Dilemma - Opinions Solicited

[jaggy]

So ... I bought a 1853 Proof sixpence (PF64) in the Newman sale at Heritage. The price was $1,317 including buyers premium, shipping and handling.

I have now been offered $2500 through Heritage which would net me $2,250 after their commission; a profit of around $900 (taking into account postage).

It is a nice coin, no doubt about it. But looking at auction prices realised, I should be able to pick another one up at auction (whenever one comes under the hammer) in the 600 - 800 pound range ($1,000 - $1,200). Even allowing for price inflation, it would take quite a lot to get back to $2,250.

But here is my dilemma. I am not a natural seller. I am a collector and this is part of my core collection. So do I take the profit and hope to pick up another in the future or do I reject the offer?

[Peckris]

It depends 100% on the particular coin. If it has eye appeal that made you fall in love with it and bid to win it - DON'T SELL! But if you look at it and think "Another would be just as good, maybe even better", then it's a no-brainer really.

[TomGoodheart]

I'm not the most patient of people. I don't much like to wait. But that's a decent profit. Plus Heritage appear to have another listed in their April auction if you could live with the toning.

Bottom line (for me) would be, do I want the Newman provenance? If not, and I could get another later, I'd likely go for it!

https://www.numisbids.com/n.php?p=lot&sid=679&lot=25065

[VickySilver]

Sell!

I am with you on replacement being 600-800 pounds raw for a similar piece. Great for Newman, no doubt a wonderful man but I don't think that is worth a premium (or much of one) to me at least. I love and avidly collect 6d's as you know and would not touch it at such a price. Got mine from Baldwin some years ago for 400 quid.

[Peter]

There are certain coins in my collection that I couldn't ever sell.If you contemplate get rid of and take profit and buy something that you can't part with.

[jaggy]

Tom, Vicky, Peter & Peckris ... thanks for the opinions.

I did see the one that was listed in Heritage. I also saw that London Coins had two go under the hammer in the last year at around the 600 pound mark.

Mine is a nice coin (see below) but not a whole lot nicer - if at all - than the others cited. I am also wondering how much the Newman provenance is adding to the value. Personally, I'm not too bothered about provenance; it is the coin I buy. Also, my coin is slabbed. I am ambivalent about slabbing and would be just as happy buying a nice 'raw' replacement.

Also, it is an R2 ... so not hugely rare and others should come up for auction.

Right now, I am leaning towards selling but I am, genuinely, unsure and torn. It isn't in my nature to be a seller.

Edited March 19, 2014 by jaggy

[HistoricCoinage]

If it were me I'd sell.

[Nordle11]

If it were me I'd sell.

$900 is a nice profit on a sixpence, albeit proof.

You're looking close to 70% profit from a coin, and considering it was $1200 to start with, that's a pretty hefty margin! I'd go for it personally, but sixpences have no allure to me...

[TomGoodheart]

Not so keen on the spot on the reverse. I'd sell, though like Nordle sixpences aren't really my thing so ..

[Garrett]

I'd sell then look back fondly on my days as a boss coin dealer.

[Nordle11]

I'd sell then look back fondly on my days as a boss coin dealer.

Hahaha love it

I've got to say, I'd sell it just for the carbon spot, not because it ruins it but I think it's a great offer with it there

[jaggy]

Thanks to all for the advice. I have decided to sell and not because of the carbon spot! Like I say, it is a nice coin but the price being offered is way above what I think the coin is worth and, even if it takes me a couple of years, I think I will be able to acquire an equally nice replacement for quite a lot less.

Jaggy 'Boss Coin Dealer'

Edited March 19, 2014 by jaggy

[TomGoodheart]

Jaggy 'Boss Coin Dealer'

Looks like Chris has some competition! :lol:

[VickySilver]

Good for the soul to sell a bit now and then, particular if you have a second passable example to keep.

I have been forced to trade/sale some bits to get others and will sell seconds (even though I did let go

an '03 Halfcrown that was the equal of the one I kept and am still a bit sad about).

A couple of years ago I gave up nearly all aspirations of Vicky gold and dumped the lot for a nice profit...

Go for it!

[declanwmagee]

That's how it starts, you see. It's a slippery slope. Maybe you bought a group when you only wanted the one coin in it, so you had to move the rest on. Maybe car tax and car insurance fell in the same month so you sold a bit to get through that.

