Modern buyer gets burned again.
notwilight
Posts: 12,864 ✭✭✭
It is a well know fact that those who jump in early and buy moderns end up paying too much and getting burned. I sold the first PCGS MS67 Washington on ebay. The buyer paid the outrageous price of $630 for the coin. He changed his mind and decided to resell it. Here is the the result of his sale. He really got hosed. --Jerry
Edited to add: Just found the other thread. Didn't realize I'd been scooped. I was out golfing with the kids when a good customer in Florida called to tell me the news. I came home, fixed dinner and posted not realizing it had already been thoroughly discussed. Sorry for the old news. --jerry
Edited to add: Just found the other thread. Didn't realize I'd been scooped. I was out golfing with the kids when a good customer in Florida called to tell me the news. I came home, fixed dinner and posted not realizing it had already been thoroughly discussed. Sorry for the old news. --jerry
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Comments
It's called "Plastic Hype".
Great transactions with oih82w8, JasonGaming, Moose1913.
<< <i>Some people have wondered if that is a real auction or if it was rigged to make it look like there is high demand. It's harder to tell with private bidding. >>
The seller was in communication with me last night when it was at $1600 and he was almost giddy with the excitement of making a grand profit. I think it would be hard to fake that. --jerry
I think it's smart of him to sell given the FDCC/FDI situation and that he got a great price.
Congrats Joe and Jerry. It's nice when forum members help forum members
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And it does not look that nice either.
San Diego, CA
<< <i>$3900 for a dollar???? >>
That's nothing compared to what people will pay for a Top Pop dollar from the 1800s, yes, all for a dollar!
San Diego, CA
<< <i>But I have a few rolls of this on my table now.
All MS67s? If they are you should get them slabbed quick!
If they are not Top Pops, some people have lots of non-Top Pop Morgans too
San Diego, CA
<< <i>They are all MS68's to me, but I can't grade.
You just need to get busy self-slabbing. Better yet, send them to SGS
<< <i>But I have a few rolls of this on my table now.
But there are only 3 67's, PCGS seems to be grading very tough on these, and contrary to some reports I've heard that the FDC dollars are no better....pop could stay at 3 for a long time.
Of course it could go up at any time.
--Jerry
Hoard the keys.
When the pops are fluid, and demand changing each day, prices are going to change rapidly. The seller also took a chance on reselling. Pop 3 at MS67 got posted early and seems to have held, while MS66 pops have gone up, and prices have gone mostly down. (To the poster who asked about that, about $125 for a P & D set in MS66, with the P being worth more than the D). If ten more 67s had posted, the price would have almost certainly taken a tumble. Virtually no one would have predicted that pop three would hold. If the submitter knew that was going to be true,he probably would have held the coin longer. Some believed they had multiple 67s in their submissions, but apparently they were wrong or their coins have not made it through yet.
Certainly there have been any number of coins where the early secondary market buyers paid more than the late buyers. The Franklin and Marine commems, the 2005 Legacy sets, the gold Buffalos are some recent examples. There have also been some where the early buyers did well such as the silver ASE anniversary sets, and the 2006 W ASE single which have gone up considerably from their early secondary market prices.
<< <i>I wonder what the average dollar quality will be in the mint sets? I imagine they may be better than the coins coming out of the rolls, thus upping the populations of ultra grade Washington Dollars. >>
It won't matter because mint set coins are no longer the same as circulation strikes.
<< <i>hmm, I believe that it is well justified that you yourself was the one receiving the hosing >>
I sold at open auction with plenty of bidders. I didn't get hosed. If more 67s had show up, my price might have been the best one. When more didn't show up, I sold my second coin for $1450. Now even later, more haven't show up and the price continues to rise. If a year from now there are still just 3, then $3900 will seem cheap.
It's clear you wish I was hosed. I swear it wasn't me with your daughter that night.
--Jerry
Still, to each his/her own. No competition from this corner for these bits.
Well, just Love coins, period.
<< <i>Well, I don't root for anybody to lose monies, but these prezzies don't seem to be worth it by any stretch of the imagination for any iteration, plain edge, no edge, or whatever.
Still, to each his/her own. No competition from this corner for these bits. >>
I think they are grading tougher but that does not mean that there are not some MS66's that are nicer than the MS67's.
San Diego, CA
<< <i>I think they are grading tougher but that does not mean that there are not some MS66's that are nicer than the MS67's.
Probably true, but that's a minor point to plastic and number chasers.
<< <i> Better yet, send them to SGS
Yeah, then you'll have all MS70's!!
2007 GW MS70's on eBay
If worse comes to worse, I see Heritage Coin Grading is handing out 70's also!!
I would also bet that the Washie in 67 business strike will not hold it's new value for very much longer.
But hey, I have been wrong once in a while.