Have You Offered a Coin for Sale and Later Were Happy it did not Sell?

[TomB]

This has likely happened to most all of us who have been in the hobby/industry for a number of years. As we all should be doing, I occasionally sell some of the coins from my collection. This is good to do, not only to raise money for more coin purchases, but also to determine what the market value of our pieces truly is without an inordinate influence from the purchase price.

 

Typically, I do not sell coins online in an auction format, but rather offer them to folks who would likely be interested in that specific piece, or simply sell them at shows. Certainly, I have let go of a few coins over the years that give me pause and that I wish were still in my collection. However, those pieces essentially furnished the income to buy other pieces, which gives them a reason for their departure. There were also two coins foolishly offered for sale, which remained in my collection due to lack of interest by others, until I realized what it was that I had with each coin. Neither coin is a super-high grade, nor toned in any exquisite manner; they are both simply superb for what they are.

 

The first of these is a PCGS graded VF25 1921 WLH. I purchased this coin at the now defunct East Coast Expo in Secaucus, NJ in the fall of 1996. It is what is now termed an OGH (old green holder) coin, but at the time of purchase was the current generation of PCGS slab. One reason this coin is interesting is that it is slightly undergraded. I believe it is truly a PQ VF30, which might be splitting hairs a bit much on a coin graded VF25. Many voices would shout that this apparent undergrade is due more to the magic of the OGH and shifting grading standards than due to anything else. However, the incorrect grade was obvious at the time of purchase, and so does not reflect OGH standards. The dealer who had this coin for sale also had five other mid-grade 1921 WLHs at his table. These graded from VF25-VF35; three were in PCGS holders, one in an ANACS holder and one in an NGC holder. The coin I purchased was easily the most attractive coin in the group and was the coin with the most meat left on it. It was obvious when sitting the six coins side-by-side that this particular piece was not only the nicest of the group, but was also incorrectly graded. The dealer that sold me the coin also commented upon how much nicer this piece was than the others, and he did this after I had already purchased the coin. In other words, he had nothing to gain by talking-up the coin. I paid over then-bid for the coin and the purchase price of this piece is still above the stagnant VF bid values in The Greysheet. I only regret that I did not pick up more mid-grade 1921 WLHs at the time.

 

About two years later, in late 1998, I decided to offer the coin for sale. I listed it on ebay, with a very good image and sound return policy, at a price slightly less than what I had paid and received no offers at all. Lucky for me, supertooth (Bob) was not yet on ebay looking for original, mid-grade WLHs, or I would have lost the coin at that moment. I then brought it to one show where I had a table and the coin was like a magnet. It attracted folks all afternoon, and several dealers commented that they thought the coin was at least a VF30, not a VF25. Of course, everyone wanted to buy the coin at slightly under VF20 bid, but at this point I was not going to take a loss on a coin this nice and that meant my ask price was a bit over Greysheet. The coin came home with me and at first, I was disturbed about this and thought that perhaps I had overpaid for the coin until I realized that in truth I never overpaid for this piece. People more concerned with a published price listing than with the actual quality of the coin had seen the coin. I was fortunate. The sale of this coin will not occur, absent extraordinary circumstances, because I have learned my lesson; it may only be a perfect, grey, mid-grade WLH but it has a home.

A similar sequence of events happened with my 1935 Connecticut commemorative half dollar, which is graded MS65 by PCGS. I had looked for quite a while to find a Connecticut half with terrific eye appeal and when I spotted this coin on the bourse floor, I immediately knew it would be mine. I purchased this coin at one of the twice-yearly Boston shows in early 1998 and, again, it was in the then-current OGH PCGS slab. Similar to the WLH written about earlier, this coin is substantially nicer than typical for the grade and is even significantly nicer than many coins in MS66 holders, regardless of grading service. Also eerily similar to the case of the WLH is that I paid in advance of Greysheet bid for the coin and bid for this coin has remained rather flat in the intervening years. This particular Connecticut half dollar has booming, original luster throughout the obverse that is nearly blinding. It also has a subdued reverse, with original patina, that balances the look of the coin and is indicative of it having spent significant time in the holder of issue. Connecticut half dollars are often found with subdued luster on at least one side, but in most instances the subdued luster has an unattractive, grey streakiness to it that is thankfully missing from this coin. The surfaces are clean, beautiful and nearly devoid of any color absent the original skin.

