Congratulations Go Out To Kaelasdad!
wondercoin
Posts: 17,126 ✭✭✭✭✭
As a PCGS authorized dealer, I submit a great many coins and coin deals for collectors and dealers alike. I also get to see, first hand, the grading results on these submissions and it is fun and interesting to track which types of deals are the most (or least) profitable. I got back a deal today for a board member, Kaelasdad, which compelled me to post this congratulatory thread.
First, I believe Kaelasdad (Russ) worked as an Amgen (biotech drug) sales representative up until a few short months ago when he decided to quit his day job to pursue a career in coins. I believe Russ did well with the 20th Anniversary sets and he decided to jump into the Washington errors when they showed up. Russ (a California resident) pursued various Florida banks, credit unions, etc. in search of potential sealed boxes of error coins. Russ can tell the story better, but, as I understand it, after he purchased a sizeable order of freshly discovered errors from a box freshly opened by some Credit Union employees, he simply asked those employees if they would consider ordering him a sealed case (at face value) in their next order. The staff ordered a total of 5 cases, and even though 4 of the cases revealed almost 2000 total error coins, they still shipped Russ the 5th case at face value. Talk about an honorable bank staff!
Instead of opening the box (as most would) as soon as it came in the mail, Russ set the box aside for a few weeks and explored the possibility of submitting it sealed to PCGS. Although PCGS had initial guidance for First day Issue as postmarked items, this crisp box was glued tight, sealed, stamped and dated. Russ consulted with me and I also encouraged him to keep the box sealed – he left the box with me to submit for him whenever it made sense to do so. Even though prices dropped off daily for error coins, Russ kept his hopes up (and I kept his case sealed).
Most neat stories involve a degree of luck - a short while later, PCGS did, in fact, adjust its guidance and this box qualified for the First Day designation. I promptly submitted it for Russ and I thereafter had the pleasure to present him the news that his 1,000 coin box yielded 445 error coins!! Even without grading results or First Day holders coming into play, Russ turned a $1,000 box into close to a $40,000 value (for just raw coins). But, on top of that, the fresh coins graded out strong (not to mention being the only “First Day” designated Missing Edge coins ever graded by PCGS to this point) and will likely turn that $1,000 buy into a solid “six figure” return for Russ I believe.
What a great score for a relatively new guy on the coin market scene! Congratulations goes out to Kaelasdad – the best return on a $1,000 buy I believe I have EVER seen!
Wondercoin
First, I believe Kaelasdad (Russ) worked as an Amgen (biotech drug) sales representative up until a few short months ago when he decided to quit his day job to pursue a career in coins. I believe Russ did well with the 20th Anniversary sets and he decided to jump into the Washington errors when they showed up. Russ (a California resident) pursued various Florida banks, credit unions, etc. in search of potential sealed boxes of error coins. Russ can tell the story better, but, as I understand it, after he purchased a sizeable order of freshly discovered errors from a box freshly opened by some Credit Union employees, he simply asked those employees if they would consider ordering him a sealed case (at face value) in their next order. The staff ordered a total of 5 cases, and even though 4 of the cases revealed almost 2000 total error coins, they still shipped Russ the 5th case at face value. Talk about an honorable bank staff!
Instead of opening the box (as most would) as soon as it came in the mail, Russ set the box aside for a few weeks and explored the possibility of submitting it sealed to PCGS. Although PCGS had initial guidance for First day Issue as postmarked items, this crisp box was glued tight, sealed, stamped and dated. Russ consulted with me and I also encouraged him to keep the box sealed – he left the box with me to submit for him whenever it made sense to do so. Even though prices dropped off daily for error coins, Russ kept his hopes up (and I kept his case sealed).
Most neat stories involve a degree of luck - a short while later, PCGS did, in fact, adjust its guidance and this box qualified for the First Day designation. I promptly submitted it for Russ and I thereafter had the pleasure to present him the news that his 1,000 coin box yielded 445 error coins!! Even without grading results or First Day holders coming into play, Russ turned a $1,000 box into close to a $40,000 value (for just raw coins). But, on top of that, the fresh coins graded out strong (not to mention being the only “First Day” designated Missing Edge coins ever graded by PCGS to this point) and will likely turn that $1,000 buy into a solid “six figure” return for Russ I believe.
What a great score for a relatively new guy on the coin market scene! Congratulations goes out to Kaelasdad – the best return on a $1,000 buy I believe I have EVER seen!
Wondercoin
Please visit my website at www.wondercoins.com and my ebay auctions under my user name www.wondercoin.com.
0
Comments
–John Adams, 1826
CONGRATULATIONS!!
To support LordM's European Trip, click here!
I am ripe with envy.
Can't wait to see some of the coins in the market place and think, WOW I know who submitted those unique coins.
Not only that, but you can specify what criteria you want your coins graded on, if you meet a minimum number.
thats quite a haul!
Go BIG or GO HOME. ©Bill
Id like to extend a huge thank you to Wondercoin, Mitch was a consummate professional throughout, and even when I began to have a trace of doubt about the case, he always believed (I was 100-99% sure, but Mitch seemed always 100%) that there were hundreds of errors in there.
