1652 Pine Tree Shilling, Authenticated!

Sorry for the late update, i forgot about this thread. Well i ended up selling the coin on eBay for $3000! I had the starting bit at $2499 and a buy it now at $2999 and the first or second day it was up someone bought it!

 

Log in or Sign up to hide this ad.

Well, I've been reading John Hull, the Mint and the Economics of Massachusetts Coinage and it appears the Eduard is correct and the oft told story is wrong. The book is well researched, with references, and even includes testimony submitted in court in England. The King and Court knew about the coinage and they knew that the coinage had been continuing since 1652 and that they were still striking them. So it wasn't a case of claiming they struck them when there was no King and that they weren't doing it anymore. Just that was the date of authorization.

 

Now I would say that is a good return on investment!!! Good job. :thumb:

 

Maybe so but I kind of hate to see a coin that has been handed down through the family for four or five generations, maybe more, sold just for some cash that the poster said he really didn't need right now.

 

I sure hope the family, especially the grandmother, knows it was sold. At 16, I think he would need a parent's approval for it to be a legal sale. I'm not sure where the courts draw a line between an incidental item and one of high value, but I'm sure at $3000, it would qualify as needing to be legal sale. He said he asked his Dad about the coin but did that include selling it? If so, I'm a little bit sad about the parents not giving this more consideration, but it is a personal choice for them to make, not mine or anyone else's. I wish I had owned it because I still would.

 

I have mixed feelings about this as a coin collector and an investor. First, based on the OPs 10 posts, it doesn't sound like this young man is a collector although he doesn't appear to share otherwise. The coin collector in me screams to keep the coin. It is a classic rare coin that so few can possess and many of us wish we had. Here is this young man, at 16 years of age who has a genuine rarity that was found in a "junk" box of coins. This is something that we only dream of. But as the coin collector in me screams to keep the item, if he is not a coin collector then why keep it when someone who is, can add such a wonderful coin to their collection. The investor side of me has to think that at 16, this young man doesn't have any debt or bills that urgently need to be paid. He even said that he didn't need to sell it. So why sell it? If it was worth $1800-3000, this would only go up in value down the road. I can only hope that the money is put away and used for a future college fund and not blown on other stuff. Unfortunately, you don't have to be 16 years old to be tempted to blow through the money. I have seen this way too often when someone comes into money and blows through it in weeks. I can give countless examples of my brother and my wife's cousin who are both down on their luck, came into a good amount of money and did not have the know how to save for the future. Both blew through their funds like the world was ending tomorrow and are now more broke then they were before. I hope this is no the case and that this young man sees that and puts the money away.

Aside from my diatribe above, I still believe that this was a good return on investment as the coin was given to him and the most he has invested into the coin were the grading fees. He sold the coin for $3000 on ebay. Once ebay and paypal take their cut, he should be left with around $2700 or a tad less and minus grading fees probably looking around a tad bit over $2600. I wish I could flip something like that!

 

I too would have rather seen this coin held onto as it is quite a rarity and very special, as it has probably been in the family for a long time. But in the end it is your coin, and since you wanted to sell it, I'm glad you got the price you wanted.

 

This story will be played over and over when we as collectors leave the coins we worked hard to get are left in the hands of our children.

Money will almost always over take the value of coins that many here me included worked hard to find and got so much joy from owning.

Do not blame the kids as they cant help if coins do not hold the same meaing they had to us.
They can understand money better and when a coin is worth a grand or two you should know what happens next.
The way i see it it is why some coins that were far from our reach someday will be where we can buy them because the younger sellers are wanting the money and not so much the coins.
Kids like this one is what keeps coin shops going and its every shops dream that a kid wanting money with coins left to him will walk in his shop and ask the question. How much can i get for these?

 

I remember the thread when you first posted this coin. So many of us get jaded around here because for every real coin like this, there are many fakes. Nice to see one that actually turned out to be authentic! Great story. Thanks for sharing it.

 

Congratulations on the successful sale. You should enjoy this moment while you can. I have a feeling you will be kicking yourself 20 years from now. :yes:

 

I think jaceravone, got it right. i do enjoy coins but im not really a collector, and i would rather have the $3000. Obviously to others (eg. the guy that bought it) its worth more than the $3000, so its a win win. and i did ask my parents and grandmother and also my dads oldest sister (my Aunt) about selling it, they all agreed that i could do whatever i want with it. Although after i sold it another one of my aunts was told and was very angry at me for a while because she is sentimental about it being her grandfathers, it has since been resolved though. I put the money in my bank account and am saving it, im spending no more than i did before i sold it. I cant say now, but i may regret it in the future.

 

I will admit, at 16, you thought this out more than most your age do. I have faith that the money will be put to a good use. You also explain yourself very well. I hope you will stick around and maybe become a real collector.