How thin is the air at the top of the mountain?

TahoeDale · September 27, 2010 1:44AM

Very few collectors ever dream of buying a single coin for greater than $100,000. And fewer ever go to half a million or a million.

But there are a few mega-collectors with several hundred million in their coin collections

How many have ever spent over a million on a single coin? I know a couple, but what's your guess?

renomedphys · September 27, 2010 1:48AM

My guess would have to be around 30-40. Am I high?

I'll update that right now there isn't a single coin that I'd pay over a quarter mil for (if I even had it to spend).

tradedollarnut · September 27, 2010 1:52AM

That's an interesting thought. I know that many of the million dollar babies reside in the same homes. If you discount dealers - maybe a couple dozen people have ever spent $1M for a coin. That's a complete guess, but it's the correct order of magnitude. I can think of one dozen off the top of my head:

Cardinal
Pogue
Stellar
TDN
Simpson
Nickel
Beckxxxx
Forxxxxx
3 separate 1913 Lib nickel buyers
Both Whitman owners

claychaser · September 27, 2010 1:56AM

What about some of these famous people? Or were these purchases done when values were below $1MM:

Buddy Ebson (Uncle Jeb)
Gary Burghoff (Radar)
Kareem Jabbar

Griv · September 27, 2010 1:57AM

Even coin I own is worth at least a million dollars.

To me.

tradedollarnut · September 27, 2010 2:00AM

<< What about some of these famous people? Or were these purchases done when values were below $1MM:

Buddy Ebson (Uncle Jeb)
Gary Burghoff (Radar)
Kareem Jabbar >>

Most of the very famous collectors never paid $1M for a coin - simply because the $1M barrier was only rather recently broached and for a long while only the top tier classic rarities [1913 Lib nickel and 1804 original dollar] commanded such. It wasn't until maybe 5-6 years ago that the floodgates opened and the level became somewhat pedestrian. lol

claychaser · September 27, 2010 2:11AM

<< 

<< What about some of these famous people? Or were these purchases done when values were below $1MM:

Buddy Ebson (Uncle Jeb)
Gary Burghoff (Radar)
Kareem Jabbar >>

Most of the very famous collectors never paid $1M for a coin - simply because the $1M barrier was only rather recently broached and for a long while only the top tier classic rarities [1913 Lib nickel and 1804 original dollar] commanded such. It wasn't until maybe 5-6 years ago that the floodgates opened and the level became somewhat pedestrian. lol >>

I'd love to be THAT pedestrian!

Bear · September 27, 2010 2:21AM

I have owned coins worth dozens of dollars.

TwoSides2aCoin · September 27, 2010 2:29AM

I remember when I said :
I would never pay more than $20 for a coin
I would never pay more than $50 for a coin
I would never pay more than $100 for a coin
I would never pay more than $500 for a coin
I would never pay more than $1000 for a coin
I would never pay more than $5000 for a coin

Those days are gone... but, I would never pay more than $10,000 for a coin.

Mercury · September 27, 2010 2:54AM

<< I remember when I said :
I would never pay more than $20 for a coin
I would never pay more than $50 for a coin
I would never pay more than $100 for a coin
I would never pay more than $500 for a coin
I would never pay more than $1000 for a coin
I would never pay more than $5000 for a coin

Those days are gone... but, I would never pay more than $10,000 for a coin. >>

I love this! This is me also.

johnny9434 · September 27, 2010 4:00AM

<< 

<< I remember when I said :
I would never pay more than $20 for a coin
I would never pay more than $50 for a coin
I would never pay more than $100 for a coin
I would never pay more than $500 for a coin
I would never pay more than $1000 for a coin
I would never pay more than $5000 for a coin

Those days are gone... but, I would never pay more than $10,000 for a coin. >>

I love this! This is me also.

>>

and as for i as well. as money dictates to

Cratylus · September 27, 2010 5:45AM

Just to reveal another layer for discussion...

I wonder if there's a line that can be drawn where a coin buyer is not considered a "collector" but rather an "investor." If there is such a line, my hunch would be that many of the $1 million+ buyers don't consider their purchase a "collectible", but rather an "investment." In other words, if asked they probably would say that they aren't buying the coin for the love of the hobby, but rather for the investment potential/portfolio diversification.

savoyspecial · September 27, 2010 6:20AM

Jerry Buss perhaps

mcarney1173 · September 27, 2010 6:21AM

<< many of the $1 million+ buyers don't consider their purchase a "collectible", but rather an "investment." >>

A one million dollar coin, imo, is a very bad investment simply because there are few people you could sell it to. Lets say there are 100 collectors who can afford million dollar coins. You, with a million dollar, buy this unbelievable proof morgan dollar. Out of those 100 collectors, how many of them collect proof morgans??

tradedollarnut · September 27, 2010 7:25AM

Most classic rarities are FANTASTIC investments over time - performing on par or better than a diversified stock portfolio. With that said, most of the top coins are held by COLLECTORS, not investors.

yellowkid · September 27, 2010 7:38AM

yellowkid · September 27, 2010 7:40AM

I don't think I know any, unless MJ has popped for a very expensive commem the last few days.

speety · September 27, 2010 11:59AM

I was thinking about 20, plus a few "investment funds" which I won't count as collectors or dealers.

drddm · September 27, 2010 12:22PM

<< I remember when I said :
I would never pay more than $20 for a coin
I would never pay more than $50 for a coin
I would never pay more than $100 for a coin
I would never pay more than $500 for a coin
I would never pay more than $1000 for a coin
I would never pay more than $5000 for a coin

Those days are gone... but, I would never pay more than $10,000 for a coin. >>

I fit into this EXACT quote as well.....how ironic!!!

