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 Replies: 32 / Views: 3,979 |
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Pillar of the Community
968 Posts |
I am not well versed in the Ike dollar market, but I have an opportunity to purchase $4,000 face in uncirculated Ike dollars. I looked through some of the coins, and they appear to be MS63-MS64 quality on the earlier dates '71 and '72, and 64-65 quality on the later dates '74-'78. They are already in plastic tubes and bagged in clear bags. The guy was originally asking just over $2 per coin in rolls, at $50 a roll for 23 coins, but offered to sell me all of them in bulk for only a 15% premium, or $4,600 cash, total. Additionally, he has 4 rolls of 1972 Type 2's available, which he said $500 per roll for 20 coins. He told me he's picked through them for all of the Type 2's and Friendly Eagles, but didn't differentiate between Type 1 and Type 2 bicents. Also said he never submitted any of the coins for grading besides a handful of the 1972 Type 2's. So, should I pull the trigger? I'm almost positive I'm going to buy the UNC's at this point, but what about the other stuff? $25 a coin for Type 2's in XF-AU doesn't seem like a horrible deal. EDIT: I'd be buying to keep, not flip, if that means anything. I've got a small group of about 500 Ikes already, I would probably cull out the lessor examples and add the nicer ones to this lot. Edited by chasingtailbar
08/11/2014 4:05 pm
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Pillar of the Community
United States
1903 Posts |
if you are not buying to flip, why ask? if the price seems right to you...I say go for it...at this point it is all about your enjoyment and not the value
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Pillar of the Community
 968 Posts |
Whenever I sell them, I'd like to know that I can get my money out of them without losing anything.
I'd probably flip the 1972 Type 2's and maybe keep a roll of the nicer ones.
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Bedrock of the Community
United States
20753 Posts |
As already said, if not planning on reselling for now, just sort of a fun thing for you if you just like those. Remember this is a hobby and if buying those makes you happy as a collector, that is about the only really important thing.
IF, however, your stuck on making your money back someday, maybe, hopefully, possibly, then your starting to loose out on the fun of it all.
People buy STUFF all the time never knowing if they will get their money back. Look at all the toys we all buy for kids and they end up in garage/yard sales for practically nothing. IT sure was fun for them at the time though. Same with coins. It is fun for now at least.
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Pillar of the Community
United States
2815 Posts |
Man, I wish I had $4600 to have fun with. Hehe. I love Ikes, but there is no way I would tie that much into them. However, good advice given so far. As long as you enjoy what you get it doesn't matter. If you lose money later then just consider it payment for the enjoyment of having them for a while.
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Pillar of the Community
968 Posts |
It's only 600 bucks, not that much downside. Any thoughts on the prices for rolls of Type 2's? I texted the guy last night and told him I was still thinking about those but will definitely be taking the UNC's.
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Pillar of the Community
United States
2815 Posts |
For me, "only 600 bucks" is never "only 600 bucks".  go ahead and buy the Type 2 rolls. Post pics as soon as you get the one metric ton of Ikes. |
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Pillar of the Community
United States
898 Posts |
Wow awesome. Can't wait to see the pics. I would love to get some of these in unc as upgrades.
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Pillar of the Community
968 Posts |
600 bucks (plus 4 grand, 6 grand if I take the T2 rolls) is a nice chunk of change for me too, I'm not exactly wealthy. I have money in stocks right now and I think the market is overbought, so I'm looking to cash some of that out and put it elsewhere.
I'll be picking up the UNC's on Friday, and one roll of T2's for now, but I negotiated that I get to pick which 20 coins I want for an extra hundred bucks. So I'm paying 30 bucks per coin on the Type 2's.
