1868 PR64CAM Half Dollar

Hello. We had a proof 1868 half dollar come in the shop earlier this week and we got for $700. It came back as PR64CAM. I am wondering on what we should price it for with the Cameo. Thanks.

 

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$700, huh? May I ask what type of "shop" you're talking about?

 

$100 and sell it to me!

 

The most recent to sell on Heritage in an NGC PF64 CAM holder was sold at $2100. In a PCGS holder, and with a good deal of eye appeal (as yours seems to have), I would think it would be fair around $2500 or so.

That being said...the moral thing to do would be to post it for around what it's worth in recent auctions, and then when it sells you should call up the person you bought it from and give them the rest of what you should have paid for the coin -- $700 for a coin like that is almost highway robbery in my opinion.

 

nah, good luck

 

gorgeous coin. you got a steal.

 

You're not alone in this sentiment.

 

I

That's what the owner told me. For all I know they dipped it or something or cleaned it. I don't know but I was told $700. But it's a fair price because we weren't expecting it to come back with a cameo.

 

Not only that but we bought it raw. We didn't know what grade it would get either when we bought it.

 

Not all of the blame is on the buyer, the seller should have had an idea of what they go for. I have turned down offers from my local shop before. I also understand their need to buy back of grey sheet. I probably would have paid a little more - but then again how long do I have to hold it.

 

Some good points on buying it raw - if he priced it at a raw proof 63, I bought it and got it graded, it comes back as a 64? Should I now give the dealer more money?

I have bought raw coins from HJB - got them graded and had them come back a point or two higher. When I sold them I did make money on them.

This topic has been discussed before around here.

 

Yeah I'd have to agree, sell the coin and pay the latter owner some extra cash.

 

Along with...

I am sorry, but something just isn't adding up here.

 

If you're buying coins in a shop I would imagine you'd know how to grade a coin . You should know the worth of the coin and pay a fair price . $700 for that coin to me isn't a fair price . In my opinion you took advantage of someone with less knowledge than you or others in your shop . JMHO

 

I find this interesting... especially I have seen some folks here that brag about "cherry picking" a coin variant out of a dealer junk pile. Do you point out to the dealer that the coin is worth far more, and they should be charging more?

 

On the face of it, I don't have an issue with this transaction. The coin was purchased raw and might have been worked on prior to submission to PCGS. Also, it might be a "liner" CAM that may not receive the designation if sent in again. Lastly, the visual difference between a Seated half in PR63 and one in PR64 can be awfully small.

A PR63 is worth approximately $1,250 and the buyer has not only the $700 into the coin, but also has the certification fees and any associated postage and insurance fees, which might boost the cost to $750 or $775 all-in. While the approximately $500 potential profit ($1,250-$750) might seem like too much on the coin, keep in mind that classic proofs do not typically sell like hot-cakes in most shops. It may very well be that the coin would have to be wholesaled out or sold through auction such as with Heritage. If it sold through Heritage at $1,250 then the consignor is looking at a check for around $1,065 a month or so after the auction. This payout, about a $300 profit, is not really large when taking on the risk of what the coin will grade at and also having to wait for the turnaround time at PCGS, the Heritage consignment and waiting for auction checks to arrive, which might take more than six months total.

 

I'm not finding a huge issue with this, either. TomB made some excellent points.

If your shop ends up needing to wholesale it, send me a PM.

 

Hearing that it was bought raw makes me feel a bit better about the situation. I agree with many of the same points that tom B made.

 

On the surface I don't have a problem with it either, but something just doesn't smell right here. If the coin actually "came in the shop earlier this week" raw, what are the chances he would have it back in-hand from PCGS by Thursday? I am simply having a hard time believing they would have ponied up the costs for the fastest submission possible, along with related expenses, especially if they "didn't know what grade it would get" and/or were not "expecting it to come back with a cameo".

 

I'm with Tom on his points proofs to me are hard to grade I'm good with business strikes but proofs are held to a totally different set of standards. A coin that would be ms 67 could be pf 62 If your having a hard time unloading this coin think of me