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Interesting Tidbits - Item Two

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A second interesting story buried in my website:

 

Copied from the 1990 Heritage ANA catalog:

 

MINI-HOARD OF 1878-S TRADE DOLLARS

 

The following mini-hoard of 1878-S Trade Dollars is one of the many highlights offered in the 1990 ANA Sale. The story behind their discovery and inclusion in this sale is incredible. The consignor, (who we will call "Jim") one of the nicest and most pleasant people I've ever had the pleasure of meeting, had elderly next door neighbors that he was very close to. He would help and befriend them whenever the opportunity arose. Little did "Jim" know what was in store. Upon the death of the elderly couple, "Jim" was named executor of the estate - what little there seemed to be - and two requests were made; all financial instruments were to be left to a local university and all personal property would go to the executor. "Jim" went to the bank and opened the safe deposit box. Not expecting to see a great deal, he was taken back by the wealth before his eyes. The wealth however appeared to be all financial and thus left to the university. Among the tens of thousands of dollars in stocks and bonds there was also over $1 million in bearer bonds. Upon removal of all the papers, on the bottom of the drawer, just lying loose, were 25 1878-S Trade Dollars! As wonderful as this seemed, there was a dilemma. Were the coins "financial " and thus property of the university, or were they personal and thus the property of "Jim." After long discussions with the attorneys, it was decided that the coins would be divided equally - with 13 coins going to the university and the remaining 12 coins to "Jim."

 

The university immediately sold their coins to a local coin dealer. This dealer in turn sold them to a major west coast firm who submitted them to PCGS who in turn graded them mostly MS-65, with a few MS-64's and (2) MS-66. Point of fact: every known 1878-S Trade Dollar grading MS-65 or higher (at the time of this writing) can be traced back to this hoard of 25 coins. The only exception being the lone MS-67, which, as justice would have it, is also included in this incredible sale!

 

Here is a link to the finest of the Hoard coins: 1878-S

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yeah, what happened to Jim's coins?

 

I am always amazed at the way some older people seem to have done things. They live as if they have nothing, but then when they pass on, they have millions in the bank or in some type of investent (like bonds etc..).

 

Kinda crazy that almost all the known high grade trades were all owned by basically a non-collector!

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Jim's twelve coins were in this auction. The university's 13 coins were sold retail by the West Coast dealer.

 

My coin was the best MS66 in the sale. It realized $50,000+ or just a bit under what the MS67 brought. It was upgraded at a later date [again, not by me! frown.gif ]

 

However, I paid less for it as an MS67 than what it brought at auction 10 years ago as an MS66! smile.gif

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True. I think it must have remained raw for a while. However, now it is in a PCGS MS66 slab and was sold not too long ago by Joe O'Conner in the neighborhood of $15k.

 

Quite a drop for a coin that fetched $40k at auction in 1980!!

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Don't worry guys, as soon as I finish building my workable time machine, coins like this will be commonplace. I plan on visiting the Philadelphia mint in 1875 and buying several gold proof sets, silver proof sets, and getting a few MS69 Trade dollars right off the presses.

 

The problem is that my time machine invention requires 1500 grams of weapons grade plutonium as well as 2500 grams of Einsteinium to complete, and it's not easily aquired.

 

Dragon

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