jaggy

By way of an update. It would appear that the buyer is from Japan.

I store my coins in Leuchterm trays. These are then placed in a fairly heavy duty safe that I own. I would suggest that you revisit the idea of having a safe. This is not just for your coins and not just for theft prevention. A safe protects all kinds of objects and papers from other hazards such as fire or flood. For security ... best thing is to get some ADT Alarm stickers for your door/window. Thinking that a house is alarmed will sned 99% of potential thieves to the house next door. And, unless your collection is worth serious money, the professionals will go elsewhere,

Oh I will be buying. In fact, I am awaiting the arrival of my London Coins successful bids and plan to bid on a couple of coins at DNW. I don't 'need' to sell this coin to buy others. I am quite able to fund my 'habit'. But I do have a view on what I think coins are worth. Usually this means that I don't overpay for them at auction. This is the first time I have received an offer to purchase and which is so much more than what I think the coin is worth. Hence the dilemma as I am not a natural seller. I suspect that the premium on this coin is largely due to provenance. But the provenance is not all that important to me. There is another 1853 proof up for auction at Heritage right now. And Heritage have an estimate on it at $1200 - $1800. Two 1853 proofs came up at London Auctions in the last year and the prices were in the 600 pound range. So that puts the $2250 I have been offered in perspective.

Thanks to all for the advice. I have decided to sell and not because of the carbon spot! Like I say, it is a nice coin but the price being offered is way above what I think the coin is worth and, even if it takes me a couple of years, I think I will be able to acquire an equally nice replacement for quite a lot less. Jaggy 'Boss Coin Dealer'

Tom, Vicky, Peter & Peckris ... thanks for the opinions. I did see the one that was listed in Heritage. I also saw that London Coins had two go under the hammer in the last year at around the 600 pound mark. Mine is a nice coin (see below) but not a whole lot nicer - if at all - than the others cited. I am also wondering how much the Newman provenance is adding to the value. Personally, I'm not too bothered about provenance; it is the coin I buy. Also, my coin is slabbed. I am ambivalent about slabbing and would be just as happy buying a nice 'raw' replacement. Also, it is an R2 ... so not hugely rare and others should come up for auction. Right now, I am leaning towards selling but I am, genuinely, unsure and torn. It isn't in my nature to be a seller.

So ... I bought a 1853 Proof sixpence (PF64) in the Newman sale at Heritage. The price was $1,317 including buyers premium, shipping and handling. I have now been offered $2500 through Heritage which would net me $2,250 after their commission; a profit of around $900 (taking into account postage). It is a nice coin, no doubt about it. But looking at auction prices realised, I should be able to pick another one up at auction (whenever one comes under the hammer) in the 600 - 800 pound range ($1,000 - $1,200). Even allowing for price inflation, it would take quite a lot to get back to $2,250. But here is my dilemma. I am not a natural seller. I am a collector and this is part of my core collection. So do I take the profit and hope to pick up another in the future or do I reject the offer?

Sorry, they are more like F. That is a shame but thanks for responding.

I would be interested in sixpences for the following years but only if they are in UNC condition: 1925 1928 1929 1931 1934 1936

Very little in this sale for me. Quite disappointing really.

Is that a serious offer. I've been looking to get my 1937 proof crown reslabbed as a one off. It originally came out of a PCGS slab but I guess an NGC slab would do the trick. There is very little difference in terms of marketability between NGC & PCGS. And interesting comment by William Conroy in this LinkedIn discussion: http://www.linkedin.com/groups/NGC-ICG-PCGS-148283%2ES%2E5846925117900230656?qid=6f0cac44-91f5-41dc-9e1f-5871f11195f7&trk=groups_most_recent-0-b-ttl&goback=%2Egde_148283_member_273929632%2Egmr_148283

I have no idea what this particular coin is worth. It is outside my area of expertise and interest. What I was doing was passing on the perspective of someone who is in the 'auction business' and who, presumably, has a decent idea of the dynamics in that market. Yours to do with what you will.

I posted this on another thread. I had a chat with a Bonhams main board director last week. He commented that, at this point in time, coins are seen as a store of value and are attracting investors rather than collectors and that this was one of the reasons for the strength of the market.

Surely Investors in these sort of markets have people who do know how the coin market works. I would'nt go out and purchase shares to invest in as i woul'nt know which company is doing well and which is'nt, so in that respect, if they have that sort of wedge to Play with they'll also have people with Knowledge buying for them I'm sure they do. But the third party grading gives extra assurance. A bit like the independent auditors report on the company you are buying shares in.

