Drop in the Market??

For all of you concerned about the drop in the coin market, take a look at these!

http://completed.shop.ebay.com/item...id=m270.l1313&_odkw=log+cabin+PENNY&_osacat=0

 

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That's just disgusting. People got that much money to blow away. I'm scratchin for cash for key dates and these freaks are spending big bucks on coins the whole country will have for face value??? Seriously what is up?

 

makes me wish I had a few dozen rolls right now. I than could afford some key date peace dollars.

 

Idiocy, plain and simple....

 

I'm going to the bank tomorrow. Getting a bunch of rolls hopefully.

 

I only think a few banks have them. I say this because why would the bidders pay that much, if they could just go to the bank? I mean, they can't be that dumb! :goofer:

 

I beg to differ.

 

Not in complete explanation, but they were only released in one town (Hodgenville, Kentucky). I have not heard the quantity yet, but it will not nearly meet the normal quantities for "first day" issues.

 

Someday they will be worth what philatelic first day covers are worth~~ 4/$1

My banks say they are dependent on their supplier. Tried to look "cute" , maybe they will save me a roll

Jim

 

People never cease to amaze me on what they believe is a good deal, I also sense a bit of shill bidding here also. I bet you the first person to bid above the current levels gets them.

 

"Two things are infinite: the universe and human stupidity; and I'm not sure about the universe." - Albert Einstein

 

The only answer regarding new Cent availability that I could get from any local bank (SW PA) was that they can't get the new Cents "... until after Cleveland gets them and they (Cleveland) don't have them yet."

 

My bank told me that they were expecting them in nest week or next month, but could not remember which it was. Really, that is what she said.

 

I must have some rolls to resell. Is the mint issuing the rolls yet?? Remember "Don't worry be happy" I think the guy who pattented that made a bunch of money. Smart dude. That guy just made a huge profit. $20 grading fees for $300ish sale. Do the math. That's a 1500% ROI. The fact that these coins WILL go down in time is a given we all here know too well with Modern first day issue (when I first got into coins I paid $600ish for the 2006 20th anniversary ASE set- no worth in the 200-300's or so!). The only thing that came to my mind is I wish I had the time to do what he did.

 

Unreal, I picked up MUCH higher grade coins than those pictured. There's some nice examples in the Hodgenville rolls, which I'm sure the seller kept for himself. My cost for the MS67+ I cherry picked from the roll I opened? YEA, 1 CENT! LOLOLOL

 

Yes, there is a limit, we just have not found it yet.

 

I was just quoting you yesterday.

I'm trying to remember who said that everyone is crazy except God and he, and that he wasn't too sure about God sometimes. ...Maybe John Dunne?

 

This quote, or variations of it have been around a long time and attributed to many people. The earliest reference I could find is by the social reformer Robert Owen (1771-1858) who is supposed to have said this in 1828 to his business partner William Allen. They had both been involved in setting up the model industrial community New Lanark, but increasing friction between the two led to Owen pulling out of the concern. His actual words are said to have been 'All the world is queer save thee and me, and even thou art a little queer'. That is the wording of the quote when I first heard it years ago.

 

I wouldn't bet the farm that these will ever be quite as common and readily available as we might expect. I'm guessing there will be somewhere around one billion of each design. This is a huge number, but given the Lincoln hype and the fact that they are "different" and only minted for three months each, I'll bet that most will be hoarded and few will see actual circulation.

Also, speculators such as we see on ebay will control vast numbers of these by selling mainly to other speculators. Few people paying $300 a roll will be willing to part with individual coins for less than the equivalent $6 each, and who wants to pay more than $6 for a "common" cent? The bubble may burst eventually but it might be quite a while before that happens.