"I'm not dealing, it's just short-term...I can handle it..."

Then you see a nice group of high grade coins at auction and before you know what's happened you've bid on it and you've bought solely for stock. You're a dealer, and what's more, you're dealing to fund your habit, and now you're paying most of your bills with it you can't stop.

Oh to be a collector again....

[Nordle11]

That's how it starts, you see. It's a slippery slope. Maybe you bought a group when you only wanted the one coin in it, so you had to move the rest on. Maybe car tax and car insurance fell in the same month so you sold a bit to get through that.

"I'm not dealing, it's just short-term...I can handle it..."

Then you see a nice group of high grade coins at auction and before you know what's happened you've bid on it and you've bought solely for stock. You're a dealer, and what's more, you're dealing to fund your habit, and now you're paying most of your bills with it you can't stop.

Oh to be a collector again....

Sounds like an opening to a Terry Gilliam film

[HistoricCoinage]

That's how it starts, you see. It's a slippery slope. Maybe you bought a group when you only wanted the one coin in it, so you had to move the rest on. Maybe car tax and car insurance fell in the same month so you sold a bit to get through that.

"I'm not dealing, it's just short-term...I can handle it..."

Then you see a nice group of high grade coins at auction and before you know what's happened you've bid on it and you've bought solely for stock. You're a dealer, and what's more, you're dealing to fund your habit, and now you're paying most of your bills with it you can't stop.

Oh to be a collector again....

Sounds like an opening to a Terry Gilliam film

Or Breaking Bad.

Edited March 19, 2014 by HistoricCoinage

[TomGoodheart]

That's how it starts, you see. It's a slippery slope. Maybe you bought a group when you only wanted the one coin in it, so you had to move the rest on. Maybe car tax and car insurance fell in the same month so you sold a bit to get through that.

"I'm not dealing, it's just short-term...I can handle it..."

Then you see a nice group of high grade coins at auction and before you know what's happened you've bid on it and you've bought solely for stock. You're a dealer, and what's more, you're dealing to fund your habit, and now you're paying most of your bills with it you can't stop.

Oh to be a collector again....

It was just one coin. More of a swap than an actual deal. But then I got the bug.

Six months down the line, here I am in a dingy bedsit with a rolled up shilling up me nose ..

[Peckris]

Good for the soul to sell a bit now and then, particular if you have a second passable example to keep.

I have been forced to trade/sale some bits to get others and will sell seconds (even though I did let go

an '03 Halfcrown that was the equal of the one I kept and am still a bit sad about).

A couple of years ago I gave up nearly all aspirations of Vicky gold and dumped the lot for a nice profit...

Go for it!

When you say "equal", you don't mean "equal", do you? Then the inevitable question would be, "Why buy an identical specimen to one you already have?" I'm guessing that when you say "equal" you mean "the same grade", but not the same toning or eye appeal. In which case I can well understand your predicament - was the one you let go really not as desirable as the one you kept?

[Nicholas]

Coming in late (Australia time) but I'd sell at that margin and given you can replace reasonably quickly. Just make sure you buy another coin with the proceeds.

[jaggy]

Coming in late (Australia time) but I'd sell at that margin and given you can replace reasonably quickly. Just make sure you buy another coin with the proceeds.

Oh I will be buying. In fact, I am awaiting the arrival of my London Coins successful bids and plan to bid on a couple of coins at DNW.

I don't 'need' to sell this coin to buy others. I am quite able to fund my 'habit'. But I do have a view on what I think coins are worth. Usually this means that I don't overpay for them at auction. This is the first time I have received an offer to purchase and which is so much more than what I think the coin is worth. Hence the dilemma as I am not a natural seller.

I suspect that the premium on this coin is largely due to provenance. But the provenance is not all that important to me. There is another 1853 proof up for auction at Heritage right now. And Heritage have an estimate on it at $1200 - $1800. Two 1853 proofs came up at London Auctions in the last year and the prices were in the 600 pound range. So that puts the $2250 I have been offered in perspective.

[jaggy]

By way of an update. It would appear that the buyer is from Japan.

[HistoricCoinage]

By way of an update. It would appear that the buyer is from Japan.

Stuart will be interested to learn that.