Most Heritage's coins are sold in slabs because that is what the American market demands. And Heritage operate primarily in the American market. I had an interesting chat with a man from Bonhams (a main Board member to boot). His perspective is that coins have done well recently because they are perceived as a store of value rather than as a 'collectible'. That means there are a great many 'investors' as opposed to 'collectors'. Investors will not have the same level of knowledge and expertise as collectors because their aim is to either protect asset values or increase them. Thus, they look to slabbing as a means of giving them assurance that what they are buying is what it is and as a means of protecting that value. For those who prefer slabbing, the mistake I think CGS are making is not adopting the US standard when it comes to grading. That locks them out of a US market which recognises NGC & PCGS grading. And the market in the UK which, I think, still prefers raw is too small for them.

The logical conclusion from that is, if you regard coin collecting as an investment and are particularly concerned to see a "big profit" on your investment, then slab when you are ready to sell and not before. If that time is decades off, and slabbing has gone out of fashion by then, you won't be making any expensive mistakes. I agree with this. Slabbing is all about protecting or enhancing investment value. As a collector, I buy the coin and not the slab. At the recent London Coins auction there were several cases of similar coins being sold; one in a slab and the other raw. Because it is the coin I want, I am not willing to pay a premium for a slab. I do have some slabbed coins, usually bought from Heritage. I haven't 'un-slabbed' them but I didn't pay a premium for them either.

I had a look at the Spink catalogue. Nothing in there for me at this point in time.

I bid on six lots and won five of them. Total cost about 10% under my maximum bids. Four coins come off my target 'buy' list. Another two coins were just 'nice to have'.

And , ultimately, the main thing with this hobby is that you enjoy it.

I choose not to use Ebay.

Good read .... I have never 'dipped' a coin but I recall being advised by a gentleman at Glendinnings (in the 1980s) to do so. Needless to say I did not take his advice.

Ah, the good old days of 70s curries - everything was chocolate brown unless it had Tandoori or Tikka in the name, in which case it was bright bright red For anybody going back to the 70s in Manchester, the Plaza cafe on Upper Brook Street should bring back memories- some good, some bad. Choice of 4 curries, mild, medium, hot or suicide, differing only in the amount of red oil on the surface. Ended up in hospital once after 4 curries there in a single dysfunctional weekend. The one for Sunday breakfast was a bit hard going. Chicken Biryani and not many alsatian dogs in the neighbourhood. Jaggy: Manchester Poly - 1973-1976

They don't seem very interested in generating business. If they want to expand their customer base then they need to make it easy and attractive and not make it into an obstacle course.

What like Heritage pushing the prices still higher. Heritage doesn't push prices higher. Bidders push prices higher. Up to you to decide how high you want to go. Sorry, you should Quote slab buyers push prices Jaggy. Does'nt really help when Heritage start the ball Rolling at an ungoldy amount in the first place either I bid quite regularly at Heritage but I never overpay. If the bidding gets silly I pull out. Very few of the coins I am interested in are so rare that another example will not come up elsewhere sooner or later. Heritage are a business. They are there to get the best prices and, therefore, the best commissions for themselves. However, part of that business model is to provide an outstanding service, which they do. It is really up to us, the bidders, to determine what prices we are willing to pay. If some people are willing to pay silly prices that is their choice and their money. If Heritage sets a high initial price it is, no doubt, because they know that there are people that will pay it. I have to agree with you Jaggy. Heritage are really setting the standards for auction houses in the 21st century and, without realising it, a lot of collectors will benefit from the influx of interest (and, yes money) they are bringing to the hobby. As far as starting prices go, they can't really be wrong a just about every lot sells. Every lot sells as quite a large percentage is slabbed. Our best British counterpart i'd say was DNW but i don't see their prices rocketing into oblivion, most of their coins are left unslabbed and i've never had a problem with their pictures nor their Customer service, yet they don't achieve the prices Heritage does apart from one particular sale last year.perhaps this is because Heritage is more widely known? I'm just glad they're not the only coin auction house aroundI am also glad that they are not the only auction house around. Generally, competition is good. However, the buyers/sellers don't seem to be getting much benefit from competition in our area of interest as the commissions and other charges are pretty uniform across the auction houses. I am looking forward to the day when an enterprising newcomer breaks ranks and starts bringing the commissions down while still offering high quality service.

I didn't see much for me. So far, the London Coins auction is more interesting. Looking forward to the DNW catalogue.

Just had a look at this catalogue. Quite a lot in there for me. Not so much new coins but definitely a bunch of quality upgrades.