Home U.S. Coin Forum

$22,000 for a 1940 Lincoln Cent !!!!

1235»

Comments

  • wondercoinwondercoin Posts: 17,003 ✭✭✭✭✭
    "The dealers of these coins want to hype those miniscule (by definition) differences to make them appear significant."

    Actually, this statement may not be entirely accurate. I am finding THE COLLECTORS WHO SLAB THESE SUPER LOW POP COINS are asking outrageous sums for their coins, just as dealers who slab them may be in your mind. There are several board members who has recently asked "moon money" for their freshly slabbed "pop tops". Make no mistake about it - collectors are "hyping" every bit as much as dealers from what I see out there image

    Wondercoin
    Please visit my website at www.wondercoins.com and my ebay auctions under my user name www.wondercoin.com.
  • CalGoldCalGold Posts: 2,608 ✭✭
    After reading 200 posts:

    1. I think Sunnywood's was the most poignant.

    2. I actually looked at the picture of the coin Paul posted. Isn't that a scratch under the first T? And do I see marks in the luster by the G and in field by the bow tie, and on the shoulder? Or are those too miniscule to matter?


    CG
  • pmh1nicpmh1nic Posts: 3,360 ✭✭✭✭✭
    cladking

    " believe I've read all the grading guides and don't recall ever seeing the terms miniscule, minutae, insignificant or any of their synonyms."

    Well you better open up your ANA grading guide and look again:

    "MS-67 3 or 4 miniscule contact marks with 1 or 2 in a prime focal area"
    "MS-68 3 or 4 miniscule contact marks with none in a prime focal area"
    "MS-69 1 or 2 miniscule contact marks with none in a prime focal area"

    All of the above should have fully original attractive or above average luster with no hairlines visible without magnification and exceptional eye appeal.
    The longer I live the more convincing proofs I see of this truth, that God governs in the affairs of men. And if a sparrow cannot fall to the ground without His notice is it possible for an empire to rise without His aid? Benjamin Franklin
  • tradedollarnuttradedollarnut Posts: 20,205 ✭✭✭✭✭
    Let's say hypothetically that the only reason to buy low pop, top pop coins is for registry position. In that case a 1940 1c in MS68 would have more value than a 1940 in MS67. How much more value depends on how much the money players value the extra registry credit. Future return will depend on how much the money people want the extra registry credit in the future. Such demand would raise, lower, or leave unchanged the value of the coin.

    Hmmmm - that may not be too good of an arguement. Take a look here: Legend Trade Dollar Set

    The max set rating is 65.80 [at the top of the page] and the Legend Collection's set rating is 65.79 - a difference of only 1/100th of a point. That .01 represents a common date upgrade from MS67 to MS68. And that's how small it is on an 18 coin set - how many coins in the Lincoln Cent set? The set rating reward for the 1940 in MS68 would be proportionally smaller.

    High grade common date coin upgrades simply don't affect the set rating very much.
  • pmh1nicpmh1nic Posts: 3,360 ✭✭✭✭✭
    "But there are those who do care about the differences and they don't look so miniscule to them."

    And that's exactly my point. The differences that separate these grades are miniscule to all (even the cross section of advanced graders that put together the ANA grading standards guide) EXCEPT those that have decide that a couple of dots 1/4 of the size of the period at the end of this sentence are so extremely important that there absence accounts for 99% of a coins value.
    The longer I live the more convincing proofs I see of this truth, that God governs in the affairs of men. And if a sparrow cannot fall to the ground without His notice is it possible for an empire to rise without His aid? Benjamin Franklin
  • STEWARTBLAYNUMISSTEWARTBLAYNUMIS Posts: 2,697 ✭✭✭✭
    Trade Dollar Nut

    You're missing the whole point

    Gerry does not have a registry set

    For Gerry..... It's who has the biggest Dic _


    I hope you understand

    stewart
  • wondercoinwondercoin Posts: 17,003 ✭✭✭✭✭
    "For Gerry..... It's who has the biggest Dic _"

    Stewart: While I can not say I agree with you here, understand that in this area there is no such thing as a "minisule" difference best I know image
    image

    Wondercoin
    Please visit my website at www.wondercoins.com and my ebay auctions under my user name www.wondercoin.com.
  • LucyBopLucyBop Posts: 14,001 ✭✭✭
    hmmmm.....
    imageBe Bop A Lula!!
    "Senorita HepKitty"
    "I want a real cool Kitty from Hepcat City, to stay in step with me" - Bill Carter
  • wondercoinwondercoin Posts: 17,003 ✭✭✭✭✭
    image
    Please visit my website at www.wondercoins.com and my ebay auctions under my user name www.wondercoin.com.
  • STEWARTBLAYNUMISSTEWARTBLAYNUMIS Posts: 2,697 ✭✭✭✭

