AU Capital acquires finest certified $50 Panama Pacific Octagonal
Long Beach, CA – The Long Beach Coin, Stamp & Sports Collectibles Expo occurs three times a year and attracts dealers from all over the United States and collectors from California as well as many surrounding states. One of the benefits to individuals with coins to certify is that PCGS is set-up for submissions and grading right there at the coin show. If your coins are expensive, you can generally get them back at the show, providing that level of comfort we all loose when we place a box of coins with USPS or FEDEX and worry the coins will be delivered as anticipated (though losses occur about 1% of the time).
A couple, new to coin shows, flew from Colorado to Long Beach with three coins in their possession that Dad had wrapped in old cellophane and left them at the bottom of a filing cabinet: a Panama-Pacific $50 Octagonal and Round and an 1838-C $5 gold piece. What a find-! These good folks had never been to a coin show before but had done their homework and learned in order to realize Fair Market Value for coins nowadays, they must be certified. Long Beach seemed to be the perfect venue where they could achieve both the certification and also solicit several national dealers for offers while maintaining some control over the coins’ whereabouts.
This couple soon met PCGS founder David Hall who was more than gracious to them. He reviewed the coins and explained the service carefully and deliberately. Not at all unusual to such a situation, our couple expressed their concern about having the coins out of their possession while being certified. David did something none of us have ever heard of – ever. We’ve always submitted our coins for grading right there at the PCGS submission center. But David actually escorted them to the hidden grading room, introduced them to the graders and showed our couple the entire process (we’re certain the insurance company would object to this!) Feeling more at ease and several hours later (there are hundreds of coins submitted to shows like these) the three certified coins were returned to our couple. The Octagonal graded MS66; The Round graded MS64+ and the 1838-C Half Eagle graded AU55. Wow! The MS66 turns out to be the highest graded coin PCGS has ever seen!
Next, our couple turned to the floor and walked into a wilderness of coin dealers as foreign as the Amazon rain forest. It was our good fortune at AU Capital that we were one of the few dealers they selected. They stopped, sat down and started talking with us. After this introduction, we were presented with the coins to review. Russell at AU Capital marveled at the freshly graded coins and after some extensive research which included comparative analysis (how DOES one price the Finest Known Octagonal??) provided our couple with the bid for all three coins. One caveat, however, was to receive gold bullion American Eagles as payment instead of a check. A smart move!
As it turned out, AU Capital outbid the competition by a wide margin. We are pleased to announce we consummated the transaction of well-over a quarter of a million dollars (and nearly half a million) the following week by flying to Colorado and trading our couple a heavy case consisting of many rolls of one-ounce gold American Eagles for their three coins. It took a couple of days to get shipped that much gold since quantities like that don’t exist at coin shows for security reasons.
AU Capital took one week to place these Panama-Pacific gold $50 pieces with a client who was overjoyed at the opportunity to acquire them. This was a transaction just the way we like them to all unfold – everyone wins!
We also want to thank David Hall for being the consummate professional he is and personally overseeing the experience was a successful one for these folks.