For those with good cherrypicker stories-- how likely is it that you will actually keep the coin?

Longacre · February 23, 2008 10:47AM

I always read stories on these boards about people who cherrypick coins from dealers or others. I was just curious what happens after the cherrypick happens. For those of you who have experienced this numismatic treat, can you please tell us:

(1) Describe the cherrypick story, including the circumstances and the description of the coin
(2) Did you keep the coin? For how long? Why did you decide to keep it?
(3) Did you immediately sell the coin? Why?

I just thought it would be fun to see how cherrypickers approach their trade and what typically happens to the coins that are so diligently cherrypicked.

DJCoinz · February 23, 2008 10:48AM

Unless it fits in a set I'm trying to complete at the time or if it's just too beautiful to let go of...I'll sell it.

Newcomp103 · February 23, 2008 10:51AM

I went through all of my raw Morgans last weekend....the ones that I have picked up here and there throughout the years but never cared to check for Vams....and using the resources I have, cherrypicked many vam varieties right from my own collection!

I will probably keep them, but I love the fact that I did not pay premiums for any of them...and I now look at them as "new" since I know now what I didnt know then!!!!

Shawn

Barndog · February 23, 2008 10:52AM

I have shared the stories already, but to answer your other questions...

2. I keep the coin if I need the coin for my set. If I don't need it (i.e. the cherrypicked coin was a lower grade than my set piece), then see my answer to the next question. I keep the coin until I find a better one, period.

3. If I know of a buyer who would like the coin right away, I contact the buyer and sell it right away. Other times I will wait until the next major show that I attend where fellow half dime collectors will be and I'll bring the coin(s) to that show. And other times I will just add the coin to a dupe box for trade/sale opportunities in the distant future.

Sometimes, it is beneficial to hold on to a rare coin until after a major auction...since you may be able to ride the price wave if that's your goal. Personally, I prefer to trade my cherrypicks in order to improve my set, but in my series there are too few collectors more advanced with their collection than I am to make that possible every time.

coindeuce · February 23, 2008 11:00AM

Bought an 1859 IHC in an old fatty NGC-63 holder five years ago for 63 Trends 'cause I was certain it was a 64. I put it away as a blue chipper, until last fall when I had cohodk crack it and send it to our host. When it came back in a PCGS-64 holder, cohodk informed me that it was a Snow-2 repunched date, which made it tied for 2nd finest in the condition census. Since it didn't fit into any of my existing sets except my 19th century type set, I sold it to the premier dealer of Indian cents. As good as it gets.

STONE · February 23, 2008 11:03AM

Cherrypicking for me goes back a long ways to the start of my collecting; therefore I have a couple levels of cherrypicking: Bulk lot finds, and single coin errors.

I have cherried many coins in dealer bulk lots where there were semi-keys priced at common coin prices. I remember specifically finding an 1892-S, 1895, and 1896-O Barber Dimes for $1.25 each in 2005 and each coin was AG/G grade (Their values are appx. $40, $85, and $50 in todays market). I've found other Barber Quarters and Halves that were semi-keys for about 6-8x face in 2005 from the same place, and I still have all of these coins except for my Barber Half collection which I sold last summer.

On the single coin cherrypick side, I must have cherried dozens of $100 plus coins for fractions of that price. My first cherry was in 2004 when I purchased a G-4 1895-O Morgan for $35; this was also the most I had spent on a coin up until that point. Since then I have cherried such highlights as an 1872 IHC in F-12 for $1.75 (I sold this because it was a dupe at the time), and my prized posession, an 1844-O Seated Half with a blundered date in VG-10 condition for $35.

I still have 95% of the coins I've cherried and I plan on keeping them because this market will just make it more expensive to replace them if I sold now.

Edited to add that I cherried a 1795 FH half in AG/G for $150 off of ebay about a year ago. Oh, and it is the popular O-110a w/ double obverse die cracks (I still own it and won't ever sell it).

jonathanb · February 23, 2008 11:09AM

Good question.

My two best pieces I still have. Neither of them fit into my current collection, but they're nice mainstream pieces that I can sell "any time I want to". For now they're trophy pieces that put a smile on my face whenever I look at them.

My 3rd and 4th best I sold. In each of those cases, the finds were enough esoteric that I couldn't be sure what I had until I'd found someone willing to buy it. Sort of a Catch-22, but I don't regret either decision.

Things that do fit into my collection are keepers whether they were cherried or not.

tradedollarnut · February 23, 2008 11:24AM

I purchased a chopmarked 1876-S trade dollar off ebay that was the very rare DDO variety [less than 10 known]. I still have it.

