1968-D Washington quarter sold for over $8K

[Nutmeg Coin]

A top-graded 1968-D Washington quarter dollar graded MS-68 by PCGS sold for $8,812.50 at Heritage’s Feb. 5 Long Beach Expo auction.

 

 

The Story:

What made this 1968-D Washington quarter dollar graded Mint State 68 by PCGS sell for $8,812.50 on Feb. 5, when a typical PCGS MS-67 example might sell for around $50 to $75? The issue itself is not rare, having a mintage of more than 100 million coins. Yet in top grades, it is a condition rarity and collectors putting together grading service registry sets covet coins like this.

 

The issue has a PCGS population of 1,218 in MS-66, with 146 pieces in MS-67, five coins in MS-67+ and just six coins in MS-68. Heritage describes the eye appeal as superb, adding, “Lavender and powder-blue interiors yield to deep olive-gold, crimson, and lemon-yellow peripheral hues.”

 

Indeed, it is among the prettiest Washington copper-nickel clad quarter dollars around, and multiple bidders were willing to stretch to add it to their collections.

 

 

http://www.coinworld.com/news/us-coins/2016/02/have-a-look-at-this-impressive-1968-d-Washington-dollar-market-analysis.html?utm_medium=Email&utm_source=ExactTarget&utm_campaign=cw_editorial_rare&utm_content=

 

 

[jerseycat10]

Link to the auction in question:

 

Heritage Link

[brg5658]

Registry set fever + color + PCGS "blessing" = madness

[jerseycat10]

Nice coin, but it's not $8K nice. This is absolutely a case of registry set fever.

[World Colonial]

There isn't a dime's worth of practical difference between a coin like this one and numerous others, in this instance thousands at least. Any coin can be considered "rare" if the criteria is defined narrowly enough.

 

I hope the buyer likes their purchase. Otherwise, with gradeflation the counts might increase substantially which will turn it into a huge money loser.

[James_OldeTowne]

A top-graded 1968-D Washington quarter dollar graded MS-68 by PCGS sold for $8,812.50 at Heritage’s Feb. 5 Long Beach Expo auction.

 

 

The Story:

What made this 1968-D Washington quarter dollar graded Mint State 68 by PCGS sell for $8,812.50 on Feb. 5, when a typical PCGS MS-67 example might sell for around $50 to $75? The issue itself is not rare, having a mintage of more than 100 million coins. Yet in top grades, it is a condition rarity and collectors putting together grading service registry sets covet coins like this.

 

The issue has a PCGS population of 1,218 in MS-66, with 146 pieces in MS-67, five coins in MS-67+ and just six coins in MS-68. Heritage describes the eye appeal as superb, adding, “Lavender and powder-blue interiors yield to deep olive-gold, crimson, and lemon-yellow peripheral hues.”

 

Indeed, it is among the prettiest Washington copper-nickel clad quarter dollars around, and multiple bidders were willing to stretch to add it to their collections.

 

 

http://www.coinworld.com/news/us-coins/2016/02/have-a-look-at-this-impressive-1968-d-Washington-dollar-market-analysis.html?utm_medium=Email&utm_source=ExactTarget&utm_campaign=cw_editorial_rare&utm_content=

 

I think the coin actually sold for only $112.50, and the slab sold for $8700 !

[greysoldier]

How much more would a CAC sticker have added to the 'hammer price" ?

[e1cnr]

I love seeing prices like that.

 

Not because I would be willing to pay that much,

 

but I WOULD be willing to find something like that in an album and sell, even for a portion of that (but it would bum me out if I saw it sell again for much more than I got).

[Conder101]

Nice coin, I might even be willing to pay $50 for it.

 

But only if I couldn't find something better to buy.

[brg5658]

How much more would a CAC sticker have added to the 'hammer price" ?

 

If it had the magic bean, it would have probably gone for even more. Alas, CAC doesn't sticker non-silver Washington quarters (yet)!

 

[cladking]

The '68-D quarter comes very nice. This is one of the few dates that was saved in rolls since it is the lowest mintage of all the older clad quarters. I'd guess nearly a million examples were set aside in rolls though these tend to be poorer quality. The Gem (like almost all modern) exist principally in the mint sert because rolls weren't saved and circulation quality is poor. Only about half a million of these sets survive and about 4% of the Denver quarters are Gems. Of these about 10% are MS-66 or higher. So, yes, Gems of this date abound and nearly 2000 examples are out there right now in MS-66 or higher.

 

Of course a few have been set aside over the years as well.

 

There were actually fewer than 100,000,000 released to circulation because mint set figures are included in the total. About 45,000,000 survive in circulation with 99% of them being between G- and F+. These were slowly released starting in 1968 and ending in early 1971 unlike the Philly issue that was dumped into circulation quickly. In those days coin stocks at the mint and FED were not rotated so it could take years for an issue to be in circulation in its entirety. This was changed in mid-1972.

