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An interesting question
tradedollarnut
Posts: 20,665 ✭✭✭✭✭
If you had the chance to buy all [or almost all] of a certain coin, would you melt or otherwise destroy most of what you had in order to create a classic rarity?
For instance: There are 10 1884 trade dollars. The finest 1885 trade dollar is worth about $2.5M or so. If you could buy the finest 1884 and the 5 worst of the remaining coins all for the sum of $1M, would you destroy those 5 worst coins in the belief that your finest known coin would then jump in value to $2.5M?
Why or why not?
For instance: There are 10 1884 trade dollars. The finest 1885 trade dollar is worth about $2.5M or so. If you could buy the finest 1884 and the 5 worst of the remaining coins all for the sum of $1M, would you destroy those 5 worst coins in the belief that your finest known coin would then jump in value to $2.5M?
Why or why not?
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I would melt down 5 common date Morgans instead and show the world my hunk of silver saying there is only 1 left now, but secertely stash the other 5 away
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since 8/1/6
Why? Because I collect for the beauty of the material, and the joy of building my sets. To destroy the other coins for finacial gain wouldn't make sense to me. It's not why I'm here in the hobby. It would also prevent others from finishing thier sets and having the joy that I find in doing mine. To do that would be my definition of selfish.
I also see myself as a custodian of the collecatbles I own. Yes they are mine, but they also are part of history, and to destroy bits of history is not something I can justify as a good custodian.
Myriads
Further, the reduction of a total number of rare specemins may decrease the future value of the
finest coin as well as increase the value. With only one specemin, it may tend to decrease interest in the coin
as it will tend to sequester that one example in a collection or museum for extremely long periods.
In my opinion, such an act would be the that of a madman ,with total disregard for the numismatic fraternity
or historic values.
Camelot
If all it takes is a story, (and perception does tend to be 95% of reality), than Mark's approach would be fine. After the coins are secreted away, just leak the "story" of the mad numismatist.
Russ, NCNE
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No! A better idea!
Buy them up and accidentally leave one of them on the top of the Frdge and send Momma out to buy a dozen eggs. Coin is lost and offer a big reward for its return!
or stash it away, have the coin officially declared as counterfeit by Mark who is of course bound, blindfolded and gagged and then........ wait 40 years before coming back with the coin and then have Stacks, Bowers, Hall, Heritage & Superior auction firm sell off the coin to an enthralled audience.
The Lincoln cent store:
http://www.lincolncent.com
My numismatic art work:
http://www.cdaughtrey.com
USAF veteran, 1986-1996 :: support our troops - the American way.
and then say that actually there are only 2 in existance and all the others on the population reports are resubmitts after different curating methods.
then challenge anyone to bring/show at exhibit along with your 2 coins at a major show.
proving once and for all that only 2 exist and not 10 (the others were counterfeit as well)
Doggedly collecting coins of the Central American Republic.
Visit the Society of US Pattern Collectors at USPatterns.com.
<< <i>If you had the chance to buy all [or almost all] of a certain coin, would you melt or otherwise destroy most of what you had in order to create a classic rarity? >>
You been hanging around the Taliban too long? That's what they said about some old Buddhist statues...
Let's rephrase this a little and see what we get.
<< If you had the chance to buy all [or almost all] of a certain coin such as say the coins from the WTC comex vault, would you slab most of what you had with a pedigree in order to create an item you could hype for a good profit? >>
Same motivation, same greed.