Common Proof in an expensive "Mint State" NGC holder...

[braddick]

Looks like a $20.00 proof Franklin in a pretty expensive "MS" NGC slab.

 

Unless I'm missing something?

[TomB]

Agreed.

[gmarguli]

Heritage Auction Link where it sold for $431.25.

 

Heritage Auction Description: 1962 50C PR66 NGC. The NGC holder incorrectly asserts the piece as MS66, but it is a proof with the Type Two reverse.

[braddick]

I thought I kind of knew this series... What is the Type Two reverse and is is worthy of a large premium?

[gmarguli]

It's the higher relief eagle and it is on a significant percentage of the 1956 and all the 1957-1963. It is a proof feature.

[braddick]

Cool. Thanks.

So, as I understand it, not worth much of a premium, let alone the large one it sold for with Heritage.

[gmarguli]

Not worth any premium as they are all the type 2 reverse.

 

No idea why Heritage got such a massive premium for it. The 1963 from the same sale brought a modest premium with a sale price of $35 (1963 in PF65).

[braddick]

It'll be interesting to see how the eBay auction plays out as the seller knows Franklins and must be in tune with what it is he is selling (and, more importantly, what it is he is not).

 

[James_OldeTowne]

I would pay $100 for something like this, which is obviously much more than the coin itself is worth. But the Reiver pedigree is worth $100 to me on a generic coin.

[MarkFeld]

It'll be interesting to see how the eBay auction plays out as the seller knows Franklins and must be in tune with what it is he is selling (and, more importantly, what it is he is not).

I contacted the seller late yesterday and he has since pulled the listing saying it was a mistake.

[BULLY]

So was this a forged NGC slab or what? Is that what I am getting out of this?

 

Otherwise this chat is flying over my head.

[MunkyMan95]

So was this a forged NGC slab or what? Is that what I am getting out of this?

 

Otherwise this chat is flying over my head.

 

It was most likely a typographical error on the label.

[Conder101]

It was most likely a typographical error on the label.

And it was probably bought at the Heritage sale by someone who didn't pay attention to the description and just bought the label on the slab (What does a MS-66 list for? or a MS-66 FBL which this piece obviously had. Guy buying the label at Heritage probably thought he was buying a MS-66 that could be sent in and get the FBL designation. He couldn't tell a MS from a proof and just trusted that the TPG had it right.)

[Jim Beam]

Makes me wonder if the person selling it on ebay (sale ending 1/1/08) is the person who purchased it a the Heritage auction on 1/30/06. Maybe it had been passed through more than one collector. If this coin has been indicated to be a proof, why would it not be regraded as such? It still showed up on ebay as an MS about two years after the Heritage auction.

[MarkFeld]

Makes me wonder if the person selling it on ebay (sale ending 1/1/08) is the person who purchased it a the Heritage auction on 1/30/06. Maybe it had been passed through more than one collector. If this coin has been indicated to be a proof, why would it not be regraded as such? It still showed up on ebay as an MS about two years after the Heritage auction.

Many sellers don't care if a coin is misattributed, especially if/when they face the possibility of taking a financial bath by having the error corrected while they still own it.