So I was watching this 1900 penny graded PCGS AU58, and I accidentally missed the end of the auction, I was prepared to bid up to the full numismedia value of $30. So naturally I was a little surprised when I saw it had gone for this. http://cgi.ebay.com/ws/eBayISAPI.dl...sspagename=STRK:MEDWX:IT&orig_cvip=true&rt=nc Am I missing something?
The answer to your question lies within the PCGS registry. PCGS has created competitive sets called everyman sets designed for collectors on a budget that consist of only circulated coinage. As a result, AU58 coins are highly sought after. When you encounter an issue like the 1900 IHC that has a very small population in AU58, registry fever rules supreme. My guess is that this coin will end up in the #3 ranked collection which does not currently have a 1900 IHC. PCGS Everyman Indian Cents (1859-1909) Personally I would buy an MS64, rub it until some wear appeared, and send it to PCGS for grading. It would be cheaper.
WOW! I don't think you missed anything, you are obviously a smarter collector than the winning bidder.
The thing about it is that at least 1 person had to bid within $5 of the winning bid so there are at least two people going crazy barring a variety rarity.
That boat sailed a couple of years ago guys, some of us are enjoying the cruise. Peace Dollars, Walkers, and Morgans for me, but I jumped ship on the Morgans.
