Why math and education matter in numismatics

So I just got home from a local auction - and was shocked to see what someone paid for this bank bag. The auction ended at $10,000 (yes, ten THOUSAND) dollars, and I saw it sell to a local bidder on the auction floor.

https://www.liveauctioneers.com/ite...r-dollars-in-bank-of-america-sealed-money-bag

Now, I weighed the bag myself yesterday on my own calibrated scale that I brought to the auction house. The advertised weight is correct.

Can anyone tell answer correctly what is in the bag if there are 1000 dollar coins and the weight is 50lb 1oz?

Would you pay $10,000 for it?

Thank you math! Thank you math! Thank you math!

 

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Just over 24g per coin = Ike Dollars.

 

The auction house may have painted itself into a corner by putting "1000" and "silver" in the item description. But I'd want a bunch of witnesses when it's opened. The buyer should have opened it the minute he bought it...

 

Yep, not silver.

 

For his sake I hope there's a bunch of uncirculated Type 2's in there.

50.lb (including bag and lead crimp) means 22,700 grams. Divided by 1000 coins that is 22.7 grams per coin average.

 

Right - what does the bag + crimp weigh?

IF the weigh zero, there are approximately 14 or 15 40% silver Ikes or 6-7 90% silver in there. But I'm betting the seal + bag is more than the 'missing' weight.

 

In a 50-pound bag, there would be hundreds of coins, not 6, 7, 14, or 15.

One pound = 454 grams, divided by 26.73 grams (per real 90% silver dollar), yields about 17 dollar coins per pound.

 

That's right, I used Troy ounces, but apparently the seller did not.

 

Missing the point, the given weight is SLIGHTLY higher than a bag of 1000 clad Ikes would weight. The 40% and 90% silver are slightly heavier, so that's the # of 40% (90%) + clad that makes up to the given weight +/- a small factor for wear.

However, it's much more likely that the bag and seal weigh enough to make up MORE than the difference.

I also assumed a scale capable of weighing 50 pounds was probably avoirdupois not troy.

 

Forget about ounces, they're confusing. A gram is a gram, and there's only one kind. Well, two kinds, perhaps, but the other's hard to get in a bag.

 

Clad Ikes weigh 22.7 grams, 40% silver Ikes weigh 24.6 grams, Morgan and Peace dollars weigh 26.5 grams.

50lb = 22700 grams / 1000 coins - 22.7 grams per coin

What's in the bag?

 

A whole lotta disappointment for somebody, and a headache for the auction company. The auction clearly states silver dollars, which is untrue. I would think the auction company would have to take these back, due to false advertising.

 

Highly doubt that the auction company will be on the hook. Once you open the sealed bag was to prove that you didn't substitute. Plus you can probably find half a hundred references that colloquially refer to Ike clad dollars as silver dollars.

 

S $ could be Sacagawea's.

 

I saw some Ike's in a bank tray at the bank. I bought them at face and sold them at face to put under my niece's pillow when she lost a tooth. They were repeatedly called "silver dollars" by those that don't know better. I don't buy coins without a least a glimpse or sample of what's in the container. I bought 200 V Nickels for $50 and they only showed a sample but that worked out well.

 

I was at the auction house last weekend that sold the bank bag and spoke to some of the folks there during preview day. Evidently the "expert" that bought the 1000 coin bank bag was very disappointed and did what he could to try and get his money back from an "as is where is" auction house. He basically gambled and lost $9000.00 plus the auction premium in one shot.

It was - in fact - 1000 Ikes (no idea if all were clad - but nonetheless it sounds like most - if not all - were clad).

I was utterly amazed at the bidding war between several people in that place. Up to $6000 there were still several people in the running. After that it became a bidding war with someone online and the final buyer.

My heart sunk with every increasing bid!

Once again, thank you math!

 

I think I will stay away from that auction house...

 

It was (unfortunately) exactly as described. "$1000 worth of silver dollar coins"

 

I just bought a "silver" Ike that weighs 24.1g. Everything I've read says they should weigh 24.5g. Did I buy a dud? It appears to be a proof.

 

That auction house and HSN are probably good friends. Speaking of backed-up septic tanks, HSN is having a two-hour coin show before dawn tomorrow and another tomorrow evening should you want to substitute a few laughs for football.