Options
A bittersweet ending to the most fascinating auction i've ever attended. (lots of pics)
DeplorableDan
Posts: 3,031 ✭✭✭✭✭
My first post about this was rushed and unrefined, here's the more nuanced and better written version-
74
DeplorableDan
Posts: 3,031 ✭✭✭✭✭
Comments
What an awesome auction to participate in, and an even better story to go with it. Thanks for sharing DD. Insane coins, though honestly I'm so intrigued by the autographs book. Already from the pictures you shared there's several home runs in there, truly incredible. Also, way to make 'em pay.
If you don't mind me asking how much did it end up selling for Dan?
Coin collecting interests: Latin American early pillar 1 reales
Sports: NFL & NHL
Successful Transactions with the following board members: Pruebas & SimonW
Really cool stuff Dan. Thanks for sharing! I am always looking at autographs on eBay…and found a guy in Hollywood, CA, who was selling his collection. Many he couldn’t decipher whose they were….so he offered the anyone a good deal if they could figure any out. He sold me one that I was able to correctly identify…..I did some research and she was known as the world’s wealthiest actress in her time…..but the COOL thing about this woman was she was apparently John Wilkes Booth’s girlfriend! 🤔😉
A terrific thread and a tremendous read. Thanks for sharing.
One caveat, I am not sure how other collectors feel necessarily about being photographed and their images shared on a public forum.
I am probably wrong though, and it is alright by everyone, I suppose.
peacockcoins
How cool! I really enjoyed reading this thread. I could see why you were so excited those coins are exceptional!
My YouTube Channel
For good measure, I’ve redacted them. Thanks!
Founder- Peak Rarities
Website
Instagram
Facebook
What a great read, I really enjoyed it!
Man, great auction and story to go with it!
Those books you were able to get look fantastic! Congrats, big time!👍
>
Give us the final price on the slug?
Also, were you able to land any of the other coins?
>
The slug went for 500k. I was not able to win ANY of the coins. Every single one went way over my projected retail price. Even the common date $5 libs that should sell for 6-700 bucks sold for 1200-1500. Everything went for full PCGS price guide (or more) without even being stickered yet.
Founder- Peak Rarities
Website
Instagram
Facebook
Dan, thanks for sharing this. Deciphering all the auto's is going to be one heck of an endeavor. Owning the dictionaries should take some of the sting out of the $50 slug showing.
Great experience - I have shared similar stories as well at some smaller auctions and got smoked by several dealers bidding by phone. I learned the best approach is to hire a dealer to bid for me at the auction or by phone. That way, they won't bid against me.
Thanks for the great story, Dan. I’m on a cross country flight and this thrilling read and look got me through a part of it.
Tim
>
I’ve went both ways.
Any dealer is going to want around 5% of hammer. Also, in the past I had a dealer go almost 25% above what we had agreed was the upper limit. Thankfully it kept going and I guess he thought I might not take it so he stopped. That was probably smart thinking on his part!😂
That coin sold about 6k over PCGS Price Guide.
>
Now, if I’m sure I want the coin, I’ll go head to head with the dealer. I might not get the coin, but at least I know there’s no ‘angle’ being worked on me.👍
Like it was in 1979-80, the wealthy have a low regard for the dollar at the moment. They don’t care how much they paid.
When sanity took charge, there was a crash in coin prices. We were all better off as a result. But this time we might not be so lucky.
Great post and read! You may not have made out on the coins, but regardless it sounds like a great experience that you won't soon forget. Sometimes that's worth more than winning. Thank you for sharing.
I'll look forward to Legend's write-up on their scores.
I’ve always wanted to infiltrate one of these high dollar auctions. Thanks for letting me live vicariously through you, Dan. That slug tho….. no words….
Having fun while switching things up and focusing on a next level PCGS slabbed 1950+ type set, while still looking for great examples for the 7070.
https://player.vimeo.com/video/955345081
Founder- Peak Rarities
Website
Instagram
Facebook
Wow - that would have been a blast to attend! Thanks for the report and pics.
I've heard of these auctions. Curious to know whether these coins were graded for the sale or (much) earlier. It would be an anecdote that there is (a lot) more out there ungraded than most probably believe.
From the current issue of RCMR, they were just graded recently.
Chopmarked Trade Dollar Registry Set --- US & World Gold Showcase --- World Chopmark Showcase
So much for the PCGS price guide at 300k based on that article.
Coin collecting interests: Latin American early pillar 1 reales
Sports: NFL & NHL
Successful Transactions with the following board members: Pruebas & SimonW
One caveat. This was not just any old slug in 63. I would not pay near that amount for a different 63 slug you see in CoinFacts. This one is in the top handful of coins grade wise, AND it has the most original surfaces with undisturbed mint frost and gorgeous toning. Coins like this have appeal that supersedes the grade, similar to my clark gruber $5 that I bought recently.
IMO the story behind this slug is priceless. If I had an 8 figure net worth, I would have paid whatever it took to buy this coin and I would have worried about the finances later.
If the new owner is reading, I congratulate him/her on an astounding acquisition and I completely understand why they paid what they paid. Like @Jacques_Loungecoque said, there really are “no words” for a coin like this.
Founder- Peak Rarities
Website
Instagram
Facebook
Sorry Dan I simply meant PCGS was thinking this coin was valued way to low. Did not mean to say the buyer over paid. He paid what the market truly is in 2024. I guess PCGS had no way of truly knowing its value until it sold at auction.