IGWT · February 23, 2008 11:27AM

I purchased a chopmarked 1876-S trade dollar off ebay that was the very rare DDO variety [less than 10 known]. I still have it.

Snipe for $2.50?

tradedollarnut · February 23, 2008 11:29AM

It was a long time ago - 6 or 7 years. I think it was about $90.

MrHalfDime · February 23, 2008 11:53AM

Without question, my very best cherrypick came during the 1999 FUN Show in Orlando. While searching the bourse floor for better half dime die marriages, I stopped at the table of a good friend and dealer (who shall remain nameless for obvious reasons). He reached behind him, and from his briefcase he produced a small bank envelope with my name written on it. In the envelope I found a very attractive and eye appealing 1837 Capped Bust half dime. For me, the die marriage is even more important than the grade, so I began to attribute the coin even before I fully appreciated the grade. Fortunately, there are just five known die marriages for the 1837, and the two rare ones (R5 and R6) share the same reverse die. The tell-tale doubled serif of the C of AMERICA told me that this coin was a keeper, but I still needed to identify the obverse. My hands were literally shaking as I turned the coin over and tried to remember the obverse diagnostics for the R6 without referring to notes, and thereby possibly raising the suspicions of the dealer. I recalled the all important diagnostic (*13 pointing to upper part of curl) at the same moment that I saw it right there in my hand. I paid the dealer his asking price for the coin and started walking down the aisle, but I was on automatic pilot, and honestly cannot remember much of what happened after that. I had just cherrypicked the finest known 1837 LM-3/V5 R6 half dime, a coin which I graded AU-50, an obvious improver over my then G-4 set piece.

In 2000, in what might be considered a weak moment, I relented to some subtle pressure from Russ Logan, and agreed to trade my finest known 1837 V5 for several rare die marriages that I needed at that time, plus his VF-30 example of the V5. It was the right thing to do at the time, but I had a hard time releasing my grip on that beautiful cherrypick.

After Russ' tragic and untimely death in 2002, his fabulous collection of Federal coins was consigned to a Bowers & Merena auction. I went into that auction with the specific and sole purpose of bringing that gorgeous cherrypick back home where it belonged. Unfortunately, there was at least one other collector at that auction, with significantly deeper pockets than my own, who had come for the same purpose. I put up a valliant effort, but alas it was not to be, so the coin now resides in the collection of another half dime collector, and I must be content with Russ' VF-30 specimen.

The coin can be seen here:

http://rob.com/russ/collection/1840.html

When one talks about a 'cherrypick', we are generally talking about a rare coin (I have never heard anyone 'cherrypick' an R1), and as such, there is a good likelihood that you may not have another example, or one that is better. Therefore, many cherried coins tend to remain in the collection, particularly if it is in your specific series. When and if a better example does come along, like Barndog stated, I prefer to let it go to another half dime specialist, and usually through a trade rather than a cash purchase.

Russ · February 23, 2008 11:56AM

I nailed my best cherrypick in early 2003. Still have it.

Russ, NCNE

STONE · February 23, 2008 11:57AM

Russ, you can't stop there. We need details, lots and lots of details

Russ · February 23, 2008 12:03PM

<< Russ, you can't stop there. We need details, lots and lots of details >>

Okay, but most people already know. I spotted an eBay auction with four proof sets, 1962, 1963, two 1964. This is what the two 1964 sets looked like:

Contacted the seller and got an early auction close for $85.00 for the four sets. Sold the 1962 and 1963 sets. Submitted the two Accented Hair Kennedys to PCGS. One graded PR65DCAM, the other graded PR68DCAM. Grades posted in April, 2003. I sold the 65DCAM for $963. The PR68DCAM is the last one PCGS has ever graded, and the most recent sale, (January this year), brought $12,650.

Russ, NCNE

Barndog · February 23, 2008 12:29PM

<< Contacted the seller and got an early auction close for $85.00 for the four sets. Sold the 1962 and 1963 sets. Submitted the two Accented Hair Kennedys to PCGS. One graded PR65DCAM, the other graded PR68DCAM. Grades posted in April, 2003. I sold the 65DCAM for $963. The PR68DCAM is the last one PCGS has ever graded, and the most recent sale, (January this year), brought $12,650. >>

you could get a really nice Plasma TV with that half dollar

baharr · February 23, 2008 12:30PM

<< 

<< Russ, you can't stop there. We need details, lots and lots of details >>

Okay, but most people already know. I spotted an eBay auction with four proof sets, 1962, 1963, two 1964. This is what the two 1964 sets looked like:

Contacted the seller and got an early auction close for $85.00 for the four sets. Sold the 1962 and 1963 sets. Submitted the two Accented Hair Kennedys to PCGS. One graded PR65DCAM, the other graded PR68DCAM. Grades posted in April, 2003. I sold the 65DCAM for $963. The PR68DCAM is the last one PCGS has ever graded, and the most recent sale, (January this year), brought $12,650.

