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Would you consider this bringing "stupid" money?

28 posts in this topic

For me personally I believe that the current bid is well beyond stupid money. However, please keep in mind that I am completely ignorant on both the price structure and the relative scarcity of certain coins of this series and, as such, those who are bidding in this range might consider the current price a bargain.

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Regardless of what Cladking might say, yeah it's stupid money. laugh.gif Why not just go find a nice MS66 or 67 and pay $100 or whatever. Maybe it's "tough" in MS68 but who the hell cares?

 

jom

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A MS67 just closed on eBay for $511.00. Guess these aren't as cheap as suspected.

 

Cheaper than $3100. What about a 66? confused-smiley-013.gif

 

jom

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27_laughing.gif27_laughing.gif27_laughing.gif27_laughing.gif Can I stop laughing yet? But seriously, I didn't even give that thing a second look. Maybe I'm wrong, maybe someone, somewhere feels the need to pay over $3,000 for that coin. Personally if I had $3,000 to blow on any coin I would look for something a little older than a 2001 coin and a little scarcer than a mintage of 675 million. But that's just me.
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Hey people! It's a reg coin and a reg coin will bring "stupid money" no matter what the series/date/mm.

 

Still, if I were to really need a 2001-P in MS68FS, I think I'd rather buy $1000 worth of rolls and try to find one the old fashioned way. Chances are pretty good I'd find one in 68 and save myself a bunch of money.

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I don't understand why some people spend more than $3K on a coin like that...stupid money indeed.

But if you show a worn out 1796 quarter to your friend who has no interest in this hobby and tell him you were lucky enough that you didn't have to pay more than $3K for it.......he won't believe you are sane 27_laughing.gifwink.gif

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Regardless of what Cladking might say, yeah it's stupid money. laugh.gif Why not just go find a nice MS66 or 67 and pay $100 or whatever. Maybe it's "tough" in MS68 but who the hell cares?

 

jom

 

This says it perfectly, not to pick on cladking at all. makepoint.gif

 

Hoot

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Take a look at lots 1208 and 1209 in the same auction. A 1994 P SMS PCGS FS 69 sells for $150, the same coin in 70 sells for $3600. I can guarantee you with a doubt that I would never be able to tell the difference between a 69 and a 70. But I can definately tell the difference between $150 and $3600.

 

And I imagine if that 70 were cracked and resubmitted it would not come back in a 70 holder, at least not the first time.

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No. It's "smart" money. MY...money is smart. It's smart enough to get out of my possession before I do stupid things with it, ergo....since it was not MY money that bought it, it had to be smart money.

 

grin.gif

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A MS67 just closed on eBay for $511.00. Guess these aren't as cheap as suspected.

 

Then at 6x MS67 prices, I guess it is a good buy or at least inline with that of classic coins. Of course, for most classic coins there aren't 500,000,000 remaining uncirculated examples. And sure, $3100 for a nickel that they made 675,000,000 of might seem high right now, but when you get another registry set award for best plastic, you'll be on cloud9.gif

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A MS67 just closed on eBay for $511.00. Guess these aren't as cheap as suspected.

 

Then at 6x MS67 prices, I guess it is a good buy or at least inline with that of classic coins. Of course, for most classic coins there aren't 500,000,000 remaining uncirculated examples. And sure, $3100 for a nickel that they made 675,000,000 of might seem high right now, but when you get another registry set award for best plastic, you'll be on cloud9.gif

 

It's difficult to say how many of the ultra moderns have been saved but it's a safe bet that it's well under 5,000,000 for this coin. There are probably another eight or ten million uncs in circulation but their fate is mostly sealed.

 

It will be interesting to see just how common these are in gem.

