Options
1963 PR70 Lincoln
homerunhall
Posts: 2,496 ✭✭✭
The 1963 PR 70 Lincoln cent in the Heritage auction was purchased by PCGS. We purchased the coin to take it off the market since it had "turned" in the holder and was no longer PR70. The transaction was handled in such a way the nobody (other than PCGS) will lose any money on the deal.
Not sure what we'll do with the coin. Maybe we'll put it in the Long Beach World Series of Grading test...though I don't think a spotted PR64 Lincoln proof is a good coin for the test.
Maybe we'll hang it on the grading room or sealing room wall to remind the staff to be careful about handling copper. This is not the first big hit we've taken on a copper coin. In 1989 we bought back a PR69 Indian cent for $50,000 that had "grown" an enormous spot covering the entire face. We put it in a holder labeled "The $50,000 spot" and hung it on the grading room wall for awhile.
David Hall
Not sure what we'll do with the coin. Maybe we'll put it in the Long Beach World Series of Grading test...though I don't think a spotted PR64 Lincoln proof is a good coin for the test.
Maybe we'll hang it on the grading room or sealing room wall to remind the staff to be careful about handling copper. This is not the first big hit we've taken on a copper coin. In 1989 we bought back a PR69 Indian cent for $50,000 that had "grown" an enormous spot covering the entire face. We put it in a holder labeled "The $50,000 spot" and hung it on the grading room wall for awhile.
David Hall
0
Comments
Bust Half & FSB Merc Collector
<< <i>Personally, I think the only logical explanation for the thing getting bid this high is that it's being bought back by PCGS. Nothing else makes any sense to me.
Russ, NCNE >>
<< <i>If I were running PCGS, this coin would be bought back. It would be very cheap PR in both directions. First, it gets it off the market so that the possibility of another public round of "hey look at this overgraded PCGS POS!" is eliminated. Second, they then announce that - at great expense - they stood behind their product.
Russ, NCNE >>
http://forums.collectors.com/messageview.cfm?catid=26&threadid=250618
Russ, NCNE
The second thought was... I have to get across the street and see how the boys can Poo Poo this move.
Ken
President, Racine Numismatic Society 2013-2014; Variety Resource Dimes; See 6/8/12 CDN for my article on Winged Liberty Dimes; Ebay
<< <i>I have to get across the street and see how the boys can Poo Poo this move. >>
I'm sure it'll be a hot topic for days to come.
Russ, NCNE
So far PCGS has always stood up to their guarantee whenever I needed it. I would like one of those holders though. You know, the ones that say: "The $50,000 spot".
Way to go PCGS.
Should we send it to NGC.....Just kidding
Tbig
Way to go PCGS!!!!
jim dimmick
<< <i>I knew it! >>
<< <i>Personally, I think the only logical explanation for the thing getting bid this high is that it's being bought back by PCGS. Nothing else makes any sense to me.
Russ, NCNE >>
<< <i>If I were running PCGS, this coin would be bought back. It would be very cheap PR in both directions. First, it gets it off the market so that the possibility of another public round of "hey look at this overgraded PCGS POS!" is eliminated. Second, they then announce that - at great expense - they stood behind their product.
Russ, NCNE >>
Russ,
I nominate you for the next Prez of PCGS.
NEVER LET HIPPO MOUTH OVERLOAD HUMMINGBIRD BUTT!!!
WORK HARDER!!!!
Millions on WELFARE depend on you!
By the way David you might contact typetone to see if he is interested in it, here is his thoughts.
We can yell and scream all we want, but this coin is now 51K bid without the juice. It is the key certified proof coin in the entire Lincoln series, according to the market. Am I wrong? Which certified Lincoln proof is worth more? And please no pontificating about how stupid the bidders are buying an overgraded coin. Just show me another certified Lincoln proof which would bring higher money. Stewart, anything in your collection?
