Who are the people who buy $50,000.00; $100,000.00, $150,000.00 coins and up?

braddick · December 18, 2002 1:53AM

I've always wondered who these people are. I don't really see them at local shows. Certainly I haven't heard of anyone who buys coins on a regular basis with these pricetags join us here.

Who are these people? Are they collectors or investors? Do they buy these high priced Monster coins for their appeal or for their storage for value?
I've always wondered about that, and a Thread linking a PCGS PR66DCAM 1895 Morgan got me to thinking about it even more.
Does anyone know?

Lakesammman · December 18, 2002 2:11AM

The reason you don't see them is because you expect a limo and a tux...believe me, they are there.

gmarguli · December 18, 2002 3:17AM

Certainly I haven't heard of anyone who buys coins on a regular basis with these pricetags join us here.

We have several members that purchase coins in this range. Without much thinking I can come up with 5 non-dealer members that purchase coins in this range.

MICHAELDIXON · December 18, 2002 3:21AM

braddick! Who are you trying to kid! YOU are one of the "6 figure" buyers on this forum!

MacCoin · December 18, 2002 3:24AM

I can tell you it ain't MacCoin

nwcs · December 18, 2002 3:26AM

The only way I get to six figures is when you factor places after the decimal... Like $199.987

tradedollarnut · December 18, 2002 3:29AM

Braddick - as a policeman, you should know how to profile better!

In my experience, there are a whole lot more wealthy people that dress in jeans/tennis shoes than go around in Rolex's and fancy suits.

I know of at least 5-10 on this forum that purchase coins in that price range.

Lakesammman · December 18, 2002 3:32AM

TDN:

Speaking of expensive coins, are you looking at the 1884 in the Bowers sale or is that hole filled already??

agentjim007 · December 18, 2002 3:34AM

If you change the word coins to house ( thats house not houses) I could say me.

tradedollarnut · December 18, 2002 3:52AM

Legend is considering that 1884 to retail.

I already own the Eliasberg coin (NGC PF66). It took me 5 years, but I finally reunited the two Eliasberg trade dollar rarities!

1884

1885

Lakesammman · December 18, 2002 4:42AM

What's the matter....wouldn't they cross??

Beautiful - thanks for sharing them!

BlueCole · December 18, 2002 4:45AM

if i work just a little more. . . . .

b.

LucyBop · December 18, 2002 5:07AM

Well, umhmmm.... I don't want to brag....

ANACONDA · December 18, 2002 5:30AM

Business owners.

ccrdragon · December 18, 2002 5:50AM

I think if I added-up what I have spent in the last 3 years on coins, I still haven't reached this level....

dorkkarl · December 18, 2002 5:58AM

at indianapolis a few months ago, saw a guy lugging a little suitcase around. turns out it was stuffed with cash - saw him drop some $35,000 on 1 gold coin, & barely made a dent in his cash. i guess he'd be 1 of those folks. judging by the wad of cash, he probably had at least a 100G in there. the guy looked like a goofball otherwise....

i sure as heck wouldn't walk around w/ cash like that.

K S

LincolnCentMan · December 18, 2002 6:19AM

If I added up the price I've paid on all the coins I've ever bought... it might get up to $75,000.

David

Trime · December 18, 2002 6:56AM

Dorkkarl,
"...the guy looked like a goofball otherwise".

I resent that...It was a money case not a suitcase.

tradedollarnut · December 18, 2002 7:02AM

What's the matter....wouldn't they cross??

The 1885 was submitted for crossover a few years back and didn't cross. The 1884 I have not submitted, although I do believe that it would cross. But I kind of like having them in matching holders.

shirohniichan · December 18, 2002 7:21AM

Maybe if you cracked out the 1885 and resubmitted it they'd think it was a different coin.

michael · December 18, 2002 7:22AM

wealthly

collectors/investors

and sometimes more often than not lots of cash to hide

sincerely michael

STEWARTBLAYNUMIS · December 18, 2002 7:25AM

TDN

I'll bet $1,000 if you sell the coins they will cross for the next owner.

Just like the 1913 nickel and the 1936 dot cent

Stewart

Lakesammman · December 18, 2002 7:36AM

I thought with those types of coins all you had to do was request a pres. review and say, "You don't want these in the other guys holders, do you??". The publicity associated with coins of that level us HUGE! I'll bet Parrino could get them into 68 holders.....

tradedollarnut · December 18, 2002 7:48AM

Stuart - fortunately, since the coin won't be sold in my lifetime (unless something really bad happens), we'll never find out!

