Why did this 1979 Penny sell for $2800?

The $5 to $4,500 was June of 2016. So yes it's still viable. The majority of the picks were Ebay, but all venues are open. More recently were 2 Lincolns for $53, sold for $2250. One at $1500 the other for $750. These are small numbers as the guys that know their series can routinely pull $12K on 1 Cherry pick...ala Morgan Scarface..

 

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PCGS MS68RD pop is now 9...
Obviously enough available for the registry people

 

I just want to point out that nobody is routinely finding the scarface variety unattributed. Someone might occasionally, like once in a blue moon, cherry pick one. If people were routinely finding new high grade examples of any of the super high value varieties, their values would very quickly diminish.

 

Interesting. I didn't notice that. I still think that coin is overgraded though.

 

That's the problem with hoards coming onto the market or deep-pocketed buyers disappearing once they are liquidating their collections or done collecting.

Who's left to buy ?

 

Don't have the Red Book? I'm about to buy the 2020 soon. If you want my 2018 copy let me know. Otherwise, it would just sit on my shelf through college lol.

 

I didn't say anybody was "routinely" cherry picking unattributed scarface varieties. Re-read what I wrote if you're confused. The point was there are significant coins to be found if you know what to look for with basic information. Those that think otherwise can stick to looking in their pockets.

 

Thank you for your post !!
That is a perfect example of what happens when the buyer of an over-hyped coin tries to resell it : The "Hype-Bubble" bursts.......

 

You should review some of @BadThad ’s posts on searching fresh rolls and finding only dreck. Seriously, he’s done it and the coins are simply not sitting around waiting to be found.

Good coins were rarely produced and even more rarely preserved. They’re actually rare, and won’t get any less so.

And I don’t think anyone will pay four figures for my pristine 1979s that are just waiting around ungraded.

 

Still.....almost $3,000 for a penny to complete a collection, when most of what you bought probably cost $10 - $50 ?

 

Or, in my case, $1.25 each for 180 BU red Lincolns when I bought a Dansco someone else lovingly built. Would there be even one coin in there that would cover the cost of grading all 180 and flogging them on eBay?

My point is that even if you have one of these top pop coins you need to be sure of it, submit it for grading, get that rare grade, and then find not just one rich competitive fool, but two, who get into a bidding frenzy.

Maybe that would be a really interesting video that even I would watch.

 

I would agree with many above that top grade, pop rarity coins are very difficult.

I disagree that paying up makes one a competitive fool, rich, stupid or otherwise. Last I checked, this is the United States of America and if somebody wants to pay $3K for a penny, or $4,500 for a quarter, or $12K for a dollar that's an absolute right and discrimination, in any form is poor taste.

 

I would agree with many above that top grade, pop rarity coins are very difficult.

I disagree that paying up makes one a competitive fool, rich, stupid or otherwise. Last I checked, this is the United States of America and if somebody wants to pay $3K for a penny, or $4,500 for a quarter, or $12K for a dollar that's an absolute right and discrimination, in any form is poor taste.

 

@agrace97 ...specifically: Youtube grandstands to get clicks. Some of the info is accurate, but seldom is it complete...they do a disservice to the hobby by omitting pertinent info needed to fully realize the issue with the coin in question. And, because they engage in this avoidance, it borders on deception (imho).

For this reason, alone, you may safely come to the conclusion that you cannot trust what they say or show...Spark

 

The numismatic premium to face value is what would scare me, both in absolute AND relative (%) values.

Even at $1,000...the premium in % terms is 100,000x or 10,000%.

As a comparision, that would be like paying $100,000 for a regular Morgan Silver Dollar or $2,000,000 for an otherwise common Saint-Gaudens, when the only MSDs or Saints that sell for that much are population rarity examples where there aren't hundreds or even dozens available, let alone widespread availability in many grades.

 

Why did a recent Lincoln cent sell for so much money? Temporary insanity? A fool and his/her money are soon parted? Take your pick.

 

No it wouldn't, there is nothing common or regular about that MS 68 coin.

You basically made the comparison of why does gold sell for more than silver when they both weigh one ounce, you compared apples to oranges not even close to the same thing

 

The irony of implying the buyer is a fool when you have to ask why it sold for so much is amazing

 

Irony : Often used , but seldom understood.

 

If you scroll down the page there was one in 2012 that sold for $5400!! All it’ll take is one to be graded 69 and the value will plummet on all those 68 red ones. Also on the same page us an equally attractive 67 red that sold for $26. That would be the one I’d buy