Riddle me this

[longnine009]

A coin collector  bought a 1792 silver center cent pattern for $400 at a police auction. Other collectors and even club members thought it was a fake.  You can picture that scene with the "old timers" smirking at each other--aye, yon coin collector was fresh meat for someone...

Turns out the coin was authenticated recently (Reported in CoinWorld 12/22/08) by ANACS and graded as (*gasp*) VG 10 details scratched. ANACS website says it's estimated to be worth at least $300,000. 

http://www.anacs.com/(A(LnYqr_2ayQEkAAAAMGQ0ZDVmYTgtNTExYS00YWI4LTk4MDMtMTUzNDhlNzZkY2ZjUS99QdDuqr4GfkhHcq634EePg4E1)S(e1dbdo551oojm0qwl25owy45))/contentPages/ShowArticle.aspx?ID=50

Not bad for a rather well circulated coin. Now riddle me this. How many people at that police auction turned their noses up at that coin, after glancing at it for one second,  because it was well circulated and not Mint State 10,000++?

[Twoshadows]

Well if any other collectors were there I would assume they are kicking themselves in the butt right now but.....when I heard, or should I say read, the story I smelled something fishy. Can't help but wonder if the good ole lucky boy who bought this coin didn't have a friend on the police department? And, I am quite sure, having done a few auctions in my life, the coin was NOT out for open viewing. In my personal opinion this sale was NOT on the up and up. I have seen real junk fought over at auctions so none of this seems quite right. Just my humble opinion.

[longnine009]

Heehehehehe, corruption? I live in Flawduh. We pay the King's Fifth to Washington (District of China) D.C every year to have a corruption franchise down here. 

An extensive  survey about how coin collectors react to doubt and Maalox moments, especially if they have little or no recourse, would be *real* interesting. I'd bet the greater part don't leave the hobby as supposed anymore than you leave the Hotel California--"You can check out any time you like but you can never leave."

I'd bet that when collectors have doubts and suspect mistakes and get depressed about it, they put the mistakes out of sight. Safety deposit boxes are good for that. Drop it in and maybe in 10 years a mistake really will be a MS65 with enough gradflation.

That's what makes me believe the whole thing really is on the up and up. When people  started telling him they thought it was fake, when he started to doubt his judgment, he put it up in the closet for 2 years.

In any case, I'm kind a happy to see a collector finally win one.  It was a nice ending to a real crappy year. 

[Twoshadows]

Well I too am glad to see a collector win any time he/she can but.....How many collectors do you know who would doubt the authenticity in a slab from the big 3, so to speak? And was this really a collector or was it a dealer? I kind of got the impression it was a dealer and, if it was, I am sure there was an inside track we are not hearing about. None the less I do like to see the little guy WIN no matter how he must do it! Maybe we will have to do a little digging in the news as the little guy just don't seem to win around here much? Let me see what the ole Numismatic News has to say about this "lucky" find. I can still remember the "little" guys finding the old notes a year or two ago while digging up a stump. They found thm alright but it wasn't digging. Funny I never did hear if the rightful owner, who didn't know the money was there either, ever got those notes back. Betcha a dealer took right good care of that older lady if she did!

[longnine009]

The coin wasn't in a slab when he bought it.

 I remember the story about the notes. I think they were roofers working on an elderly lady's barn. But they couldn't read from the same script when they went on T.V.  so their lucky find only lasted a couple of hours.

 

[Twoshadows]

Yeah, it only took those ole boys about a week to hang them selves! We never get to hear the ending of such stories do we. That ole boy, who owned all that money must have pulled it out of the bank right before the stock market crash (way back when). Wonder how he knew all h___ was about to break loose. (another case of insider information?) That money laid up in those gutters on that barn, in those tin cans, for a lot of years. Wonder if the family went nuts wondering where all of dad's or grandpa's money went after he passed away? See they need to answer all of my questions in an effort to complete the story. Now I will probably die wondering if the rightful person did actually benefit from someones efforts back in the 30's? Make a great movie wouldn't it?    You know those young men were going top put their lucky find into their band. Thats what I would want to do with it---NOT!!!

[Yass]

Yeah, it only took those ole boys about a week to hang them selves! We never get to hear the ending of such stories do we. That ole boy, who owned all that money must have pulled it out of the bank right before the stock market crash (way back when). Wonder how he knew all h___ was about to break loose. (another case of insider information?) That money laid up in those gutters on that barn, in those tin cans, for a lot of years. Wonder if the family went nuts wondering where all of dad's or grandpa's money went after he passed away? See they need to answer all of my questions in an effort to complete the story. Now I will probably die wondering if the rightful person did actually benefit from someones efforts back in the 30's? Make a great movie wouldn't it?    You know those young men were going top put their lucky find into their band. Thats what I would want to do with it---NOT!!!

Latest informatio is dated 21 February 2007.  The larceny charges were initially dropped.  The cops were seeking to have them reinstated.  I'll keep looking
Larceny Charges

[Yass]

Yeah, it only took those ole boys about a week to hang them selves! We never get to hear the ending of such stories do we. That ole boy, who owned all that money must have pulled it out of the bank right before the stock market crash (way back when). Wonder how he knew all h___ was about to break loose. (another case of insider information?) That money laid up in those gutters on that barn, in those tin cans, for a lot of years. Wonder if the family went nuts wondering where all of dad's or grandpa's money went after he passed away? See they need to answer all of my questions in an effort to complete the story. Now I will probably die wondering if the rightful person did actually benefit from someones efforts back in the 30's? Make a great movie wouldn't it?    You know those young men were going top put their lucky find into their band. Thats what I would want to do with it---NOT!!!

Latest informatio is dated 21 February 2007.  The larceny charges were initially dropped.  The cops were seeking to have them reinstated.  I'll keep looking
Larceny Charges

Update: I believe the charges were dropped in October 2007.

[Yass]

For those of you interested here is a nice description of the 1792 Silver Centre Cent

[Yass]

And here is some more

[S.George]

 

Wish everyone to get a chance to buy such nice coins, cheaply.

George

[Twoshadows]

Have you ever heard of Murphy"s Law! Thats my best friend and has been for years. I don't get no coins cheaply. And, even if I could, Old Dan and Longnine have all the good ones squirreled away. So I am destined forever to collect the remaining coins, like nuts on the forest floor, that the big squirrels left for us little squirrels. It's a dirty job but somebody has to do it!

[longnine009]

The dealer who sold John J. Ford an original  CSA half for a re-strike price back in the 60's found out about Murphy's law. He offered the  coin to Ford at a rather busy show and Ford didn't have time to look it over. So, Ford  just offered the re-strike price for it and the dealer agreed.  Later on when Ford had time to look at it, I suppose there was a Good Ole Boy--"Yee-Haw" in a NYC accent. 

[templar]

I READ ABOUT THAT COIN TODAY IN"COIN WORLD" BUT IT DID NOT SAY WHAT PART OF CHINA IT WAS FROM?