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This eBay buyer must be smokin something!!

Started by Schatzy,

23 posts in this topic

bartlesvilleok

bartlesvilleok

Posted
Posted

I am hoping it might be some dealer who wants to say they have the first one graded. to boost sales.

 

Either way the buyer is probably patting him/herself on the back saying they got $2,500 off BIN price.

 

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MunkyMan95

MunkyMan95

Posted
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The original owner of this coin was a person on the PCGS message boards. He got lucky and was the first one to send his coin to PCGS, and they graded it MS70.

 

He gave it to a family member who was going through tough times, and they sold it, apparently in this auction, for $10,000.

 

I don't see this as a situation where this "buyer must be smokin something" but rather a sort of feeding frenzy over the first MS70 graded. And the fact that PCGS did an article on it adds to the frenzy.

 

So, it wasn't a dealer claiming to have the first one graded to add to the hype, this was the actual first graded coin that PCGS did an article on.

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RareSov

RareSov

Posted
Posted

They mean the buyer = dealer, but I doubt that myself

 

More likely someone crazy. Does not know how to buy from the mint themselves.

 

I'll take what he's smoking.

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Revenant

Revenant

Posted
Posted

Texas A&M University in College Station. It's a public school and it gets pretty decent support from the state, and lots of Alumni support. Bill for each semester including tuition, fees, my dorm rent, some money for food, my parking permit, etc comes to about $6,500; about $13,000 for the year.

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Schatzy

Schatzy

Posted
  • Author
Posted
I don't see this as a situation where this "buyer must be smokin something" but rather a sort of feeding frenzy over the first MS70 graded. And the fact that PCGS did an article on it adds to the frenzy.

 

This was a buy-it-now and I still believe the buyer must be smoking something to even offer $10,000 for the coin!!

 

 

and PCGS even doing an article on the coin.... doh!

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jtryka

jtryka

Posted
Posted

You know, it's interesting that even if you put this in with the original series, the 51 thousand or so they've already minted puts it over 4x the mintage of the regular high relief, more than double the mintage of the 08-S and 50% higher than the mintage of the 13-S. It will soon surpass the 09-D. You could buy any of those coins in a nice collector grade (Mid-AU to low-MS) for less than $10K, and that doesn't even begin to account for the number eventually melted! Just to put it in a little perspective for you!

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MunkyMan95

MunkyMan95

Posted
Posted

This was posted across the street about the same topic, and I think it fits in well here

 

* Coin was 1st one graded and 1st one offered for legit sale (not a "pre-sale")

* No one knew when shipping would continue/re-start at the time of the sale (how many would get graded? 1st strike?)

* No one knew how grading would turn out

* It's a "FREE MARKET". No one is forced to sell, or buy, at any price they don't want to. At the level sold, it is unlikely the buyer is hard up on cash.

* I would LOVE to sell mine at that level, or even 1/2 that level. Won't happen though. Congrats to Charlie and his relative on the sale.

 

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bsshog40

bsshog40

Posted
Posted
This was posted across the street about the same topic, and I think it fits in well here

 

* Coin was 1st one graded and 1st one offered for legit sale (not a "pre-sale")

* No one knew when shipping would continue/re-start at the time of the sale (how many would get graded? 1st strike?)

* No one knew how grading would turn out

* It's a "FREE MARKET". No one is forced to sell, or buy, at any price they don't want to. At the level sold, it is unlikely the buyer is hard up on cash.

* I would LOVE to sell mine at that level, or even 1/2 that level. Won't happen though. Congrats to Charlie and his relative on the sale.

Hey as far as I'm concerned, I would sell one at this price if someone was willing to pay for it. I can't afford one anyway so this will not be happenin to me anytime soon! lol

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Houston Investor

Houston Investor

Posted
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I think this buyer must have been smoking something really strong lol (he got smoked!) as he seems to have to have way overpaid for this.

 

As far as the seller? Great marketing many would say - a super play. Like a heisman QB lofting a pass for an 85 yard TD strike inbetween two defenders. Kudos to the seller - what a fantastic payday for him that must have been!

 

That the coin was the first one graded or whatever, I could care less. Unbelievable someone would pay that kind of money for it in this recession. How could a buyer be duped like that? Poor guy.

 

These coins are available from USM at $1289. 69 and 70 is how they come from USM. $10,312 would buy 8 pieces. I would rather have the USM 8 pieces than just one piece! As far as 70/? So what - my last submission of mods 65% of them got 70 - now I know how to pick nice coins but I just don't believe these things are any great rarity in 70! And the buyers who do are rarer than the coins.

 

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MunkyMan95

MunkyMan95

Posted
Posted

Of course you guys say that now. However, at the time the coin sold, pops were much lower for First Strike MS70s, and the First Strike deadline was fast approaching. Nobody knew how many First Strike coins would be graded, much less MS70's.

 

If he threw the coin up on eBay now, I'm sure he wouldn't get nearly $10,000 for it. It just shows how quickly the market can change.

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World Colonial

World Colonial

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The absurdity of the transaction is independent of when it happened. It is the fact that it happened at all. And even if the population was low (or "unique" for this grade) at the time, they must certaibly have known (unless they were completely clueless) that additional specimens will probably turn up later.

 

As one of the prior posts stated, anyone can buy one raw from the US mint for about $1300 and if the quality on all of them is what others here say it is or anywhere close to it, there will be many others that will be of no noticeable difference.

 

I'm sure that any of us can come up with issues that we collect that could be bought for close to this money or less. The first ones that come to mind to me are the 1768 Bolivia Pillar 8R NGC MS-62 from the 2008 Goldberg Millineum sale and the 1770 Bolivia Pillar 8R NGC MS-64 from the 2006 Heritage Whittier collection. They are the only Bolivia Pillar 8R i have ever seen.

 

 

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