the VAM-44 is the one VAM that EVERY VAM collector wants to have in their collection. So if they don't already have one they are always on the look for one. It is considered the King Of VAM's and that has made it a very popular variety. Allot of us would probably already have one in our collection but we are waiting to be able to cherry pick one. It being the King Of VAM's even when they aren't marked as this particular VAM the price can still go way up there because there is so much interest in this one VAM that allot of people are actively looking for them. Their popularity makes non attributed examples coming to market is a rare occurrence also because even no VAM collectors knows about this particular VAM
I don't believe the lack of closure on this auction is any real indicator. The majority of VAMmers who have pockets that deep either already have one, or have abandoned ebay due to the ludicrous claims of rarity and value made by many who sell attributed VAMs on ebay.
I tell you plainly, had I the wherewithal I'd have written a $6000 check for this coin in an instant.
I think that it is interesting how slight varieties in dies command and receive such prices. I would not call it crap however. Its a facet of the hobby that exists and has meaning to some and if they want to shell out that kind of money than let them.
Its a facet of a group of collectors with $500,000 in the bank for their annual coin budget and about (6) books on their numismatic shelf. With Morgans being the #1 collectible coin in the U.S. this kind of behavior is expected like registry sets. The average collector spends only ~20 minutes/week with his coins in the U.S.. My collection when it sold at Stacks in 2009 had a NJ Horsehead Colonial variety called Maris 48-X which almost brought $50,000 that I paid $4,000. Variety collecting can go to extremems but these are variety changes with a major die change within a screwpress. This kind of buying is more like the price differentials between MS63 & MS64. THe only reason it has meaning to some is based on their breadth of their numismatic libraries. Yes?
Quote: THe only reason it has meaning to some is based on their breadth of their numismatic libraries. Yes?
Very much so. They have deep pockets, and only six books on their shelves. All concern Morgans. Their personal collections amount to thousands of pieces, all Morgans, and they can tell you the variety designation of each of them on sight. They look at thousands of Morgans a year - heck, I look at a couple thousand a month, and I'm not worthy to swim in those waters - and there are far more of them than you would think.
Maybe a hundred VAM-44's exist. Had this coin been offered at Heritage, it would not have gone unsold. It would have been only the tenth VAM-44 Heritage has offered in the last decade - these do not appear on the market often because whoever owns one isn't selling.
Morgans aren't known for the fanatical following which (for instance) early coppers and Busties enjoy, but it isn't because that following does not exist. They tend to avoid the spotlight, because of the kind of money they're investing. Heritage has sold 80 Morgans for sums into six figures, and that's only Heritage. It would not surprise me if there are more serious, sharply-focused and knowledgeable Morgan collectors than all other specialties combined. It is the only coin which Heritage has offered over 100,000 examples of, and they've sold 218,000.
Yes, the supply is plentiful, but the demand exceeds even that. 100 doesn't remotely approach the existing demand for this variety.
It would not surprise me if there are more serious, sharply-focused and knowledgeable Morgan collectors than all other specialties combined. I will send an E-Mail to Eric P. Newman on your conclusions ... <BG>. Not arguing about their commitment and focus ... just the reasons why ($$$) and their breadth of knoweldge outside of Morgans (not much).
Nor was I attempting to be argumentative, John, and my reply to you was intended as much for others reading the thread as yourself. It's obviously not news to you that there are many in our hobby who tend to specialize, having little knowledge outside their specialty. My point was that in terms of sheer numbers, there are likely more Morgan "specialists" than any other denomination because there are so many Morgan collectors in the first place. Hence, the level of demand for a given Morgan variety would be sufficient that the one they called "the Holy Grail" by consensus becomes valuable indeed.
incredible. I am not a Morgan fan but I feel like a majority of people that venture into coin collecting as a hobby do so out of exposure to Morgan dollars. This is not only how they enter into but how they subsequently spend their money and time within the hobby. I don't have statistics to support this and yes, its pure conjecture on my behalf but is developed based on what I have witnessed.
I entered into this hobby because as a bullion investor, I diversified from ASEs to junk and until that point had never laid eyes on a Franklin half or Winged Liberty Dime. I am now an obsessed dime collector for Winged Libs, Seated and Bust.
anyway, my point is, I know one day I will lay out serious cash for a 1916-D in VF20 so I guess I should not criticize or act shocked at anyone who would pay $6,000 for a VAM44 Triple Blossom Cherry on Top Morgan.
and Johnny L, $50K? man, I hope you went to Aruba for a week!
Quote: anyway, my point is, I know one day I will lay out serious cash for a 1916-D in VF20 so I guess I should not criticize or act shocked at anyone who would pay $6,000 for a VAM44 Triple Blossom Cherry on Top Morgan.
Exactly. It's all about demand. $6k won't get you a 1916-D in the same grade as the Morgan we're talking about, and there are thousands of those in slabs. But where the VAM-44 is generally only a "specialist" item, the 1916-D is also a "generalist" item with even greater demand.
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Posted 09/12/2012 9:34 pm