 

Perhaps two years after my experience with the 1921 WLH, I also offered this Connecticut for sale. Again, I had a table at a show and put this coin into the case. That morning I was quite active with requests to open the case and take out the Connecticut for viewing. Each time I removed the coin, I felt conflicted between attempting to make the sale and hoping that the coin might stay in my possession longer. In every instance, each person wanted the coin, commented upon how nice it was, speculated that it might be undergraded and then refused to pay slightly over bid for such a nice piece. I was dumbfounded that people could be so attracted to a coin with an inordinately good look, but held to the usage of a published price guide, which resulted in each to miss acquiring the coin. Finally, someone came to my table, examined the coin closely, proclaimed that the grade was a bit conservative and stated that he would purchase it. I told him the price and he recoiled, telling me that he could buy these with this eye appeal for half the price that I was asking. Normally I am not be a jerk to the public at a show but, in this instance, I informed the potential buyer that I would be willing to buy all the Connecticut halves he could possibly find with this eye appeal and would buy them at the price that I had offered him on my coin. He left and returned about an hour later and simply stated to me that he would buy the Connecticut at the price that I quoted him earlier. To his surprise, I told him it sold just after he left my table and that I did not expect it to return. He appeared stunned, asked if a dealer had bought it and then asked again if it truly sold. I told him it was gone and he left. Of course, the coin did sell; it sold to me.

As I wrote earlier, neither of these coins will ever make me rich, but they are perfect for what they are and I am quite happy that those who had the opportunity to acquire them were more concerned with what a price guide would write instead of how loudly a coin could scream its quality. This is something that all of us should keep in mind, especially the newer collectors amongst us, that paying "too much" for the right coin can be much better than buying the wrong coin.

[MunkyMan95]

I haven't sold coins that I was not willing to sell, but I did trade some away. I traded my 1976-S Type 2 Ike for 3 or 4 PCGS coins, and now I wish I had my Ike back :-( I got a deal in equal value for the Ike, but the coins that I received just didn't pop like that Ike did. I miss you, Ike.

[CTcollector]

Unfortunately for me, If I have had the opposite luck. There are coins that I have sold in the past that I wish I still possessed today. Some have a chance to come back but most are buried for a while.

 

Both of your coins are sweet by the way.

 

I do think people today or more inclined to step out from the sheets to purchase the right coin then they were several years ago.

[DaveG]

Tom,

 

I think your stories say a lot more about the state of the coin market in 1998 - 2000 than they do about your coins.

 

I suspect that in today's much more vibrant coin market, you'd have no trouble getting above-sheet prices for your coins.

[supertooth]

Folks-----As I opened Tom's thread and saw this 1921 Walker, my heart missed at least one beat. You see, I am quite familiar with this coin----although I have never seen it in person. And I must admit that I would love to own the coin. Not a statement that one should admit to. I believe this is the 4th time that I have seen pictures of this coin. And I immediatedly sent Tom a PM asking him why he was, in effect, baiting me with this coin? He took me seriously and replied that the coin was indeed not for sale. I replied that I knew that but wanted to let him know that seeing the coin again. Well, enough was enough!!!

To those of you who really do not know Walkers well---this is a super nice and 'totally original' coin. Oh, it looks to not be perfect. It has a little chatter by the Eagle's beak. And some slight stuff above the motto. But, for all intents and purposes, this is an absolutely beautiful VF coin. I grade very hard and I agree with Tom that it is a VF30 coin. Many, and I do mean many folks would call it an XF coin. Naturally it is not. But it is a super VF30. And these coins, as such, are very rare to find in original skin. Over the years, I think we all do a lot of learning. I think that Tom now knows just how rare this coin really is---guess that I have repeated it enough times? And, as usual, Tom is correct about buying such kinds of coins. When you see them you must be willing to extend yourself a little. I once bought an old Browning rifle at a gun show. Paid 600+ for the gun. My older friend saw the gun first---but would not pay the additional 50 bucks that the dealer wanted. Two days later---at the end of the weekend show---I asked my gun buddy if he was going back to buy the piece? Nope. I told him that I was going to purchase it then. Go ahead he says. Well, I did. It was a lovely gun. Well, my friend badgered me for 2 years----everytime that I saw him. Did you sell that gun? No, I would say. I finally made my friend buy a dozen more guns---at my price---in order for him to pay double what the Browning had cost me. It was a painful lesson for my friend. All because he was too cheap in the first place. The gun had skyrockeded in value and he knew that he had been wrong. When you see a sort of "ONE OF A KIND" you do not fail to pull the trigger over 50 bucks. Especially when you do not need the fifty. Lovely coin Tom!! Bob [supertooth]

[TomB]

There are a couple very good points already mentioned in this thread.