The question at hand is one of technical grade vs "ranking" grade. The 1885, by PCGS standards, is technically a Proof 65 and I don't dispute that fact. However, it seems that most of the ultra rarities are "ranked" rather than technically graded. The Eliasberg 1913 nickel is a good example. I technically graded that coin as a PF64, but hadn't seen any of the others. Since then I've seen two in person and pictures of the fourth and definitely agree that the Eliasberg coin is superior to the other specimens. Having it "ranked" on top at PF66 is consistent with the "ranking" that seems to go on with some of the other rarities. Take the 1804 dollars for instance: is the Childs coin a technical PF68 - no, not really. Nor is the King of Siam coin technically a PF67 or the Eliasberg coin technically a PF65 or the Dexter coin a PF64. But they certainly are "ranked" correctly, and the starting grade takes a back seat to the "ranking" grade.

Since all my Proof trade dollars are PF66, it's somewhat important to me that it stay in the holder it's in to maintain a matched set. It's the finest and it's top ranked - whether it's top ranked as a 66 or a 65 is immaterial in the long run. I'm just happy to have the coin!

Lakesammman: Within reason, that's true. Certainly a half a grade means nothing for an ultra rarity. The services fight over certain coins, but the 1885 just doesn't get the same respect. It used to steam me, but I'm way over it. When I took the Eliasberg 1884 to the safe deposit box and held it next to the 1885, any worries about what grade they were or what holder they resided in just melted all away! Now I just enjoy the coins and leave the holder fighting to others.

gmarguli · December 18, 2002 7:51AM

<< <i>and sometimes more often than not lots of cash to hide >>

Drug dealers. Didn't some agency dig up a bunch of buried gold coins - many of which were slabbed, a few years ago.

And then there was the DEA sale that Heritage conducted about a decade ago. I don't remember the exact reason for the sale, but I probably still have the catalog.

kieferscoins · December 18, 2002 7:54AM

Gereg: what kind of coins did the drug guys collect?

Cameron Kiefer

shirohniichan · December 18, 2002 8:02AM

Didn't some agency dig up a bunch of buried gold coins - many of which were slabbed, a few years ago.

The story I saw on TV was about an embezzler who buried slabbed double eagles, Kurgerrands, and other gold. I haven't heard of drug dealers doing the same, but it wouldn't suprise me.

I collect Canadian silver coins to stay above suspicion.

Lakesammman · December 18, 2002 8:24AM

I thought the only thing the druggies buried were their customers.....

STEWARTBLAYNUMIS · December 18, 2002 8:37AM

TDN - Since we're on the subject of grade vs.ranking grade......but this thread is on coins of $50,000 and higher

Do you think that even $5,000 and $10,000 coins should be graded on a ranking decision.So if we have a coin with a pop 8 in ms 67 should the best one be a 68? I would agree with that system.It is absurd to state that there is such a wide spectrum of quality within the same grade.

stewart

clackamas · December 18, 2002 9:50AM

Stewart,

I agree with you the ranking should be associated with the $5K to $10K coins as well but you are opening up such a huge can of worms that PCGS will never go fo it. Think about how many coins fall into this group. Every top 10 Lincoln, Washington, Merc, etc. With so many coins in this range it would be near impossible to accomplish in 20 years.

tradedollarnut · December 18, 2002 10:16AM

No - I wouldn't agree with that at all, Stuart. It's totally possible to have the entire population be composed of low end coins and you are talking about elevating the best of the lot to the next grade. What happens when a new discovery coin comes along that's clearly a grade better than the best of the lowend 67's that got elevated to a 68? Is it now graded a 69? Or conversly, they are all high end and no difference in quality but you willy nilly raise one up. I think the solution is simply to stop not making the high end coins and let prices fall. This will naturally sort out the pecking order.

The thing about the classic rarities is that for the most part the grades are all known - certified or uncertified.

Flash · December 18, 2002 10:59AM

TDN... that is one NASTY-looking fingerprint on your 1884! Maybe you should consider having it "conserved" and THEN try to cross them both over to PCGS. It will boggles the mind that PCGS will not slab your coin at the same grade they "estimated" it to be as part of the Eliasberg collection. I suggest they either downgrade their estimate or slab it at the same grade.

lordmarcovan · December 18, 2002 11:05AM

I've found some world-class rarities in that price range... with my metal detector.

One spot I was detecting produced a 1792 half disme and a 1796 quarter.

Then the dang alarm clock went off.

It always does.

Who are the people who buy $50,000.00; $100,000.00, $150,000.00 coins and up?

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