I am an old guy that spent fifty years being happy with very, very average coins. The last ten years or so, I have afforded myself the luxury of finally owning the collection that I dreamed about my entire life. I'm no wealthy guy but I have a few nice four figure pieces in my collection now. The cream of the crop to this simple guy. Now I like Heritage. I have won a few auctions with them and I have nothing but good things to say about them..... But about once a week or so they send me an email with their "private" offerings. And I am talking about $175k or better coins..... I swear... It makes me feel like a rookie again.
I have a few dealers who send me inventory lists. I do a couple of coins for which I have paid 6 figures and a lot more in the 5 figure category. Yet those lists are a bit too rich for my blood these days. Heritage used to do a lot of wholesale work at the shows. You used to have to fight to get a seat at the beginning of a large show. Now it seems that they have gotten more into the retail price business.
I've never bought, or sold, anything through Heritage and I too have received those "special" "private" offerings, so I don't think our "level" of purchase have anything to do with it. I believe auction houses share "good" (aka vetted) buyer and we've made it to those lists. I get the same ridiculously high listing from NGC too. I just laugh and delete them.
Ive seen those high dollar offers. Too rich and too much risk for me. But now there is the opposite. Maybe I'm wrong but it seems like when PM prices drop the major PM and coin dealers put their inventory on "sale". My thinking is they are trying to liquidate to prevent or stop major inventory worth write downs. This was offered on Monday; Heritage Deal of the day - Certified PCGS/NGC MS64 $20 Saint Gaudens Heritage Special - Certified MS64 $20 Saint Gaudens Take advantage of the gold drop. We are offering up to 200 Certified MS64 $20 Saint Gaudens at just $2060 per coin. This is a $20 discount off our current price sheet pricing. Buy 50+ coins for $25 less per coin, which is just $2035 per coin, and only $5 more than MS63's on our price sheet. We have With Motto and No Motto Coins available. Minimum order is just 10 coins. Call or email to confirm
I typically get my 'special' Heritage email on Fridays. I do occasionally look at those stratospheric offerings, knowing that's the closest I'll ever get to that coin or others like it, and feel 'rookieish' too.
In addition to being an auction house, Heritage is and always has been a coin dealer - just like any other coin dealer. The difference between them and other coin dealers is that they are a very large company with a whole lot of money behind them. They have their own buyers, highly paid employees, whose sole job is to travel the country going to coin shows, auctions, and private sales looking for coins to buy. And they (the buyers) are the best of the best when it comes to picking out the right coins based on their knowledge of the coins and the market. They look for coins that are already on Heritage's buyers want lists, coins they feel will upgrade easily, as well as coins they feel the retail side of Heritage can easily sell.
IIR they may also offer to buy the coins you submit for auction. I'm not sure if I would comfortable with that. I want to auction to the highest price of the market, rather take an offer that apparently has room for additional profit.
I would be, when Mark Feld is involved, and/or the person acting on behalf of Heritage is personally endorsed by Mark.
