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New Gold Exchanged for Old Gold

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coinsbygary

1,263 views

Phase 2 of a major re-organization in my collection is complete.

A few months ago, I wrote about the beginning of a major shift in my collecting priorities. The first phase of this re-organization involved selling seven ANACS details graded gold coins to purchase an 1893-S Morgan Dollar. In Phase 2 of my re-organization, I decided to liquidate most of my proof ?First-Spouse? coins. With the proceeds of those ?New Gold? coins, I planned to purchase the ?Old Gold? coins necessary to complete the gold portion of ?Gary?s Type Set."

Now I am happy to say that phase 2 of my re-organization is complete. The first coin I purchased with the proceeds of seven ?First-Spouse? gold coins that I sold on E-Bay was an AU-53, 1854 $3.00 gold piece. Additional purchases, all in MS-62 condition, include an 1853 ?Type 1? Gold Dollar, 1857 ?Type 3? Gold Dollar, 1914-D Indian Quarter-Eagle, 1881-S Liberty Eagle, 1897-S Liberty Double-Eagle, and the final piece of the puzzle an 1878-S Liberty Quarter-Eagle.

The NGC 1878-S quarter-eagle is a bit of an oddity though, not because of the coin, but because of the holder. I noticed the photograph of the holder in the E-Bay listing had the coin labeled as 1878. However, the reverse pictures clearly showed the mintmark ?S.? I verified the certification, and sure enough, there was a mintmark on NGC?s certification verification photo. In a classic example of buy the coin and not the holder, I bought the coin because of its lack of contact marks for an MS-62 coin. Furthermore, the ?S? mint coin has a lower mintage than the 1878 coin, although neither of those coins is particularly scarce and the money you can expect to pay for both those coins is roughly the same through MS-62. At some point though, I may get this coin re-holdered, but I am in no hurry. Furthermore, unless I get it re-holdered at a coin show, I am not paying postage and insurance to send it to Florida.

Flush with cash in my PayPal account, I thoroughly enjoyed my little ?shopping spree." However, I did not get as much money as I had hoped for from the sale of my ?First-Spouse? coins. It seems, just as I suspected, that there is not a strong demand for these coins in the marketplace. Fortunately, since I had purchased most of the coins I sold, two to four years ago when the price of gold was considerably lower, I made a healthy profit on each coin. Now I have six coins left to sell and plan to use the remaining proceeds to pay a few bills and purchase some key-date Morgan Dollars.

I am in no hurry to sell the remaining coins, especially since I purchased most of them recently. For now, I am monitoring the auction results of my coins to see what I can expect to get for them. I am especially monitoring the new kid on the block, ?Great Collections." What has me intrigued about ?Great Collections? is that if my consignments sell for over $1000, there are no seller fees. Additionally, the buyer?s fee is only 10%.

The 1914-D Indian Quarter-Eagle in my collection I won on a Sunday evening ?Great Collections? auction. For being so new, I am very impressed with ?Great Collections," and especially their speedy delivery. The next day after the auction, my coin shipped, and I had it in my hand on Wednesday. The only thing I am concerned about though, especially with a possible consignment, is their limited visibility. However, as time goes by, I definitely see that increasing. Even so, the potential of no seller fees is quite tempting, especially since E-Bay and PayPal took me to the cleaners.

Overall, I am quite pleased with where my collection is at and where it is going. Sometime later, I will have more to say about ?Great Collections.? My picture collage shows the first coin and the last coin I purchased during my recent 7-coin shopping spree. Until next time, ?Happy Collecting?.

Gary

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