I did end up buying those other raw coins from 2 of the credit union employees, Their boss found over 700 in his 2 cases, but he sold his to a friend of his. There might be error cases still out there, but I figured I was playing with fire holding mine while the prices dropped daily--who else would hold a case like that?! talk about questioning yourself...everyday
I will be placing then up for sale, Mitch is also acting on my behalf, and yes, for those folks who knew and asked that I keep a coin aside for them, I have some--Especially LaLas, There are some amazingly strike through Obv/Rev with Die Clash in the bunch, I dont know how many, but I know ive got 1 for you--
Russ
Seriously, congrats are in order. Just goes to prove that hard work and persistence is often rewarded. Way to go!
San Diego, CA
I do think a strong congrats on a great outcome on this hard work are in order.
Fantastic news and congratulations.
By the way, the new coin number is 150346, and does not yet show in the pop reports.
There are 66s
65s
64s (and because PCGS currently detracts grades for the additional errors of the die clash and strike through, those coins are also in 64 holders-what a shame)
Keeper of the VAM Catalog • Professional Coin Imaging • Prime Number Set • World Coins in Early America • British Trade Dollars • Variety Attribution
Self Indulgence | Holey Coins | Flickr Photostream
Hi All I think I figured out a way to post--lets see
(2007) Mint Error $1
PCGS MS66
George Washington
Missing Edge Lettering
First Day of Issue
Serial Number
Barcode
Major.......
"Inspiration exists, but it has to find you working" Pablo Picasso
By the way, I got some really cool last 4 digits on these, 1732, 1776,1789,1797,2007,
I put aside slabs with my birthyear, my wifes and my daughters--keepsakes of a good deal
If anyone is interested, i can look for special dates that might be interesting to associate with these. Russ
San Diego, CA
Keeper of the VAM Catalog • Professional Coin Imaging • Prime Number Set • World Coins in Early America • British Trade Dollars • Variety Attribution
Seriously, though, I hope to meet the guy someday, so I can rub his head for luck.
Collector since 1976. On the CU forums here since 2001.
San Diego, CA
<< <i>What am I missing here, if there are so many errors within each unopened box, and everybody is finding them, how could they be worth anything extra with so many multiples, doesn't it make the errors common? >>
I would have to say you were missing the point. It was a hunt, a risk, a challenge if you will, and it ended nicely.
I dont know if it will be the biggest score or a dud--I personally think its awesome, but I have some bias.
If you were to go out today and try to find a case of these, I would say good luck, not common at all to find. If you found the right case, then I would say your chances would be very common, among people who had the right cases.
Al is right on when he says probably about 1/3 of 1 percent, not 3% as quoted by someone else, but still a large number.
Im just glad that as of right now, this case represents a sub variety (albeit, just a label difference, but sometimes the labels are fun, right?) and that sub variety represents 0.0000015% of all the missing edge errors thought to exist, or about 0.00000075 of all known missing edge errors. And with only 50 in MS66 available to collectors other than myself and family members, thats...0.00000015 of the total.
Just for fun
<< <i>Now if we are discussing the 1858/7 Snow-1, that is what i call rare and the snow-7 is even rarer with only 13 known. I think your definition of rare is what I am calling attention to. >>
Just for funsies--after all, I would never, ever compare a classic 1858/7 SNOW with an missing edge Washington, but you brought it up, so lets compare numbers to numbers
According to Rick Snows book on Flying Eagles and Indian Head cents, there are estimated to be about 100,000 of the 1858/7 (actual mintage unknown) If you take that 100,000 and try to find what percentage would get it to 13, its about .00013 dang, those are pretty common
Anyhow, have fun, its a fun story, a nice ending, a modern day treasure hunt, I have a bunch of errors that maybe other collectors will want, or Ive got just a bunch of washington dollars, just depends on who cares....
<< <i>What am I missing here, if there are so many errors within each unopened box, and everybody is finding them, how could they be worth anything extra with so many multiples, doesn't it make the errors common?
Adam Smith, Supply and Demand. I have 2007 MS70 FS $5 gold coins for sale. The pop is 89 and they're worth about $200. In other words the supply meets the demand (currently) at $200. If the pop was 89 on these error coins with their popularity they would have a 5 digit value. Eventually the price of these error coins will settle into an equilibirum point where the supply meets the demand. It may be higher than current values or lower. I'm selling a lot of them to non-collectors who have just heard about them and want one. If these guys go away the price could go down. On the other hand, when these guys tuck their coins away, htat basicly takes one off the market and the price could go up....if I had to bet I'd place my money on the latter scenario. --Jerry
I use to watch Adams Smith too.
San Diego, CA
Velocity, Not Valuation Defines A Bubble.
Great find and score. These only come along once in a lifetime.
However, do you really want the stats of a great find published for all to see.......you know there is that line on the 1040 SCH D......taxed at 28%, oooh thats gonna hurt.
IMO, this is the kind of stuff that you dont publish.
Im not complaining mind you, just stating the obvious for any taxman out there.
It aint cash until its in your pocket.
7over8- And rest assured, that I will not post or publish any customer's submission results without their advance permission. It is a private matter.
Obviously, Kaelasdad has nothing to hide and (just my opinion) I bet he would like nothing more than a large tax consequence flowing from the successful sale of those coins.
One more thing - I have graded deals in the past where the owner of the coins enjoys the benefit of knowing the PCGS pops for the week or two (or much longer) ahead of actual pops getting revealed in the online pop report (and takes advantage of it). Here, Kaelasdad was comfortable revealing the entire pop information so potential buyers realize there are (445) FD coins out there, not just a handful or two. Full disclosure.
Wondercoin
Excellent point and very fairly played by Russ. --Jerry
Hoard the keys.