 

High grade '68-D quarters can be spectacular and PL's are fairly "common" with about .8% of the issue exhibiting some degree of PL. Luster can be spectacular and very deep on this issue. The primary problem is strike weakness. The primary problem on circulation issues is worn dies. Some of these dies were used far beyond their useful life. The dies were used under low pressure to reduce wear and then used until the design was flat. This affected a significant percentage of dies.

 

It's an interesting date but the low mintage and the return of the mint mark meant it actually got some attention. It was the '69-P everyone overlooked.

[jerseycat10]

If it had a CAC sticker, then AnkurJ might be interested.

[BillJones]

I so glad I am not addicted to coins like this.

[brg5658]

Without the color, that 1968-D Washington Quarter is in an MS67 holder all day long. PCGS has gotten a little loose and wild with their "eye appeal" grade bumps in the past few years.

 

Another example: There is a toned PCGS MS67+ 1938-D Buffalo Nickel up for sale on Heritage right now that would for all intents and purposes be graded MS66 if it were not for the toning. It even has spots -- and there are two obvious and substantial hits on the jaw of the Indian bust, somewhat hidden by the "purdy colors". I'm not saying the coin doesn't deserve a bump in sale price for the toning, but it's simply not an MS67+ coin.

 

Eye appeal (read "toning" at PCGS) has become such a large part of the grading formula at PCGS that I have seen some real crazy swings in numerical grades. The biggest grade jump I have seen is the older graded, and toned MS64 Morgan that was graded MS67 upon resubmission. There's some grade-flation for you! Some may say, the grade doesn't matter on that coin. If that's true then why doesn't PCGS just make a holder that is covered in rainbow-glitter and assign a grade of "PCGS Monster" to coins like this? Either their opinion of grade is MS64 or it is MS67 -- but it can't be both (IMO it's probably MS66 on this one, with a 1 point "bump" for purdy toning).

 

Before:

 

 

=============================================

 

 

After (grade-flation):

 

[johnny9434]

Registry set fever + color + PCGS "blessing" = madness

you got that right.

[BillJones]

I don't care for the color on the obverse of that 1904 dollar at all. I guess the experts think it's natural, but it looks like an "enhancement" to me unless the photo was enhanced and not the coin.

 

As for PCGS grading, in the VERY OLD days, before PCGS started to call cameo Proofs "Cameo" they used to put a high grade on the coin instead. It was sort of a "market grading" thing I guess. I'm talking about the rattle holder period and soon after that.

 

Maybe PCGS will come up with a color description instead of jumping up the grade to something higher than the coin UNDER the toning deserves.

[jerseycat10]

A 3 point swing is ridiculous. That being said, the coin had no business being in a 64 holder to begin with. It's clearly at least a 65.

[RWB]

"I so glad I am not addicted to coins like this." --Bill Jones.

 

Agree 100%

[brg5658]

A 3 point swing is ridiculous. That being said, the coin had no business being in a 64 holder to begin with. It's clearly at least a 65.

 

[Walkerfan]

Utter madness!

 

I sure hope the new owner is happy.

 

Makes me feel great about my most insane purchase.

 

Also makes you wonder if prices like this will hold up or even INCREASE in the long term.

[Nutmeg Coin]

Maybe I'm too rigid in my criteria for coins purchased over the years, but I can't recall stretching much for "eye appeal" premiums, in this case the stretch and believability of the story is off the charts. Criteria for my interest is generally a classic US design; technically supportable price, difficulty of finding the coin, not too esoteric, in short a good deal.

 

Probably those competing fiercely for the registry sets have sufficient funding to get the best, will not be outbid, believe strongly in the sets they are collecting. I've seen similar irrational exuberance in many fields which would have been unthinkable 20-30 years ago. Maybe a social scientist, etc. understands the phenomenon. Compared to the classic collectors throughout US history, I would think this is something without previous precedent much.

[World Colonial]

Probably those competing fiercely for the registry sets have sufficient funding to get the best, will not be outbid, believe strongly in the sets they are collecting. I've seen similar irrational exuberance in many fields which would have been unthinkable 20-30 years ago. Maybe a social scientist, etc. understands the phenomenon. Compared to the classic collectors throughout US history, I would think this is something without previous precedent much.

 

This phenomena exists almost entirely in the United States and where it exists elsewhere such as in South Africa, it is driven by the adoption of US practices. If this is not true, I am not aware of a single exception.

 

When you use the comment "throughout history", history changed starting in the 1970's when coins were first bought widely as "investments". Then TPG expanded "investing" when PCGS and NGC were created in 1986 and 1987 which led to the delusion that coins could be traded as "widgets" and the TPG bubble which crashed shortly afterwards. Registry sets noted here seems to be the third phenomenon for this behavior though it is much more limited as it is with specialization such as toning and full strike collecting where the grade still mostly or substantially drives the price.

 

The worldwide asset, credit and debt mania (the greatest ever in the history of civilization which is ultimately destined to collapse into the equally greatest depression at date TBD).also provides the "wealth" (mostly represented by debt) for buyers to waste on all kinds of things, including coins.

