This auction description is totally HILARIOUS!!

[Schatzy]

Well I guess I spent way too much money this month at Heritage because I just

receieved my first catalog from them after being a member for over 2 years.

Well I looked over every page and I just found this description totally hilarious!!

 

1968-S 50C PR70 Deep Cameo PCGS. The first proof San Francisco Kennedy half dollar issue, offered here with surfaces judged flawless by PCGS. Boldly contrasted with minor milk-spotting at the margins, most visibly on the obverse between the word IN and the L in LIBERTY. Population: 16 in 70 Deep Cameo (12/10).

 

The pictures are even better!! Link to auction!!

 

[jackson64]

this is too funny, and bids at over $3,000...I guess not everyone listens to the " buy the coin, not the holder" advice

[Old Pueblo]

Flawless and milkspot belong in the same sentence?

 

If the coin was regraded would it still get 70DCAM?

 

 

OP

[Walkerfan]

MS 70 is perfect, not perfectly milky!!

 

The picture is a REAL turn off BTW.

[Hard Times]

Maybe I am just a 18th and 19th century enthusiast, but, even if it were truly flawless, why would someone spend that kind of money on a recent Kennedy half? What am I missing here? Maybe $100 for a flawless one, but $3K? Aren't Kennedy halves, even very very nice ones, like er, ah, common?

[TomB]

Maybe I am just a 18th and 19th century enthusiast, but, even if it were truly flawless, why would someone spend that kind of money on a recent Kennedy half? What am I missing here? Maybe $100 for a flawless one, but $3K? Aren't Kennedy halves, even very very nice ones, like er, ah, common?

 

CAM JFKs from this era are a bit tougher than you might expect and DCAM JFK halves are significantly more scarce than fully mirrored proofs of the era. Of course, the PR70 grade also boosted the price a ton. While it is not worth $3k to me, I can still see how an enthusiast could pay that level for a DCAM of the era in an ultra-high state of preservation.

[mikesartifacts]

Maybe I am just a 18th and 19th century enthusiast, but, even if it were truly flawless, why would someone spend that kind of money on a recent Kennedy half? What am I missing here? Maybe $100 for a flawless one, but $3K? Aren't Kennedy halves, even very very nice ones, like er, ah, common?

 

I would say for the most part yes, but really nice Cameos before 1970 are tough... As a Kennedy collector (interested in toned business strikes only) I must say that the '64-D I got back from PCGS earlier this month graded MS67 is quite scarce, being only the 30th one graded at that level, and only about 10 pieces making MS67 in the last 10 years. These are selling between $1,000 and $2,000 depending on eye appeal and how spirited the bidder is. Not sure what the pops are for PF70 CAM specimens in the series are, but I wouldn't be surprised if some dates were higher than 30 pieces. The single finest known '64'D example (Coinfacts plate coin), an MS68 wildly toned example that I believe was handled by Larry Shapiro sold for around $15K. Yikes

 

A very funny auction description BTW.

[RUSS BEGA]

As a person that collects classic coins I just can't understand why someone would pay that much for a coin where millions upon millions were made. I mean it's a well known fact around the boards that i collect seated quarters i can buy an 1880 seated quarter in MS62-63 for less than $1500 and only a little more than 10K were minted. But just my opinion/rant. to each his own!

 

-Russ

[James_OldeTowne]

To be honest, I would love to own that coin. At $200 or so.

 

$3000 is completely absurd, in my opinion. There's a point at which it is no longer a hobby, and becomes a monstrous joke, and this coin is beyond that point, especially in light of the overgrade.

[Dudley the 1st]

That is exactly the point which we all should walk away with James ,The Coin is Obviously Over-Graded . and Over-bid .

[grade it-migration]

That is exactly the point which we all should walk away with James ,The Coin is Obviously Over-Graded .

[MarkFeld]

I don't think the description is funny, or even contradictory.

 

And I appreciate the fact that the cataloger noted the flaws, which might or might not have been present when the coin was encapsulated/ graded.

[Coindude]

PCGS Population in that grade is 16.

 

Try to purchase any top pop with a pop of 16 for that price.

 

Here are recent sales of coins in that level:

 

Auction 1151, Lot 5823, Sunday, January 9, 2011 , 70 PCGS $8,625.00

Auction 1121, Lot 6079, Sunday, January 11, 2009 , 70 PCGS $4,025.00

Auction 454, Lot 2240, Saturday, January 12, 2008 , 70 PCGS $5,175.00

Auction 416, Lot 2344, Saturday, September 16, 2006, 70 PCGS $5,175.00

Auction 404, Lot 3172, Saturday, April 29, 2006, 70 PCGS $3,737.50

 

So, thinly traded top pop. Would I spend that on that? Na.... but I know why they have.

[jackson64]

I don't think the description is funny, or even contradictory.

 

And I appreciate the fact that the cataloger noted the flaws, which might or might not have been present when the coin was encapsulated/ graded.

 

You actually make a good point Mark..in this instance the cataloger says" surfaces judged flawless by PCGS" and then the cataloger ( not so subtley) goes on to point out the milk-spots and hence, that the coin may say PF70 ( PERFECT/FLAWLESS)..yet it is not.

