OH MY MY MY, bought a Gennie! The BIG TUNA Gold Dollar 1856 D

ambro51 · June 20, 2009 12:10PM

The Price was RIGHT, The HOLDER says GENUINE, The funds were Trade Money from an Unwanted Coin......Ben said OK....so I done it.

The BIG TUNA of the Gold Dollar series, the 1856 D. Sitting in a PCGS Genuine Holder, Code 82, Filed Rims (which just happen to be hidden by the gasket anyway). Price, $1499. A look through Heritage Auction Archive indicate this is a more than fair price. This coin is just about unobtainable, with a total surviving population of 80 Coins. It will fill a slot in my Registry set which may take years to fill with a Graded Example. When that time comes, this one can go to a new home. But, MEANWHILE, I now own one of the RAREST GOLD DOLLARS, and it feels warm and fuzzy.

So, for your enjoyment, Thrill with me to this GENUINE 1856 D Gold Dollar

I have named her Delia

tjkillian · June 20, 2009 12:17PM

Very nice, and it seems you are buying up all the Southern Gold Dollars. Leave a few for the rest of us.

Congratulations!!

FatMan · June 20, 2009 12:19PM

My advice to you is to slow down, be patient and wait for the right coins to come along. This and the 59-S are not right coins IMO.

Bayard1908 · June 20, 2009 12:20PM

The Big Tuna? Any chance you meant Big Kahuna?

Shortie · June 20, 2009 12:36PM

<< My advice to you is to slow down, be patient and wait for the right coins to come along. This and the 59-S are not right coins IMO. >>

I agree.

The filed rims are the least of the problems with that coin.

You bought the Big Tuna?

GFourDriver · June 20, 2009 1:06PM

<<<The Findley Ridge Collection-Dirty Dahlonega Types>>>

Now you're talkin, as Dr. Feffa would say...... breathtaking!

GFourDriver · June 20, 2009 1:24PM

<<<My advice to you is to slow down, be patient and wait for the right coins to come along. >>>

I agree with fatman. It's worth the wait in this series to get the right coin. There are a couple of nice D's coming up this Sunday on tt and a Charlotte too, AU 58.

notwilight · June 20, 2009 1:32PM

How much patience do you need to file the rims on a gold dollar???

Bayard1908 · June 20, 2009 1:35PM

<< My advice to you is to slow down, be patient and wait for the right coins to come along. This and the 59-S are not right coins IMO. >>

If there are only 80 examples in existence, waiting is probably not an optimal strategy.

ambro51 · June 20, 2009 1:46PM

Genuine holders provide a great way to get a great coin at a great price. Without the problem that coin would be a minimum ten thousand dollar coin. Why not take advantage of it's situation to own an example of this rarity in a pcgs holder at a fraction of it's value? When the opportunity comes to upgrade to a graded example I'm certain I can recoup the price of this coin. I have no problem with coin as part of my collection at all. In reading through QDBs gold dollar book, and the information regarding auction sales of the past, great rarities like this which some issues were not disregarded. The heart and soul of this coin is still intact. It IS what it IS, a great rarity. I see much more value in this piece than something like a nine year old nickel that has five steps... If you get my point. I respect your opinions, but in this case I feel this was a great addition of an outstandingly rare and valuable coin at an excellent price. And. I'm naming her Delia, a good old Southern name, very appropriate since she was such a great deal .

kaz · June 20, 2009 2:38PM

Ambro, you're on a roll. When you get to the common stuff, you should finish your set in oh....2 days or so!

stinkinlincoln · June 20, 2009 4:19PM

While I agree with some of what the other posters have said, I also agree with ambro. Some of these coins are just not out there at reasonable prices for some of us, and coins like this provide a way to play in the game.

Great pick up and remember, it could always be holed, tooled, plugged, and whizzed...

fruitloops · June 20, 2009 4:22PM

Beautiful coin and from a very historic mint!

CaptainRon · June 20, 2009 4:34PM

<< <<<My advice to you is to slow down, be patient and wait for the right coins to come along. >>>

I agree with fatman. It's worth the wait in this series to get the right coin. There are a couple of nice D's coming up this Sunday on tt and a Charlotte too, AU 58.

>>

In my opinion, Ambro's coin has more eye appeal then the three examples that you have listed for auction.

thisnamztaken · June 20, 2009 4:50PM

I'll rejoice with you! You're a fortunate fellow to have that in your collection! Enjoy the thrill!

