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 Replies: 36 / Views: 7,696 |
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Bedrock of the Community
United States
10029 Posts |
Seriously? The exact same coin was put in the wrong set; taken out of the set; labeled as being rare b/c of the error; and sold for ten times (yipes!) more than the coin itself is worth. http://cgi.ebay.com/ws/eBayISAPI.dl...B:SS:US:1123 Have patience the following is coin related and a concern from a close parallel in another of my hobbies... I am part of a the pretty much dead hobby of collecting date nails. A picture is worth a thousand words:  The 44 stands for 1944. Their purpose for keeping records of of the longest lasting wood types and treatment for RR ties to minimize overall costs of RR maintainance. People started by collecting a sequential run of dates from one specific railroad. The rare nails from a specific RR became very expensive. Then it was found a rare nail on one RR was common on another. So (let's say) a Santa Fe 1911 was worth $400.00, yet the exact same nail was so common on the B&O RR that it only cost five cents! Literally the only difference between the two nails is the "rare" 11 was found on the SF, and its exact twin (even the die) was from the B&O where they were common as dirt. If per chance the SF 11 had originally been in the factory shipment to the B&O, it would not be worth 400.00, but only five cents. People saw this concept and the hobby died b/c of a lot of people had paid a lot of money for something common in the overall scheme of things, and also the only thing to verify a rare nail of this type was to believe the person who said they had pulled it from the Sante Fe and not the B&O. Granted, the NGC slab around in the posted auction verifies this 2012 half was initially put into the wrong set. But I cannot get over the parallel to what killed the date nail hobby. We can all find horror stories of every company out there if we look hard enough. I already have been told from various dealers they totally believe the ASE MS70s are a joke since they get the same 20% ratio of MS70s returned annually from the monster box they submit (from PCGS and NGC). Its also very hard for me to believe that in the future people will not be able to easily counterfeit these slabs perfectly. The Chinese have already made some believable fake slabs. Please don't take this as me condemning people for collecting what they like. If you have the money and you like the idea of collecting the slabs (can make a great looking display), go for it - hobbies are for enjoyment. This situation just reminds me too much of the dead date nail hobby. Maybe if I had money to burn it would not make a difference to me. I just hope the date nail scenario does not somehow eventually kick in. I know the problem with my whole post is that this parallel might not be valid since, when compared to date nails, numismatics is so very much larger of a hobby. But I am wondering if this just means there will be a ton more people disappointed eventually? |
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Pillar of the Community
United States
1211 Posts |
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Pillar of the Community
United States
3755 Posts |
This error was caught fairly early on and mentioned here at CCF by a member who received one or more of these. The error DID occur. Now, NGC slabbing it and notating it keep the coin as one of those "errors", but I would find it to be more valuable in situ.
While the coin will continue to keep that pedigree, I personally would not pay more for it. Now, if they were to grade the entire set and leave it inside the original packaging as they do for GSA Morgans, THEN I would pay a premium.
And for your example, it doesn't hold. As you mentioned, that was simply a matter of distribution. Similar to the fact that I have yet to see a 2013 D penny in circulation. The only denomination I have not seen in D for that year. Simply a distribution thing. That silver Kennedy was not supposed to be in that set at all ever. If memory serves, they came out before the silver proof set did, so it was an even bigger error of silver planchets getting into the mix before they were supposed to.
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Pillar of the Community
United States
561 Posts |
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Now, if they were to grade the entire set and leave it inside the original packaging as they do for GSA Morgans, THEN I would pay a premium. My thoughts exactly. Isn't the reason for owning this the fact that it was an error? Once out of the holder would you ever again be able to tell this had been an error coin? |
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Moderator
 United States
56855 Posts |
I have around 10 that I got back when I was about 14 in a baggy somewhere.I would walk abandoned rails with a pocket sized crow bar and look for them. John1  |
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Bedrock of the Community
United States
20753 Posts |
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It is could've, would've or should've, not could of, would of or should of. Of course that depends on where you were brought up. In areas where Italian is common, it is coulda, shoulda, woulda.  Or Cooda, wooda, shooda. First I've heard of collecting nails. Yet people collect cans, bottles, cars, stamps, toys and almost anything so why not nails? I once met an electrician that collected the line insulators. |
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Bedrock of the Community
United States
12437 Posts |
An error coin is one thing(I personally love them  ) but I simply cannot understand how a PACKAGING "error" can add any value whatsoever to a coin that is otherwise perfectly normal and indistinguishable once removed from said incorrect packaging  |
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Moderator
United States
187469 Posts |
Oh, boy.  |
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Bedrock of the Community
 United States
10029 Posts |
Quote:
And for your example, it doesn't hold. As you mentioned, that was simply a matter of distribution. This makes sense now also that you have clarified for me how the sets came into being. My example is not a good parallel in actual mechanics. Quote:
While the coin will continue to keep that pedigree, I personally would not pay more for it. Now, if they were to grade the entire set and leave it inside the original packaging as they do for GSA Morgans, THEN I would pay a premium. Yes - I can see a difference if it was in the original packaging b/c then it is an error set. Taking it out of the set, to me, would be an expensive risk to take. NGC will likely not be around forever, and slabbing the coin also gives another target for counterfeiters. They can choose to alter a set by swapping out the coin or just make a plastic slab. The hardest part of making an actual fake coin is not needed in this case. Too bad these were not made with some other MM to distinguish them from the normal 2012 proofs. ... but then again... if they were distinguishable I would need another JFK for my set and would likely not have the 1K to put out for it! How much squash could a Sasquatch squash if a Sasquatch would squash squash? Download and read: Grading the graders Costly TPG ineptitude and No FG Kennedy halveshttps://ln5.sync.com/dl/7ca91bdd0/w...i3b-rbj9fir2 |
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Pillar of the Community
United States
589 Posts |
I'd probably pay (max) $5 over the market value for it...but that'd be me. $1200? I feel sorry for someone (anyone) who'd ever pick it up for that price.
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Bedrock of the Community
13014 Posts |
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Once out of the holder would you ever again be able to tell this had been an error coin? I dont believe there would be any way to tell if you cracked it out. It would have been kind of cool if they kept the set together, but all they really could have done is slap a label on the package given its size which isn't the most attractive presentation to me. |
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Pillar of the Community
United States
6130 Posts |
Am I the only one wondering how a coin like that got a grade of 70? Aside from some nicks and scuff marks, it looks like there is a fairly large scratch next to the "WE".
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Bedrock of the Community
13014 Posts |
Could just be a scratch in the slab.
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Pillar of the Community
United States
899 Posts |
Looks like a silver 2012 Kennedy half with a story... I also believe once it was removed from the set - the uniqueness to the origin is gone. I don't think labeling the coin as special has much value to a buyer. (at least I wouldn't pay more for it - but I am not a label chaser anyway). |
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Pillar of the Community
United States
1903 Posts |
Let me propose this...seeing as this coin was not even supposed to be released yet in any form...instead of calling it an error, should NGC have called it an "Extra Early Release" or something to that effect instead of an error? If they did...then would you pay a premium for it out of the original set?
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Pillar of the Community
United States
1903 Posts |
I would love to see one of these in hand...as if this is a matter of silver blanks sneaking into a clad run, the strike details must be amazing as the die pressure is higher for clad than silver.
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Replies: 36 / Views: 7,696 |
Posted 01/23/2014 3:00 pm
