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 Replies: 380 / Views: 45,834 |
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Pillar of the Community
United States
8516 Posts |
DrTones this guy went Stacks and Bowers. I think he found his coin in a desk drawer but I don't remember exactly. Anyways it's the same basic situation as yours. Personally I think he should've went with Heritage Auctions... https://goccf.com/t/180209Oregon coin geek.....*** GO BEAVS ! ! ! ***
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Pillar of the Community
United States
1903 Posts |
I have been down the "sell it or auction it" route with many collectible items. Here is where you need to take a side step and look at it from a pragmatic angle. You have essentially zero money tied up in this piece. Based on expert opinions you have a coin that MIGHT, and I repeat MIGHT bring $8000-$10000 at auction if it doesn't "flop" to use your term. So here is where the option call comes into play. Do you take the guaranteed $7200 and run with zero risk, or do you send it in and get a details grade, and HOPE it brings more at auction. To me, if I were in your shoes I would take the guaranteed money (or see if you can haggle him up to $8000) and run. The risk of MAYBE getting 10-20% more is just greed at that point. Let the guy who is willing to make the bigger risk (of having $7200 invested) and letting him roll the dice instead. The ratio of risk vs. reward here is just not in the favor of the reward side of the equation in my perspective.
Edited by unholyroller
12/17/2014 11:12 pm
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Pillar of the Community
United States
3160 Posts |
I think unholyroller makes a good point. I was thinking the same thing.
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Valued Member
 United States
122 Posts |
That is the very practical advise I have been reminding myself of. It absolutely IS greed. Either way I owe it to myself and my family to make a life changing decision for us. This could potentially mean no car payment or a landscaped backyard for my boy to play in... and maybe some stuff for Daddy's Jeep... Maybe ;)
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Pillar of the Community
United States
4692 Posts |
I disagree. One can put a reserve on coins going to auction. This coin is so highly collected, there should be no reason it would not sell for strong money.
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Valued Member
United States
122 Posts |
Is it true that if the coin doesn't meet the reserve price, you will pay the auction a very heavy fee? sometimes as much as the items value? Or is that false info?
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Rest in Peace
United States
699 Posts |
Congratulations on the find of the new Century. I have read the comments with great interest and going the auction route (with Heritage) is by far the best route. Yes, you can set a reserve ( I'd set it at the cash offer you have already received of $7,200.00 ). Be forewarned however, the reserve must be hit by a bidder otherwise, you will be charged a 5% fee of the Reserve .
By all means, have the auction company send it in for grading. It will be to your benefit. Especially if you are selling it. If you were keeping it for your own personal collection, then, by all means, submit it to PCGS ( if you are a member ) ... If not, join at their Silver level for $59 ( new rates for 2015 ) .
A Show walk through will run you $250, plus handling fees of $10 ( new rate).
The coin will not straight grade. You need to request "Details Grade" so that you know it's a VF coin ( more for the new bidder ). The coin has microscopic Enviornmental Damage. The scratch on the face is enough to get it into a Genuine holder.
Look at it this way, selling it at a large enough auction will bring enough eyes on to the coin and you will see the interest mount as the auction draws near.
Good luck to you. I am a member of the Barber Coin Collectors Society and would like to follow your progress on this coin. We have a quarterly journal, and I'd like to do an article on your experiences.
( If I have your permission )
Have a great Holiday.
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Valued Member
167 Posts |
I am betting that, post-certification, you could walk the floor at a national coin show with this coin and easily walk away with at least $8,000. It's an XF level coin of THE key date of the series. If that dealer is offering you $7,200, he knows he can flip it in a day to another dealer, who might end up flipping it again before it is on the national circuit and finding a home shortly thereafter. I would easily offer you more than $7,200 if I could.
Edited by MorganGrader
12/17/2014 11:50 pm
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Pillar of the Community
United States
7620 Posts |
$7200 for a "problem" coin that you have nothing in is a good price (in my opinion).
Can you hold out for more? Maybe. It might bring more at auction but then you are out grading fee, selling fee, shipping plus the "worry" of it getting lost or not being worth what you expected. Auctions can be funny sometimes.
If you dump it for 7200$ you don't have to worry about the coin anymore and you have $$$$ in your pocket.
Decisions, decisions, decisions! Do what works best for YOU.
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Pillar of the Community
United States
1748 Posts |
You would probably get very good money for the coin in a PCGS holder. Even a 1901 philly for my date set cost me $30 in VG the other day. That was the "gray sheet" on it.
Edited by DoubleEagle20
12/17/2014 11:58 pm
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Valued Member
United States
122 Posts |
Elbesaar- That would be a very neat experience and might possibly bring the coin some more attention. I think that would be a great idea either way.
MorganGrader- I wouldn't complain at 8k ;)
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Rest in Peace
United States
699 Posts |
PS:
Regarding fees at auction.
If the coin does not sell, and you placed a reserve on the coin, yes,myou will pay the company 5% of the Reserve.
If the coin does sell at or above your Reserve, most auction houses still charge a fee ( Seller's Fees) ... Which is negotiable. As a first time seller and the value of the consignment,mi would think nothing of asking for Hammer ( the amount the bidder is paying before the Buyers Fees of 17.5% are tacked on ).
If you were an established customer of the auction house, you could ask for Hammer price plus a cut of the added Buyers fees. However, at this moment, I would be happy with the the Hammer price and any associated grading fees. Let the auction house handle the grading, it's cleaner that way.
Use Registered mail only when dealing with the mails and buy the insurance. It's not cheap, but worth it in the long run.
Again, good luck to you.
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Rest in Peace
United States
699 Posts |
One last point. You want exposure. Walking the coin at a national show is not exposure. You'll take the first $8K some one throws at you because you're tired of peddling the coin around three football fields of dealers. A major auction house, ie: Heritage has like a half million bidders ( if not more ) .... You'll get more exposure with them than anywhere else.  Edited by Elbesaar
12/18/2014 12:05 am
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Valued Member
167 Posts |
Obviously, the ideal way to sell it would be to consign it to a major coin auction house. I was just saying, the $7,200 offer is rubbish, you could easily get more walking around a floor at a major show. If it were my coin, I'd have it graded and would list it on ebay for $12,500 or best offer. |
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Rest in Peace
United States
699 Posts |
Asking $12,500 / B.O. on the BST or ebay may be a disservice. I think it will command more money IF enough eyes see it on a major auction house. Check out Heritage for VF Details graded Genuine coins are selling for. There is a discussion ATS ( PCGS Barber Thread ) that the coin might be a cast copy. I disagree. I feel the One's (1) line up correctly. The porous surfaces have a dealer friend of mine in a tither about it being genuine or not. That's what PCGS is for ( that service traditionally receives higher bids than the other services. ) FYI. Edited by Elbesaar
12/18/2014 12:33 am
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Posted 12/17/2014 11:11 pm
