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 Replies: 52 / Views: 7,770 |
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New Member
 United States
21 Posts |
I was familiar with Doug Winters from PCGS coin facts but I did not know you could talk to him with questions such as this. I did speaks to him briefly today but since Monaco was the buyer of the coin at Heritage and who is offering the coin he did not feel comfortable advising me to buy or not he did give me food for thought. While he said that the mark up was fair for a large company such as Monaco it may be more than what he may charge. He had handled the coin and said it was nice. That the other thing about doing this deal I don;t have the cash to throw down for a coin like this but with Monaco I can trade in coins and they will finance the balance the for as long as I need. What the questions is how much would this coin be worth 5 or 10 yrs. from now?
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Moderator
 United States
23522 Posts |
So this is Monaco's coin? Keep in mind, they just dropped $4.5mil on the Brasher Doubloon at that same auction....you could have attended that auction, outbid them by one increment with a determined look on your face, and they'd have probably conceded you the coin knowing they were about to shoot the moon on a coin whose value has been estimated at $10 million.
They know that, but you don't. They need income to help offset that huge purchase, and 3 weeks is far too soon to consider throwing them any more than 10-15% on a coin you could have easily bought yourself at that price.
I'm amazed your banker will take as collateral a coin you don't actually fully own yet.
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Pillar of the Community
United States
4337 Posts |
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Moderator
United States
23522 Posts |
Quote:
how would a bank want to take commodity as collateral on a commercial real estate deal
I see no problem with that, if the OP and his banker have a comfortable working relationship. These aren't bullion coins, they're known rarities of significant value just like Ming Dynasty ceramics. Serious collateral, but a pretty big risk on the part of the OP. |
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New Member
United States
21 Posts |
I have confronted my broker with all of this information. I plan to wiggle out of the sale he is pitching the upside of the coin and it's great rarity. I haven't thought of their cash position. if they came down to 10-12% over cost I would feel a lot better.
As for the collateral on commercial real estate as SsuperDdaver says it's really no risk for them. They are not dealing with this coin I was going to take some coins out and put some other coins back in that I had not already pledged namely my Orleans Double Eagles
Not to put my business on the street but to give you guys some prospective The Bank is a Family owned community bank my banker is one of the family & 30 years old. he told me they said go out and bring in loans. I wanted to buy a 94 unit apartment complex I had some cash but not enough. The loan was 1.9 mil he went to the board and told y'all said bring in loans I doing one with a bunch of gold and they went for it. I had to put up $650,000 of my collection current value by Blanchard and no cash and now own a complex that cash flow $5000 a month. I don't take any money out of it and pay that $5000 as extra on the principle each month and when I get 20=30% equity built up I can redeem my coins or maybe do another deal. Like SD said I am the risk taker. The bank has a money making property and 650K of my coins they discounted them @ about 60% which I though was high but I could not have gotten the property any other way an now I can expand. Thus. I close on 4 rental units that will cash flow $1650 per month with a payment of $400. Got a deal on them for $54000. I know this is not a real estate discussion but my wife was always on me about buying coins and I keep telling her it was for the future now they have allowed me to buy a complex that will pay for it's self and provide income if needed. I am 54 and have a 3 yr. old son I do not have to worry about providing for his or her future if something were to happen to me. My Good Coins have given me more than just beauty history & pride. They have now given me peace of mind for the future.
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Pillar of the Community
United States
8137 Posts |
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New Member
United States
21 Posts |
Where is the photo function? or how do you post pic's here?
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Pillar of the Community
United States
4337 Posts |
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Moderator
United States
189120 Posts |
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Pillar of the Community
United States
3453 Posts |
 to CCF! This has been an interesting discussion and a fun read. I look forward to seeing how this works out. |
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New Member
United States
21 Posts |
I called off the deal on the MS 60 1861O. I was going to lose too much money on the coins I was trading in and then pay too much for the coin I was buying also. Plus last year was the worst we have had at the Cafe in the 15yrs. we have had since we have been open at our current location. Take a look at our website we have the best Fried Chicken in the South http://www.olesawmillcafe.com I am going to back off and wait for a 61 in AU I think that Doug Winter may be a better source with less mark up. I will post some pic's when I have time to do the photo bucket thing. I have a 1795 $5 & $10 set in AU that I am proud of Founding Father money or at least I like to think one of them handled them. |
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Pillar of the Community
United States
9792 Posts |
Great news! I also believe Monaco was asking way too much for the coin. Doug will steer you right, also try Don Kagin, he might have a line on a similar coin. Glad you are not put off acquiring an example, I too think an AU would be a better buy as in the future some of those MS coins may pop up at PCGS or NGC and drive the MS price down. The AU examples should keep their value and continue to go up over time, plus since they are more affordable, more collectors will be looking for an example in the future - IMO.
You can bet if I'm ever in your neck of the woods I'll swing by the ole slaw mill cafe for a bite to eat. I feel you on the down economy, my best friend just sold his restaurant in Denver, he did okay, but says he got out just in time, as business was really slowing down, especially the bar receipts. He got top dollar for his place and was quite happy to retire from the long hours that a restaurant - bar takes to run.
Hope you stick around here at CCF, this has been a great thread you started. I know I speak for the other participants too.
P.S. Do you have a Tommy Gun? My buddy has a nice Hurley model, and an original Thompson 1928 though I haven't shot them yet.
"Buy the Book Before You Buy the Coin" - Aaron R. Feldman - "And read it" - Me 2013! ANA Life Member #3288 in good standing since 1981, ANS, Early American Coppers Member (EAC), Colonial Coin Collectors Club member (C4), Conder Token Collector Club member (CTCC), Civil War Token Society (CWTS) member, Liberty Seated Collectors Club (LSCC) & Numismatic Bibliomania Society member (NBS), USMex, Member in good standing, 2¢ variety collector. See my want page: http://goccf.com/t/140440 |
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Pillar of the Community
United States
4337 Posts |
1795 $5 & $10? Photobucket link takes a second to copy and paste, bring 'me on!  |
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Moderator
United States
23522 Posts |
I'm pleased to hear of your choice, man. This really wasn't the time or the coin. In the meantime, do you happen to have pics of the others?  |
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New Member
United States
21 Posts |
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Replies: 52 / Views: 7,770 |
First Page
Posted 01/28/2014 03:46 am
Dave knows EVERYTHING that is happening in Numismatics 
I bow to your working knowledge sir 
how would a bank want to take commodity as collateral on a commercial real estate deal 