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Here's a pic of the coin with all the possible marks highlighted!From what I see, the coin is flawed and grades MS65 at best. The PCGS registry is full of flaws as well! And I'm speaking only of the Jefferson nickels, mind you!A few of you may know that I have helped several of the pcgs registry collectors with building their sets! But I've only have helped with 7-8 coins in all and no more.But here's an interesting story! When Mr Mint bought up the two top registry collections a while back he still needed a 1954-S and so I helped Al get his coin plus a few others through a friend who collects the same. Mr Mint or someone had the coin certified MS65 but it failed the first time around to get the FS designation. The coin was sent in a second time before that happen and was finally graded MS65FS. Shortly thereafter Mr Mint sold and those coins fell into the hands of the anonymous JHF. But here's the twist, now that same 1954-S is the lone pcgs MS67FS coin, as the story was related to me! What a gift that one has turned out to be! And JHF has said it himself that coin doesn't belong in a MS67 slab! I also suspect most of those pcgs nickels are gifted gradewise, to keep those sets afloat in the registry! 27_laughing.gifFrom what I saw in Pittsburgh of Nevadaman's FS nickel collection, I personally believe that the PCGS registry for Jefferson nickels is choke full off flawed coins!And yes, stupid money is being thrown away on such coins!Folks, and make no mistake about it! By far, Frank Corso has the greatest FS Jefferson nickel collection in the PCGS registry! That's the collection I want to eventually see and very soon!

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Leo

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I find it amazing the amount of attention a Jefferson that cost me $511 has had. Would I have preferred to spend less -absolutely. Do I regret my purchase absolutely not. You win some and lose some. Time will tell if this was a good purchase.

 

For spending $3000 of a pop 4 MS68 Jefferson - this is too rich for me.

 

Jeffersons are very very difficult in high grades. In all of the modern Jeffersons I have examined, rolls, bags and mint sets, I have made only a handful of MS67FS and 1 MS68FS. The time, effort and expense required going through an enormous volume of coins is simply not worth my effort any longer.

 

Leo:

 

If you should make it to Jacksonville I will take my Jefferson full step collection out from the vault and provide you with a screening. There are many great full step collections out there, hopefully my set can compare favorably.

 

Frank Corso

 

My Jefferson set

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Just to add I think any modern coin with astronomical mintages I don't care what the grade is not worth that kind of money.

Just think of what vintage low mintage coin you could buy for the same money.

What happens when registry sets fall out of favor prices will drop like a stone.

Buy a Key, ok.

Thanks for listening,

Smitty 893blahblah.gif

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Just to add I think any modern coin with astronomical mintages I don't care what the grade is not worth that kind of money.

Just think of what vintage low mintage coin you could buy for the same money.

What happens when registry sets fall out of favor prices will drop like a stone.

Buy a Key, ok.

Thanks for listening,

Smitty 893blahblah.gif

 

It's odd that one never sees a modern collector suggesting that some old worn out vintage coins of any type just don't interest them because just think of the gems you could get for the money.

 

It's also odd that despite repeated bashing in post after post and thread after thread, it's the bashers themselves who claim the only reason to collect moderns is for the registry and because they are hyped. Let's see, one guy says the coins are fun to collect or have been growing in value and importance and fifty say the coins are [!@#%^&^]. Yeah, that sounds like a lot of hype. People have been collecting these since long before the registries started and the prices have been high and growing since before the registries started. Perhaps there is some other causative factor.

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People have been collecting these since long before the registries started and the prices have been high and growing since before the registries started. Perhaps there is some other causative factor.

 

People NEVER paid the insane money for a difference in grade on a modern coin so small that 99.9% of the people in coins and 99% of the buyers couldn't tell the difference.

 

I dare you to go back a year before the registries started and find an example of a person buying a ultra high grade coin minted within 3 years that brought the same money as a Chain cent in VG or an 1893-S Morgan in VF.

 

The registry has created a bunch of egotistical wankers who chase plastic for the praise given to them by other plastic chasers for their fake accomplishment of thinking that they have a special set of coins.

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The registry has created a bunch of egotistical wankers who chase plastic for the praise given to them by other plastic chasers for their fake accomplishment of thinking that they have a special set of coins.

 

27_laughing.gif27_laughing.gif27_laughing.gif

 

Now tell us how you REALLLY feel! grin.gif

 

Hoot

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People NEVER paid the insane money for a difference in grade on a modern coin so small that 99.9% of the people in coins and 99% of the buyers couldn't tell the difference.

 

Call these grade differences anything you like; miniscule, insignificant, meaningless or spaghetti but the fact is that people pay for the differences whether the coin is an indian penny or clad [!@#%^&^].

 

I dare you to go back a year before the registries started and find an example of a person buying a ultra high grade coin minted within 3 years that brought the same money as a Chain cent in VG or an 1893-S Morgan in VF.

 

People were paying insane money in the early '80's for all kinds of moderns which weren't generally available. Insane money wasn't as much in those days and expectations of quality were extremely high.

