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Pillar of the Community
 United States
851 Posts |
Back in 2007 the Numismedia wholesale was $4000. I don't remember exactly what he said the Grey Sheet was but I believe it was $3600.
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Pillar of the Community
United States
851 Posts |
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Bedrock of the Community
United States
10982 Posts |
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I don't remember exactly what he said the Grey Sheet was but I believe it was $3600.
The May 2010 Greysheet lists $3900 in PR63. It does not split out Bid/Ask for these types of coins but only a single price noted as the highest wholesale offer. The $3200 price seems fair if the coin has good eye appeal. One thing I would keep in mind is that the market for this piece is limited and thus you would tie up a lot of money in an illiquid coin. |
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Valued Member
United States
254 Posts |
Yes, the market is limited and in case NGC sees something on the coin that prevents it from grading, it could be a serious financial hit. it's risky but if you are 100% sure of your grading skills, then it may be a good buy.
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Pillar of the Community
United States
851 Posts |
I don't feel the market would be that limited if I take it to the Philly Expo like I plan on doing.
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Pillar of the Community
United States
1882 Posts |
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in case NGC sees something on the coin that prevents it from grading, it could be a serious financial hit. A coin can be submitted for crossover grade still in the ANACS slab. Only risk doing it that way is the cost of submitting. |
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Pillar of the Community
United States
2335 Posts |
I'm not so sure this is that good of a deal. Almost any collector that would be looking for a coin in this price range is probably fairly savvy about pricing. They would be fully aware of greysheet pricing & would expect to pay that. Any dealer interested in the coin knows that & would make an offer that they could profit from. If $3900 is greysheet a dealer probably would expect to buy from a collector at 5-10% less, or somewhere around $35-3600 & possibly less.
If the gentleman you are buying from is not a dealer I suspect he is offering the coin to you for slightly more than the best offer he got from a dealer. If you are buying as a collector that's a good thing. If you are expecting to resell for a profit you may find yourself in the same place the seller is.....with a really nice coin that will only make a profit if you can find the right collector.
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Pillar of the Community
United States
851 Posts |
My main goal is trading. I have done well trading with dealers. Have you ever heard of the story of the man who traded a pen for a house? If so this is sort of my goal. I figure such a coin is rare enough to always hold a premium. You are correct in saying that it would be a tough sell at regular 50 table regional coin shows, but at National coin shows such as the Whitman Expos, I don't think it would be difficult at all.
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Pillar of the Community
United States
851 Posts |
I have enough material to open a booth at a show. If I have this coin out and I know I have $3200 into it, I can offer it fo trade to collectors. If I can trade up to a coin that I know I can make more money off of, I would be more than happy.
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Bedrock of the Community
United States
10982 Posts |
Did you buy it? The pics you posted look very good and I don't see a problem getting this into an NGC or PCGS slab if that's what you want to do.
Just a note: The Certified Coin Dealer (bluesheet) lists this coin at $2400. Although that is sight-unseen, it gives an idea of what a dealer would pay for this piece.
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Pillar of the Community
United States
851 Posts |
I don't think I will bother selling to dealers anymore. Soon I'm going to set up a booth at one of the big shows and deal with retail consumers. I have enough high grade coins and rarities to set up a decent display.
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Bedrock of the Community
United States
10982 Posts |
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I don't think I will bother selling to dealers anymore. That's a good idea. I've sold quite a few bullion pieces to Modern Coin Mart and APMEX but have had much better luck trading with dealers rather than trying to sell to them. Back to the 1860 proof. Did you buy it? $3200 is a fair price but it wouldn't hurt to offer $3000. |
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Pillar of the Community
United States
851 Posts |
No I put some money down until I sell a coin I have. I plan on having it in a week or so.
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Pillar of the Community
United States
2335 Posts |
If you know you can sell retail that changes the whole ballgame.
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Pillar of the Community
United States
851 Posts |
I decided to go with it and buy it.
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Posted 06/06/2010 11:29 pm
