Understanding Heritage Platnium Night Last Night - 2 1796 Quarters in same grade - 20%+ Price differ

Discussion in 'Coin Chat' started by totally, Aug 11, 2016.

  1. totally

    totally Active Member

    Hey Everyone,

    This is a series I try to follow quite a bit (but I'm a young guy, so excuse my lack of expertise on the subject matter at this point in my life - that's why I'm here asking you), and last night 3 were auctioned off at Heritage. 1 VF25 PCGS + CAC, 1 PCGS AU55, followed by a NGC AU55.

    Normally one would expect (rightfully or wrongfully so is not the debate here), that the PCGS would collect a slight premium.

    BUT...

    The PCGS AU55 pulled in $54,050 with 17.5% BP and the NGC AU55 pulled in $70,500 with BP.

    Why?

    My thoughts are that the NGC coin's reverse has some very nice looking toning that the PCGS lacks and the NGC looks better for the grade in terms of the coin's physical details.

    Is this the correct analysis?

    The PCGS one is in an old holder too.

    Thanks for your expertise :)

    http://coins.ha.com/itm/early-quart...8-4024.s?ic4=ListView-ShortDescription-071515

    http://coins.ha.com/itm/early-quart...8-4025.s?ic4=ListView-ShortDescription-071515
     
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  3. SuperDave

    SuperDave Free the Cartwheels!

    Agreed; Heritage didn't present the PCGS coin in its' best light, I think, as well. Part of it may also be a little extra motivation on the part of the underbidders for the PCGS coin, as the NGC coin came after.
     
  4. oval_man

    oval_man Elliptical member

    I can't agree that Heritage didn't present the PCGS coin in its best light; it's in Heritage's interest to portray all coins in their best light, particularly those offered on Platinum Night (hence, the 360º views). The PCGS coin has a somewhat dull surface and there's not much Heritage's photographers could've done with it.

    I find it interesting, however, that the PCGS coin garnered 571 page views while the NGC only 275. If these numbers confirm collector interest, I certainly agree with them—would much rather have the PCGS coin than the NGC, whose obverse I find inconsistent and kind of brash.

    But the buyer might've liked the NGC coin for these very reasons—he may consider it to have more "vitality," including the bit of color on the reverse. And it might fit better with his other early quarters, or any number of other reasons.
     
    Last edited: Aug 11, 2016
  5. totally

    totally Active Member

    Superdave, what do you mean by motivation of the underbidders? Wouldn't more motivation for underbidders on the pcgs coin have driven the price higher?

    And oval_man, I think you typed it backwards, the PCGS coin had 570 and the NGC coin 275 views. I'm not the biggest fan of the NGC coin's obverse. I had a sentence about that in my OP before I took out. But for some reason it still sold for way more than the PCGS one. I do think it has a pretty reverse. Maybe the buyer just really wanted that one.
     
  6. oval_man

    oval_man Elliptical member

    Thanks for pointing out the typo. Keep in mind also that a dealer might've bought the NGC coin for a buyer (with deep pockets) whose tastes he feel he knows well, or for potential upside. And I think Superdave means the buyers were motivated not to lose the NGC coin because they underbid on the prior, PCGS lot.
     
  7. oval_man

    oval_man Elliptical member

    Btw, the premium that many collectors attach to PCGS-graded coins doesn't really hold true at upper levels of rarity, where each coin's unique characteristics/provenance and the buyer's subjective tastes are going to be the main factors.
     
  8. totally

    totally Active Member

    Gotcha - fair enough point. Although I don't know how much I would put into it given that it isn't like a surprise this coin was next. Everyone bidding in the auction knew that these 2 exact coins were there in this order.

    Yeah I would agree with this statement. When one is looking at a coin of that caliber I don't think the collector cares what holder it's in - be it PCGS or NGC. Maybe that accounts for part of the weird things that seem to happen. It seems like the story and all the detail behind the coin/piece seems to matter much more.

    I do have one more question related to that, maybe I'll ask tomorrow.
     
  9. baseball21

    baseball21 Well-Known Member

    This. You only get so many chances at things at that level and if you just missed out on the first one you may be extra aggressive on the second. You could also argue knowing one was coming after it that people held their bids back some the first one knowing they had a second chance coming
     
  10. Santinidollar

    Santinidollar Supporter! Supporter

    Out of my pay grade for sure.
     
  11. Evan8

    Evan8 A Little Off Center

    Same here. I feel like I need to pay to just view those pics lol
     
  12. Insider

    Insider Talent on loan from...

    OMG. Just one collectors opinion:

    Both coins are close enough with respect to wear. Nevertheless, there is a huge difference in eye appeal. IMHO, the NGC coin SUCKS! :vomit::vomit: A beautiful reverse should not offset the "DOG" of an obverse. All the black on the obverse at the edge is ED! The dark spots are also very unattractive. I'm also curious what the missing metal at 5:30 is. Possible damage or at the least where an edge letter went up into the rim.

    The PCGS coin has an even over-all color. Too bad it is gray. Someone saved a lot of money for this piece.

    Added suggestion. The 360 degree is a novel idea yet it is virtually WORTHLESS. While the slab is VERY SLIGHTLY tipped (Not enough to make a difference!); and the coin is moved through the light. It is NOT ROTATED in the light which is the major way to examine a coin while tipping it back and forth at the same time. :smuggrin: :hilarious::hilarious::hilarious::hilarious: Easy for me to write about two coins that I'll never own.
     
  13. totally

    totally Active Member

    Interesting, thanks for the insights. On coins like this - I've learned beauty can be very subjective.

    One comment:
    There is no edge lettering on Draped Bust Small Eagle Quarters. There is on half dollars. It could be some sort of rolling or punching damage from when the silver was prepared and punched. The browning/breen book explicitly references this edge damage as relatively common for this type coin for that reason. So I believe that damage at 5:30 is from the mint - not post mint damage.
     
    Last edited: Aug 11, 2016
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  14. oval_man

    oval_man Elliptical member

    I couldn't agree more. I just don't see the interest.

    If I had to speculate I'd say a dealer bought this for a buyer who has deep pockets but is not very informed. But even this seems unconvincing.
     
  15. oval_man

    oval_man Elliptical member

    The 360º view is just to give the impression that Miss Liberty is riding a horse.
     
  16. baseball21

    baseball21 Well-Known Member

    Look at the slab pictures at the end. Looks like the reverse is only colorful under a spot light
     
  17. Insider

    Insider Talent on loan from...

    I was just testing you! :p Not really, thanks for the correction. Got my halves and quarters crossed up. BTW, I've never seen edge reeding go into the other side so it must be a planchet flaw.
     
    totally likes this.
  18. Conder101

    Conder101 Numismatist

    I'm glad somebody else thinks the NGC coin is a dog.
     
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