    Mitch

    I completely agree with you regarding the miniscule difference.And I'm sure Gerry does too.That is precisely why he bought the ms 68 1940 Lincoln cent.


    stewart
  • pmh1nicpmh1nic Posts: 3,360 ✭✭✭✭✭
    Wondercoin

    "understand that in this area there is no such thing as a "minisule" difference best I know"

    Let me get this straight. Basically you're saying that a couple of marks 1/4 the size of the period at the end of this sentence could be worth $5,000, $10,000, $20,000 to you. Did I read you correctly?
    The longer I live the more convincing proofs I see of this truth, that God governs in the affairs of men. And if a sparrow cannot fall to the ground without His notice is it possible for an empire to rise without His aid? Benjamin Franklin
  • wondercoinwondercoin Posts: 17,003 ✭✭✭✭✭
    "Wondercoin "understand that in this area there is no such thing as a "minisule" difference best I know" Let me get this straight. Basically you're saying that a couple of marks 1/4 the size of the period at the end of this sentence could be worth $5,000, $10,000, $20,000 to you. Did I read you correctly?"

    I think you may be taking my comment out of context image

    Wondercoin

    Please visit my website at www.wondercoins.com and my ebay auctions under my user name www.wondercoin.com.
  • cladkingcladking Posts: 28,743 ✭✭✭✭✭


    << <i>

    And that's exactly my point. The differences that separate these grades are miniscule to all (even the cross section of advanced graders that put together the ANA grading standards guide) EXCEPT those that have decide that a couple of dots 1/4 of the size of the period at the end of this sentence are so extremely important that there absence accounts for 99% of a coins value. >>



    OK. I stand corrected. What the ANA grading guide calls miniscule may well
    not be miniscule to those who seek upgrades. It would appear the market
    is telling us that they don't seem so miniscule to collectors. It always comes
    back to what collectors seek and they seek coins in better condition.

    Personally I'm more concerned with strike than counting marks anyway. Nice
    ProofLikes interest me more than the lenght or depth of a scratch. A new die
    whether PL or not is of far more interest to me than any other single factor.
    The fact that there is a lot of correlation in moderns between quality of strike
    and cleanliness of surfaces probably saves me from some mistakes. Call the
    differences between two coins whatever you want but still most collectors can
    rate almost any two coins. It doesn't matter what grade anyone calls them the
    collector will have a preference for one over the other most of the time.

    If you can do anything to get the price of the best coins down there are many
    who would be appreciative and if you can do anything to get the prices of the
    second best up there are others who would be appreciative. Until one or the
    other happens then these "miniscule" differences will sometimes account for a
    large part of the price.
    tempus fugit extra philosophiam.
  • pmh1nicpmh1nic Posts: 3,360 ✭✭✭✭✭
    "I think you may be taking my comment out of context"

    Out of context???

    The grading guide calls the things that differentiate these grades miniscule. You say in this area nothing is miniscule in justification for the much higher prices paid for a one point difference in grade. That would lead me to believe that you believe that the difference of $5,000, $10,000 or more that is paid for coins above the next lower grade (in some cases representing a 100X premiums) is reasonable meaning that those miniscule differences justify the price. I think in fact you trade in these types of situations. So how am I taking what you said out of context?
    The longer I live the more convincing proofs I see of this truth, that God governs in the affairs of men. And if a sparrow cannot fall to the ground without His notice is it possible for an empire to rise without His aid? Benjamin Franklin
  • wondercoinwondercoin Posts: 17,003 ✭✭✭✭✭
    "You say in this area nothing is miniscule in justification for the much higher prices paid for a one point difference in grade"

    I was referring to Stewart's comment at the time.

    But, I have been known to acquire a pop top from time to time - both classic and modern, and from both sellers who were dealers and collectors. So, if that is "guilty as charged" - so be it image

    Wondercoin
    Please visit my website at www.wondercoins.com and my ebay auctions under my user name www.wondercoin.com.
  • pmh1nicpmh1nic Posts: 3,360 ✭✭✭✭✭
    Cladking

    "OK. I stand corrected. What the ANA grading guide calls miniscule may well not be miniscule to those who seek upgrades."

    You're using different words to state my point.

    "Personally I'm more concerned with strike than counting marks anyway."

    Coins in the grades we're discussing "by definition" have to be fully struck.

