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The Lost and (now) Found Half Eagle (short story)

Started by jom,

15 posts in this topic

jom

jom

Posted
Posted

Last September (2002) I was viewing auction lots for the Heritage Signature Sale at the Long Beach show as usual. After I was done and on a whim I decided to look at the Bullet Sale lots also. I usually skip those because it is mostly Heritage inventory trash they are trying to dump. To my shock this 1914-S half eagle stood out like a sore thumb amongst the garbage. I looked at the coin several times throughout the show to be sure but it was definitely a PQ coin and possibly an MS63 but it resided in a PCGS 62 holder.

 

So the following Monday I bid (Bullet Sale are now internet only) and the reserve ended up too high so it didn’t sell. I figured the guy trying to sell it knew also it was a 63 and just didn't have enough time to put it in the regular sale. I was actually willing to go to $4000 (!) on the coin even though most 62's go for around $2500 (63's are about $7000). Next day, John Ruiz (Strat) told me I could call Heritage about any lot afterwards if it didn't sell (something I didn't know). So I ended up getting some schlep on the phone who didn't know anything and they were NOT interested in my $4000 bid (actually it was less than that since Heritage wanted their $800 20% take). They wouldn't even let me know who the owner was...clearly to cover their arse so they wouldn't lose out on a sale. I was resigned to the fact this coin was definitely going back for a re-grade. Oh well....I kept the picture on my drive and lamented that I missed out on another nice coin.

 

So that's where it stood....until a week ago Thursday night.

 

I was using my "Favorites" thingy on Ebay doing a search (as I usually do) to find gold. While searching Indian Half Eagles I noted a new listing of a 14-S in 62:

 

http://members.cox.net/gbtjom/14sFull.jpg

 

It (fortunately) had a picture of the slab along with close ups as you can see. This being a year later I actually couldn’t remember if that coin from last year was a 10-S or a 14-S so I dug out the photo I saved and compared the serial number:

 

http://members.cox.net/gbtjom/14sHer.jpg

 

(You have to look at the 9/30/2002 Bullet Sale to find it)

 

After I saw the serial numbers matched and after I got up off the floor (lol) due to shock, I couldn't hit the "buy it now" fast enough. I could NOT fricking believe it. I would have never known it was the same coin. No way...if it weren't for the serial number. I was also shocked that the owner (or owners...I didn't know if it was sold in the intervening time) didn't submit it to PCGS again. Lucky me.

 

Turns out the owner WAS the same from the year before. This coin was in an ANACS 63 holder and Heritage had told him that it would be better for the sale to be in a PCGS holder (something I’ve known for years). He had a whole set of $2.5, $5 and $10 gold in the Signature (that was his Trompter 20-S in the sale) but this was only coin to go to the Bullet because it got back late from the service (there’s a shock!). He put a big reserve on it because he felt it was a 63 also. After it didn't see he never did regrade it and finally decided to sell it on Ebay last week. I got it for $2500 (!!!) which was quite a bit less than I was willing to pay the year before. laugh.gif

 

IMO, Heritage did a disservice to this client by not allowing me to contact him last year. It should be even more upsetting to the seller considering this seller had sold his whole gold set through them a few days earlier. You’d think they would be a bit more helpful. Oh well, I got lucky.

 

I received the coin today and it is without a doubt an MS63 if not even a 64. Put it this way, if it were a 1909-D (most common Indian Half Eagle) it would easily be in a 64 holder. The price difference for a 14-S is probably prohibits that however....

 

Moral of the story: Be patient. You never know what will come back up for sale…. laugh.giflaugh.giflaugh.gif

 

jom

 

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TomB

TomB

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Nice work! thumbsup2.gif

 

I know the feeling of missing out on a coin only to kick yourself repeatedly afterwards. It's amazing that the leg joints can bend that way in that case! wink.gif

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Hoot

Hoot

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Great story jom! Nice job and a good diligent search! This story also goes to show that patience pays off - probably not always the way it did for you, but in equally good ways. acclaim.gif

 

Hoot

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JamminJ

JamminJ

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Hi Jom,

 

That's really a great story, I always like a happy ending where the good guy gets the coin!

 

I also get a kick out of your word selection "inventory trash," "amongst the garbage" and "schlep" are particular favorites. thumbsup2.gif

 

-JamminJ

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jom

jom

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"inventory trash," "amongst the garbage" and "schlep" are particular favorites.

 

Hmm... 893scratchchin-thumb.gif Let's just say they weren't my FIRST choice of words...lol

 

jom

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Hoot

Hoot

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Posted
That's really a great story, I always like a happy ending where the good guy gets the coin!

 

Okay, but JOM got the coin! 893whatthe.gif

 

devil.gif Hoot insane.gif

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MarkFeld

MarkFeld

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Great story, Jom and congrats on getting the coin.

 

But I disagree with you on one point - you said:

IMO, Heritage did a disservice to this client by not allowing me to contact him last year.

 

I think Heritage was absolutely correct/right, in not disclosing who the consignor was.That is and should remain confidential information, unless the consignor wants/chooses to make it known.

 

Now, had you requested that they ask him to contact you, if he so chose, that would have been different.

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jom

jom

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Now, had you requested that they ask him to contact you, if he so chose, that would have been different.

 

You are absolutely correct Mark and it is something I failed to mention. My fault. I DID ask them but they wouldn't do it. Like I said above I felt the person who I was talking to was uncooperative..well...actually probably just a low level employee who didn't know much. I did ask however...

 

Again, I apologize for not stating that in my first post.... frown.gif

 

Okay, but JOM got the coin!

 

Thanks Hoot, that's a nice thing to...wait...uh...minute.... D'oh!

 

jom

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jom

jom

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Can you bring it to the next LB and let me see it? I promise I won't try to run with it!

 

Hmm.... 893scratchchin-thumb.gif I'll have to see if my bodyguard will come to the show. Can't be too careful with Prowlers around...

 

I would also like to add that the seller of this coin was a pretty good guy. In his sale of his gold coins last year (in the Signature sale) he sold some big-time coins. I looked up the coins on the Heritage archives and there was a butt-kickin' 1909-O half eagle and he also owned the Trompter 1920-S. He told me he was a bit disappointed the 20-S didn't go for more. I'm sure I looked at it but I don't remember but it was ANACS graded. I would have been paying more attention if it had been a coin I could have afforded... laugh.gif

 

jom

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BigAl-migration

BigAl-migration

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WOW! Congratulations. Nothing compares to the feeling of getting a bargain on a coin you really like--a feeling of accomplishment and joy mixed together. Have fun waiting by that mailbox, I recommend a lawn chair and cooler packed with cold beer.

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