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Gone Wild Followup posted by Electric Peak Collection

4 posts in this topic

  • Member: Seasoned Veteran

Clarification of my point...


I've gotten a few responses to my previous post about the recent auction result at Heritage foe a 1945-S walking half. One was a comment from a currency collector saying it's a nice coin. A friend pointed out another offered by a dealer for $29K. The third was worded such that I'm not sure if the writer is similarly amazed at the $37K result or not.


Anyway, I was simply observing the large discrepancy in Heritage's results for the 45-S half in MS67, depending on grading company. Here's a better summary of those results: In the past 3 years, Heritage has sold 9 in NGC holders, results ranging from $1725 to $2875, averaging about $2064. During the same period, they have sold 3 in PCGS holders, results being $21,850, $17,250, and $37,375, averaging almost $25,500.


The $2875 NGC and the $37,375 PCGS were back-to-back lots the other night. Looking at just those two coins, their surface quality appears similar (hard to tell everything from photos...), the PCGS one is noticeably better struck, and has toning that is currently popular, while the NGC coin is "white". Certainly those factors make some difference in price, but that much?


I understand that market may have decided that PCGS may be grading these coins more conservatively than NGC. But I have trouble believing it would lead to more than a factor of 10 difference in price.


So I was left wondering what else could cause such price differences. My conclusion was that it could be demand from PCGS registry collectors, who currently have no more than 6 potentially available specimens, while NGC registry collectors have 22-ish additional examples out there.


I'm no expert on Walking Liberty half dollars or the market for them. This just struck me as something worthy of discussion. If you think I'm missing some relevant information that can explain the observed price difference, I'd like to hear it.


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Your observations detail quite a contrast between NGC and PCGS holders in market price for a MS-67 1945-S Walker. A coin's value is in the eye of the beholder and no doubt the coin you pictured in your previous post is a beauty, and should command a higher price at auction. However, that someone would pay a $34,500 premium over the same grade and coin in the same auction just to have the top coin in a registry set seems crazy. I only wish I had that kind of money to buy coins, just thinking of all the coins I could buy with that much money makes my mouth water. That's also quite a bit of money to spend on market perception between NGC and PCGS. This perception may or may not be a accurate because based on CAC verified coins, both grading services have coins accepted and rejected for their verification. That said, it does seem that there are more PCGS coins with CAC stickers sold in the market place implying that PCGS is more conservative in their grading. But back to the question at hand, if a person has that much money to spend, and they want to spend it to have the top graded coin in the PCGS registry, more power to him. For me I'll stick with the NGC registry and its' inclusiveness of PCGS graded coins along with its increased market availability of coins. If I were a Walker collector, I'd gladly take the NGC 67 for my NGC registry set, and should I decide to sell it, give serious consideration to crossing it over to PCGS. As a seller I'd gladly take the market perception premium.


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I think you have summarized it quite nicely. A PCGS population of 6/0 + kool-aid + a wealthy PCGS registry collector = an incredible price tag.


I can't help but wonder what the reverse of that coin actually looks like. It is clear that the obverse is stunning, but the reverse slab photo provided by Heritage makes it look like it is completely lifeless and lacking in luster under a thick skin. I know it has a CAC sticker, but for that price, there should be no doubts about the quality of the coin. I would love to see that coin in hand so I could solve my personal mystery.

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I was the one who posted the link for another 1945-S MS67 beauty which is currently selling for $29,000.............I missed the point about the cost difference but it sure sounds like a case of slab purchasing. I couldn't make a judgement though unless I saw them all in hand..that MS67 sure looks like an A+.

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