    "Call the differences between two coins whatever you want but still most collectors can rate almost any two coins."

    Recognizing the differences is one thing, assigning 99% of the coins value to them is another and IMHO it's putting an undue emphasis on the minutia in contrast to the coin as a whole.

    "Until one or the other happens then these "miniscule" differences will sometimes account for a large part of the price."

    Yes, for some miniscule difference account for 99% of a coins value. So it appears we agree image.
    The longer I live the more convincing proofs I see of this truth, that God governs in the affairs of men. And if a sparrow cannot fall to the ground without His notice is it possible for an empire to rise without His aid? Benjamin Franklin
  • pmh1nicpmh1nic Posts: 3,360 ✭✭✭✭✭
    "But, I have been known to acquire a pop top from time to time - both classic and modern"

    ...and paid a hefty 50x or 100x premium for the privilege of avoiding a few miniscule marks. Guilty as charged image.
    The longer I live the more convincing proofs I see of this truth, that God governs in the affairs of men. And if a sparrow cannot fall to the ground without His notice is it possible for an empire to rise without His aid? Benjamin Franklin
  • cladkingcladking Posts: 28,743 ✭✭✭✭✭


    << <i>

    Coins in the grades we're discussing "by definition" have to be fully struck.

    So it appears we agree image. >>



    Well this is as close as we ever got on this subject anyway.image

    This may not be a good time to mention this but fully struck means something very
    much different to me than it does to the grading services. Usually people look at a
    coin with full details and say it's fully struck but to me it's not fully struck until 100%
    of the design detail is intact. This means split and fully rounded bands, but it also
    means that the tops of the detail and lettering is full and rounded. A '72-D quarter
    makes an excellent example. This coin is probably the most common of ALL business
    strike clad quarters "fully struck". It also is frequently encountered with beautiful PL
    surfaces which are satiny smooth. It does not however appear with a 100% strike.
    These apparently do not exist with the top of entire numeral 2. Almost every other
    clad quarter appears at least rarely with a 100% strike but the most common fully
    struck date does not.
    tempus fugit extra philosophiam.
  • MrEurekaMrEureka Posts: 24,419 ✭✭✭✭✭
    Let's step back for a second. For the past SEVENTEEN years there has been a trend in grading. The trend can best be called the "linearization" of the "nice coin" grading curve. Some of you are doubtless silently mouthing "Whafuch?" Let me explain...

    In 1986 when PCGS opened its doors, if you took all of the nice looking unc coins ranging from 63-70, those coins would be graded as follows:

    63 50%
    64 30%
    65 15%
    66 4.5%
    67 0.4%
    68 0.1%
    69 0%
    70 0%

    By 2000, it looked like this:

    63 35.0%
    64 27.5%
    65 22.5%
    66 9.0%
    67 3.5%
    68 2.0%
    69 0.5%
    70 0.0%

    Today, it looks like this:

    63 27.5%
    64 22.5%
    65 20.0%
    66 15.0%
    67 10.0%
    68 3.0%
    69 1.5%
    70 0.5%


    By 2020, I expect that the curve will have become a straight line and that the grading scale will be proclaimed as much more "rational". (Dorkkarl - I anticipate your response and you can BITE ME!)

    In other words, by 2020, the coins will be graded as follows:

    63 12.5%
    64 12.5%
    65 12.5%
    66 12.5%
    67 12.5%
    68 12.5%
    69 12.5%
    70 12.5%

    What does that mean for 1940 cents? Oh, about 4000 coins in MS70RD worth about $250 apiece. Gerry shouldn't worry since he'll probably have sold his by yearend. Eveyone else? Time will tell.

    Edited to say that by 2020 Gerry's coin will NO DOUBT be one of the BEST 70's.







    Andy Lustig

    Doggedly collecting coins of the Central American Republic.

    Visit the Society of US Pattern Collectors at USPatterns.com.
  • cladkingcladking Posts: 28,743 ✭✭✭✭✭
    This trend is probably the result of submitters getting better at picking the right coins to
    send in. There is a huge grade difference between the top 1%ile and the 87Th %ile in
    most moderns and 1940 Lincoln cents. People would stop submitting all 1940 cents long
    before such a distribution could result.
    tempus fugit extra philosophiam.
  • MrEurekaMrEureka Posts: 24,419 ✭✭✭✭✭
    This trend is probably the result of submitters getting better at picking the right coins to send in.

    CladKing - My friend, you are in denial. If your ultimate coins are to achieve their potential, it will be no thanks to the slabs in which they are entombed.
    Andy Lustig

    Doggedly collecting coins of the Central American Republic.

