A 45 to 1 trade ...

astrorat · October 17, 2020 4:04AM

Sometimes you just like a coin. One of my favorite dealers was offering the coin below and it happens I "needed" the die state of this rare Capped Bust half die marriage. For those who do not know, it's an 1812/1 Large 8 (O.101a). It's an R5 and listed in the Red Book, which means Overton collectors are competing against "everyone" for this coin, which drives up the price and keeps the availability of an already rare coin, very low. Enough whining.

I watched the coin for several weeks (and I bet some other collectors I know did as well!) and finally reached out to the dealer to see if we could arrange a trade. Of course, he was obliging and we eventually struck a deal. I send him some nice coins (45 total) and he'll send me his 1 nice coin (and a small check). The coin arrived yesterday and to no surprise, it's just as I expected.

While I was awaiting the coin's arrival, something funny happened. I was browsing his website for new purchases and I noticed a really nice 1911 Barber half in PCGS VF-30 CAC and thought, "that's a nice Barber for a good price." I started laughing when I recognized the coin as one I traded to him! I darn near bought back a coin I traded for just days earlier! LOL

I am glad to add this to my set after watching her for weeks.

1812/1 Large 8, O.101a PCGS VG-08
The images are from the dealer (who I know you Bust half nuts will recognize!)

ricko · October 17, 2020 4:07AM

Very nice coin and an interesting deal....You both seem happy, so that is the prime factor in a deal. Cheers, RickO

jedm · October 17, 2020 4:57AM

Very nice, congrats!

scubafuel · October 17, 2020 5:00AM

Hard to imagine a nicer coin for the grade!

divecchia · October 17, 2020 5:32AM

Sometimes we have to give up a lot to get what we want.

Congrats on the deal and if you are both happy with it that is what counts.

Donato

SmEagle1795 · October 17, 2020 5:48AM

Congratulations! This is always a tough decision but I bet you aren't looking back.

I'm looking at doing the same as well, a 35-to-1 trade via consignment. It's comprised of coins which I should upgrade anyway and which, if I really wanted to, could be purchased again within 1-2 years. Nothing wrong with some spring cleaning in the fall!

291fifth · October 17, 2020 6:05AM

The fact that the coin "remained in stock for several weeks" and the fact that he was willing to trade should tell you something about the real demand for the coin. I hope you didn't bury yourself.

Crypto · October 17, 2020 6:25AM

Large 8 are no joke, only held a few in 35 years of collecting

johnny9434 · October 17, 2020 7:14AM

nice score

WaterSport · October 17, 2020 7:23AM

I traded a fellow collector 15 coins for 1 once. I eventually replaced the 15 coins, and upgraded them while doing so. Trades can be good.

WS

pursuitofliberty · October 17, 2020 7:25AM

Lane, Glad you decided to show us your prize! Gorgeous coin for the grade, for sure!! Hard to even imagine nicer at that level. Way to go!!!

WQuarterFreddie · October 17, 2020 7:49AM

@291fifth said:
The fact that the coin "remained in stock for several weeks" and the fact that he was willing to trade should tell you something about the real demand for the coin. I hope you didn't bury yourself.

There is always one in the crowd! Be happy for the guy!🙄

Boosibri · October 17, 2020 10:00AM

Congrats! Looks like someone already snagged that 1911 50c.

lkeigwin · October 17, 2020 10:23AM

Great choice, @astrorat! Hole filled! Search over.

Years ago, before I acquired mine (from the same dealer who got it from a forum member here, oddly enough) I bought a raw one on ebay, after a back-and-forth. We agreed that if the coin didn't straight-grade I could return it. $100 restocking fee. I thought PCGS might call it cleaned.

I took it to a PCGS Vegas show and sure enough, "VF details, cleaned". I returned it and ate the grading and restocking fees. I got most of my $6,000 back.

A dealer friend was surprised I didn't keep it anyway. $6k was a great price even for a cleaned VF, he asserted.

So he called the dealer, offered him $5k, no return allowed. Sold. He then handed it off to yet another dealer who had a buyer. But first he sent it to PCGS.

Came back XF40 and sold the next day for $14k.

Sigh. How many times must I learn this lesson?
Lance.

Pnies20 · October 17, 2020 10:29AM

I stared at that coin on David Kahn’s website for a long time 🤤

Nic · October 17, 2020 10:31AM

I've done worse than 45 for 1. Congratulations!

trueblood · October 17, 2020 11:13AM

A really nice lookin half, wonderfully original and wonderfully toned.

Alltheabove76 · October 17, 2020 11:39AM

@lkeigwin said:
Great choice, @astrorat! Hole filled! Search over.

