"Knowledge is Power" or "Nobody knows Everything" posted by MBC

[CSJournals-migration]

How I purchased a 1971 Assay Commission medal for $17.

 

To everyone who enjoys searching through eBay for a few hours, I can truly say there are bargains out there waiting. Last year I came upon a 1971 Assay Commission medal mistakenly listed as a Mint Director medal. After quickly confirming it was the real thing I was able to "Buy It Now" at the seller's price of $17 with free shipping. Oddly enough, the seller was a eBay coin dealer who had been around for a while, but he just didn't know his medals. It reminded me of the story of Cadillac Jack, a fictional antique picker from author Larry McMurtry who's motto was "Nobody knows everything" so "anything can be anywhere". Good words to live by. I was then rewarded when I submitted the medal to NGC and it came back MS-65. NGC Certification #2628773-001. The last time one appeared at auction was in 2008 and it sold for $4300.00

 

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[wdrob]

 

That is a pretty good buy I would say!

 

I often look in areas totaly unrelated to numismatics and have seen some folks selling coins in and amongst a "lot" of junk. I just haven't seen one worth trying to cherry pick --- yet.

 

 

[RWB]

Very Nice! Was the recipient's name engraved on the edge?

[brg5658]

Cool story, and very nice medal. Here's a link to the NGC pics and verification if others wish to see what it looks like.

[CaptBrian]

Great post. Re-energizes me as I am about to head out on my annual treck across America to find the 'goodies'.

Now I'm tuning up my radar and studying everything I can. Don't want to pass a lotto win.

Capt. Brian.

[Yevrah1]

Sad to say I am one who sold a coin I thought was a silver round. Turns out it was a Lafayette Dollar Commemorative. In original condition, possible MS grade.

 

Now that I am doing a Commemorative set, I am horrified!

[coin928]

Congratulations on acquiring such an interesting piece.

 

In the last 10 years as an eBay buyer, I've seen a fair number of coins/medals listed by sellers who didn't know what they had. Most of those were real auctions though, so knowledgeable collectors bid them up to a fair market level. I'm sure some of these sellers had no idea why their item sold for the price it did.

 

The Buy-It-Now option though presents a unique opportunity if you just happen to be the first knowledgeable collector to see a misidentified or low priced item. I've pulled the Buy-It-Now trigger several times and come away with a nice prize. I even wrote a journal nearly a year ago on just such an acquisition (High Grade MacArthur Commemoratives). This seller even knew exactly what he had, but had assigned a Buy-It-Now price that was much too low.

 

It definitely pays to do your research.