    Visit the Society of US Pattern Collectors at USPatterns.com.
  • wondercoinwondercoin Posts: 17,003 ✭✭✭✭✭
    In other words, by 2020, the coins will be graded as follows:

    63 12.5%
    64 12.5%
    65 12.5%
    66 12.5%
    67 12.5%
    68 12.5%
    69 12.5%
    70 12.5%


    Andy - Very well may be the case, BUT, by 2020, 95%+ of the coins submitted may well be dated 2015-2020, so this phenomenon may be a non-starter image

    Wondercoin
    Please visit my website at www.wondercoins.com and my ebay auctions under my user name www.wondercoin.com.
  • MrEurekaMrEureka Posts: 24,419 ✭✭✭✭✭
    Andy - Very well may be the case, BUT, by 2020, 95%+ of the coins submitted may well be dated 2015-2020, so this phenomenon may be a non-starter

    Interesting....

    What if the US Mint has PCGS grade all of its coins before they go into proof set holders? OK, maybe I don't really know the future. Doesn't mean I'm gonna offer Gerry a profit on his 40 cent, but I really WILL consider it. image
    Andy Lustig

    Doggedly collecting coins of the Central American Republic.

    Visit the Society of US Pattern Collectors at USPatterns.com.
  • STEWARTBLAYNUMISSTEWARTBLAYNUMIS Posts: 2,697 ✭✭✭✭
    Andy

    I can't believe I actually heard that you would consider offering Gerry a profit on his 1940 cent.What do you think Don Kagin would think if he heard you say something like that.

    Stewart
  • cladkingcladking Posts: 28,743 ✭✭✭✭✭


    << <i>

    CladKing - My friend, you are in denial. If your ultimate coins are to achieve their potential, it will be no thanks to the slabs in which they are entombed. >>



    This is exactly the point I've been trying to make all along. This is not a registry or a third part grading phenomenon. This is the way modern coins are often collected. It is likely to always be a common way
    to collect moderns and moderns will be collected just as long in the future as any of the classics.

    tempus fugit extra philosophiam.
  • MrEurekaMrEureka Posts: 24,419 ✭✭✭✭✭
    I can't believe I actually heard that you would consider offering Gerry a profit on his 1940 cent.What do you think Don Kagin would think if he heard you say something like that.

    I would think that Don would want to be my partner on the deal. He would probably assume that I was going to sell the coin to you!
    Andy Lustig

    Doggedly collecting coins of the Central American Republic.

    Visit the Society of US Pattern Collectors at USPatterns.com.
  • pmh1nicpmh1nic Posts: 3,360 ✭✭✭✭✭
    Cladking

    "This is the way modern coins are often collected."

    I think I get it now.

    What you're saying is that a segment of modern collectors really do put a tremendous amount of weight on miniscule differences (although in their minds these near microscope differences aren't miniscule) in the super high grade coins and pay up to 100X one grade point premiums for them. Said another way this segment of modern collectors does place 99% of the coins value in those differences.

    It took almost 200 post but I think it's finally becoming clear to me image.
    The longer I live the more convincing proofs I see of this truth, that God governs in the affairs of men. And if a sparrow cannot fall to the ground without His notice is it possible for an empire to rise without His aid? Benjamin Franklin
  • cladkingcladking Posts: 28,743 ✭✭✭✭✭
    Pmh1nic: It sounds stupid when you say it that way, but in a nutshell that's exactly it.image

    There are individual differences in collectors and where one may want the best possible
    strike another may want the cleanest possible surfaces. One of the fortunate aspects of
    more recent date coinage is that there's a high correlation between quality of stike and
    quality of surfaces. When clean coins are found they'll often have great strikes.

    This is not the only level at which moderns can be enjoyed but it is the only level at which
    any regular issue moderns are rare. Some are actually surprisingly scarce even in nice
    choice unc. These coins have little value despite their scarcity because there is little demand.
    Moderns are also fun in circulated condition. Some of these are quite rare which makes them
    a lot of fun to collect. A 1969 (p) quarter is scarce in better than F and rare if XF or AU. While
    few of the circulating issues will ever get a substantial premium it doesn't detract from the
    value of a collection. There are some varieties which escaped detection and do not exist in
    mint sets or BU rolls! A few of these appear to exist ONLY in circulation and are usually heav-
    ily worn. These are fun to seek and potentially very rewarding someday in VF or better.

    I really like the clads and the moderns but, of course, to each his own.
    tempus fugit extra philosophiam.


