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 Replies: 8 / Views: 1,512 |
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Pillar of the Community
United States
1613 Posts |
Legend's Regency auction held on March 21 in Las Vegas saw what is possibly the record for a 1891o Morgan dollar graded PCGS MS 66, CAC approved selling for $108,687.50. Far above the estimate. This is the sole coin at that grade, none finer. So I have to wonder. Obviously, owning the best is important to some collectors, at any cost. But at what point? NGC has three graded the same, with none finer, and I would suspect that at least one will be sent for cross-over grading in the hopes of reaching a comparable price. Either way, with four at MS-66 combined, one would think that the price may drop from $108 dollars if and when the others hit the auction block. Which I believe they will as word reaches the other holders of this Morgan. Therefor, the logic behind these over inflated prices for perfection, the best of the best, baffles me. Especially when compared to one grade lower trading at a fraction. Unless one is an expert, with razor sharp eye sight, you'd be hard pressed telling a 65 from a 66. Some of them are extremely close to the higher grade.  ANA member - PAN Member - BCCS Member There are no problems only solutions - the late, great John Lennon
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Bedrock of the Community
13014 Posts |
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NGC has three graded the same, with none finer, and I would suspect that at least one will be sent for cross-over grading in the hopes of reaching a comparable price. NGC is not equal to PCGS CAC especially at the top of the market. Also there are a maximum of 3 as one is counted twice and at this level yes they probably were all tried to be crossed over and all tried at CAC. Quote:
Therefor, the logic behind these over inflated prices for perfection, the best of the best, baffles me. Who says the price is over inflated? These types of comments do irk me in all honesty and come off as jealous. Passionate collectors bid for something they wanted and had the means to do so. It should be celebrated not called over inflated and questioned. The best lesson is that quality costs more. The best of the best for any grade costs more. Don't be a slave to price guides. You might read or have read that CAC doesn't matter it absolutely does especially at the high end as does PCGS vs NGC. Quote:
Unless one is an expert, with razor sharp eye sight, you'd be hard pressed telling a 65 from a 66. Some of them are extremely close to the higher grade. So they should just buy the lower grade why? Who says they can't tell the difference, the majority of people at that level absolutely can tell the difference. What's the issue with them pursuing their passion? |
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Pillar of the Community
United States
1005 Posts |
I would think that the individuals bidding coins like this up to 6 figures would be aware of competitors at the grade, in this age of high-res photography of TPG coins especially at this level. It could very well be that this is not only top pop but also simply the best example out there regardless of grade |
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Bedrock of the Community
United States
20753 Posts |
I would have preferred to buy several cars.
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Pillar of the Community
 United States
4588 Posts |
Once both PCGS and NGS limited their registry sets to only their own plastic, they split the market for registry bait.
You can buy the "wrong" plastic and try to cross it or restrict your buying to the right flavor only.
-----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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Moderator
 United States
187702 Posts |
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I would have preferred to buy several cars. Five, ten years ago, maybe. But I have nowhere to keep them and increased traffic means less fun driving anymore.  |
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Pillar of the Community
United States
789 Posts |
Well, pretty soon you'll be able to buy a self driving car and life will be easy.
As far as giant prices on coins in plastic tombs, have at it, if it floats your boat.
Gimme a dirty circulated old copper or colonial any day. If I can't fondle my coins I don't want 'em.
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Valued Member
United States
295 Posts |
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Therefor, the logic behind these over inflated prices for perfection, the best of the best, baffles me. Especially when compared to one grade lower trading at a fraction. Unless one is an expert, with razor sharp eye sight, you'd be hard pressed telling a 65 from a 66. This kind of thing baffles me too. To each their own, but it feels like they're paying more for the number on the holder than for the coin itself at that point. |
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Bedrock of the Community
13014 Posts |
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To each their own, but it feels like they're paying more for the number on the holder than for the coin itself at that point. Just because you can't see the difference doesn't mean they can't. Why does someone get kobe beef instead of ground beef, why does someone get the expensive bottle of wine instead of some Maddog 20/20, why have a house instead of a tent? The answer is the same for all of them, because that's what the person likes/appreciates and it's within their budget. People could say that it seems like you're just paying for a number as well or a number on the 2x2 because you paid over face value. Finances are all relative, 200k to someone with a ton of money is nothing, just like the quarter you might keep from you chance is more than a days wage to many people in the world. The point is collecting really needs to stop being so judgemental. Be happy people care enough about coins to spend that type of money on them and stop trying to demean them calling them registry chasers etc. The overwhelming majority playing at the top are not number chases and even some of the ones that started that way changed course, regardless if that's what makes them happy who cares. It's good for the hobby to have some huge prices and the publicity that comes with it especially since a large majority of the highest prices happen privately out of the public eye |
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Replies: 8 / Views: 1,512 |
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Posted 04/18/2019 4:59 pm