DaveE · September 27, 2010 12:26PM

My rockstar hero Miss Laura at Legend informs he she has six different customers who have purchased coins from her in excess of $1 million dollars. I can't do over $10,000.00!

Apparently, they are all collectors. She mentioned a 27D Saint to finish a collection and the 93S PCGS MS67 which topped off sets.

In my opinion, even if you are a collector, when you spend that kind of money you are investing it.

speety · September 27, 2010 12:36PM

<< Jerry Buss perhaps >>

Nope, the biggest purchase I can recall seeing from him was ~$200k each for his 1804 dollar and 1913 nickel...

EagleEye · September 27, 2010 1:50PM

I'd like to know how many people ever regretted paying "too much" for a coin (in the $250,000 to $1 Mil range). Mr Eureka can't respond.

Not many I suspect.

speety · September 27, 2010 2:09PM

<< I'd like to know how many people ever regretted paying "too much" for a coin (in the $250,000 to $1 Mil range). Mr Eureka can't respond.

Not many I suspect. >>

The only one i can think of off the top of my head is the Joseph C. Thomas sale of the AU58 Class III "Adams-Carter" 1804 dollar (paid $2,475,000 and sold it for $2,300,000 after the juice about three years after it was purchased...)

Edited to add - Just saw the range you gave (under $1M), i'm sure there were a few in his sale that meet your criteria as well though, he took a pretty good loss on a few iirc...

AMRC · September 27, 2010 2:12PM

<< 

<< I remember when I said :
I would never pay more than $20 for a coin
I would never pay more than $50 for a coin
I would never pay more than $100 for a coin
I would never pay more than $500 for a coin
I would never pay more than $1000 for a coin
I would never pay more than $5000 for a coin

Those days are gone... but, I would never pay more than $10,000 for a coin. >>

I fit into this EXACT quote as well.....how ironic!!! >>

IT IS SCARY How so many people are relating to this one. I could have written this verbatium.

EagleEye · September 27, 2010 2:18PM

I think "Joseph C. Thomas" regretted selling, not buying.

pennyannie · September 27, 2010 2:19PM

<< 

<< 

<< What about some of these famous people? Or were these purchases done when values were below $1MM:

Buddy Ebson (Uncle Jeb)
Gary Burghoff (Radar)
Kareem Jabbar >>

Most of the very famous collectors never paid $1M for a coin - simply because the $1M barrier was only rather recently broached and for a long while only the top tier classic rarities [1913 Lib nickel and 1804 original dollar] commanded such. It wasn't until maybe 5-6 years ago that the floodgates opened and the level became somewhat pedestrian. lol >>

I'd love to be THAT pedestrian![/

It has been stated that Pitman spent around 100k on his coins that sold for roughly 30 million. I do not see that happening again.

speety · September 27, 2010 2:22PM

<< I think "Joseph C. Thomas" regretted selling, not buying. >>

I agree with you (although a lot of the coins were bought for very strong money). The main problem were most of the coins that lost money were sold within 3-4 years of buying them (imho).

Looking back at that auction there were some pretty friggin nice coins in it that look cheap now...

pennyannie · September 27, 2010 2:35PM

<< 

<< 

<< I remember when I said :
I would never pay more than $20 for a coin
I would never pay more than $50 for a coin
I would never pay more than $100 for a coin
I would never pay more than $500 for a coin
I would never pay more than $1000 for a coin
I would never pay more than $5000 for a coin

Those days are gone... but, I would never pay more than $10,000 for a coin. >>

I fit into this EXACT quote as well.....how ironic!!! >>

IT IS SCARY How so many people are relating to this one. I could have written this verbatium. >>

I would think 90 percent have had this thought. I still remember the first time i broke the 500 hundred dollar mark. I paid cash cause at the time i did not feel like writing a check that the Mrs. would see come thru. BTW she bought me the 2nd coin that cost over 500. I had 20 or so coins that i spent 2k to 8k on but now do not on a coin worth more that 750 now, that will change as soon as i find the 3 coins i need to finish my nickels.

I have not crossed the 10k mark. I do not ever see me spending 100k or more on coin ever. I would buy a loser for sure. I would and have spend multiple 100k's on other things that others would not.

1,000,000 or more per coin is a small group when you look at the total dollar amount of coins out there in collectors, investors and dealers hands.

MikeInFL · September 27, 2010 3:26PM

Collectors who have paid a million for a coin?

I'd guess two dozen-ish.

There are not that many $1m coins, or at least I don't think so from the thick air down here on low.

How thin is the air at the top of the mountain?

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