1856 Flying Eagle cent NGC AU55.. What is it worth?

[CoinPulsive PCM]

Afternoon all.

 

Someone I know has a 1856 Flying Eagle cent graded MS60 by NGC that he offered to sell to me. I would be buying it for my inventory and that is why I am unsure if I should pay what he is asking, or negotiate with him.

 

He is asking $8,500 for it. I know the coin in AU55 is worth far more than he is asking, I just like to do my homework prior to shelling out $8,500.

 

My main concern is about selling it. The coin is rare, worth several thousand bucks, but in the current economy people don't have that kind of money to spend on a coin. I just have a feeling I will have it sitting in my display for 10 years. I could list it on Ebay I guess that would be my best bet.

 

I also don't deal a whole lot with high dollar cents, the only high dollar coins I really buy are key date, high grade Morgans, and 1800's silver coinage in high grades.

 

I am open to opinions and advice regarding buying and selling the coin.

If anyone knows if this coin in that grade has recently sold at any auctions, please tell me how much it sold for and what not.

 

any help would be appreciated.

Thanks!

-Dave

[dimefreak]

Any MS60 will sit in your display for years...... You would prolly be better off with a AU55.

[AnkurJ]

I hate to ask this but..Is the coin CAC'd? It would be a much easier sell.

 

That being said, the price is fair if the coin is truly a MS60. Unfortunately based on experience I have found many low MS coins in NGC holders are actually AU. So there may be a reason why its priced so low.

[physics-fan3.14]

An AU-55 will sell faster than an MS-60, quite often. The coin is graded 60 for a reason - it has serious flaws and problems, but not enough to warrant a Details grade. I would be careful with any 60's, or 61's.

 

For a coin that is in popular demand, there shouldn't be that much problem moving it, at the right price. Yes, the market is weaker than it was a few years ago, but there will always be people looking for those ultimate coins.

[CoinPulsive PCM]

Any MS60 will sit in your display for years...... You would prolly be better off with a AU55.

 

Thats what I figured. *sigh*

 

do you think the asking price is reasonable? Worst case is if it sits in my display for 5+ years I can fly to Nevada and sell it to The Old Man on Pawn Stars and get $20,000 for it. (I know that might not be realistic, but 5 years can do alot for a rare coin .)

 

Judging by that silver hoard a guy sold to them on last weeks episode...they have the buying power and interest.

 

Thanks Dime.

 

-Dave

[CoinPulsive PCM]

I hate to ask this but..Is the coin CAC'd? It would be a much easier sell.

 

That being said, the price is fair if the coin is truly a MS60. Unfortunately based on experience I have found many low MS coins in NGC holders are actually AU. So there may be a reason why its priced so low.

 

The coin doesn't have the CAC sticker, but if possible I will submit it to get a CAC "endorsment."

 

As to why he is selling it to me for that low or a price, all I know is he purchased it last year on Ebay for around$7,800. He is a dealer as well, and he wants $10,000 for it but because I am also a dealer and a friend of his, that price applies to me if I buy it. Anyone else would be paying around $10,000.

 

-Dave

[mkman123]

You could always run it by someone like Charmy the Pennylady.....maybe because she has a lot of contacts, she could find you a buyer and you could reward her like a few hundred bucks for the work.

 

Put it on here after you get it with good pics and bump it to the top daily until someone who really wants it sees it. Do it at the pcgs selling forums. I think eventually you will sell it.

[ldhair]

MS-60 makes me think the coin is a bit rough. How does it look in hand?

[AnkurJ]

I dont like the sounds of this one. If he himself is a dealer, he has obviously had trouble moving it. I would suggest you pass.

[Walkerfan]

MS 60s are usually rough but I'd really have to see the coin.

[TomB]

At that price it sounds like it is in a details holder.

[BillJones]

Without a picture it is hard to give you advice. If the coin is ugly, it will be harder to sell it, but the price sounds cheep.

 

The $8,500 price is less than VF Gray Sheet bid, which is $9,000. I don’t know the circumstances as to why they are willing to sell it at that level. In the surface it sounds like you are “safe,” but if the coin has deteriorated in the holder since it was certified, you could get stuck. Also if the graders totally blew it you could hav problems too.

 

As for getting the price out of the coin if it is okay, if you set up at regional or national shows getting the money for the piece is no problem. I never had trouble selling expensive coins at the major shows to other dealers. Getting a retail customer is another matter.

 

As for CAC, that is becoming too much of an obsession for too many people. Dare I use the words, “Kool Aid?”

[AnkurJ]

Bill,

I couldnt resist

 

[Walkerfan]

[BillJones]

 

Agreed

 

I think even PCGS would like that picture.

[James_OldeTowne]

$8500 for a legitimate MS-60 1856?? I'd jump on that in a hurry!!!!!!

 

This is provided, of course, it's a sight-seen transaction.

 

I can't imagine any properly graded MS-60 that look so bad that it's worth less than EF money. Heck, if it is, crack it out and circulate it a tad.

[JIM F.]

$8500 for a legitimate MS-60 1856?? I'd jump on that in a hurry!!!!!!

 

This is provided, of course, it's a sight-seen transaction.

 

I can't imagine any properly graded MS-60 that look so bad that it's worth less than EF money. Heck, if it is, crack it out and circulate it a tad.

 

I agree.

[AnkurJ]

I can bet it will come back in an AU from PCGS without circulating it.

[coinman_23885]

I can bet it will come back in an AU from PCGS without circulating it.

 

I'm not sure how you can make such a statement without actually seeing the coin in hand. In reference to your comment above about many NGC low grade uncirculated coins finding their way into PCGS AU holders, I have seen more than a few NGC AU58s end up in low MS grade PCGS holders. This is especially true for Capped Bust Half Dollars. All in all, I think PCGS tends to market grade more than NGC, but that's just my opinion.

 

In reference to the OP, it would be helpful to have images. It sounds like a very generous price, but there are no free lunches. As long as the transaction is sight seen, I wouldn't worry.

[mkman123]

Too much kool aid drinking can cause you to become like this

 

[AnkurJ]

I actually made that statement based on my experience with over 20 coins that went from NGC to PCGS holders and the results.

[brg5658]

Bill,

I couldnt resist

 

 

Ankur, that's hilarious. When I have read your posts over the past couple weeks, I've been meaning to make up that picture myself for you. You definitely have the CAC fever...

[mkman123]

20 coins isn't that much, now if you told me thousands of coins.........

 

 

[AnkurJ]

Mkman: agreed. Like I said, it's just based on my experience.

[FishyOne]

Well, I hope we can see images at some point. MS60 in a problem-free holder is listed at $12,750 in my old (last year's) Greysheet. Numismedia wholesale has it at $12,500.

 

Why you dealer-friend would let it go for $8500 is a good question.

[mkman123]

Did the OP tell us if its NGC or PCGS? Maybe its ICG or PCI or some other off brand TPG ?

[FishyOne]

Did the OP tell us if its NGC or PCGS? Maybe its ICG or PCI or some other off brand TPG ?

 

NGC MS60

[AnkurJ]

Title now says NGC AU55.

[coinman_23885]

Title now says NGC AU55.

 

That's quite a difference. I would say that the odds the coin would not cross to a MS PCGS holder are above 99% at this point, so it looks like you were partially right Ankur.

[FishyOne]

Title now says NGC AU55.

 

That is confusing. The OP's coin in question is noted as an 1856 FEC in NGC MS60. He is comparing the value of that coin to an AU55.

 

I couldn't find any MS60 ever sold problem-free.