A current, first hand experience with the absurdity of the "value" in plastic...

[MarkFeld]

I won this coin in the recently concluded Heritage FUN sale, for (what I considered a steal of a price at) $2070, including the buyer's premium.

 

I thought the coin was all there, very attractive and had a maximum bid of $3225. I was stunned that I won it so cheaply, and thought that surely, I must have missed something/a flaw or flaws. But, that even if I had, it was still a bargain. After I had the coin in hand and reexamined it, I still liked it as an attractive, solid for the grade example.

 

A client of mine (who buys PCGS coins, almost exclusively) wanted me to try to cross it to a PCGS holder. I reminded him that I don't like to do that. So we agreed that he would pay the fee and that if the coin crossed, he could buy it at a price representing half the difference between my cost and the value of a PCGS PR65 example.

 

The coin crossed and was also awarded the cameo designation. So I ended up with a nice profit and my client ended up with a coin that he really likes, at far below its current market value. It's clearly a win-win situation, but for the seller, whose coin sold too cheaply.

[Coindude]

Wow, what a coin Mark. Nice upgrade to cameo as well. I'm actually surprised NGC didn't see fit to give it a star. The reverse for sure looks cameo in their pictures, as for the obverse, it looks hazy and I'm a little surprised PCGS gave it the cameo.

[michael]

the client is way lucky to have you mark

 

i guess with this kool-aid pcgs market bias there is great arbatrage with regards to buying at auction and crossovers and you got a double whammy in both cases

 

a pq ngc coin cheap because of the holder bias and then an easy cross to pcgs

 

hence the arbitrage

 

i can now understand how the green bean green cac sticker starts to even the playing field

 

 

 

 

[dean1345]

Mark did you specify to PCGS as PR65 minimum crossing?

[James_OldeTowne]

This is a stunning, eye-opening scenario when you get right down to it.

[MarkFeld]

Mark did you specify to PCGS as PR65 minimum crossing?

Dean, do you think I would have accepted a grade of less than PR65 based on 1) how I felt about the coin and 2) the fact that even at the low cost, I still paid more than a PCGS PR64 would go for?

[dean1345]

Mark did you specify to PCGS as PR65 minimum crossing?

Dean, do you think I would have accepted a grade of less than PR65 based on 1) how I felt about the coin and 2) the fact that even at the low cost, I still paid more than a PCGS PR64 would go for?

 

Mark were you surprised with the cameo designation?

[MarkFeld]

Mark did you specify to PCGS as PR65 minimum crossing?

Dean, do you think I would have accepted a grade of less than PR65 based on 1) how I felt about the coin and 2) the fact that even at the low cost, I still paid more than a PCGS PR64 would go for?

 

Mark were you surprised with the cameo designation?

Dean, yes, I was surprised, though not shocked. My focus had been on the grade and eye-appeal of the coin, but I had noted what I would label some light cameo contrast.

[IGWT]

. . . So we agreed that he would pay the fee and that if the coin crossed, he could buy it at a price representing half the difference between my cost and the value of a PCGS PR65 example.

 

The value of a PCGS PR65 example as determined by the PCGS price guide or by the sale of this 1888 50c PCGS PR65? Too bad the coin wasn't raw when you bought it . . . that would have demonstrated even better the absurdity of the "value" of plastic.

[MarkFeld]

. . . So we agreed that he would pay the fee and that if the coin crossed, he could buy it at a price representing half the difference between my cost and the value of a PCGS PR65 example.

 

The value of a PCGS PR65 example as determined by the PCGS price guide or by the sale of this 1888 50c PCGS PR65? Too bad the coin wasn't raw when you bought it . . . that would have demonstrated even better the absurdity of the "value" of plastic.

Lou, how did you know I would choose that $8625 example by which to price my coin?

 

Actually, we agreed to price the coin and split the difference as if it had a value of $4000, vs. the PCGS price guide value of $5000. So after some minor haggling, I sold the coin to my client for $3000, instead of the $2900 I originally quoted. He's a great client and each of us watches out for the other.

[WoodenJefferson]

The benefit of a dealer and a client having someone on the inside track.

[RI AL]

For those of us somewhat less savvy on the ins and outs of values of slabbed coins, this is an excellent learning experience. I guess it's good to hear that sometimes the results of the certification can go "either way".

[michael]

(thumbs u

[jgrinz]

Wow, what a coin Mark. Nice upgrade to cameo as well. I'm actually surprised NGC didn't see fit to give it a star. The reverse for sure looks cameo in their pictures, as for the obverse, it looks hazy and I'm a little surprised PCGS gave it the cameo.

 

The numbering on the slab pus this coin in the NGC era where they did not designate proof coins as cameo. If he had sent it to NGC it would have been redesignated as such.

 

Its a good think for Marks client that he doesn't 'need' money, but offers his services for the further advancement of the hobby and his clients collections other than his OWN pocketbook.

 

NIce purchase and sale Mark 'here here' on both counts