Coin collecting interests: Latin American early pillar 1 reales
Sports: NFL & NHL
Successful Transactions with the following board members: Pruebas & SimonW
That’s what it’s all about
Great post, DD. Love reading about your experience now that you're officially in the dealer swimming pool..Sure hope your travel expenses are a business write off!
Correct, the price guides are just arbitrary numbers they throw out there but they mean nothing at the upper end when a coin like this shows up on the scene.
What I’m saying though, the price guide is probably reasonable for a typical 63 or 63+ slug, but this one was a 63++* and if you gave me a choice between the 64cac and this coin, I’d probably take this one.
Founder- Peak Rarities
Website
Instagram
Facebook
Now THAT was a great story. Thank you, Dan.
Seth
Holy cow, it must have been for you to make an appearance here, it’s been a while. 😂
Founder- Peak Rarities
Website
Instagram
Facebook
Great stuff, Dan. Sorry you didn't win any coins. Also goes to show that finding "bargains" in an auction in this internet age is close to impossible.
But sounds like you had a great experience anyway.
"Look up, old boy, and see what you get." -William Bonney.
Just put black bars over their eyes.
Lots of history in that auction.
A wonderful story, and proof of my assertion that there is still a lot of great stuff out there not yet in slabs, as these were prior to the consignment to the auction house. The auction house absolutely did the right thing in having them slabbed, but before they did anybody looking at these coins and saying “These aren’t in slabs, so therefore there must be something wrong with them!” would have been a monstrous fool!
Excellent report and experience. Really enjoyed reading this.
Man, what a thriller!
I must say - I usually look at slugs and see some pretty reflective looking surfaces from wear or just being messed with. This one made me sit up in my chair and pay attention - it really does have some absolutely incredible surfaces. Sorry you didn't get it!
Coin Photographer.
Wow, what a treasure trove! Great write up too!
Nice write up Dan ... sounds like a heck of a ride!!
“We are only their care-takers,” he posed, “if we take good care of them, then centuries from now they may still be here … ”
Todd - BHNC #242
Great read Dan, thank you
Some great coins there, sorry you couldn't catch a few of them
Mike
My Indians
Danco Set
Enjoyed the read. Thanks for your time in posting.
Thanks for sharing this, Dan.
Apparently there are lots of these "off the beaten tracks" auctions, estate sales, liquidations, etc. especially away from the coasts of the U.S. I've been told rural parts of the country are where lots of these hidden gems are, PA included.
A few years ago (pre-Covid I think) I remember seeing a pair of MCMVII HR's at a local NY-NJ coin show. Both were MS-63 and higher and were kept in some barn in North Dakota or somewhere like that. Not sure if they just got graded recently to be sold or if they had been graded decades/years ago and then just changed hands.
I've been doing some free-time research on gold in the 1920's and 1930's and the amount of new research on the amount of European/French hoarding of gold during that time is astounding. It makes it possible/plausible that there are still vast numbers of rare gold coins including Double Eagles in SDBs, banks, and even in rural farmhouses throughout the continent. Maybe not in the actual numbers that we saw in the decades following WW II, but large relative to our existing known quantities. I believe the MCMVII HR supply/hoard from about 5 years ago originated in Europe.
Congrats. I live I New Hope, which is very close to Browns. I was on the phone with an attendee, who enjoyed the auction. That autograph scrapbook is spectacular. So much to appreciate. Have a good day. 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
Wow great story. I'm sure it was great fun just looking at those coins. At least you didn't go home empty handed. That slug has great surfaces and can see why it went for that kind of money. Thanks for sharing.
Collector
75 Positive BST transactions buying and selling with 45 members and counting!
instagram.com/klnumismatics
@DeplorableDan, after reading this thread and thinking about many of your other posts, I have an unsolicited suggestion for you.
I think you have a very special way of writing and story telling, that pulls readers in.
My suggestion is that you occasionally include some of your numismatic reports and experiences (such as this one) in a column on your website.
Mark Feld* of Heritage Auctions*Unless otherwise noted, my posts here represent my personal opinions.
Great suggestion Mark, but I’m one step ahead of you 😉. I haven’t posted this story to the blog yet but I will when I get home.
https://www.peakrarities.com/blog
Founder- Peak Rarities
Website
Instagram
Facebook
Wow, all I can add is it must have been an "edge of the seat" auction. Good read!
My Original Song Written to my late wife-"Plus other original music by me"
https://youtube.com/playlist?list=PL8A11CC8CC6093D80
https://n1m.com/bobbysmith1
Dan, if you’re only one step ahead of me, I feel like I’m doing great.😀
Mark Feld* of Heritage Auctions*Unless otherwise noted, my posts here represent my personal opinions.
Quite an experience. I think I would have needed one of those asthma inhalers to get through it and i don't even have asthma. thanks for story. James
This has been a great read for a Sunday morning over coffee. Thanks Dan!
I have looked to buy a $50 for a number of years, but the grading is a problem. These coins were heavy and soft. Edge marks are big problem. I saw one over ten years ago for which the grade and price lined up for me, but I couldn't buy it. I had just purchased the 1796 No Stars Quarter Eagle that is in my collection, and I just didn't have the cash available.
I would never buy anything as lofty as an MS-63. A really nice AU would work for me.
One collector told me I should have bought an original California gold slug many years ago when I purchased the Pan-Pac $50 gold pieces I have. He may have been right.
I don't need to tell you but it is VERY tough to find a nice slug. The vast majority have some combination of messed with surfaces, edge damage, planchet flaws, etc. the ones that don't go for WAY over price guide. Compromises have to be made for anything under $75k or so.
Chopmarked Trade Dollar Registry Set --- US & World Gold Showcase --- World Chopmark Showcase