Regrets...
Syracusian
Posts: 6,485 ✭✭✭✭
...as soon as I was outbid and did not respond to the $650 winning hammer bid on this coin.
It is an Iranian crown from 1936, 5 rials PCGS MS67.
It was the jewel of a date set of Persian crowns from the 20s and 30s that were been sold that night. Most were in the 62-63 range , $200-$250 hammer and were nothing special. Afterall, I already owned a much scarcer 1902 5000D (5 crans) in PCGS MS65, so I hadn't yet convinced myself that I really wanted it!
But it was its previous sale , only 7 months ago, in May of this year that had clouded my judgment and didn't go tor the kill, by placing a $700 counter bid and bid it up to $800 live if needed (I was awake at 4 am for the live auction, I had already been outbid on two more coins). At that level, below $1K , I could and should have maxed at $850 if needed.
The coin had sold last May on ha.com for $360 hammer and $432 with buyer's commission. Why did the buyer reconsign it almost straight away? The photos were showing an extremely attractive coin. I had been top bidder before the live session with a hammer bid already exceeding its total previous sale price, but I didn't expect it to go that higher.
I didn't cut bid or countered with $700 or put up a fight. I froze. And the AI auctioneer moved on. I hadn't done my homework. Anyway, I switched off the ipad and I was trying to reason with my collecting subconcious, with the "we win some, we lose some" argument that did not help much.
Then later, the following morning, I went to see some lots for a local auction that takes place live at 4 pm tonight, local time. While browsing through the lots, I was chit chatting with the auctioneer, a previous Heritage representative in London who has resettled in Athens almost a decade ago and I mentioned the coin, its previous recent sale history after which I was waiting for a positive reply, that I didn't miss anything special.
Wrong again!
"Coins from Iran are sleepers" he told me, "they will become really really hot if the sanctions are lifted one day and this is the time to sweep them up. Especially such a pleasant top grade and uniquely toned example."
Grrrrrrr, I sensed the regrets wounding me again internally. And what if I had spent slightly less than $1000 (all in) on a coin that I liked so much? When will I finally learn to trust my gut? Getting outbid, also means that the funds are still available for tonight's auction for instance , but at that level, I couldn't keep lying to myself.
I blew it. If any member here won it , congrats and he can contact me for a potential resale if he wants.😂😔
Comments
Well, the one that you have is stunning!
We’ve all been there! Nothing you can do but accept the education and move on.
Thank you both.
myEbay
DPOTD 3
Excellent write up summarizing your thoughts and this one.
What a Beautiful example- I have not seen a 67 of this type. However, in all fairness I have not looked that hard either. The real big question with these coins is the condition rarity of the surviving population. And I suspect some numismatic research has been done on this question which I have just not seen. These could easily be overlooked and significantly underappreciated at such a lofty grade.
I thought I would share an example of the type- I seem to recall that I have submitted 3-4 to PCGS
Experience the World through Numismatics...it's more than you can imagine.
I think you described the emotions we all go through! Your 1902 coin is awesome.
My current "Box of 20"
Thank you for your comments.
This is a wonderful example of the type Bob. I've looked it up and I was surprised by the relatively big number of MS65s (44), let alone an additional 32 examples even higher!
Apparently Iranian crowns have a bigger following than I thought.
And you still have 2-3 lying around.... I've always enjoyed your multi countries approach to coin collecting , similar to mine, as opposed to the strict focus of other distinguished Darksiders with impressive sets, but that require a serious discipline, that I do not posess.
myEbay
DPOTD 3
I really liked your discussion on this 5 Rial coin. Reminds me of a few I missed out on. The older I get I find myself saying, "it is only money", since I might never see some of them again.
Also, the joy of have the coin does not fade but the price I paid seems to get forgotten, unless my wife asks.
I always liked this crown sized coin and have pick 7 up over the years, last nice one ~25 years ago. I just sent the second to the last one in for grading; I come across them from time to time in a box.
A question, PCGS show the pic for this coin under the SH1313/2 (1934) 5 Rial KM-1131 (Regular Strike) slot. I see they did not note the overdate on the slab but the slot is for the overdate PCGS #826620. Are all these assigned to the same slot? I actually own the coin right next to it the other 67 and I thought its slab noted the overdate. I will check next time I see the coin.
Also, I was getting to the point of unwinding some of my stuff. I don’t have much from Iran but it was interesting the comments you received from Heritage. I used to pick up the 1971 200 Rial when I could find them since I really like that design as well. I remember when I was starting to collect coins in the late 1970’s the dealers told me that they started to get selective on who they would sell the 200 Rial coins to since the Iranian students in the US would buy them and then deface the coin.
Your 1902 is really special!
Here are the ones I have from this series; I actually like my first 66 coin over the 67.