Russ, NCNE >>

Those are some sweet coins Russ. I wish I could be that lucky.

21Walker · February 23, 2008 12:36PM

Contacted the seller and got an early auction close for $85.00 for the four sets. Sold the 1962 and 1963 sets. Submitted the two Accented Hair Kennedys to PCGS. One graded PR65DCAM, the other graded PR68DCAM. Grades posted in April, 2003. I sold the 65DCAM for $963. The PR68DCAM is the last one PCGS has ever graded, and the most recent sale, (January this year), brought $12,650.

Nice return................Rick

FullStepJeffs · February 23, 2008 12:48PM

Every coin I cherrypick is still in my collection (hoard).

Steve

ironhorse19 · February 23, 2008 1:08PM

<< (1) Describe the cherrypick story, including the circumstances and the description of the coin >>

Bought three bags of 5000 ea. wheat cents off Ebay 3 years ago. I have sorted maybe 2000 out of the first bag. Found a 1955 DDO. Sent it off for grading. Came back AU53!
Also found in same bag:
1944-S/S VF30
1942-D/D AU58
1944-D/S EF40
1944-D/D EF40
1952-D/D AU53
1957-D/D MS60
1956-D/D AU56
1940-S/S EF45
1953-D/D MS64
1951-D/D/D AU55
1944-D/D EF40
1942-S/S EF45
1942-S/S EF40
1940-S/S VF35
1944-D/D EF45

<< (2) Did you keep the coin? >>

Yes

<< (3) Did you immediately sell the coin? >>

No, don't plan on selling any of them. I'm a happy camper and I have enough wheats to last me for a good decade of enjoyable sorting.

Type2 · February 23, 2008 2:05PM

I keep all my high grade cherry's and let the rest go. to there new homes with the variety's now on the holder.

ecichlid · February 23, 2008 3:32PM

<< Those are some sweet coins Russ. I wish I could be that lucky. >>

No luck there.

PerryHall · February 23, 2008 8:28PM

Bought a 1881 $5 gold at a flea market coin dealer for $150. It was an 1881/0 overdate which is a major variety in the series. Got it slabbed at AU58. Still have it since I collect US gold and the coin is a nice mark free slidder. It brings a smile to my face whenever I look at it.

coinkat · February 23, 2008 9:02PM

Years ago, I attended a coin auction in CT. I bid on a nice 1946 Walker. At the time, I thought there was something different about it and there was... but I did not make a note of it. Well, about 7-8 years later, I looked at the coin again and this time, I did note that it was the DDR... very well struck and defined. ANACS graded it a 64 and I still have it. This was the first of five cherrypicks for this date. The first and four being the best. the four was sold...

I would not call this my best cherry pick, but I like the story and the luck that I have had with this variety.

cmerlo1 · February 23, 2008 9:57PM

Here's my best one...

I bought it for $90, and it sold for $1500+!!!

GFourDriver · February 23, 2008 10:07PM

My best cherrypicking find was a 1936 Lincoln proof(type2) in an old Whitman album. The B&M store had literally hundreds of old Whitmans and the dealer has little or no interest in copper so he never caught it. It graded PR64 RB at PCGS and I sold it for a pretty decent profit. I later told him about it and he said it was a good find, but he still doesn't check his copper. He just looks more closely at what I buy...lol.

speety · February 24, 2008 3:25AM

I was board on a weekend visit to see my sister at college so I hopped on ebay. The sellers pictures were crappy but I had a $20 coupon for paypal off of a $75 purchase (or something like that) so i bought an 1836 CBH in VF for $60 after the coupon becuase i was (1) bored and (2) it looked like it had a chance to be an O-121 from what i remembered of the marriage. Well it came in and it was the O-121, an R-5+, in mostly problem free VF condition.

I had a free grading at the time so i sent it in and it came back VF-25, so back it went for attribution. PCGS agreed with me and today I still have it. I believe this is the only O-121 PCGS has graded/attributed, which isn't surprising since most are raw. I only had it graded because i had a free grading, the rest of my CBHs are raw. I don't plan on selling the coin, but it's worth quite a bit for a high-school kid, so it may be on the selling block in the future. It looks a little like this:

Ughh, i just realized those images are awful, i gotta retake those soon.

For those with good cherrypicker stories-- how likely is it that you will actually keep the coin?

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