When is a cherry pick not a cherry pick?

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SanctionII
SanctionII Posts: 13,187 ✭✭✭✭✭
in U.S. Coin Forum
For example, you find a rare variety of a common coin at a show. You buy it for $5.00 but would have paid $1,000.00 for it. It completes your variety set. Later you put the coin up for sale and find out that only two other collectors collect this variety and both have multiple examples of same. They offer you $10.00 for the coin.

Did you really pick a cherry?

Does "cherry" mean a coin that you picked up for a price far less than what you could sell it for?

Or does "cherry" mean that you picked up a rare, hard to find coin that may only be worth a few dollars?

Comments

  • mach19
    mach19 Posts: 5,053 ✭✭✭✭
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    When is a cherry pick not a cherry pick



    Never in my eyes image
    TIN SOLDIERS & NIXON COMING image
  • Billet7
    Billet7 Posts: 4,923 ✭✭✭
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    Can anyone say esoteric?

    Seriously, if you have the opportunity to increase your financial outlook at all by purchasing a coin from a dealer, and he is unaware of the upside, it is cherrypicking. Even if that outlook will only be realized after a period of time. We all try to do this anytime we buy a coin. It could be cherrypicking based on eye appeal, rarity, die state etc etc. If we didn't do this, we would all just buy coins sight-unseen. Right?
  • norwegianguy
    norwegianguy Posts: 184 ✭
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    To me cherry picking is searching for coins that are a little more than they appear to be. It may be a variety or a marriage or something else, but it is definately something that the seller was not aware of.

    I don't know if value is a key factor here, but rarity certainly seems to be. If you - thanks to your expertized numismatic knowledge - can search out scarce items among coins that the seller thinks are just "regular" coins, then I would call it cherry picking.


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  • Cameonut
    Cameonut Posts: 7,436 ✭✭✭✭✭
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    Here is the way I look at it. For example, there are many doubled dies and RPMs out there, but only a few are popular and command a premium.

    A cherry is finding one of those popular varieties/RPMs and paying as if it were a normal coin. Your knowledge has made you a profit as long as there is a market to sell it to.

    A non-popular variety might be very rare, but if there is no demand, it is not much of a cherry IMO.

    “In matters of style, swim with the current; in matters of principle, stand like a rock." - Thomas Jefferson

    My digital cameo album 1950-64 Cameos - take a look!

  • TheRegulator
    TheRegulator Posts: 1,243 ✭✭✭
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    I only considered it a cherrypick if you knowingly acquire something that is not advertised as such.

    It is not a cherrypick if you realize it after the acquisition.
    The Tree of Liberty must be refreshed from time to time with the blood of patriots and tyrants. -Thomas Jefferson
  • OAKSTAR
    OAKSTAR Posts: 8,770 ✭✭✭✭✭
    edited May 7, 2023 11:39AM
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    All I know is, this is not a cherry yet!! When it hits the streets, it will be a cherrypick! 😉

    Disclaimer: I'm not a dealer, trader, grader, investor or professional numismatist. I'm just a hobbyist. (To protect me but mostly you! 🤣 )

  • Joe_360
    Joe_360 Posts: 1,872 ✭✭✭✭✭
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    When is a cherry pick not a cherry pick?

    When it's an apple...

  • WaterSport
    WaterSport Posts: 7,064 ✭✭✭✭✭
    edited May 7, 2023 2:43PM
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    There are small cherries and there are big cherries. Big cherries cost more and will earn you a "You Suck"!

    WS

    Proud recipient of the coveted PCGS Forum "You Suck" Award Thursday July 19, 2007 11:33 PM and December 30th, 2011 at 8:50 PM.
  • 291fifth
    291fifth Posts: 25,218 ✭✭✭✭✭
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    Some collectors don't own electron microscopes. :)

    All glory is fleeting.
  • Glen2022
    Glen2022 Posts: 1,005 ✭✭✭✭
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    @Joe_360 said:
    When is a cherry pick not a cherry pick?

    When it's an apple...

    Or worse, a lemon.

  • Mr_Spud
    Mr_Spud Posts: 7,272 ✭✭✭✭✭
    edited May 7, 2023 1:26PM
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    I think I know what you mean. Like, after I purchased the VAM book called Fun with 21s, I used to look for unattributed 1921-D Morgan VAMs on eBay and at coin shows and buy them thinking the VAM made them more valuable than what I paid. But now I have whole bunches of slider AU/BU 1921-D Morgans and there really isn’t a demand for most of the VAMs because everybody else who is into VAMs likes to cherry pick them themselves. It’s all good though, because the price of slider Morgans seems to be higher the last few years and I’ll most likely end up ahead if I sell them.

