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Share your stories: Fair rips at public auctions
machoponcho
Posts: 355 ✭✭✭
Hi. We all know some coins get by at public auction now and then. I am interested in hearing about these "fair" rips. I am talking about the circumstances causing the coin to go cheap. There are the coins that are bought, doctored, slabbed, and subsequently sold for substantial profit, but I am not referring to these. Nor am I talking about simple crackouts that got upgraded. I am also not talking about coins held for longer than a year. I'm talking about coins where no work has to be done other than bringing the coin to a different market or the same market under different circumstances to realize a profitable quick flip.
I'll start. 2004 P Florida 25c PCGS MS68 went $64 on Heritage here . I was the buyer. This is a coin that has a value normally of $200-$300. PCGS price guide today is at $425. IIRC, the coin was nestled between lots of PR69DC state quarters so maybe that's why it got by. I sold it on Teletrade a few months later where it realized $210 here
So, what public auction coins do you know of that were "fair" rips? Simply cite what the auction coin went for versus what it was supposed to have went for. You don't have to have full documentation of purchase and subsequent sale as I had here; I'll believe your stories. I expect we'll hear plenty of stories about coins we consigned and that went dirt cheap.
I'll start. 2004 P Florida 25c PCGS MS68 went $64 on Heritage here . I was the buyer. This is a coin that has a value normally of $200-$300. PCGS price guide today is at $425. IIRC, the coin was nestled between lots of PR69DC state quarters so maybe that's why it got by. I sold it on Teletrade a few months later where it realized $210 here
So, what public auction coins do you know of that were "fair" rips? Simply cite what the auction coin went for versus what it was supposed to have went for. You don't have to have full documentation of purchase and subsequent sale as I had here; I'll believe your stories. I expect we'll hear plenty of stories about coins we consigned and that went dirt cheap.
I have existed since the creation of this world and will exist until its end. Only my form will change. For these 80 human life years, I have the benefit of having a functioning body and consciousness. I will not waste this opportunity.
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I have also broken price records for a certain date/grade, only to realize huge profits down the road. Maybe those were the true "rips."
Empty Nest Collection
WS
Won a 1999 1c broadstruck with a 25% obverse indent NGC MS65RD on eBay. I'm not on the up and up when it comes to values of error coins. Whenever I do bid on them, I bid what I "feel" is conservative and also based off of any like kind past auction results. I was surprised when I won the 1999 Cent for $21.11 on eBay. I had fun looking at the coin for about a month or so and then consigned it to Teletrade where it sold for $45 here I thought I had done quite well.
Story's not over.
I see the coin pop back up on eBay a few weeks later with low start and no reserve so I put it on my watch list. The coin ended up closing at around $80. I still felt I had done okay and surprisingly wasn't jealous.
C'mon, you guys and gals, I know you must have tons of stories!
8-1885 S Morgan Dollars that went for $15 each. All certified AU53-AU58.
Please visit my website Millcitynumismatics.com
An authorized PCGS dealer, and a contributor to the Red Book.
Sean Reynolds
(Edited to add the venue where the books were purchased)
"Keep in mind that most of what passes as numismatic information is no more than tested opinion at best, and marketing blather at worst. However, I try to choose my words carefully, since I know that you guys are always watching." - Joe O'Connor
The Price Guide prices later dropped, but I still ended up selling the coin on eBay for just over $2300, just under 10x what I paid about a year before.
Michael Kittle Rare Coins --- 1908-S Indian Head Cent Grading Set --- No. 1 1909 Mint Set --- Kittlecoins on Facebook --- Long Beach Table 700
Bought another roll of MS 1881 S Morgan Dollars from some backwoods pawn shop in the middle of nowhere in Missouri, also in the early 1990's. The shop wanted $17 ea, I took all of them for $12 ea. All graded DMPL MS-64 to MS-66.
And then there is the VF 1833 LM-5 Half Dime I got on eBay for $260. Five known, 3rd finest. I still have it, but have been offered close to 5 figures for it.
And of course, all the little old ladies that bring $20 gold pieces into the store. We tell them they are not legal tender any longer, but
to help them out we will give them $20 each for them..........JUST KIDDING ON THIS ONE.
Although it would not surprise me if some con man coin dealer uses this approach.
Recipient of the coveted "You Suck" award, April 2009 for cherrypicking a 1833 CBHD LM-5, and April 2022 for a 1835 LM-12, and again in Aug 2012 for picking off a 1952 FS-902.
"Everything is on its way to somewhere. Everything." - George Malley, Phenomenon
http://www.american-legacy-coins.com
I still have the set.
Link to the registry
This just got TrueViewed and is currently on Coin Facts front page
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CoinsAreFun Toned Silver Eagle Proof Album
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Gallery Mint Museum, Ron Landis& Joe Rust, The beginnings of the Golden Dollar
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More CoinsAreFun Pictorials NGC FOR SALE
<< <i>Bought an PCGS MS67 Jefferson Missing Edge Lettering Presidential Dollar at a local auction for $240.00 (at the time it was listed in the PCGS Price Guide for $5000!!!!). Apparently there were not too many modern collectors to put up a competitive bid as I was willing to pay a good deal more for it.
The Price Guide prices later dropped, but I still ended up selling the coin on eBay for just over $2300, just under 10x what I paid about a year before.
This one is especially interesting since I thought the Jeffersons MEL were being hoarded!
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Utahcoin, your stories are certainly cause for motivation!
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On eBay, there was this 1909 D 25c in an NGC MS65. It's a common enough date but it is a slightly better date in MS65. This was about 4 years ago when the GSBid was $1575 or so. A common Barber Quarter at the time in MS65 was $1000. The bidders on eBay must not have recognized it as a better date in MS65 since I won it for just over $1000. Sold it for $1375 to a dealer shortly after.
for about $175 at auction a few years ago.
When said coins were received only one was PR69CAM
The other was PR69 DCAM! Woo Hoo
Regards, Larry
The coin graded 65 at PCGS and according to the PCGS price guide is worth $2,300.
Won an NGC MS67 1880 gold dollar at a recent Heritage auction for about $3300. They usually go for about $1000-$1500 more, and one sold back in June for over $6000. THAT one was PCGS graded. So I crossed mine.
just paid for it today
Should have added, this score was in Feb.
On ebay in 2009 I forgot to add.