Recently, Legend auctioned a PCGS MS67+ CAC 3 cent silver, but it didn't meet reserve. They advertised it as "fresh to the market." However, the coin had sold previously as a MS66 in an NGC holder at Sotheby's several months ago. When a peer of mine asked about this inconsistency, he was told by someone at Legend, "since there was no other bidding activity other than the lone buyer of ALL the 3 cents in that Sotheby's auction, it should still be considered fresh." Do you agree?
I wonder if CAC would not give it a gold beanie. To me it is fresh to the market as a down graded 66, but technically I think not fresh. Interesting how they perceive stuff.
How is it downgraded? And no, it's not fresh. Cracking it out doesn't change the atoms of the same coin that sold previously. They should have said, not offered at this grade previously.
Fresh only means that it's either newly discovered or was previously off the market for a considerable period of time. Their use of the term here is clearly inappropriate.
That’s an interesting scenario. I find it hard to find fault in that, as it is “fresh” under it’s new grade, a substantially higher one, and CAC to boot. It’s in a different league than it was before thanks to the efforts of some individual who knew what was there and capitalized on it. Still feels just a hair skeezy, but new substantially upgraded coin with a bean is just barely enough to label it as fresh to the market without being unethical, IMO. Barely.
That’s a great point. Plastic being what it is in the market makes for some grey areas but that would be much more appropriate.
OOPs my mistake. I thought it went from a 67+ to a NGC 66. I mis-read it. In either case I do not think it is fresh.
There's a few different ways of looking at it. One would be it's an advertising technique to use that adjective, merely an example of the same kind of thing we see every day. And not just in the numismatic world. Another would be to consider that it's semi-unique to Laura. Those who are familiar with her writing over the years should be able to recall that one of her biggest complaints is and always has been that we keep seeing the "same old coins" over and over again in auction offerings. And what she always wants, and ask for, are "fresh" coins. So when a coin comes along that hasn't been seen on the market for some time, or perhaps only once in recent years, it would be kind of natural for her to refer to that coin as being "fresh". In other words it's a matter of degree kind of thing. And/or the way different people choose to assign definitions to words - to one it means this, to another it means that. Yet another would be that it is just an example of the same old thing that we have seen for the past 14-15 years. There is and always has been a finite number of coins out there and very, very, few of them are newly discovered - though it is often claimed that they were. Pretty much all of them have been in one person's or another's collection for years, sometimes decades, and before that they were in yet another's collection, and another's and another's - going back o the time they were minted. The thing is most of the time those auction records are out there, to be found, for those who choose to look for them. But the coins that are referred to today are seldom recognized as being the coins found in those old records. This is usually because there was nothing remarkable about them back then to make them worthy of notice. They may have been considered Gems (for those that were raw), or 64's or 65's - but 64's and 65's abound - they are nice, but just another coin. Even 66's were around, but in fewer numbers. But put one in a 67 slab - and now you've got something ! Something worth writing about, taking notice of, and advertising it as such. This is because, not that long ago, 67's simply didn't exist ! Or if they did they were in such low numbers as to be true scarcities, maybe even rarities. But if one looks around, 67's are hardly uncommon in today's world. But yet they are still treated as such because for as long as any of us can remember - there simply weren't any ! And THAT is what people remember. Today's world hasn't been around long enough for it to sink into people's memories, largely because most aren't even aware of it yet. Short and sweet, it's the fact that they are, today, in 67 slabs that makes them "fresh" !
In the past 20 years you could count on your fingers the number of newly discovered coins - and still have fingers left over. I wouldn't be surprised if you could go back 50 years and do the same thing ! Point - it's how one defines "fresh" that matters. The same thing is true of most words we use day after day.
Nonsense. Every coin started out in someone's custody, so for a coin to be newly discovered, it must first be lost. So what is a lost coin? Simply put, it is a coin that either falls into a state where nobody has custody, or where the coin is technically in someone's custody but nobody is aware of it. When a coin in one of those situations is found, it's a newly discovered coin. This obviously happens all the time. It's just that the coins discovered are largely unremarkable. Just a couple months ago I was doing renovations on the kitchen in my home (it was built in '64). The room was completely gutted down to the studs. Well beneath the old subfloor was a stack of uncirculated 1964 silver Washington quarters as well as half a dozen lightly circulated older dates. These are newly discovered coins. I don't have enough fingers to count them.
I completely agree. But then did you really think that anybody was talking about coins that were unremarkable ? Ya see Jaelus, your comments are just another example of the definition thing. And granted, mine as well. Everybody, literally everybody, has different definitions, different meanings that they personally assign to almost all words ! So no matter what is said a great many people will take it, understand it, in a great many and different ways.
To put it another way, every single coin that is newly minted is a "fresh" coin, a coin that is new to the market - by any definition. So fresh coins are all around us - every day ! But who cares ? Point - it is only coins that ARE remarkable, in one way or another, that matter. At least in this discussion.
Please define exactly what you consider to be "newly discovered coins". Obviously you're not considering every widget to be part of this.
You can try and back track if you want, but the Saddle Ridge gold find blows your theory completely out of the water on it's own. @Jaelus was completely right that new coins are actually discovered including big ones and no you can't even come close to counting them on your fingers and toes.
If the coin can easily be traced back to a recent auction (even if it used to be in a different holder), then it shouldn’t be considered “fresh” in my opinion. To me though, it’s not the fresh or not fresh part that’s interesting but rather the NGC 66 to PCGS 67+ CAC grade increase.
That was kind of the whole point of my comments Books, which is essentially the same comment I've been making in quite a few posts in recent times - the definition thing. When it comes to meaning and understanding everything hinges on the definitions used, not only by those making the comments, but by those reading them as well. This whole thread started out over use of the word fresh being used to describe a single coin. Along the way other terms and words were thrown in, some by me and some by others. In the article referenced fresh was the word used, and questioned by this thread. But that coin could also have been described as - newly discovered, remarkable, newsworthy, noteworthy, special - and the list of engrandizing adjectives goes on. They pretty much all imply the same thing and at various times they are pretty much all used in the same way. And, in my opinion, that's all this was, the word fresh was used to engrandize the coin. And arguing about or disputing the terms I have used - that's nothing more than the definition thing again. My initial comments were not to dispute anything ! They were merely to point out that there ARE several different ways in which the word used - fresh - can be interpreted or understood to mean. Just like there are several different ways the words I have used can be interpreted or understood to mean. And thus providing more fodder for those who wish to dispute my comments.