63-D PCGS Jeff Pop 1 -- A lesson in Truth & Honesty!
FrattLaw
Posts: 3,290 ✭✭
I started a thread as to this 1963-D PCGS 66 Jeff -- Pop 1 Coin Wowzer!
Well I have to be honest and tell it's story. I actually am responsible for this coin coming to market -- but I have NO financial interest in it. I found this coin as well as the other toned Jeffersons that Dick has up for auction in my local dealer's shop. (There were 5-10 that were sold last week as well.) The coins were sitting in a Dansco album toning for years that no one bothered to look at it. As soon as I saw these coins I knew they were something special. He had a price of I think $250 on the entire set. I didn't even offer to buy the set.
My local dealer has no idea the value of toned coins or conditional rarities. I told him to change out the toned Nickels and submit them to PCGS for grading. I wasn't sure of how they would grade, but I knew they were exceptional coins. Once he got them back from PCGS, but before I saw the grades, he was offered $10 a coin by a customer. He almost sold them. If the guy offered $20 a coin, he probably would have. Once I saw them I contacted Dick and had him list the coins for him.
The moral to the story, you can find gems anywhere. You just gotta look. And while I have no financial interest in this coin and will not receive a penny from its sale, I now have a local dealer who appreciates my honesty and might be more willing to cut me a deal on some other coins I will buy from him.
It's easy to cherrypick a dealer in this hobby and turn a fast buck, but doing the right thing has its own rewards.
Sorry for being a little misleading in my first post, but I wanted a truly unbiased opinion as to this coin. I thought I might not have gotten if I had said I had something to do with it.
Thanks
Michael
Well I have to be honest and tell it's story. I actually am responsible for this coin coming to market -- but I have NO financial interest in it. I found this coin as well as the other toned Jeffersons that Dick has up for auction in my local dealer's shop. (There were 5-10 that were sold last week as well.) The coins were sitting in a Dansco album toning for years that no one bothered to look at it. As soon as I saw these coins I knew they were something special. He had a price of I think $250 on the entire set. I didn't even offer to buy the set.
My local dealer has no idea the value of toned coins or conditional rarities. I told him to change out the toned Nickels and submit them to PCGS for grading. I wasn't sure of how they would grade, but I knew they were exceptional coins. Once he got them back from PCGS, but before I saw the grades, he was offered $10 a coin by a customer. He almost sold them. If the guy offered $20 a coin, he probably would have. Once I saw them I contacted Dick and had him list the coins for him.
The moral to the story, you can find gems anywhere. You just gotta look. And while I have no financial interest in this coin and will not receive a penny from its sale, I now have a local dealer who appreciates my honesty and might be more willing to cut me a deal on some other coins I will buy from him.
It's easy to cherrypick a dealer in this hobby and turn a fast buck, but doing the right thing has its own rewards.
Sorry for being a little misleading in my first post, but I wanted a truly unbiased opinion as to this coin. I thought I might not have gotten if I had said I had something to do with it.
Thanks
Michael
0
Comments
<< <i>.... Once he got them back from PCGS, but before I saw the grades, he was offered $10 a coin by a customer. He almost sold them. If the guy offered $20 a coin, he probably would have... >>
???????????????
it seems he may need a little more help than just honesty.....
z
<< <i>I now have a local dealer who appreciates my honesty and might be more willing to cut me a deal on some other coins I will buy from him. >>
LOL, you hope. Or perhaps he'll send them to "Dick" from now on. Yes he will maximize his value. But even if he would have sold them for 10.00 he would have been happy and made a profit. Many local dealers really aren't dumb, they just don't get into the pop tops or top pops.
OK, edit to add.... if he had sold them for 10.00 he wouldn't have made a profit since he paid grading fees.
Cameron Kiefer
Russ, NCNE
42/92
<< <i>Or perhaps he'll send them to "Dick" from now on. Yes he will maximize his value >>
Actually, I have encouraged him to do this.
<< <i>I'd have cherrypicked his ass and grabbed the profit myself. >>
The time I would spend cherrypicking him, sending in the coins, taking pics, running the auctions, packing & shipping ect, is a waste for me. It's too much work. Luckily I can make much more in the same amount of time in my chosen profession.
Michael
Anyway at that time I was collecting Buffalos, and keeping in mind that I can grade Buffalos and Walkers
probably as well as anyone, I went to his shop one day and he had just bought several Buffalos from a local guy that had inherited the coins from his grandfather that had been collecting "raw" Buffalos and other coins since he was a young man. The dealer had already placed them in 2x2's and had them in his case, so I asked him to pull them out so I could take a look at them, which he did....... The first coin that really caught my interest was a 1918-S Buffalo with gorgeous color that he had marked on the 2x2 as "BU" and had it priced at $295.00 which at the time was I think about grey sheet for an MS60 Buffalo...... I bought the coin immediately and after looking through the rest of his newly acquired Buffalos I left and returned home with a big smile on my face because I knew that the 1918-S Buffalo that I had just bought would grade at a minimum of MS64, and if I got lucky MS 65! The following week I sent the the Buffalo in to PCGS and it graded ms64!
Now for the rest of the story..... About a year later after I had completed my Buffalo set all in PCGS with the lowest grade in the set being my MS 64 1918-S, and a 1926-S in MS63, with the balance of the set in MS65 up through MS67.... At that time I decided to sell my set, which I did between a couple of very prominent well known dealers. The 1918-S alone brought in access of $3500.00.......
A couple of weeks after selling my Buffalos I went to the coin shop where I had purchased the 1918-S for $295.00 and after explaining to the dealer what I had done with the 1918-S Buffalo that I had bought from him earlier, I wrote him a check for $400.00 which was roughly 10% of what I received for the 1918-S..... I also told him that he might want to reconsider his thinking on "slabbed" coins!
I firmly believe in numismatics as the world's greatest hobby, but recognize that this is a luxury and without collectors, we can all spend/melt our collections/inventories.
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