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Pillar of the Community
 United States
4589 Posts |
So he's admitted he's already cherrypicked through them? So what's the upside, other than a pile of coins to sort through in the evenings (which is worth something by itself)
-----Burton 50+ year / Life / Emeritus ANA member (joined 12/1/1973) Life member: Numismatics International, CONECA Member: TNA, FtWCC, NETCC, EveryCountry (online) coin club Owned by three cats and a wife of 40+ years (joined 1983) Author: 3rd Edition of the Sample Slabs book, https://www.sampleslabs.info/ |
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Pillar of the Community
United States
1804 Posts |
chasingbar Quote:
but didn't differentiate between Type 1 and Type 2 bicents If I understand your options, you may-would-could pay $1.15 for the UNC 1976 type 1 & 2 coins? |
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Pillar of the Community
968 Posts |
Domain, I'll clarify. I'm buying 4000 Ike dollars. Mixed dates, 1971, 1972, 1974, 1976, 1977, and 1978. The 1971's and 1972's appear to almost entirely be MS63-MS64 coins, the other appear to be mostly MS64-MS65 coins. There seems to be a fairly well balanced mix of coins from the 200 I looked at. There are a few AU's and MS62-MS63's mixed in, but I'd say they account for less than 5% of what I looked at. He has removed all of the 1971 Friendly Eagle Varieties and 1972 Type 2's. The upside for me is that I feel Ikes are under-appreciated and will only move up in price in time. So I'm basically rolling the dice that these will be a profitable lot to sell in 5-6-7 years or so. In the meantime, I'll sort through them and build a few nice sets, maybe find a few coins worthy of grading. I see posts here about some peoples dealers actually buying Ikes at a premium, that means they are obviously finding buyers for them at a price point that works for them to buy over face, which gives me hope that this could be a good deal. Basically, with my $6.6k I'm spending, I am betting that I am going to either make some money on them when I decide to sell, or I will lose less money on them than the stock I just sold to pay for them, lol. I mean, let's be realistic, what point is there to owning 4,000 Ike dollars other than to hope they increase in price? Edited by chasingtailbar
08/12/2014 5:25 pm
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Pillar of the Community
United States
1158 Posts |
Personally, I think you'd have better chance at upside with less work if you bought 1 or 2 very rare coins to buy and hold with that kind of money vs 4000 very common ones.
To me, the most likely scenario is that you end up having to move the Ikes in small lots and then you have tens or even hundreds of small transactions tying up way too much of your time for the small upside potential.
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Pillar of the Community
United States
2815 Posts |
Yeah, I gotta agree with tkbslc. Still, it would be cool see that many together. That's a LOT of Ikes.
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Pillar of the Community
United States
1804 Posts |
chasingtailbar Quote:Domain, I'll clarify. I'm buying 4000 Ike dollars. Mixed dates, 1971, 1972, 1974, 1976, 1977, and 1978. The 1971's and 1972's appear to almost entirely be MS63-MS64 coins, the other appear to be mostly MS64-MS65 coins. There seems to be a fairly well balanced mix of coins from the 200 I looked at. There are a few AU's and MS62-MS63's mixed in, but I'd say they account for less than 5% of what I looked at. He has removed all of the 1971 Friendly Eagle Varieties and 1972 Type 2's. The upside for me is that I feel Ikes are under-appreciated and will only move up in price in time. So I'm basically rolling the dice that these will be a profitable lot to sell in 5-6-7 years or so. In the meantime, I'll sort through them and build a few nice sets, maybe find a few coins worthy of grading. I see posts here about some peoples dealers actually buying Ikes at a premium, that means they are obviously finding buyers for them at a price point that works for them to buy over face, which gives me hope that this could be a good deal.Basically, with my $6.6k I'm spending, I am betting that I am going to either make some money on them when I decide to sell, or I will lose less money on them than the stock I just sold to pay for them, lol. I mean, let's be realistic, what point is there to owning 4,000 Ike dollars other than to hope they increase in price? I wish I was in your shoes and had the funds to make a choice. 3 pounds of ENVY I just sold 300 ikes at a very low profit of 3.333 cents per Ike. IMHO of the 300 they were mostly in the area of MS63. A few MS64, and some MS60-61-62 He was a Brick and Mortar local dealer. I was asking $1.10 per coin, but I let him beat the price down. I was happy with the deal to get needed funds ready to get a fresh $1,000 bag. With a Fresh FEDERAL RESERVE BANK bags you have a shot at AG for a buck. Usually I hold about $2,500 to $3,500 in Ikes. |
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Pillar of the Community
United States
2815 Posts |
Let me add that building multiple sets from this lot would be the most fun for me. Looking forward to the pics.
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Replies: 32 / Views: 3,979 |
Posted 08/11/2014 4:00 pm