  • Just noticed in the pop report that this coin is now a pop. 4! It's hard not to think that the late date Lincoln pops in high grade will continue to rise and the prices continue to fall. Just a guessimage
  • tradedollarnuttradedollarnut Posts: 20,205 ✭✭✭✭✭
    This is not a phenomena isolated to moderns - it's a symptom of grade inflation. I recently passed on an 1877 trade dollar in PCGS MS65 because I felt that it would someday no longer be a pop1 and the price asked was unrealistic. There are 80 undergrades, 5 NGC MS65's and an NGC MS66. An MS64 is only worth $3k or so and a take it or leave it price of 12X the undergrade seemed like a foolish purchase to me.

    Wonder how much going from a pop 1 to a pop 4 kills the price on a common date coin?
  • mgoodm3mgoodm3 Posts: 17,497 ✭✭✭
    $22,000 Lincoln is now a pop 4. Ouch. That's gotta hurt.
    coinimaging.com/my photography articles Check out the new macro lens testing section
  • shirohniichanshirohniichan Posts: 4,992 ✭✭✭
    I got this in change yesterday at the local supermarket from an original bank roll. The reverse exhibits Full Steps and Full Bushes. Nearly prooflike surfaces cascade over America's famous President and the monument constructed in his memory. A great ethereal spritual presence seeps through the original mint luster.

    Must sacrifice for only $21,999.99.


    image
    image
    Obscurum per obscurius
  • STEWARTBLAYNUMISSTEWARTBLAYNUMIS Posts: 2,697 ✭✭✭✭

    Full steps AND full bushes

    Does PCGS or NGC recognize Full Bushes ?

    Stewart

    Bruce - Your a target. How does it feel ?
  • shirohniichanshirohniichan Posts: 4,992 ✭✭✭


    << <i> Full steps AND full bushes

    Does PCGS or NGC recognize Full Bushes ?

    Stewart

    Bruce - Your a target. How does it feel ? >>



    No, Full Bushes is a trademark of my own company, ACGS (Amateur Coin Grading Service). I'm going to steal business from NTC and ACG.
    image
    Obscurum per obscurius
  • MacCrimmonMacCrimmon Posts: 7,058 ✭✭✭


    << <i>. . . A great ethereal spritual presence seeps through the original mint luster. >>



    Shiro, you should catalog for DHRC!! image
  • DatentypeDatentype Posts: 1,677 ✭✭✭
    There is a reason these coins are being sold for these amounts. Forget supply and demand and everyone that has too much money for a minute and the fact they are virtually impossible to find in that condition. To me the bottom line is most of you have missed the boat on price escalation and what the people want in the market. people have needs that are being met. This is not a trend any longer, it is "the way". For those of you that are too "old school" or too stuborn to accept this, it is my opinion that you need to get with the times.
  • tradedollarnuttradedollarnut Posts: 20,205 ✭✭✭✭✭
    There is a reason these coins are being sold for these amounts.

    Yup - people are too stupid to say 'no'!

    Forget supply and demand and everyone that has too much money for a minute and the fact they are virtually impossible to find in that condition.

    For now. Just wait - they'll make more.


    To me the bottom line is most of you have missed the boat on price escalation and what the people want in the market.

    Oh, I know what people want.... doesn't mean I have to pay it and lose 50% when the pop goes up


    people have needs that are being met.

    Ummm - I'm kinda of the "don't ask, don't tell" philosophy on that one! image


    This is not a trend any longer, it is "the way".

    It's the 'way' until the next trend comes along - people saying no...


    For those of you that are too "old school" or too stuborn to accept this, it is my opinion that you need to get with the times.

    hahahahahahaha
  • cladkingcladking Posts: 28,743 ✭✭✭✭✭
    Shiroh: Wait till next year to sell it. It'll be an obsolete date then.
    tempus fugit extra philosophiam.
  • cladkingcladking Posts: 28,743 ✭✭✭✭✭
    Some people will never like the later date coins. To each his own. It can be
    almost impossible to change ones' perspective, especially if one sees no need.
    tempus fugit extra philosophiam.
  • You gotta admit...from a pop 1 to a pop 4 in a matter of 2 months......time to re-evaluate that Registry Set you are putting together if you are not Howard Hughes or that Microsoft guy. All coins with millions struck have the capacity to be high grade. Maybe they will, maybe they won't but the potential is always there. How lucky do you feel????image

Leave a Comment

BoldItalicStrikethroughOrdered listUnordered list
Emoji
Image
Align leftAlign centerAlign rightToggle HTML viewToggle full pageToggle lights
Drop image/file