 

Both CTcollector and DaveG have mentioned the overall health and depth of the coin market as factors contributing to my continued possession of these coins and they are entirely correct. In fact, I had not even thought of that point when I wrote the thread, which just confirms that all of us can learn from every thread on these boards; even if we are the ones to start the thread in an attempt to educate others! Thanks guys.

 

Supertooth has also mentioned his PM to me and I must admit that I thought the PM was in jest, but I was not certain. Therefore, I erred on the side of caution and explained the status of the coin. This is the type of coin that supertooth makes part of his collection as this piece embodies the nexus of those attributes important to supertooth. Namely, the coin is a better date WLH, is completely original and is entirely problem-free. Of course, I was not baiting him with the image, however, I have been known to do that with one other coin to another member.

 

What coin might that be, you ask?

 

I'm glad you asked...

 

Could someone please send goose3 a PM on these and the PCGS boards to open this thread and read it?

 

Please?

 

Thanks.

NOT FOR SALE...NOT FOR SALE...NOT FOR SALE...NOT FOR SALE...NOT FOR SALE

[gmarguli]

I do think people today or more inclined to step out from the sheets to purchase the right coin then they were several years ago.

 

I think a lot of this has to do with the fact that the sheets are so behind the times.

[IGWT]

And I immediatedly sent Tom a PM asking him why he was, in effect, baiting me with this coin? He took me seriously and replied that the coin was indeed not for sale.

 

He can't sell the same coin twice. Sorry, Bob. Thanks, Tom.

[supertooth]

Lou old buddy. Nothing like another wise guy tonight. First we get Tom B flexing his muscles and not we get you pulling my chain. But I'm going to mess you guys up a bit. I would gladly let you purchase this lovely piece for a certain person that we both know. It would be in a real good home----for a very long time. And I would gladly give it up if Tom ever put it up for sale. There now. Bob [supertooth]

[DaveG]

Well, as long as we're baiting each other. . .

 

 

 

 

Hey Tom, remember that 1807 CBH?

 

 

 

 

Sorry, no pic

[Brotherman]

Folks-----As I opened Tom's thread and saw this 1921 Walker, my heart missed at least one beat. You see, I am quite familiar with this coin----although I have never seen it in person. And I must admit that I would love to own the coin. Not a statement that one should admit to. I believe this is the 4th time that I have seen pictures of this coin. And I immediatedly sent Tom a PM asking him why he was, in effect, baiting me with this coin? He took me seriously and replied that the coin was indeed not for sale. I replied that I knew that but wanted to let him know that seeing the coin again. Well, enough was enough!!!

To those of you who really do not know Walkers well---this is a super nice and 'totally original' coin. Oh, it looks to not be perfect. It has a little chatter by the Eagle's beak. And some slight stuff above the motto. But, for all intents and purposes, this is an absolutely beautiful VF coin. I grade very hard and I agree with Tom that it is a VF30 coin. Many, and I do mean many folks would call it an XF coin. Naturally it is not. But it is a super VF30. And these coins, as such, are very rare to find in original skin. Over the years, I think we all do a lot of learning. I think that Tom now knows just how rare this coin really is---guess that I have repeated it enough times? And, as usual, Tom is correct about buying such kinds of coins. When you see them you must be willing to extend yourself a little. I once bought an old Browning rifle at a gun show. Paid 600+ for the gun. My older friend saw the gun first---but would not pay the additional 50 bucks that the dealer wanted. Two days later---at the end of the weekend show---I asked my gun buddy if he was going back to buy the piece? Nope. I told him that I was going to purchase it then. Go ahead he says. Well, I did. It was a lovely gun. Well, my friend badgered me for 2 years----everytime that I saw him. Did you sell that gun? No, I would say. I finally made my friend buy a dozen more guns---at my price---in order for him to pay double what the Browning had cost me. It was a painful lesson for my friend. All because he was too cheap in the first place. The gun had skyrockeded in value and he knew that he had been wrong. When you see a sort of "ONE OF A KIND" you do not fail to pull the trigger over 50 bucks. Especially when you do not need the fifty. Lovely coin Tom!! Bob [supertooth]