 

Going back to the specifics of registry sets and the behavior of those who are willing to spend this kind of money to have the "best" set, my opinion for it is that it is driven by the same unpopular opinion I have expressed before.

 

Aside from believing (or maybe not caring) that they will recoup their money, the challenge of completing most US sets has been eliminated in the traditional sense because most of these coins are either so common or incredibly common and the internet has made it so easy to buy them, literally almost on demand, Along with the financial aspects, this is the best reason I can come up with for registry sets competition even though by traditional collecting standards there is no substantive difference between the "best" coins and dozens, hundreds, thousands or even tens of thousands of other specimens. I also attribute a lot (though not all) die variety, full strike and toning specialization to the same reason.

 

The best indication that this is true is that little or even none of it exists outside of the United States.

[James_OldeTowne]

The '68-D quarter comes very nice. This is one of the few dates that was saved in rolls since it is the lowest mintage of all the older clad quarters.

...

High grade '68-D quarters can be spectacular and PL's are fairly "common" with about .8% of the issue exhibiting some degree of PL.

I was going to mention that a number of years ago, I purchased not one not two, but three in old PCI slabs, with the coins graded MS-66 PL. A friend bought one, I cracked one out for my album set, and I still retain the third.

 

PCI grades being what they are, mine are really rather nice and seemingly deserving of the PL designation.

[cladking]

I was going to mention that a number of years ago, I purchased not one not two, but three in old PCI slabs, with the coins graded MS-66 PL. A friend bought one, I cracked one out for my album set, and I still retain the third.

 

PCI grades being what they are, mine are really rather nice and seemingly deserving of the PL designation.

 

I really like the '68-D quarter quite a lot but not because it's scarce and so hard to locate in Gem but because top grade specimens are simply spectacular. Even typical Gems (MS-65 not PL) have a "look" to them that is a cut above other coins of the era.

 

The mint finally slowed down cranking out coins by the end of 1968 (especially Denver) so they started on making a few of them right. This can still be seen even on the worn out coins in circulation and it's quite dramatic on Mint set coins and some of the roll coins.

 

[SkyMan]

It's a pretty coin. 8K pretty, not IMO. The obverse FROM THE IMAGES looks very clean. On the reverse the hits on the eagle's legs should easily derail this coin from the MS68 category.

 

Let's face it, 8K for the average coin collector is a lot of cash. OTOH, someone that can afford to shell out 8K for a coin like this probably doesn't give a rat's patootie what he/she will realize when he eventually sells the coin.

[bochiman]

It's a pretty coin. 8K pretty, not IMO. The obverse FROM THE IMAGES looks very clean. On the reverse the hits on the eagle's legs should easily derail this coin from the MS68 category.

 

Let's face it, 8K for the average coin collector is a lot of cash. OTOH, someone that can afford to shell out 8K for a coin like this probably doesn't give a rat's patootie what he/she will realize when he eventually sells the coin.

 

 

Good point. $8k to many, myself included, is a lot and not something I would do for a coin like this.

 

That said, if I had millions of disposable income, I wouldn't hesitate to buy what I WANTED, resale value be damned, at certain levels.

 

This person's $8k could be like my $20. That's my "fun allowance level" I have for coins.

 

Even at lower grades, for nice examples, how many have a look like this? I would love a MS66/MS67 example like this (at MS66/67 price with maybe a small premium).

I've got a nicely toned '68 half. Would love the quarter to be toned to go with it.

[coinman_23885]

I don't find the coin attractive at all.

[Danye West]

^

Eh me either. I'll pay $20 for it.

[jom]

I don't find the coin attractive at all.

 

From the photos I think the coin is very attractive. However, I agree with Bochiman's approach...I'd go find an nice MS66 for $20 and be done with it. Condition rarity has never been particularly appealing to me...especially with huge jumps in "value" for minute differences.

 

I don't care for the color on the obverse of that 1904 dollar at all. I guess the experts think it's natural, but it looks like an "enhancement" to me unless the photo was enhanced and not the coin.

 

I think what you are seeing is one of their poor Falseview photos....I think the coin is perfectly natural.

 

Those photos PCGS take are mostly awful, IMO....reminds me of Heritage's close up photos for their more valuable lots.

 

jom

[jom]

Another example: There is a toned PCGS MS67+ 1938-D Buffalo Nickel up for sale on Heritage right now that would for all intents and purposes be graded MS66 if it were not for the toning. It even has spots -- and there are two obvious and substantial hits on the jaw of the Indian bust, somewhat hidden by the "purdy colors". I'm not saying the coin doesn't deserve a bump in sale price for the toning, but it's simply not an MS67+ coin.

 

I'd have to see that in hand because many times those spots you see are nowhere near as bad in hand and often look terrible when photographed. It could also have some blast luster you can't see either. But based on what I see here the coin is your typical MS66 late-date Buffalo.

 

jom