The registry has created a bunch of egotistical wankers who chase plastic for the praise given to them by other plastic chasers for their fake accomplishment of thinking that they have a special set of coins.

 

Whatever you think of the registry the fact remains that moderns as well as classics transcend them and predate them.

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Whatever you think of the registry the fact remains that moderns as well as classics transcend them and predate them.

 

Thats true, but the stoopid money being paid for moderns can be, and is, directly related to the regsitry.

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I look at the plastic a different way. Years ago there was no internet. and a lot of buying today is done on eBay, teletrade, and the like.

 

Encapsulation does help in one way - it takes some of the hype out of coin descriptions like "Beautiful, high grade coin, should grade high, AU" with underdog's teeth marks forever imprented on it. . 893frustrated.gif

 

But perhaps these "over exagerations" only fool us rookies?? foreheadslap.gif

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Frank, nice to hear from you and your input on this subject. But I'm not sure I understand what you mean by

I find it amazing the amount of attention a Jefferson that cost me $511 has had.
What coin are you referring to here? A 2001-P or something else?

 

I also would love cloud9.gif to see your collection in person! And I think you should add pics to all the other coins in your reg set for us to see. There are only 10 with pics so far---are you going to finish the pics any time soon? This is probably the only way most of us will ever get to see it.

 

I'm not a FS Jeff collector for any reg set or recognition, but I did purchase a 1962 MS66FS in a NGC slab for $400. It put me in debt to my CC company but don't regret it. (Sorry Mark---I know what you might be thinking here and couldn't blame you). Thought it a very good deal considering the only other 2 at this grade to recently sell with Heritage went for $1200+ and $550+.

 

When rarities of this grade for the date/mm come on to the market, I thought it wise to invest the money asked for it. As you put it,

Time will tell if this was a good purchase.
I'm hoping that in 3 years or so, it (along with others in my collection) will have appreciated to a worthwhile level.

 

David

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I look at the plastic a different way. Years ago there was no internet. and a lot of buying today is done on eBay, teletrade, and the like.

 

Encapsulation does help in one way - it takes some of the hype out of coin descriptions like "Beautiful, high grade coin, should grade high, AU" with underdog's teeth marks forever imprented on it. . 893frustrated.gif

 

But perhaps these "over exagerations" only fool us rookies?? foreheadslap.gif

 

I don't dislike plastic at all. I'm a strong believer in the value of plastic and a fairly active submitter (I'll probably submit somewhere around 1500-2000 coins this year). It's a great tool if used properly.

 

The plastic isn't the problem. It's the buyers paying obscene prices for ultra-modern coins just because they want to move up in the registry that is the problem. Is a 3 year old coin really worth that much? I highly question the premium for top pop classic coins. I think they are too high. For ultra-modern coins the premium is insane and in my opinion there is no reason to pay that kind of premium.

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FrankThat's a steep price to pay regardless! But because the registry means so much to you than so be it. And you have made a good point on how costly the search can get! I tried it with 50 2003 mint sets and $750! Personally, I can't take the high road to collect the FS Jefferson nickels. Of recent, a local dealer told me that he would need to charge me $2 per mint set if I wanted to look! For the matter, those sets are still sealed and haven't been open..........probably! I have other avenues for obtaining my coins. Forget bank rolls, I've never have had any luck with them. The coins always look too beat up but I imagine, these are the coins that are making up most registry sets these days. Likely another reason why I'm seeing subpar coins in the TGC's holders! When mintages were a 10th of what we've had in the last 45 years, there's better luck with the rolls. Jacksonville! I really don't think so, too much driving! I would rather chip in on a airline ticket......for you Frank! 27_laughing.gif We have great shows up here in the midwest, pick one and I'll be there! And btw, I don't have a 2001-P yet, it's just a matter of time and having the patience.Also David made a good point about having your entire collection photographed!(hint, hint) Here are a couple of pics of one of the best 1999-D's out there!

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And folks! Take it easy on this guy! He has rejected more nickels in the PCGS slab then most of you gentlemen have seen. Frank Corso's collection , if not the best, is perhaps one of the best sets out there! Corso also has another 2001-P in a MS67 holder. From what I have learned, when that MS68 arrives, Corso will add the better coin to his set.Leo

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