My worst deal as a kid...trading my almost complete set of circulated Franklin half dollars to a friend for a bunch of key and semi-key, acid-date buffalo nickels. Sheesh, I cringe to this day about that deal more than 40 years later.
The SP66 1794 Amon Carter silver dollar fetched around $1 MILL towards the end of the 1990 coin boom. When auctioned a short time later it fetched in the $300's. Someone took a hefty loss on that one.
Not true, but might as well be. I bought the coin at the 1988 ANA for 375K, turned down 950K, and then had to sell it at a Superior sale in May 91 for 400K hammer. Not one of my finer moments.
On the other hand, there's that 1880 Coiled Hair Stella in 66 (that would now be a 67 DCAM) that I sold around the same time for the same price, but which had cost me 950K. Yeah, 91 wasn't a great year.
Now, PLEASE, on to someone else's coin. A group of investors bought a PR 65 Humbert $20 in 1989'ish for $1.3 million. Then, they sold it a few years later at a Superior sale for 340K hammer. More on the coin here.
Andy Lustig
Doggedly collecting coins of the Central American Republic.
Visit the Society of US Pattern Collectors at USPatterns.com.
Thanks for clearing that up Andy. 20 yrs has a way of distorting one's memory, especially if it wasn't your own coin.
My own biggest % loss was on a $3,000 gem proof seated quarter purchased in 1983. It was later deemed to be AT. I dipped it in haste and disgust figuring it would probably come out a 64. Nope, it came out looking like a lifeless dog....it then regraded as PF62 and sold it for $450....an 85% loss during one of the biggest coin booms ever. Thanks EAN!
Crazy old thread alert but it ties into a new discussion:
@FredWeinberg said:
It's a kinda long story, but the short version is
that the coin was in a tray with other PCGS
Proof Gold coins. As I was walking out of my
vault room with the framed velvet tray with
a half dozen of the Proof Gold coins in it, my
arm hit a wood post, and the coins fell out of
the tray. I thought I got them all, but it wasn't
until Monday (this happened on a Friday) that
I realized the Proof-65 Stella was missing......
It must have fallen into a tall trash bin in the
Vault room, and the trash pick up was traced
to the Simi Valley Trash Dump site - too late
to try to figure out where to go and look for it.
Wow I did not realize the Stella went to the Simi dump, that is about 30 minutes away from me. That story is legendary at this point
BRB grabbing my keys and a shovel… just kidding.
Wow, I was a lot younger at the inception of this thread!
Losing a Stella would haunt me for the rest of my days. I commend Fred for being so good natured about it.
I bought two raw coins on eBay that were deemed uncirculated. I think I paid $1800 for the pair. So, like $900 each.
One of the Coins I could tell right away was circulated, and I returned it for a refund.
I decided to keep the other Coin only to find out from the TPGS that it definitely had PVC contamination and was likely slightly worn, although this latter assumption was never confirmed by the TPGS.
Somebody probably cracked it out of a details slab and sold it to my inexperienced, naive self.
That was many, many years ago and I consider it paid tuition. I sold the Coin for about $150. So, at the end of the day I lost about $750 and I learned a hard lesson. I never made that mistake again.
Sometimes, it’s better to be LUCKY than good. 🍀 🍺👍
I loss 12k on an 1804 Draped Bust dime in XF45, chased it in auction years ago, later decided it wasnt for me, couldnt find a buyer, put back in auction and took the hit.
Regarding the landfill Stella, no doubt it's a bummer, man....but it could be much worse!
I can't imagine the mental anguish of the guy who inadvertently threw away his hard drive with 8,000 bitcoin on it...... roughly 900 million dollars at current price levels.
I've lost mid-high 4 figures on some consignments to auction. Can't win em all!
About 75 pct loss - most of that people who took big hits in the 89 crash. Others - incompetence or spent beyond their budget, etc. RCI is risky. Overpay, hold it too long, be prepared to pay.
Stay with material that is in a sane budget for you. Avoid long term debt from numismatic investment. Learn how to grade and price coins. Be aware of coin preservation / reaction to the elements, atmosphere over time. Churn your inventory / investment - When they go bad in the holder, it’s game over.
@Proofmorgan said:
15 years later....has the Farouk 1933 $20 value opinion changed? Especially with the case involving the other examples being "settled"?