Greg
1963 1C PR70 Deep Cameo PCGS. From a substantial proof mintage in excess of three million pieces, this specimen is the first and only example to achieve the highest possible grade assessment. Thick mint frost covers the devices and provides a strong contrast against the depth of mirrored reflectivity in the fields, and, of course, there are no handling marks or other flaws of any significance to be found. Deep cherry-red color characterizes this splendid coin--the finest certified by either of the major services.
My hat is off to you and PCGS for this one.
I was wondering if PCGS would wait to ship submittals after giving us the grades to see if we wanted a review.This would save sending them back and paying S&H both ways again with the review fee ?
Registry 1909-1958 Proof Lincolns
Is that an option PCGS is looking at ?
<< <i>IF you crack it out you can get 50 cents for the insert!! >>
I will pay $100 for the insert.
I'd be happy to purchase it from you for PF65 money, in it's current holder of course.
Jim
Irish Mike:
You quoted me out of context. In previous posts on that thread, I stated that the coin certainly derived its value from the holder and the guarantee behind it. If it no longer has the holder and thus the 70DCAM guarantee, it is certainly worth far less. This entire incident serves to show in fact the value of the PCGS guarantee. It also proves those experts were wrong who said that PCGS would never guarantee to pay the auction price, or maybe even honor the guarantee in this case. I always felt they would, and said it in the thread. In stating that it was the key, I was seeking opinions as to whether the coin at 51K was the most valuable proof Lincoln. Later in the thread we determined that one of the 1909 VDBs in 67RD would probably sell for over 100K and thus it was in fact not the key. I also clearly stated that I would pay $15K for a 1963 in 70DCAM, I never said I would pay 51K. I was clear that I was an average buyer for this grade, not the best buyer.
Having said that, I would like to buy the coin in the correct holder, as I stated in another thread. Most people on the Boards felt the coin was a 67 CAM at best. David called it a 64. The PCGS price guide shows a 67CAM at $50 retail. I offer right now to pay triple, ($150), if PCGS will holder it with the correct grade and include the statement "The $35,000 Mistake" on the holder. How about it David, do you want to sell it?
Greg
in the field of bussiness. Way to go HRH.
Camelot
I had a feeling that you would do that and am glad you did. You "stepped up to the plate".
I wonder if all the PCgS badmouthers on NGC forum will comment on it or just go in their negative path?
There are some smart people over there but there is a lot of illwill and bad egos as well.
They remind me of Jim McDermott (Democratic lawmaker in Washington) with his comments about Bush capturing Saddam Hussein finally.
Those guys just want to say bad things no matter what.
So, again, David, GOOD JOB and thanks for letting us know!
Ron
PS....I still haven't submitted any coins yet (I am scared to as I have 4 free submissions to use but I have never submitted before and don't want to ruin my coins) but I do own PCGS, NGC, IGC, ANACS, and raw coins....so, I do thank you for the work that PCGS does do. Everyone makes mistakes and it isn't worth it to belittle people for the mistakes that are made if they are honestly handled.
I've been told I tolerate fools poorly...that may explain things if I have a problem with you. Current ebay items - Nothing at the moment
I suspect this could get a couple grand at auction just based on the notoriety.
$250, but it has to have the mistake label. The undergrade a 69DCAM can be had for what $395? Will be bid more for this one.
Greg
a vacuum seal to insure zero contamination.
Might add to grading costs but would also add to assurance.
Skipper
Greg
Greg, the posted time was 5:50 for both of us. Now I am editing my bid! Try that at your next auction!
<< <i>They remind me of Jim McDermott (Democratic lawmaker in Washington) with his comments about Bush capturing Saddam Hussein finally. >>
Russ, NCNE
Greg
And goodbye to one of the most "talked-about-coin" in the history of numismatics!
Michael
The Ludlow Brilliant Collection (1938-64)
--------
Howdy from Houston...
Can't keep my eyes
from the circling skies
Tongue tied and twisted
Just an earthbound misfit,
I
">my registry set