    Mr_Spud

  • coinkat
    coinkat Posts: 24,542 ✭✭✭✭✭
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    A cherry pick will not contain a cherry pit...

    Seriously... numismatics is an ongoing study and varieties should not be solely measured by demand. Sadly some of the most interesting and compelling varieties remain under the radar and out of the mainstream. The reason for part of- if not most of this- is simply because there are not enough identified examples to the extent that such varieties can be promoted. And if there is little if any interest in bringing them mainstream, varieties remain in the shadows surrounded by mystery and intrigue to a smaller group of numismatists.

    Experience the World through Numismatics...it's more than you can imagine.

  • 1madman
    1madman Posts: 1,750 ✭✭✭✭✭
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    @howards said:
    Cherrypicking is the art of acquiring an R7/R8 coin sold as if it were an R1/R2. Whether collectors for that coin are R1 or R8 is a separate matter.

    Quite strict versus my definition. If you were to buy a 1914-D cent labeled as a P, this would not count because the mintage of the D is too high?

  • OAKSTAR
    OAKSTAR Posts: 8,770 ✭✭✭✭✭
    edited May 7, 2023 2:22PM
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    @coinkat said:

    Seriously... numismatics is an ongoing study and varieties should not be solely measured by demand. Sadly some of the most interesting and compelling varieties remain under the radar and out of the mainstream. The reason for part of- if not most of this- is simply because there are not enough identified examples to the extent that such varieties can be promoted. And if there is little if any interest in bringing them mainstream, varieties remain in the shadows surrounded by mystery and intrigue to a smaller group of numismatists.

    Maybe there aren't enough attributers like "CONECA" willing to put their reputation on the line and go out on a limb to make the call!

    Disclaimer: I'm not a dealer, trader, grader, investor or professional numismatist. I'm just a hobbyist. (To protect me but mostly you! 🤣 )

  • coinkat
    coinkat Posts: 24,542 ✭✭✭✭✭
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    @OAKSTAR

    That seems plausible... but think about the big varieties- 1937-D 3 legged buff; 1955 DDO; 1972 DDO; 1888-o Morgan hot lips; 1901 Morgan Shifted Eagle; and to a lesser extent, the 1946 DDR WLH - these coins can be promoted mainly because they made it to the main stream and they are in the Red Book... these coins can be promoted...this is what most collectors gravitate towards... not what might be truly rare. In this instance, what is truly rare is put in a different category... esoteric...not ready for Prime time... it is not something ready for the mainstream... and the reasoning is simple in that few benefit because there simply are not enough to be promoted.

    Interest will follow once a variety is accepted and that acceptance remains a monumental challenge.

    Experience the World through Numismatics...it's more than you can imagine.

  • OAKSTAR
    OAKSTAR Posts: 8,770 ✭✭✭✭✭
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    @coinkat-

    Thanks for that feedback! I completely understand your detailed explanation, it makes perfect sense. There are significant numbers of the varieties you listed above. It seems somewhat counterintuitive. It would seem, less of something would make it more valuable, like a 13 V nickel. I understand, promotion and interest drives the machine. I guess it needs to benefit all parties involved "Cha-Ching! $$$$!!" before it hits the streets.

    Yes, the acceptance remains a monumental challenge. It seem there needs to be a major documented trail of articles or interest before the attributes take it serious.

    It also seems like varieties are the red headed stepchildren of true mint errors.

    Disclaimer: I'm not a dealer, trader, grader, investor or professional numismatist. I'm just a hobbyist. (To protect me but mostly you! 🤣 )

  • WAYNEAS
    WAYNEAS Posts: 7,271 ✭✭✭✭✭
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    For some of us, cherry picking has nothing to do with making a profit.
    Though I am in the minority as a collector only, finding a coin that will fill a desired slot in my collection for a less than cost, is the cat’s meow.
    Doing so will increase my sets value but not financially benefit me as my sets will be passed on.
    All of my cherry picks have come off dealers usually at their asking price.
    Wayne

    Kennedys are my quest...

  • RobertScotLover
    RobertScotLover Posts: 1,069 ✭✭✭✭✭
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    @howards said:
    Cherrypicking is the art of acquiring an R7/R8 coin sold as if it were an R1/R2. Whether collectors for that coin are R1 or R8 is a separate matter.

    Well stated, and allow me to add. This is an excellent example of a tree falling in the forest, if nobody is their did it really fall blah blah blah, but it refers tot he fact that when there is absolutely no demand ie its just you looking for one then you are at the whims of the only other fella vying for one and that isn't a good (strong ) position to be in. IE you are screwed if and when you got to sell it.