 

That is why I mentioned in my original post the cost being evidence of how many people must ignore the " buy the coin not the holder" advice....anyone who bid above the $200 FMV for a PF69DCAM is bidding on the plastic, not the coin......

[coinman_23885]

Maybe I am just a 18th and 19th century enthusiast, but, even if it were truly flawless, why would someone spend that kind of money on a recent Kennedy half? What am I missing here? Maybe $100 for a flawless one, but $3K? Aren't Kennedy halves, even very very nice ones, like er, ah, common?

 

CAM JFKs from this era are a bit tougher than you might expect and DCAM JFK halves are significantly more scarce than fully mirrored proofs of the era. Of course, the PR70 grade also boosted the price a ton. While it is not worth $3k to me, I can still see how an enthusiast could pay that level for a DCAM of the era in an ultra-high state of preservation.

 

But even the PCGS Price Guide value for a PR69 DCAM is only $250. Even if you were willing to pay 4x the price guide value, you'd still be more than $2000 ahead.

[coinman_23885]

Well I guess I spent way too much money this month at Heritage because I just

receieved my first catalog from them after being a member for over 2 years.

Well I looked over every page and I just found this description totally hilarious!!

 

1968-S 50C PR70 Deep Cameo PCGS. The first proof San Francisco Kennedy half dollar issue, offered here with surfaces judged flawless by PCGS. Boldly contrasted with minor milk-spotting at the margins, most visibly on the obverse between the word IN and the L in LIBERTY. Population: 16 in 70 Deep Cameo (12/10).

 

The pictures are even better!! Link to auction!!

 

Why doesn't the seller just send to the coin back to PCGS for a buy back? I would.

[Coindude]

Why doesn't the seller just send to the coin back to PCGS for a buy back? I would.

PCGS would have to agree with the downgrade, which they may not. Then, PCGS will figure the value for the coin, if they decide it's a downgrade, and that price will most likely not be inline with their price guide. Believe me, I know... first hand.

[jerseycat10]

I didn't know milk spots were desirable.

 

I am going to spill a gallon of 1% on my entire collection and resubmit.

[grade it-migration]

Here is an interesting fact...

 

This 1968-s prdcam 70 was made on a submission of which 20 1968-s Kennedy's, made it in holders in consecutive serial numbers.

 

Of 20 1968-s half dollar proofs in consecutive serial numbers 15 are 70dcam's and 5 69dcam's. There are only 16 70dcams in this year

Enter a Cert Number and click the Verify Certification button. 7733371 though 7733390 this will yield results of this run of 20....

 

This coin being auctioned is serial number 7733389..

 

What this means is the of the 2000 1968-s dcams in all grades 93% the prdcam 70s where made by one submitter on one submission....

 

 

 

 

[Bruceswar]

So those numbers mean someone has a great eye?

 

Sure nobody likes a milk spot coin, but mark is right on in saying it likely was not spotted when PCGS graded it.

[Schatzy]

Here is an interesting fact...

 

This 1968-s prdcam 70 was made on a submission of which 20 1968-s Kennedy's, made it in holders in consecutive serial numbers.

 

Of 20 1968-s half dollar proofs in consecutive serial numbers 15 are 70dcam's and 5 69dcam's. There are only 16 70dcams in this year

Enter a Cert Number and click the Verify Certification button. 7733371 though 7733390 this will yield results of this run of 20....

 

This coin being auctioned is serial number 7733389..

 

What this means is the of the 2000 1968-s dcams in all grades 93% the prdcam 70s where made by one submitter on one submission....

 

 

 

 

It could have been from a very big bulk submission!!

[WoodenJefferson]

Back in 1968 when the US Mint announced the hiatus was over for the collectible proof sets and that the branch mint in San Fransisco was going to devote all it's attention on these collectible coins, speculators lined up at the doors.

 

The new type packaging in the hard acrylic cases along with an issue price of only $5.00 per set, dealers. speculators had visions of doubling their money in no time. The Mint would box up as many as 10 sets per carton, so if you purchased 5 cartons with lots of 10 each, I can see where a collector could cherry pick unopened cartons to find high grade cameo's.

 

But you can bet they did not pay the issue price either for an original unopened carton, there would have been a premium added to the mix.

 

So, all in all, I'm not surprised, someone gambled and won the jackpot!

[grade it-migration]

Back in 1968 when the US Mint announced the hiatus was over for the collectible proof sets and that the branch mint in San Fransisco was going to devote all it's attention on these collectible coins, speculators lined up at the doors.

 

The new type packaging in the hard acrylic cases along with an issue price of only $5.00 per set, dealers. speculators had visions of doubling their money in no time. The Mint would box up as many as 10 sets per carton, so if you purchased 5 cartons with lots of 10 each, I can see where a collector could cherry pick unopened cartons to find high grade cameo's.

 

But you can bet they did not pay the issue price either for an original unopened carton, there would have been a premium added to the mix.

 

So, all in all, I'm not surprised, someone gambled and won the jackpot!

 

http://coins.ha.com/common/view_item.php?Sale_No=1152&Lot_No=3852

 

As evidenced by the coin we are studying.. A jack pot for the submitter yes. How about the buyer?