Another example of the power of plastic

[RGT]

But not just any plastic. It has to be the right kind of plastic.

 

This coin was sold last November by Heritage for $109.25.

 

1925-S Peace Dollar, ANACS MS63

 

Frankly, I think the coin looks overgraded a bit and it went cheap for the grade.

 

Now, fast forward to May of this year and this coin was sold by Heritage for $322.00.

 

1925-S Peace Dollar, PCGS MS63

 

The coin still looks overgraded, but it went for well above the average market price.

 

I guess just having a clear holder and a blue label isn't enough. You need the right letters stamped on the plastic. Now wouldn't you love to be the buyer of the "second" coin?

[jesbroken]

That is a shame but this is a lesson as sad as it may be that you are foolish to use anyone but pcgs if you are reselling your coin. It would appear that anacs grades this particular coin the same as pcgs but their credibility is far below pcgs.

Terrible but factual.

[SkyMan]

There's a sucker born every minute.

[MikeInFL]

Who knows what caused this coin to be sold for what it was sold for? Does the fact that the last example of this date and grade in PCGS plastic sold for $161 change your view?

 

While $322 does seem to be steep for this coin, having not seen this coin in-hand, I'm not so sure that anyone can say with conviction if this coin is good 63 or a bad 63, or if the buyer overpaid because of the plastic or not.

 

I'm not disputing that PCGS plastic has perhaps an inordinate value in terms of prices realized, but overpaying for a coin is overpaying for a coin, no matter the holder...Mike

[RGT]

Mike, the point is that it's the same coin, just different plastic. While prices vary from coin to coin and from holder to holder, there's no excuse for the same coin to triple in price because it's in a new holder at the same grade.

[bsshog40]

Well my opinion would be that someone just wanted this coin very badly for some reason. The 25s has been slowly increasing in value the last 2 years. Going up about $20-$30. Using the 06' redbook value $150, the 07' $170, and PCGS $185. Even at this price, I don't think it was the holder so much as it may have been the desire for the coin itself.

[rbrown4]

I tend to agree with Bobby, perhaps being a little sympathetic towards the buyer. They obviously paid that price and we would hope that they had good reason too. I myself have purchased a few coins that I knew were a little above market, but they were all substantiated with a personal reason.

 

Rey

[Frank Provasek]

Some investors and collectors only consider PCGS or NGC coins. There are many bargains in other slabs for those who are have expert grading skills. There are also many pitfalls.

[James_OldeTowne]

While there can be many factors that go into this kind of price discrepancy, I think that Randy's assessment is correct that the "brand of plastic" had everything to do with the abrupt value change in the coin. They were both sold in the same venue, with equitable images.

 

Unfortunately, I myst agree with the comment that someone got suckered by the "PCGS" logo on the front of the slab.

[bsshog40]

 

Unfortunately, I myst agree with the comment that someone got suckered by the "PCGS" logo on the front of the slab.

 

I just can't see this James. Any person with a little knowledge buying a Morgan would know what this coin was worth. Even at PCGS's extreme price guide, it's value is only $185. There had to have been another reason to pay this much for it. IMHO

[RGT]

I just can't see this James. Any person with a little knowledge buying a Morgan would know what this coin was worth. Even at PCGS's extreme price guide, it's value is only $185. There had to have been another reason to pay this much for it. IMHO

 

Bobby, do you have an opinion on what that reason might be?

 

We all know that coins with the same date/mint and same grade will sell for different prices. Most of that difference is usually due to the coin itself due to it's eye appeal or quality within the assigned grade. Other factors include the venue and the presentation and the market conditions at the time of the sale. Additionally it can depend on just who happens to notice or not notice the coin in an auction. Or maybe even a strong buyer just happens to be tapped out when a particular coin comes up.

 

These two auctions were for the same coin with similar Heritage pictures. In the ANACS holder the coin was sold in a weekly on-line auction while it was later sold in the PCGS holder in the on-line session of their Dallas auction. I don't know if there was live bidding at this second auction or not but I believe there was opportunity to view the lot before the auction, if you happened to go to Dallas.

 

The market didn't appreciably change during the few months between auctions. That leaves me to believe that the main difference between the two different sale prices was the buyers who were interested in the coin. Did more Peace Dollar buyers come out of winter hibernation by May? Were the buyers all tapped out last November after buying Christmas presents?

 

I think more buyers look at PCGS coins than look at ANACS coins. You know there are some people who won't even look at a coin if it's not in one or two particular brand holders. Then there's the perception that better coins are in PCGS plastic. Whould the new owner of this coin even have bid on it if it were still in the ANACS holder?

 

Yes, the last PCGS Peace of this date sold at Heritage went for only $161. But it is a different coin and if you look at the image you can see it has some serious hits on the obverse prime focal areas. Of course all of the huge Heritage pictures make the coins look worse than I'm sure they do in hand.

 

So, what made this particular buyer (and underbidder) want this particular coin at this particular time so badly?

[bsshog40]

I don't know and will probably never know any type reason. IMO, I would just think that this person may have wanted this piticular year for a type set or something, gift, who knows. I know that the PCGS slab would be more desired than the ANACS, but, he did pay quite a premium over value that I'm sure could've gotten cheaper elsewhere. And who knows, maybe these`are getting harder to find??

[Bruceswar]

Here is a thought.... It is a VAM in the PCGS holder that is not marked?? Just a thought...

[bsshog40]

Here is a thought.... It is a VAM in the PCGS holder that is not marked?? Just a thought...

That maybe it depending on the rarity of the Vam.

[michael]

tasty

[Conder101]

Wouldn't have been a VAM in the ANACS slab as well?

[Bruceswar]

Wouldn't have been a VAM in the ANACS slab as well?

 

I did not check, but are the same exact coin?

[RGT]

Wouldn't have been a VAM in the ANACS slab as well?

 

I did not check, but are the same exact coin?

 

I thought that I was clear in at least two of my posts above that it is the same exact coin. I guess this whole post would be pointless if they were different coins since that could have a major impact on the market value. (Though some seem to see the post as pointless anyway.)

 

I suppose it's possible that it is a rare VAM that is unattributed and it wasn't noticed in the first auction but at least two people noticed it in the second one. That doesn't seem too likely to me though.

 

Or maybe VAM is one of the three letter medical condition acronyms that is so trendy to use these days. The coin likely didn't have this condition in the first auction but after it was removed from its protective slab it was exposed to the VAM virus and developed a rare VAM. Perhaps it will be cracked again and allowed to mix with more Peace Dollars in hopes that some of them will also catch a rare VAM.

 

Then again, it could be all about the plastic.