THE FCC BOYD 70-S IS NOW IN A GREAT HOME
This will not be my typical roast of coin docs, the PNG, or any of my favorite targets who do little or nothing to help the hobby. Instead, I want to share a story about the father/son duo who recently purchased the 1870S $1 FCC Boyd Genuine (repaired) with my representing them at auction.
MY REPRESENTATION ON THE 70-S $1.00
As many of you know, I have represented many people over the years on major classic rarities. Building GEM MS Seated Dollar sets are something I have some expertise in. I helped my business partner Bruce Morelan buy the all time finest 70-s PCGS MS62 and completre the FINEST EVER MS set. This time, I was asked to check out and represent a father/son duo on what easily can be labeled the "worst" 70-S in existence.
Even before I saw the coin my reaction was "NEVER BUY A DAMAGED COIN". Damaged will always be that way. Plus, it is well known this coin had been tooled to try and fix the problems. I knew this by far would be the biggest purchase they had ever made and I did not want to see them get hurt. So, I was totally against them buying it.
Apparently, they had done far more research and had far more ambition than I realized. They are just about finished with their AU/MS Seated Dollar Collection and dreamed about owning a 70-S. They knew this would be their only chance at an affordable one. I got an email from the son and he actually gave me my orders-knowing I was suggesting to him NOT to buy the coin. I wasn't sure of the value, but I had figured their would be a ridiculous reserve and they would not get the coin. All I can say is, I did my job (more than just bidding) and they ended up with the coin. We paid $126,500.00 for the coin which is in a PCGS genuine holder.
Now I am going to publically appologize for my misjudegement to the buyers. After I bought it, I had a discussion about the coin with my friend John Albanese (he had bought an AU 70-S and of course an 1804 $1 as well as other classic rarities). He told me this: the worst beat up circ 1804 $1 would sell for $1,000,000.00 today (I assume he would pay that). This is a rarer 70-S. While I disagree with the figure on the 1804 (I think $500,000.00), I now do strongly believe my customers not only got their beloved classic rarity, but actually got an incredible deal. The 70-S they bought should be worth $250,000.00 minimum! I forgot about 20 years ago I placed the NGC Fair 1894S 10C for around $50,000.00. At the time, no had really wanted that coin. I'd say the owner would make a substantial profit on the coin today-even thought it too was damaged. So a huge congrats to dynamic father/son duo on their wisdom and guts to step up. This may very well be one of the few times in numismatic history when a repaired coin will yield a significant profit (down the road).
I thank both collectors for allowing me to be a part of their making numismatic history.
A FATHER/SON TEAM-A HEART WARMING STORY
In all my years of dealing I have seen all types of collectors. Since the registry craze started I have seen more ego maniacs then true collectors. Seeing this father/son team work is not only refreshing, but its a heart warming story of interaction as well. Today, I only know of one other true "team" building a collection (I am not talking about daddy just forking over money-I am talking about a true working pair). They travel to some shows, they look at their coins when ever they can, they both love coins.
One thing that impresses me the most, they are all about the coins. They couldn't give a hoot about the registry. Their whole take on coins and collecting them is fabulous! I hope this Hot Topics can inspire more familys to collect as a unit.
Here is the story (as written by the teenage son) about their collecting endevors of Seated Dollars:
The MNS Joint Venture Seated dollar set is being put together by my father and I. We started collecting in 2002 or 2003 with liberty nickels and within 3 years we had a whole set, and up to 4-5 of some dates with a nearly complete second set. Time to look for a new series.
The Seated dollar set was our second set we set out to tackle. It presented a challenge at a reasonable cost in the XF grade range that we started to look at. A few XF's in and a tough decision had to be made. Take the plunge or not. I was able to locate a choice XF 1873-cc in a dealers website and it was an easy decision. The coin was in our possession and quickly followed by an 1871-cc in XF. Some of the keys were down and there was no turning back from here.
The next big step of the collection was the upgrading. Within a year or so our tastes changed from XF to AU-MS. Of course, for the seated dollars there is a BIG difference in price for MS over AU so it was convenient that my dad's company had taken some large chances that were starting to pay off.
The next milestone came in May of 2007. We walked by Tony Terranova's (a good freind of Legend) table at the St. Louis CSNS show and saw an AU-58 1852 that was gorgeous (and double the price of any other coin we had ever bought for the set!). We left the show with me dreaming and my dad scheming. Unbeknownst to me, my dad had gathered Tony's number and struck up a deal for the coin when we got back home.
In May of 2008 another milestone was reached. An AU-55 1872-cc was purchased and was the last of the CC's needed. Two months later at the Baltimore show we upgraded our 1871-cc and with that we are pleased with these four coins!
In October of 2008 a complete set was sold by Alpine Numismatics. From the sale we were able to pick up the 1851, 1870, and 1873 in MS-63 and the 1871 in MS-64. Thus completing the key dates (minus the 1870-s).
Since then, we have upgraded various dates and added a few more and currently are just missing the 1845, 1856, 1863, and 1872. We've seen and passed on many coins for these dates, patiently waiting for the right coins to come along. There are another 5-6 coins i'd like to upgrade before I consider the set "complete" and a few more that I would upgrade if the right coin came along. And who knows, at some point that elusive 1870-s might get added.
That was obviously written BEFORE we bought the 70-S. Here is what he had to say after:
"Also, the 1870-s was always a "dream" coin for us. A coin we joked about someday obtaining but really never thought we would ever own one. Just because a coin may be out of the budget currently, don't give up on it. And don't be afraid to stretch for the right coin, we have never regretted overpaying a little for the right coin! The Boyd specimen might be one of the worst 70-s condition-wise, but to us any specimen of this date is special! "
A FEW QUESTIONS ASKED TO THE SON
Who was the coin collector first?
My dad and I were both started by my Uncle in about mid 2003. My dad is originally from out West and over the years had grown apart from his family as us kids were groing up.. Collecting was originally a way to stay in touch with my uncle and it has become a way for all three of us to stay in touch as well as a great hobby.
Do you and your dad do a lot of things together?
My dad and I try to do as much as possible together but with me being in school and him starting his company, we don't spend as much time together as we'd like. Basically besides coins we golf and vacation together, not to mention him being my boss during the summers...
How often do you guys look at your coins-together? YES! Nearly every time I go home for a break we make a trip to the safety deposit box. Usually between the two of us we catch most defects on the coin and compare what we see to learn from one another.
Do you both attend shows actively?
Before I came to college we'd attend every Central States and Baltimore show. Also, there is a monthly local show that we regularly attend and an annual local show that we have begun to help run with the local coin club. Since I've entered college we've mainly cut back to just the Central States show and one Baltimore show a year when it comes to the national shows.
Is there anything you would like to say in gneral? Coin collecting has been a great thing for us. It has brought us closer together and has gotten us back in regular communication with my uncle who is still back west. Also, attending shows together has been a great bonding experience and we've seen many places we otherwise would not have visited. We've been to St. Louis, Chicago, Baltimore, Colorado Springs, and a couple Northwest destinations just to go to shows and every trip is enjoyable.
Now, this father and son team will forever be a part of true numismatic history. Their dreams have come true. It is my understanding that whenever they finish this set, it will not be sold. The reason, they may never finish it-they may just keep upgrading it! Its truely a collection built from the heart. And as you can see, it bonded them even closer.
If you have any questions or comments, please email me at lsperber1@hotmail.com or call me 732-935-1795.
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