Have a Cheerios Dollar. Thinking about selling. Thoughts?

I am new. I joined NGC's forum as well yesterday. I've meant/wanted to join a forum or two for some time but laziness is a powerful thing.

I guess this Cheerio was the catalyst I needed. I would post the link to the thread at NGC but I'd postulate that would be breaking some sort of rule.

I have always been on the hunt for one of these Cheerios Sacagaweas but finally got one and had it for a bit and thinking of selling and helping fund my other collecting. The prices used to be SKY HIGH years ago but came back down to Earth. The thing is---this coin is so obscure it is hard to price. A lot of people who want/have this coin now seem to prefer it in the original package which is why I kept mine that way. The die polish diagnostic really helped in that regard. When it was established that not all the Sacs in the Cheerio packet were in fact the rare reverse---it was a mad dash to grade it.

I'd guess what--maybe 10% of those still known are in the original package? I think a lot of it is the people who have one of these in the original package and know it is the rare reverse---are not selling.

Love people's thoughts, opinions, questions on it.

About the only dealer in my area that is even aware of this coin is Lost Dutchman which is sad. I had multiple dealers (some are pretty big time operations) tell me it is not worth anything and I had to tell them to go search a "Cheerio Dollar". One dealer told me real confidently that if it was an unreleased design it was stolen Government property and I can't sell it (That is an honest conversation).

 

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Thanks. I read that one on Dutchman. That post is what actually pushed me to think about selling it. Somebody he said his for 8k on another forum rather fast.
I can have it slabbed myself but it seems ones still in package are carrying a very, very substantial premium over even the highest GRADED ones.

 

It's a wicked market for these coins... The very first one I sold brought $14,000 for a PCGS MS68. This was just after the discovery... it's been a backslide ever since. It's really like playing roulette when it comes to selling one of these. MS67's can sell for $4,100 or can sell for $6,500...With no real rhyme or reason. It really depends on if there is someone in the market for the coins.

 

It is wise to remember that "dealer" does not necessarily mean "expert", and this is especially true with somewhat obscure varieties.

 

The dealer who told you it was stolen was, well, to be nice, a moron.

And can't read or hasn't read anything but the gray sheet since 2000.

 

That is the crazy parts. Then on Ebay they sell for 7-8k. Why aren't those bidders on Heritage and buying top pop ones ? That makes no sense.

The market for this coin is so confusing. You always WANT to get the most out of a coin but a coin like this is odd.

QUOTE="BooksB4Coins, post: 1943182, member: 36230"]It is wise to remember that "dealer" does not necessarily mean "expert", and this is especially true with somewhat obscure varieties.[/QUOTE]

Oh I know. I mean these guys make me laugh. These are the guys that when Sally inherits grandad's Morgan set she goes to have it looked it/sell it. You have to wonder how many 'lost treasures' have been lost because some 'dealer' thru it to the side and had no idea what he/she had.

 

That is the trepidation that I perceive on these coins. There are Cheerios dollars that came fresh from the packs that grade as low as MS64's. I would hazard a guess that an MS65 FS-401 is worth $2,500 or maybe a little more.

If every sac dollar in the Cheerios package was the variety that would also ease some of it... but that's not the case. Some of the sac dollars in the cellophane are in fact not the variety and just plain ole 2000 Sacs. I suspect that the guy that quoted $8,000 has never bought or sold one of these coins... and if that was an honest offer... I'd take it. I have bought and sold 4 original packs.

 

No one's going to officially verify it and leave it in the original packaging. So unless you take hi-res professional photos and try to sell it on eBay, your best bet is to have it authenticated through PCGS and sell on GreatCollections for a 0% fee

 

It seems to me, if I had one and wanted to sell it...it would be far easier to do if it were graded. This is one of the few modern coins that intrigues me and I can tell you I'd only be interested in a graded example...and I am perfectly comfortable with the die markers. I think it would be easier to sell and bring more money if it were graded.

I know it's in the original packaging...but I'd consider having it graded. Also, like Peter said...Matt at Lost Dutchman is a great guy and I'd have no hangups about using them as a dealer to sell it.

 

I'm not sure I'd go the great collections route... Here is an PCGS MS66 that they sold earlier this year and it only brought $2,200 after the juice.

http://www.greatcollections.com/Coin/166364/2000-P-Sacagawea-Dollar-Cheerios-PCGS-MS-66

(I would have bought it at that price all day long if I had seen it)

 

Yeah I spoke to LDR today. In Indiana they are pretty much the only place to talk to about numismatics.

My biggest issue is I (personally) prefer one in the original package. I sought one out and loved finding one. As silly as this sound---part of me is hard pressed to sell it because it bothers me that the new owner(s) might slab it. Which I think is a smart move in a lot of ways but to me (personally) the 'cool factor' to this coin is how this rare coin is placed in this cheap, nonuniform cardboard holder. I (personally) thinking putting these in a slab sort of takes away from the coolness. It makes it look too 'official'.

Pulling out this flimsy little thing with 2 coins everybody has seen 50 million times and saying "Yeah that coin is worth a few thousand bucks" it just a great feeling.

 

I remember when Pat Braddick on the NGC forums was credited with the "discovery" and subsequent authentication of the first Cheerios Dollar. His was one that he actually found in the cereal box. Even though Tom DeLorey had been searching for several years, Pat's specimen as the "Discovery" piece, was the first to be authenticated and sold for about $9K IIRC.

Personally, if I was planning to sell this specimen, I would have it certified just the same. It makes it easier to sell even though there is no guarantee that it would bring a better price. The only time you'll find that the price goes through the roof is when there are two collectors bidding.

Chris

 

I totally understand what you are saying. But, if you feel this strongly about it...why not keep it. If you are looking to sell it to reinvest that money into other coins for your collection, I would personally look for the highest return. IMHO, that means getting it graded. Plus, if you think the next owner will do the same (which is probably true)...then do it yourself and put the extra money made in your pocket and not theirs.

 

I can see it now -- PCGS: "MS-65 Details...2% Milk Stains"

 

LostDutchman is spot on. The market for this variety is extremely thin, and the prices are erratic at best. I am a serious Sacagawea collector, and I have purposefully not touched this variety because of the high variability of prices. Even the same exact coin (same cert # and everything) can sell one time for $7000 and the next time within 1-2 years for $4000 (or vice versa). If I had one raw, I'd get it slabbed and consign it to Great Collections or Heritage. The Heritage pieces in MS67 and MS68 bring the highest prices I have seen.

 

I can remember searching for a dollar in those cheerios boxes. never got a dollar but got a cent. still in the packaging. prices on those dollars are crazy. the tail feathers are awesome.

 

I have 2 of these coins. One is still in the original packaging and the other has been removed from the cardboard backing but still in the foil. I've never sold or collected coins and it's ridiculously difficult to figure out how and who to sell to. The coin that still has the backing is in better condition than the other and i'm super tempted to remove it from the backing to verify that it has the detailed tail feathers but I'm worried it could reduce the value. The coin that was removed from the backing looks like there are 2 scratched on the face. I would greatly appreciate any suggestions =) thanks!
These images are the coin that has been removed from the backing. Notice the scratches on her face.


This coin has not been removed from the backing. No scratches on the face of this coin.

 

Welcome, Katie.

If I may, please do consider starting a new thread to repost your questions. Being as this one is a few years old, you're not likely to get the attention a new thread would offer. In the meantime, leave the coins as they are. There are a few members here that can be of more assistance.