PerryHall · June 20, 2009 9:49PM

<< How much patience do you need to file the rims on a gold dollar??? >>

There was probably a rim nick and someone used a stone to remove the burr on the rim. Another possibility was a stone was used to remove a spot of solder from jewelry use. Small gold was very popular for jewelry use so if you buy raw gold, be sure to check the edge for a trace of solder or tooling from removing the solder

PerryHall · June 20, 2009 9:57PM

I don't see anything wrong with buying problem coins provided you get them cheap enough. Half the fun with working on a specific series is you can always upgrade later.

ambro51 · June 20, 2009 10:05PM

Yes I'm really delighted with the coin. The eye appeal is top notch and though technically it's not graded it appears at least AU . BTW the absence/weakness of the U in UNITED is normal and a hallmark for this issue, as is the filled O in DOLLAR.

FatMan · June 20, 2009 11:50PM

<< <<<My advice to you is to slow down, be patient and wait for the right coins to come along. >>>

I agree with fatman. It's worth the wait in this series to get the right coin. There are a couple of nice D's coming up this Sunday on tt and a Charlotte too, AU 58.

>>

Those are not "Right Coins" either, regardless of price. They have been messed with to the point of zero appeal. Teletrade is not the place you are going to find too many Southern Gold "right coins."

Ambros51, the problem with filling holes with problem coins is that you are tying up dollars. And I disagree that they can be easily resold. I would hate to see a "Right Coin" come along where you need to stretch a bit and not have the money because your funds are tied up in these coins. You have taken on a very ambitious project that if done properly will take a lifetime. These tougher dates will surface over the years so just be patient. It took me 3 years of searching to find my type III Dahlonega dollar. There were several available during that time but they were not the "Right Coin". I can assure you that you will become much pickier with time and you will look back on some of these coins and realize just how "wrong" they are. I know it is very exciting right now and most of us have gone through this phase at one time or another. Trust me, it will not be long before you will want to dump these problem coins and up the quality of your collection.

291fifth · June 20, 2009 11:52PM

You are moving ahead much too fast and are buying too many problem coins. Just my opinion.

ambro51 · June 20, 2009 11:57PM

Hows your 56 D? post a pic

(OH, sorry, I forgot..theres only 80 of them, so you may not have one...sorry)

Im quite happy, PCGS slab, Great eye appeal, Great price.

PerryHall · June 21, 2009 12:08AM

<< And I disagree that they can be easily resold. >>

Doesn't it depend on what he paid for it? Also, how hard can it be to sell this coin in a no reserve auction such as Heritage or even eBay?

TorinoCobra71 · June 21, 2009 12:11AM

Its great to hear about a pleasant experience about a coin collector that bought a PCGS Gennie and is totally stoked about it.

TC

FatMan · June 21, 2009 12:12AM

<< 

<< And I disagree that they can be easily resold. >>

Doesn't it depend on what he paid for it? Also, how hard can it be to sell this coin in a no reserve auction such as Heritage or even eBay? >>

Of course they can be dumped. The obvious intent of my comment was that they cannot be easily sold without a loss.

ColonialCoinUnion · June 21, 2009 12:31AM

Ultimately if you are happy with this coin then I am happy for you, though there is much wisdom in what Fatman and others have written.

TwoSides2aCoin · June 21, 2009 12:47AM

"Gennie" is an affectionate name for the case that holds the coin which is vyed for. It's pretty simple in these terms. Kudos to the seller, too. And kudos to PCGS making a case which authenticates "real" coins.

ambro51 · June 21, 2009 12:51AM

Seriously, I take all opinions rendered on these learned forums as valuable. Please, Gentlemen, take a few moments to look over these heritage auction archives, which cover the 43 auctions of the 1856 D dating back to 1993. Compare my coin, pictured, with the various auctions and then render your opinion. I paid $1499 for the coin.

http://coins.ha.com/common/auction/pricesrealized.php?src=&ID=&optGlobalSearch=0&globalSiteDropdown=coins&txtSearch=1856-D+gold+dollar&cmdSearch=Search+Auction+Archives&hdnSearch=True&txtLotNo=&stage=1

Let me know what you folks think.

Shortie · June 21, 2009 12:51AM

Great pick up and remember, it could always be holed, tooled, plugged, and whizzed...

Sure, it could be worse, but that does not make it worthy of adding to your collection.

This one is rim-filed, cleaned, damaged, and maybe bent. In undamaged condition, it is not that much more expensive than the 1860-D the OP purchased yesterday.

Anyone can build a set of anything quickly if you are willing to accept whatever POS happens to be on the market at the moment you are looking. Where's the challenge?

And, as FatMan says, perhaps next week, next month, or next year, a great coin will come on the market, and the OP will not be able to pull the trigger because he will have all of his $$$ tied up in these crappy ones.

