No he doesn't, PCGS and CAC both graded it, the consignee chose not to have it holdered just like one of the nickles. It's no shock that multi million dollar coins can get some special treatment. Also not one of a kind, there's over 10 of them known
They may not have been the best place for the stamps and/or it probably hurt them to some extent having them in the same auction. If I was the consignor I would have wanted them to be split into different auctions, and realistically not auctions that are happening at the start of the summer after everyone was trapped in their house for a year. The prices were still fine, but I do think money was left on the table with those
You know what I mean....only 1 in the (legal) population census. Although I like your optimism about the other 10 (or 11).....
I think your strategy was probably spot on. Maybe Weitzman assumed Sotheby's could get the best price regardless of 1 auction or 3 separate ones. Maybe he just wanted to "get it done" and get the $$$ for his foundation. I don't think we need to set up a GoFundMe page for him.
That would be my guess that he just wanted to get them all sold and whatever happened happened especially since the 33 more than makes up for anything that happened with the stamps. In all honesty I think more often than not when talking about things of that value the sellers really just want to get it over and done with and dont necessarily take the steps to maximize the return especially if its an estate selling
Although, I didn't read every comment but, I do agree this coin is not an MS 65. To be honest I never looked at this coin before today. I couldn't afford it so never bothered. However, based on the picture in this thread the hits and gash on the leg would definitely put this coin in the MS 63 level. If this coin was one of the common dates and I was looking for a nice example I would pass on this coin. The high point hits on the leg are to much for me.
Imagine a single coin worth more than a castle. But don't tell anyone you're the winner, and guard it with a multi-layered security system, with lasers around it. lol
If it's "legal," why isn't their brand on it? The "fussy owner" (what a story that is) can crack it out any time he wants, what's he bitching about? It's just a gift-wrapping. This is to throw us off so we're not asking the most obvious question, is this "Farouk" the Farouk? Is this "SVDB" an SVDB? Don't we ask that? They sugared us off the question. They fed us the answer. And like the starving fools they knew we were for their answers, down the hatch it went... I just love this movie, so we'll enjoy this clip again...
Somewhere in this thread, someone mentioned stamps. I must have missed out on what kind of stamps and what do stamps have to do with the coin? Also, what kind of documentation is available the properly and accurately records the "chain of custody"? Is there any documentation that is certified by someone or some business to document the source of the coin and has someone looked over the coin from time to time to ensure that this coin actually is the :Faroak coin". Why would the coin be rated so low. Did they play hockey with it? or some other stupid thing that damaged the coin? I think this whole thing is and was stupid. Why do we care who has that coin? It's so far out of my budget and I bet almost everyone else in Coin Talk, that's it stupid to even care about who has what.
Jim, the owner of the 1933 Saint also sold 2 rare stamps via Sotheby's on the same auction night. I haven't followed this as closely, but some people say this coin is NOT the same one that Farouk held....that sometime when it went from Egypt to London (?) someone could have switched 1933's for a better/worse one. It's a coin of fantastic interest and has a wonderful story behind it. It also is the leader (along with the 1907 UHR) in terms of generating lots of publicity and news for the Saint-Gaudens coins as well as the hobby (witness the news stories on this week's Sotheby's auction).
Anyone see the irony in the name Benjamin Doller? If I paid that much for a coin I would want it buried with me.
You said that the TPGs are afraid to slab it, so I was merely pointing out that PCGS said they would slab it if the new owner wanted it, and they didn't because the auctioneer requested that they not. Beyond that, I'm not sure what you're saying here or subsequently. Why would they be afraid to slab it? Whether it was or wasn't really the Farouk coin back when it resurfaced after 40 years, it is still the coin that the US monetized and made legal to own. I don't get why you think a TPG would be afraid to slab it. It's a coin, it's genuine, they think it's MS65 but they're wrong on that a lot - what's to be afraid of?
A coin like that, the TPG would have to pay me to have the privilege of having their logo on my coin (if I was the owner).
While they could have made more in stocks they all had big returns so not sure why you would say that when millions were made
That's a good question. Really. This is how I see it. There are other 1933s. We know that. But only one was cleared for export, and, therefore, arguably, legal. Is this the one? To be the one, it has to be the 1933 Farouk. No other 1933 will do. No other 1933 can be auctioned. Only the 1933 Farouk can be auctioned. When a TPG slabs it--in effect, branding it--the TPG is representing it's the one, and not one of the others. The TPG isn't representing it's any 1933, but the 1933 Farouk. Question. Is it? I'll even say this. They (meaning, Sotheby's, PCGS, CAC, this seller, this owner, and probably even the good boys and girls at Coin World who concocted this what appears to me at least cover story) know this chain of custody has problems. Just pause and think about that for a minute. Which is most plausible, these entities just accepted this as the 1933 Farouk, or they checked into it? I say they checked into it, to be sure. Then why won't PCGS stand by it, like it does every other coin its offered to grade? It's because they don't know. After all the checking, they're still unsure. In short, PCGS can't defend this title. If another 1933 comes along, they've no proof this is the one. So how can they even auction it as the one? I know, the seller doesn't want it in a slab. Throw it off on the seller. Now they got it. Only what seller wouldn't want it in a slab? And there's why this is a crock.