First Coins Sell for $5,000 a Piece: Gold Kennedy Coin is The Early Story at the ANA [Updated with Video: 12:38]
CoinWeek Staff Report from the World's Fair of Money....
Nick Yadgarov of Los Angeles, California made a tidy profit for spending a summer's night camped out on the sidewalk outside of the Donald E. Stephens Convention Center in Rosemont, Illinois.
Yadgarov and his group of three friends were the first of more than one thousand collectors and speculators to form a line outside of the World's Fair of Money site in hopes of securing one of 500 gold Kennedy proofs to be offered by the U.S. Mint on the first day of the coin's release.
According to Yadgarov, his group arrived shortly before midnight on Monday, while the majority of those waiting in line arrived in the early morning hours. Security personnel turned people away at 6:00 in the morning.
For the first 510 people in line (10 additional spots were reserved for standbys, just in case those waiting in line turned out to be ineligible or unable to purchase the $1200 gold coin.
For their effort, Yadgarov and company made a $15,000 profit after selling their coins to SilverTowne's David Hendrickson for $5,000 each. PCGS, in a press release, said that the firm had graded the first six coins sold by the mint, and that four of the six graded PR70DCAM, while two graded PR69DCAM.
Coins went to the first 510 people in line (10 additional spots were reserved for standbys, just in case those waiting in line turned out to be ineligible or unable to purchase the $1200 gold coin).
Enterprising speculators weren’t the only ones lined up to get in on the action. We even saw a number of dealers in line. Some from as far away as Virginia and Florida made the trip in order to secure the popular gold coins only to fail to make the cut. Two we spoke to told us that they underestimated the crowd and didn’t make the cut-off, despite arriving at 6:30 in the morning.
On the bourse, dealers were handing out fliers offering to pay “top dollar” for the coin. Several booths featured displays highlighting the coin, but it wasn’t clear whether dealers were offering uncertified coins to buyers on the bourse floor. At least, not on the show’s first day.
On the auction site eBay, as of the time this report was filed, there were a handful of PR70DCAM Kennedy gold coins that sold for more than $3,000 with the ANA labels. These coins were pre-sold at the end of July and there’s no way of knowing whether the sellers were actually able to acquire the coins or get the grades.
The coin, which is being minted to demand, has garnered additional excitement due to the limited edition labels offered by PCGS and NGC at the show.
Tomorrow, 500 additional Kennedy gold coins will be sold. CoinWeek will be present and keep you up to date on this very exciting release.
Copyright © CoinWeek – Chicago – August 2014
American Numismatic Association World’s Fair of Money
The country’s premier coin show and convention, is held every summer at cities around the country. This year the show was hosted in Chicago, Il. The convention features spectacular educational programs and events, and the most stunning collections of early American rarities ever assembled for the ANA’s signature Museum Showcase.
The bourse, which is always sold out, includes the finest rare coin and currency dealers in the world, with special sections for U.S., world and ancient coins as well as paper money. The Mint Promenade will features representatives of world mints from five continents along with collector exhibits.
For more information about the ANA or any of its conventions, visit www.money.org and/or visit the Coin and Paper Money Shows section on Coinweek for the latest information, news stories and calendar of upcoming shows.