PerryHall · June 21, 2009 1:10AM

<< 

<< 

<< And I disagree that they can be easily resold. >>

Doesn't it depend on what he paid for it? Also, how hard can it be to sell this coin in a no reserve auction such as Heritage or even eBay? >>

Of course they can be dumped. The obvious intent of my comment was that they cannot be easily sold without a loss. >>

If he got it cheap, why do you think it will necesarily sell for a loss? If he didn't get it at a good price, I agree he will sell if at a loss.

Edited to add---Now that I see he paid $1499 for this coin, it's anyone's guess if he'll ever recoup his purchase price but I doubt it.

notwilight · June 21, 2009 1:12AM

Don't go so hard on Ambro. He may not want to slow down.

Remember, we do this for fun, entertainment, and enjoyment. He seems to be having more fun at the moment than anyone else here.

And suppose he decides he doesn't like this coin and has to resell it. Suppose he takes a $300 loss (probably less). Isn't he better off than the guy who decided to go buy a quad, a white water raft, a hang glider, or a sports car?

Even cars and golf clubs, both of which are easily resellable used, will take a bigger hit.

And of course there are lots of other things we do for enjoyment like vacations, dinners, golf, bungie jumping, parachuting, etc where all you have afterward is memories and absolutely nothing resellable.

--Jerry

PerryHall · June 21, 2009 1:13AM

<< And, as FatMan says, perhaps next week, next month, or next year, a great coin will come on the market, and the OP will not be able to pull the trigger because he will have all of his $$$ tied up in these crappy ones. >>

Do you know how much money he has available for coin purchases? He may be able to buy a much better coin and sell the coin that he's replacing at his leisure.

TwoSides2aCoin · June 21, 2009 1:21AM

"I am a problem solver , for what it's worth".

Signed,

Gennie

Shortie · June 21, 2009 1:24AM

<< 

<< And, as FatMan says, perhaps next week, next month, or next year, a great coin will come on the market, and the OP will not be able to pull the trigger because he will have all of his $$$ tied up in these crappy ones. >>

Do you know how much money he has available for coin purchases? He may be able to buy a much better coin and sell the coin that he's replacing at his leisure. >>

I know that yesterday he had to sell a coin (an 1877 proof Indian cent) to buy another. He said so publicly on this forum.

ambro51 · June 21, 2009 1:27AM

Its a big series. There are 76 coins in the set. Ive purchased 18, and have enjoyed every second of it.

I am, As Fearless Leader Davey Says....Having FUN with my coins. I enjoy showing you gentlemen that Dollar Gold is a wonderful and interesting series. Hopefully, Ive made a few converts along the way. Creating this collection, and showing it off to you folks, is more fun than training my cats...and THATS a lot of fun as it is!

Dont worry about $$$$$, not a problem. Im selling some of my coins simply because Ive decided to concentrate on the Dollar Gold series. Just....dont really want the other ones anymore. Collecting interest change...and the coins change also. That what keeps the coin market vibrant and alive. MORE of you should be selling and buying, do you realize that???

So...how does Delia compare with the Heritage auction coins?? Note that in Sixteen years, only 42 of these coins have came though their auctions. That says a lot regarding the rarity of the piece.

I could go out and get another Harley (already had three)....and ride that sucker smack dab into a Peterbuilt one rainy afternoon......Coins have prevented that

TwoSides2aCoin · June 21, 2009 1:30AM

I was on your side until you brought up "training cats".

You've lost me brother. LOL

ambro51 · June 21, 2009 1:32AM

>>>HEY.. Petunia Louise can jump through two tiny little hoops, and Bongo Joel can do "one leg stretchy"

I think its actually harder to train cats than complete a dollar gold series!!!

Broadstruck · June 21, 2009 1:44AM

IMHO I feel your just in the lusting stage and this love affair will be nothing more then just a fling...

as this example is missing a lot of needed attributes required towards building a long term relationship!

Shortie · June 21, 2009 1:50AM

In the last couple months, the OP has bought at least a dozen gold dollars (maybe closer to 20), including at least one proven counterfeit. All you have to do is search "gold dollar" to count them up. He seems to swing at every pitch thrown to him. He has posted these purchases on this public forum. I do not think it is unreasonable to recommend that he slow down and be a bit more discriminating.

Broadstruck · June 21, 2009 1:52AM

OH MY MY MY, bought a Gennie!

DIMEMAN · June 21, 2009 1:54AM

<<>>

Amen brother....I get your point completely. Nice pickup for a really tuff series. Good luck and happy hunting!

ambro51 · June 21, 2009 2:17AM

Ahhhh. Finally a kind word. I guess I can take this noose off my neck and step down from the chair.

