First Federal ASE Ripoff

Wow, for the low price of $149, you can get a NGC MS-70 ASE, but wait, there's more </Billy Mays> it's an early release!


https://www.1stfederalcoin.com/

 

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so how do you like yours? is it worth the premium?

 

actually not that bad since an NGC MS70 Eagle sold for $32,000 in auction last year.

 

Have a 2002 ICG MS-70 that I got for $26 at auction. I'd be happy to part with it for just half of $32,000. So just cut me that check for 16k and I'll overnight it.

 

No way...really?
Do you have a link to that?
That's crazy!!

 

Wow! I'm not sure sucker is the right word for whoever bought that. Common coin, common grade, idiot price.
Guy~

 

sadly I do not, i know it was from Heritage though.

 

well the only coin i could actually see paying that much is the 1995-W in high grade DCAM.

 

That would be totally different too.

 

Someone on drugs paid $32,000 for it. Does it seem completely insane to anyone else for someone paying that kind of money for non-circulating legal tender?

 

maybe someone selling drugs had the spare change to spend that much on $18 worth of silver.

 

Run a search on eBay, and craigslist.com, this is the norm for MS-70 ASE's.

Thing is, MS-69 can be acquired for 65% less!

 

It's probably the norm because they bought them for that much. Just because their listed for that much doesn't mean their selling though You can see plenty of overpriced BUY IT NOW and overpriced starting bids going without a bidder on ebay.

You're spot on about the the MS-69. Call me old fashioned but it's only worth the spot market of silver for now. I'm not an ASE speculator nor do I buy penny stocks. (No pun intended).

 

Actually, this how it works with MS-70 ASEs:

1. The sellers bought burnished ASEs for maybe $5-$10 over spot.

2. They took a gamble sending the ASE in to be graded, that the grade would be MS-70.

3. For 2009 ASEs especially, they're taking advantage of the lack of proof ASEs and are selling MS-70 at the overinflated prices thinking people will pay their price because MS-70 is 1 grade below being a proof.

4. I have a former friend taking advantage of this market.

Like I said, MS-69 can be acquired for 65% less!

 

You can also find MS-70 ASEs for more reasonable prices:

 

ASE's are not the only thing that get over inflated prices. And if you hold them long enough you might get your money back. I guess I don't really see a big deal if someone wants to sell MS70's at 2k a peice - if someone is willing to pay then so be it, good for the seller. You could almost change ASE with anything and then toss in ebay.

 

The silver eagle that sold for $32,000 was a 1991.

How many 1991 MS70's have you seen in hand?

He most likely needed it to fill out his MS70 set which is the holy grail for the elite ASE collectors.

Back in 1991 the minting process was not as advanced as it is today and a 1991 MS70 is rare.

But he did overpay ..a bit: http://www.goldeneaglecoin.com/Silv...ified_Uncirculated_Silver_Eagle_1991_MS70_NGC


and you gotta love the multi-level marketers ...geesh.

http://moremoneynoproblem.com/netwo...silver-eagle-sells-for-34500-are-you-serious/

 

Well, no. MS anything is not any grade number from a proof. Proof is a method of manufacture, not a grade. You can still have a circulated proof coin rubbed down to unrecognizable status, and it's still a proof. The same cannot be said for an MS coin.
Guy~

 

I'm fully aware of how it works, it's simple and pure speculation. Buy em up, cross fingers for a 70, and then go put an inflated price on. There's nothing wrong with it. More power to somebody if they can sell them for insane profits.

What I pointed out is, you can put the huge price tag on them, doesn't mean their selling though. Sure, you'll get some buyers here and there. But again, it's all speculation and carries the risk if you can't sell them.

Example, I'm offering up my 2002 ASE MS-70 for $16,000. Nobody has offered to buy though. Even with offering free overnight shipping.

 

That MLM website me howl! Hahahahaha. Thanks for posting it.