  • Paradisefound
    Paradisefound Posts: 8,623 ✭✭✭✭✭
    edited May 7, 2023 11:30PM
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    It must’ve been hard to always factor in the monetary gain part of acquisition 🤔 and not able to pull the trigger when your heart is in it.

  • jfriedm56
    jfriedm56 Posts: 3,101 ✭✭✭✭✭
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    So I would consider these to be cherry pics. And I believe that knowledge is the key to having any kind of advantage as to finding the special pieces and paying only common money for them, (which I did).



  • rhedden
    rhedden Posts: 6,650 ✭✭✭✭✭
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    The cherrypick is not a cherrypick when the astute dealer realizes it's a rare variety, makes no mention of it on the holder or verbally, and prices it higher than normal so that you can come along and cherrypick it at the higher price. :p

  • Cougar1978
    Cougar1978 Posts: 10,067 ✭✭✭✭✭
    edited May 8, 2023 7:48PM
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    For me a cherry pick (or pickoff as I like call them) is picking up material for 50 pct of MV or less which allows keystone markup (cost x 2) or more plus ample room for negotiation. Online auc a major source.

    I don’t have any stuck in concrete number and associate cherry picking (for quality) the acquisition of PQ material vs a pickoff (above) which is part of executing a buy it right strategy. Buying right allows ample room in price negotiation with buyers and is an important business operation goal.

    Investor
  • Namvet69
    Namvet69 Posts: 9,423 ✭✭✭✭✭
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    @Paradisefound said it best. I enjoy being a student of history through coin collecting. The hunt continues. Peace Roy

    BST: endeavor1967, synchr, kliao, Outhaul, Donttellthewife, U1Chicago, ajaan, mCarney1173, SurfinHi, MWallace, Sandman70gt, mustanggt, Pittstate03, Lazybones, Walkerguy21D, coinandcurrency242 , thebigeng, Collectorcoins, JimTyler, USMarine6, Elkevvo, Coll3ctor, Yorkshireman, CUKevin, ranshdow, CoinHunter4, bennybravo, Centsearcher, braddick, Windycity, ZoidMeister, mirabela, JJM, RichURich, Bullsitter, jmski52, LukeMarshall, coinsarefun, MichaelDixon, NickPatton, ProfLiz, Twobitcollector,Jesbroken oih82w8, DCW

  • SanctionII
    SanctionII Posts: 13,187 ✭✭✭✭✭
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    Zombie thread alert B)

  • dhikewhitney
    dhikewhitney Posts: 532 ✭✭✭✭
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    “When is a cherry pick not a cherry pick?”

    When someone prematurely shares the pick online and the seller has seller’s remorse and cancels delivery …

  • ModCrewman
    ModCrewman Posts: 4,054 ✭✭✭✭✭
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    I once knew a guy that bought a 1961 proof set because it had a cameo dime in it and only later realized the set included the big Franklin DDR. I don't think it qualifies as a cherrypick if you back into it like that. ;)

  • PerryHall
    PerryHall Posts: 47,752 ✭✭✭✭✭
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    @ModCrewman said:
    I once knew a guy that bought a 1961 proof set because it had a cameo dime in it and only later realized the set included the big Franklin DDR. I don't think it qualifies as a cherrypick if you back into it like that. ;)

    That's an "accidental cherry pick" and a great one at that. B)
    I bought an 1881 half eagle my local flea market once. When I got home, I checked it out in more detail and it turned out to be an 1881/0 which turned out to be an accidental cherry pick. :)

    Worry is the interest you pay on a debt you may not owe.
    "Paper money eventually returns to its intrinsic value---zero."----Voltaire
    "Everything you say should be true, but not everything true should be said."----Voltaire

  • OAKSTAR
    OAKSTAR Posts: 8,770 ✭✭✭✭✭
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    @ModCrewman said:
    I don't think it qualifies as a cherrypick if you back into it like that. ;)

    A pick is a pick is a pick... No?

    Disclaimer: I'm not a dealer, trader, grader, investor or professional numismatist. I'm just a hobbyist. (To protect me but mostly you! 🤣 )

  • IkesT
    IkesT Posts: 4,600 ✭✭✭✭✭
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    You must remember this - a pick is just a pick!

  • messydesk
    messydesk Posts: 20,814 ✭✭✭✭✭
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    You can also cherrypick for quality. Super eye appeal, best looking of a group of like-graded coins, or a hammered strike for a typical pancake issue are all cherrypicks in their own right.

    John
    Keeper of the VAM Catalog • Professional Coin Imaging • Prime Number Set • World Coins in Early America • British Trade Dollars • Variety Attribution

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