Billet7 · June 21, 2009 2:18AM

I think he did fine. I think it was smart to buy a very rare coin with a "genuine" guarantee. Considering that many people would have bought the coin, then certified it only to have it end up in a genuine holder anyway (or not if it is a fake,) I think it is good that Ambro has no illusions. He knows it has minor problems and as such He also paid a fraction (10%) the price if his estimates are accurate. I think it looks very nice for being a problem coin, I also think it may have been a pin at one time and the solder marks were filed off...as was stated previously.

Considering it's rarity, I feel he has a right to be excited about it...after all, wouldn't you buy one of the hairlined 1804 dollars for for a fraction of the going price? Perhaps it's a bad example...but we are talking about a very limited pool of coins...sometimes minor problems are the standard.

FYI In general I prefer low grade (G-VF) as opposed to problem coins, since I am a low $ roller (and can't usually afford the prime crop.) I think problem free lower grade coins are charming, and difficult to find.

GFourDriver · June 21, 2009 2:38AM

<<<In my opinion, Ambro's coin has more eye appeal then the three examples that you have listed for auction. >>>

My bad for not knowing that assumptions generally run rampant on here but I should have said that I am in no way associated with the coins at auction on tt today.

That being said, I am aware that finding "the right coin" is tough, and that there are more cleaned, dipped, whizzed, thumbed, filled, filed, puttied and altered Dahlonaga coins than than there are original examples.

DorkGirl · June 21, 2009 2:40AM

I still don't get the "BIG TUNA" reference, but you seem to really be enjoying yourself, so carry on. I bought some problem coins to finish up the Morgan Danscos, so I understand what you are doing. I did it to fill up those pesky empty holes and to help out the checkbook. Also because I was at the end of filling the books and was burning out.....

liefgold · June 21, 2009 3:18AM

To those who think Ambro will never get his money out of the 56-D I suggest you look at what some other ex-jewelry pieces have brought on Heritage. An "xf details" ANACS slab brought $1800+ about a year ago and a barely legible one graded VG8 brought $900+ recently. This is one tough coin, and better to spend $1500 on one that fills that slot while you learn, than dumping 10x that amount on one that has been way overgraded by one of the services. And believe me there is some overgraded crap out there that you will never get your money out of.
I think it was a great purchase!

FatMan · June 21, 2009 3:51AM

<< To those who think Ambro will never get his money out of the 56-D I suggest you look at what some other ex-jewelry pieces have brought on Heritage. An "xf details" ANACS slab brought $1800+ about a year ago and a barely legible one graded VG8 brought $900+ recently. This is one tough coin, and better to spend $1500 on one that fills that slot while you learn, than dumping 10x that amount on one that has been way overgraded by one of the services. And believe me there is some overgraded crap out there that you will never get your money out of.
I think it was a great purchase! >>

I would argue that it would be better to not spend $1500 until one does learn, instead of getting a $1500 education, even if that is better than a 15K education. Great purchase? I think not.

Bottom line is if ambros51 thinks this harshly scrubbed, ex-jewelry piece has "Great Eye Appeal" he knows very little and should not be laying out that kind of money until he learns much, much, more.

It appears my effort here to give a fellow collector some needed guidance is falling on deaf ears. Oh well, a fool and his money...

edited: initial post contained a comment based upon a false assumption. I apologize to liefgold.

SeattleSlammer · June 21, 2009 3:53AM

Remember, we do this for fun, entertainment, and enjoyment. He seems to be having more fun at the moment than anyone else here.

commoncents05 · June 21, 2009 3:54AM

<< My advice to you is to slow down, be patient and wait for the right coins to come along. This and the 59-S are not right coins IMO. >>

I couldn't agree more.

-Paul

SeattleSlammer · June 21, 2009 4:05AM

For the "he's not buying the right coins" crowd..........? ambro51 appears to be a mature adult collecting what he enjoys and what makes him happy.....at the same time, he's given some solid explanations for why these particular coins, while not perfect, are still decent investments. It doesn't sound like he's spending his mortgage payments or buying on credit, so what's the problem? Keep in mind that with the vast majority of coins posted on this forum----somebody could question either the coin itself, or the amount of money paid for it.

PerryHall · June 21, 2009 4:10AM

<< I still don't get the "BIG TUNA" reference, .... >>

I'm guessing that "BIG TUNA" = Key Date.

ambro51 · June 21, 2009 4:37AM

Here ya go FATMAN, does this one make ya feel better about me? Remember I love you, and would gladly hold the door open for you at Wawa so you dont spill your coffee.

Life is short...enjoy the ride

OH MY MY MY, bought a Gennie! The BIG TUNA Gold Dollar 1856 D

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OH MY MY MY, bought a Gennie! The BIG TUNA Gold Dollar ***1856 D***

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OH MY MY MY, bought a Gennie! The BIG TUNA Gold Dollar 1856 D