 

Bob – My eyes popped out like a cartoon character when I saw TomB’s

21 Walker! I couldn’t wait to see what you were going to say about it. Ha, ha

the joke is on me though – turns out you know this beauty well. Wow – it is

a GREAT coin, isn’t it? I would tell TomB that he could have a bidding war here

if he did decide to sell it, but the truth is I wouldn’t bid against you.

TomB – wonderful coin! Thanks for showing it.

 

Hays

[Tradedollarnut]

Yes. I divested myself of most of my proofs and as part of that process offered my Gobrecht set privately to one collector. I was kind of shocked when he passed, but the more I thought about it the happier I was:

 

 

 

 

 

[TomB]

OMG!

[IGWT]

You've gotta be kidding me. Want to trade for a missing-leaf shield?

[supertooth]

Lou----Don't know how much that Shield is worth? But do know that I enjoyed your post on it. However, when it comes to certain things in this life----Bob would drop out of any bidding to see that coin go of where you know I speak. Course we would have to convince Tom----but He is in the same shoes as you are---so he might be a little soft in the heart? At any rate, we do have some fun on these boards. I always thank Chris and Victor for that. Money should always take a back seat to some things. Bob [supertooth]

[Bruceswar]

WOW TDN! Very nice coins!!! Just WOW!

[chinook]

OK TDN. Whats your address so I can have my cardiologist send you a bill.

 

[James_OldeTowne]

((( Have You Offered a Coin for Sale and Later Were Happy it did not Sell? )))

 

Many, many, many times - more than I could count! And I can't begin to tell you how many times I've experienced seller's remorse !

 

James

[MikeKing]

I've offered coins for sale in the past that now, I wish didn't sell!

i.e., my Carson City gold collection.

[shirohniichan]

I was dumbfounded that people could be so attracted to a coin with an inordinately good look, but held to the usage of a published price guide, which resulted in each to miss acquiring the coin.

 

I consider these people insufficiently_thoughtful_person savants. They have the most up to date published pricing information on coins at various grade levels, but they have no concept of paying for quality.

 

It is the same in every business. I see customers who look at a beautiful used car and then make ridiculous offers because an Internet site they consulted said they can get one for much less. They get mad at me a week later when they come back and find it sold for slightly less than we were asking for it. One guy screamed at the top of his lungs, "You sold it to someone else because you got a better offer, DIDN'T YOU?! "

 

Those who live by price guides alone will end up with low-end bargain coins (unless they have a bit of luck on their side).

[CTcollector]

Yes. I divested myself of most of my proofs and as part of that process offered my Gobrecht set privately to one collector. I was kind of shocked when he passed, but the more I thought about it the happier I was:

 

 

 

 

 

 

Wow - mucho cool !

[braddick]

Everytime I see photos of Tom's coins and then I glance over at mine I just want to cry.

And I do mean cry. Not just sniffle or sob but out and out cry.

[shirohniichan]

Everytime I see photos of Tom's coins and then I glance over at mine I just want to cry.

And I do mean cry. Not just sniffle or sob but out and out cry.

 

CHP officers don't cry.

[braddick]

And all three presidential candidates back in 1972 were left handed.

[TomB]

Thank you for the profound compliment, Pat, but I was only trying to make goose3 cry!

[EZ_E]

And all three presidential candidates back in 1972 were left handed.

 

OK, and if a frog had wings then it wouldn't bump its butt when it hops.

[braddick]

And just 'cause a cat has kittens in the oven don't make them biscuits.

 

 

 

 

(My post above, in reply to Shiroh's was because I don't work for the CHP...)

[EZ_E]

And just 'cause a cat has kittens in the oven don't make them biscuits.

 

 

 

 

(My post above, in reply to Shiroh's was because I don't work for the CHP...)

 

 

That's a good one.