Years ago, before I acquired mine (from the same dealer who got it from a forum member here, oddly enough) I bought a raw one on ebay, after a back-and-forth. We agreed that if the coin didn't straight-grade I could return it. $100 restocking fee. I thought PCGS might call it cleaned.

I took it to a PCGS Vegas show and sure enough, "VF details, cleaned". I returned it and ate the grading and restocking fees. I got most of my $6,000 back.

A dealer friend was surprised I didn't keep it anyway. $6k was a great price even for a cleaned VF, he asserted.

So he called the dealer, offered him $5k, no return allowed. Sold. He then handed it off to yet another dealer who had a buyer. But first he sent it to PCGS.

Came back XF40 and sold the next day for $14k.

Sigh. How many times must I learn this lesson?
Lance.

Thats the kind of stuff that makes people quit. To say its not fair is an understatement.

ElmerFusterpuck · October 17, 2020 11:50AM

@WQuarterFreddie said:

@291fifth said:
The fact that the coin "remained in stock for several weeks" and the fact that he was willing to trade should tell you something about the real demand for the coin. I hope you didn't bury yourself.

There is always one in the crowd! Be happy for the guy!🙄

Yeppers, Danny Downer always makes an appearance on many coin parades here. I think that's a great coin for that spot and the demand for them is pretty high. I'd rather by "buried" in a hobby I love vs. always looking at cost opportunity and being buried by doing nothing.

jabba · October 17, 2020 1:43PM

The one thing I enjoy about the Bust Half series is the pleasing original skin most of them possess I don’t know if it’s from the silver used at the time or how most of them where stored I’ve rarely seen one I didn’t like

vplite99 · October 17, 2020 1:52PM

A capped bust half was my first really "old" coin purchase, some 40 years ago. This is a great series and your coin is outstanding.

hchcoin · October 17, 2020 2:01PM

@jabba said:
The one thing I enjoy about the Bust Half series is the pleasing original skin most of them possess I don’t know if it’s from the silver used at the time or how most of them where stored I’ve rarely seen one I didn’t like

I have wondering the same thing myself over the years. For some reason the bust coins just seem to age differently than the seated coins in my opinion. Personally, I think it is much harder to find a seated coin with the look I like than a bust coin but when you do find that seated coin, it is spectacular.

hchcoin · October 17, 2020 2:08PM

@291fifth said:
The fact that the coin "remained in stock for several weeks" and the fact that he was willing to trade should tell you something about the real demand for the coin. I hope you didn't bury yourself.

Several weeks is nothing. I have stared at rare and highly priced coins for much longer. I also have made numerous trades when dealing with my most expensive purchases over the years. I think trading for high priced and rare coins happens more often than you realize.

cameonut2011 · October 17, 2020 3:03PM

David Kahn?

astrorat · October 17, 2020 4:06PM

@cameonut2011 said:
David Kahn?

Yes, the coin came from Dave. Great dealer, great guy.

airplanenut · October 17, 2020 7:18PM

I can't really comment on the trade until you show us 45 more sets of pictures...

Pnies20 · October 17, 2020 8:01PM

I told this story before but my favorite childhood dealer, Dempsey and Baxter (Erie, PA), found an 1812/1 large 8 in a random box of wheat pennies at a local auction. It got Sent to NGC and graded 55. I believe it’s in a PCGS XF40 holder now.

astrorat · October 18, 2020 6:21AM

@airplanenut said:
I can't really comment on the trade until you show us 45 more sets of pictures...

That's okay. I was just telling a story and not looking for an evaluation. I am happy with the trade and so is the dealer. That's all that matters.

Asking the Board to comment is like throwing chum into the water!

stman · October 18, 2020 9:30AM

Congratulations on your achievement.

airplanenut · October 18, 2020 9:31AM

@astrorat said:

@airplanenut said:
I can't really comment on the trade until you show us 45 more sets of pictures...

That's okay. I was just telling a story and not looking for an evaluation. I am happy with the trade and so is the dealer. That's all that matters.

Asking the Board to comment is like throwing chum into the water!

But what good is it if the two to parties to the transaction are happy, but us lookie-loos have something else to say about it?

hchcoin · October 18, 2020 10:26AM

@astrorat said:

@airplanenut said:
I can't really comment on the trade until you show us 45 more sets of pictures...

That's okay. I was just telling a story and not looking for an evaluation. I am happy with the trade and so is the dealer. That's all that matters.

Asking the Board to comment is like throwing chum into the water!

That is a great comment and so true!

A 45 to 1 trade ...

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