Well folks that bodacious Morgan Dollar in the Goldberg Auction

Bear · February 22, 2005 5:07AM

Went for 8500 dollars plus the commission.

FC57Coins · February 22, 2005 5:15AM

Is it in your hot little claws Mr. Bear?

Tonekiller · February 22, 2005 5:18AM

kieferscoins · February 22, 2005 5:22AM

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What did you think it would sell for?

Cameron Kiefer

Bear · February 22, 2005 5:45AM

No Frank. While it was a lovely coin, I didnt believe it

was worth more then 3-4 thousand dollars. The market for

toned Morgan Dollars is to say the least, very unpredictable.

ArtR · February 22, 2005 5:46AM

I watched the auction, and was surprised it went that high. I guess the bar on great toned dollars continues to go up.

Sunnywood · February 22, 2005 6:32AM

As I said elsewhere, it was a unique combination of quality, PCGS MS66 holder, the color, the catalog cover, and the notoriety, that made for big egos and big pocketbooks chasing the coin. I do not exclude myself from such a description. I had previously written here that the coin would hammer for $6000+. At that level, there were still four bidders on the coin that I could tell. I ended up as the underbidder, having stepped up to the plate with very strong bids after shooting my mouth off here. But, it wasn't good enough.

Folks, don't mistakenly conclude that all of your toners are suddenly worth a lot more. It is VERY hit and miss. Only the best quality coins, in the right holders, in the right auctions, and with the right amount of publicity, with the right bidders happening to want them, can produce these results !!! As many of you do know, the toner market is (tautologically !!) not a "black and white" matter !!

Example: lots 1918 to 1920, all three obverse rainbow-toned 1885-P PCGS MS66 coins. If you saw them in person, 1918 was misrepresented photographically, and had no red in person. That left 1919 and 1920. I preferred 1919, which was technically cleaner and better struck than 1920, but it was a very close toss-up. 1920 had the red on the cheek, while 1919 had the red behind Miss Liberty. I bought 1919 for $1650 hammer, while the exceedingly similar and comparable 1920 went for $2600 hammer. You cannot rationalize auction results, nor can you duplicate them in the real world.

Best,
Sunnywood

Peaceman · February 22, 2005 6:37AM

stupid is.... as stupid does....

K6AZ · February 22, 2005 6:42AM

These high end toned Morgans are a very thin market, and as Sunnywood said, everything must fall into place to reach a price such as this. You could put this in another auction six months later, and it might sell for thousands less. This market is a dangerous one to play in, and only those who can afford it and really want these for their collections should dabble in it. Not the place to make a quick buck.

mrearlygold · February 22, 2005 6:48AM

Sunnywood · February 22, 2005 7:03AM

"Not the place to make a quick buck." VERY TRUE. This market is for collectors, not speculators. By the way, for all those of you who think classic coins, proof gold, or anything else is safer, I can only say: you likely have NO IDEA what really goes on, the doctoring, the manipulation of prices and markets, etc. These coins are re-manufactured over and over. If you think you're smarter than the market, you're always wrong. But regardless, any collector of means is always "right" when she or he buys a collectible at a price he can afford, and for his own enjoyment and consumption. Thus, all the remarks about it being "stupid" etc., are from the rude and uninformed.

One correction: I did NOT say the market was thin. There were at least four bidders active over $6000, and I just learned of a fifth bidder who was watching at home on Ebay Live, who was prepared to pay $6000. That's FIVE bidders (including two dealers) that I know of who were willing to pay $6900 for that coin.

Sunnywood

K6AZ · February 22, 2005 7:10AM

You didn't say the market was thin, I did. I've seen the same coin bring $4000 in one auction, $1700 in another auction, then $2600 in a third auction in the span of two years. If that doesn't show a thin market, I don't know what does.

dragon · February 22, 2005 7:40AM

It seems there's something about big auctions, big bold color pics in auction catalogs, pre-auction hype and excitment, and whatever else, that somehow makes people want to pay about 2-3X times what many coin are worth or what they could buy a similar coin on the bourse floor for. Or maybe it's an ego thing of outlasting other bidders, I have no clue really.

I see it happen all the time on nicely toned coins in Heritage auctions, Goldberg auctions, etc. People lose all sense of reality and think these toned dollars are Coiled Hair Stellas or something....

Almost 10 grand for a nicely toned 81-S in MS66?????? Okiedokie

Bear · February 22, 2005 8:03AM

Okiedokie. I think that says it all.

Sequitur · February 22, 2005 8:08AM

This market is for collectors, not speculators. By the way, for all those of you who think classic coins, proof gold, or anything else is safer, I can only say: you likely have NO IDEA what really goes on, the doctoring, the manipulation of prices and markets, etc. These coins are re-manufactured over and over. If you think you're smarter than the market, you're always wrong.

Great statement that should be pinned on the forums.

jbsteven · February 22, 2005 8:22AM

link to auction please!

ER · February 22, 2005 8:29AM

Okiedokie. I'm perfectly content with my lowly 200-buck nice toner.

Sunnywood · February 22, 2005 8:32AM

Oops, Eric (K6AZ), my mistake, I missed the word "and" in your post ... " ..., AND as Sunnywood said ..." !!!!

ER · February 22, 2005 8:34AM

Barney.

RotatedRainbows · February 22, 2005 11:26AM

Barney is a perfect example of what NOT to do.

Well folks that bodacious Morgan Dollar in the Goldberg Auction

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