The coin is owned by a forum member, and recently he and Ian appeared in a pawn stars segment with an ask price of 30 mil. In the video, Rick makes an offer of 25 mil, apparently on behalf of a client, and is turned down. I couldn’t confirm nor deny whether it was real or for show, but 25-30 seems pretty reasonable based on the market trends.
Comments
Not true, but might as well be. I bought the coin at the 1988 ANA for 375K, turned down 950K, and then had to sell it at a Superior sale in May 91 for 400K hammer. Not one of my finer moments.
On the other hand, there's that 1880 Coiled Hair Stella in 66 (that would now be a 67 DCAM) that I sold around the same time for the same price, but which had cost me 950K. Yeah, 91 wasn't a great year.
Now, PLEASE, on to someone else's coin. A group of investors bought a PR 65 Humbert $20 in 1989'ish for $1.3 million. Then, they sold it a few years later at a Superior sale for 340K hammer. More on the coin here.
Doggedly collecting coins of the Central American Republic.
Visit the Society of US Pattern Collectors at USPatterns.com.
My own biggest % loss was on a $3,000 gem proof seated quarter purchased in 1983. It was later deemed to be AT. I dipped it in haste and disgust figuring it would probably come
out a 64. Nope, it came out looking like a lifeless dog....it then regraded as PF62 and sold it for $450....an 85% loss during one of the biggest coin booms ever. Thanks EAN!
roadrunner
Crazy old thread alert but it ties into a new discussion:
Wow I did not realize the Stella went to the Simi dump, that is about 30 minutes away from me. That story is legendary at this point
BRB grabbing my keys and a shovel… just kidding.
https://www.autismforums.com/media/albums/acrylic-colors-by-rocco.291/
Wow, I was a lot younger at the inception of this thread!
Losing a Stella would haunt me for the rest of my days. I commend Fred for being so good natured about it.
I bought two raw coins on eBay that were deemed uncirculated. I think I paid $1800 for the pair. So, like $900 each.
One of the Coins I could tell right away was circulated, and I returned it for a refund.
I decided to keep the other Coin only to find out from the TPGS that it definitely had PVC contamination and was likely slightly worn, although this latter assumption was never confirmed by the TPGS.
Somebody probably cracked it out of a details slab and sold it to my inexperienced, naive self.
That was many, many years ago and I consider it paid tuition. I sold the Coin for about $150. So, at the end of the day I lost about $750 and I learned a hard lesson. I never made that mistake again.
Sometimes, it’s better to be LUCKY than good. 🍀 🍺👍
My Full Walker Registry Set (1916-1947):
https://www.ngccoin.com/registry/competitive-sets/16292/
I loss 12k on an 1804 Draped Bust dime in XF45, chased it in auction years ago, later decided it wasnt for me, couldnt find a buyer, put back in auction and took the hit.
Regarding the landfill Stella, no doubt it's a bummer, man....but it could be much worse!
I can't imagine the mental anguish of the guy who inadvertently threw away his hard drive with 8,000 bitcoin on it...... roughly 900 million dollars at current price levels.
I've lost mid-high 4 figures on some consignments to auction. Can't win em all!
Founder- Peak Rarities
Website
Instagram
Facebook
About 75 pct loss - most of that people who took big hits in the 89 crash. Others - incompetence or spent beyond their budget, etc. RCI is risky. Overpay, hold it too long, be prepared to pay.
Stay with material that is in a sane budget for you. Avoid long term debt from numismatic investment. Learn how to grade and price coins. Be aware of coin preservation / reaction to the elements, atmosphere over time. Churn your inventory / investment - When they go bad in the holder, it’s game over.
15 years later....has the Farouk 1933 $20 value opinion changed? Especially with the case involving the other examples being "settled"?
The coin is owned by a forum member, and recently he and Ian appeared in a pawn stars segment with an ask price of 30 mil. In the video, Rick makes an offer of 25 mil, apparently on behalf of a client, and is turned down. I couldn’t confirm nor deny whether it was real or for show, but 25-30 seems pretty reasonable based on the market trends.
https://marketrealist.com/what-was-the-value-of-the-1933-double-eagle-20-gold-coin-on-pawn-stars/
Founder- Peak Rarities
Website
Instagram
Facebook