Why did this 1979 Penny sell for $2800?

Can we confirm it is the SAME EXACT coin ?

If a collector overpaid at $2,800 it doesn't make sense that he would be selling it again in a few months. It must have been a speculator with a few $$$ who maybe thought (was told) it was a $5,000 coin or something and he thought he could flip it and make a few thousand.

If the market for this coin or similar ones was just over $1,000 then that $2,800 price was a classic outlier.

 

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If something graded MS69, if it goes for a huge premium to current 68 pricing, I could see it dragging UP -- not down -- the MS68 pennies.

 

I'm comparing the numismatic PREMIUM which is fickle, not bullion value which at least has a readily traded liquid market.

BB21, you seem to be knowledgeable about this particular coin...if you are/were a collector, what would YOU pay for it ? What do you think is "fair value" for that coin based on multiple recent sales and comparables ?

 

They are the same coin Cert ending in 0671.

 

This was the highest price. In my opinion much superior to the $2800 and later $1320 coin

 

I know how rare they are. I just don't care. Someone is going to care a lot when that MS68-RD turns RB, then BN though.

 

You assume someone is going to care. The same attitude of "You don't care, also applies to the owner that has the right not to care. It's only money and coins are not an investment.

 

Nothing wrong if you don't care, I don't either as I don't collect Lincolns but there's a difference between not caring and some of the thats a common coin, cheap coin etc.

I wouldn't be overly worried about the color at this point unless I lived somewhere where it was a big issue. At this point if it turns quickly it's on the owner.

 

Would I buy it, no but I don't really like Lincolns. There's also the whole money to spend thing lol.

My basic point was just that top pop moderns are in fact rare by comparison and there aren't thousands of them laying around waiting to be discovered. There just aren't many of them right off the press and then there is luck involved that they get to the right hands immediately before losing grades. Even a majority of collectors would end up destroying a top pop thinking oh it's just a modern like we have seen in this thread and many others.

Fair price right now should be four figures something I would guess. Almost all business strike top pops that weren't a special issue are four figure coins. There are a number of collectors out there that enjoy moderns and want the best and are willing to pay for it. It's no different than people that get steak instead of ground beef, pay 300 dollars for a dinner, thousands for a bottle of wine. They like what they like and they have the money to afford it, it doesn't make them foolish or any of the other nonsense some people were throwing around about these collectors just because they can afford it and enjoy different things than the poster does.

 

I’m glad that my somewhat silly question ended up starting a large discussion - great to read all of the different perspectives and learning more about coin grading, population, and value in general.

 

???? Acronyms ?? RD..RB...BN ?

 

See what you started, troublemaker ??

Next Thread You Can Start: "Which is the one TRUE Religion -- discuss !!"

 

Agrace, since you DID start this thread and are new here...what coins DO you like and/or collect ?

Are you into moderns and/or Lincoln pennies, which started this whole interesting debate ?

 

RD = Red

RB = Red Brown

BN = Brown

Color designations for copper

 

When I bought this coin NGC booked it at $1250. PCGS books the same coin at $1000, still today. This is not the top pop coin for this year. I got major points for this coin in my registry set. MODERNS RULE!!!!

 

You might think this but it's not true.

Lots and lots of rolls were saved but the coins are almost universally a little weak and struck with worn dies. Then they are almost universally scratched and gouged. Sure a few aren't scratched and gouged as much and if you have twenty or thirty rolls you should easily find a nice Gem or two. Mint set coins are well struck from good dies but they, too, are scratched up. About two Gem in every hundred mint sets can be found.

But finding MS-66's is just a little tougher and 67's are a whole lot tougher.

Forget MS-68's. Just go buy one, it's a lot easier.

 

Actually you still can.

Most dealers don't know moderns well enough to do more than look for small date sets, cameos, and the like. The best coins appear in sets and these get shipped enmass to the big wholesalers. You have to get them BEFORE they get shipped off but there is more competition for them now days.

You have to look at two or three times as many coins now to find what you could in the '80's. Plus many dates are tarnishing and this can make it much more difficult.

 

Nice coin though. It's a nice solid Gem+.

There aren't many like this left because this date tarnishes but nobody collects them so there's just no demand.

 

You're right though that MS-65's really aren't at all "rare" and will never be worth a lot of money probably. There are probably close to 50,000 in BU rolls and another 5,000 in mint sets. Even if demand materializes it will just drive these coins onto the market. Now it's tough to find one but they would become available as prices increased. This availability would stop prices from getting very high.

 

See my post above. It is not quite as dramatic as you posted. But, pretty close. There are cherrypicks to be had.