below the eye is awfully distracting. When you have more than one party interested in anything, their pocketbooks are the limit. Timing may have a lot to with the price difference.
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The high bidders on the coin when graded 66 CAC overestimated the coin, seeing the grade, sticker, and toning before looking at the coin. 10 weeks later, bidders saw the loftier grade, looked at the coin, and said to themselves "that ain't right" and moved on. Also, if the bidder pool, or part of it, was the same the second time around, many weren't going to play as hard. Also, the consignor was part of the original bidder pool, and bidding again only would serve to increase his costs on the coin. Finally, while the slow summer season is bad timing for trying to sell stuff, it having been a long holiday weekend made it worse.
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This is interesting. It might very well be the case of two flippers/crack out artists that are pushing up the price only to find the price is much lower (even in a higher grade) with the two of them out of the bidding. That's actually pretty funny to me.
The coin is overgraded by at least a full point if not more....I also don't believe in color bumps. I have MS-65 morgans with cleaner cheeks than that 67+ coin.
The chances are good that even if it had remained MS66 with the bean the hammer price might have been even lower.
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That wouldn’t surprise me as much. The exact same coin in the same grade offered a short time after selling the first time is almost certainly going to bring less as the top bidder is no longer in the game. With a higher grade, I’d expect more action as new players are more likely to enter (especially those that buy based off a minimum grade requirement, which I know happens with toners).
Auctions were too close together. If I was interested the first time, watched how the bidding went, etc, then saw the exact same coin again only two months later, I would go “meh, saw this already” and skip right on past.