Cherry Picked posted by Electric Peak Collection

[CSJournals-migration]

Yes, I'm still here, and still over-indulging.

 

Five months ago, I wrote about an 1861 MS66 half dime in the Heritage post-FUN show internet only auction session. It is a 1/0 overdate, but is not certified (PCGS OGH) as such, and was not cataloged as such. I had bid $2500 ($2937.50 with "juice"), not having the funds to go higher at the time. The winning bid was $3250 ($3818.75). The PCGS price guide suggests $5000. Past Heritage results are not especially helpful: a 66+ for $4600 in 2011, three in plain 66 in 2008-2009 ranging from $3737 to $6325, and an old 1994 result.

 

This same coin was in yesterday's Heritage session at the Long Beach show. There was no reserve. I still can not understand why someone would try to turn around a coin so quickly at auction. In such a short time they simply don't appreciate enough to overcome the buyer's premium.

 

In any case, I "won" the lot with a bid of $2400 ($2820). So the consignor lost over $1400 on it. I will be glad to receive it in the near future!

 

See more journals by Electric Peak Collection

[coin928]

Beautiful coin! Congratulations on scoring it the second time around.

 

As odd as it may seem, I've had this happen to me twice. Not on the same scale as your coin, but twice I've lost a coin to a higher bidder, only to win it for a lower price at a later auction, probably within a years time.

 

It makes me wonder if there isn't some shill bidding taking place. The original seller may be unwilling to let a coin go for the current market price and gets someone to place a shill bid. Later, reality sets in and he actually sells it for what the market will bear.

[Allen]

definitely a nice score. I wonder if this has something to do with buyers remorse. Maybe the buyer simply spent to much and decided ti sell the coin thinking it should go for about the same price and only loosing the fees on both ends

[RichH]

Not sure the need for a "shill" as the seller can agree to a reserve price for the coin with the auction house prior to the sale. Rich

[wdrob]

My guess..... Child Support payment came due and it was either the coin or jail.

[jgenn]

Ha, good one wdrob! My guess is it was a dealer. When you buy and sell lots of coins you can afford to take a loss on a few. ~jack

[vumc409]

I agree that trying to turn one around so quickly is the recipe for failure on most any coin unless you got a really nice coin and an extremely attractive price. Looks like you picked up a nice one though.

 

Michael

[hunter's gold]

Nice pick on the rebound. Awesome score especially when it is one you really wanted and with a little bit of patience you stayed within your limit and made a really nice score