Could I have hit the lottery?

[dan53]

Here in town, I belong to a coin club and we hold a monthly auction. I bought a 1961 Franklin Proof. Its slabbed by PCI and it says: PR68 Deep Cameo. I paid $42.00 for it. Prior to the monthly auction date, all members of the club are mailed copies of the auction contents. Before the auction I looked up the value over at numismedia.com. The FMV is listed as.....$1,140.00. Even though PCI wasn't a top tier grading company, how could I not roll the dice on this one? Its got those polished mirror fields. If they missed it by one grade and its really a PR67, then the FMV is $362.50, or if they missed it by two grades and its PR66 then its worth $225.00. This is all relying on numismedia's pricing and I have more research to do. Here's the really big "what if". What if they missed the grade by one and its really a PR69? Then it worth $19,500.00. I can dream can't I?

[AGCoinHunter]

If PCI graded it I would bet its no higher than MS-60.

[Market Harmony]

If PCI graded it I would bet its no higher than MS-60.

I've bought and cracked out PCI holdered coins... one was 1931-S Penny, MS63 RB... came back PCGS MS64+RB

PCI was better when they were younger, so if it is an old slab, then it might be graded correctly. Proofs are a tough grade, and the Franklin series has but a handful of serious collectors. For someone to pay the Numismedia prices, then the coin has to be immaculate... that is, it needs to be 100% deep cameo, no smudges, no distractions. It has to look as if it came directly from the coin press and into the slab.

You may want to walk it around a coin show and get opinions from dealers regarding the grade, and then decide whether it is worth sending off to PCGS or NGC

[dan53]

Thanks for the input MH. I have been accessing the auction archives over at heritage and I have seen ranges of $200.00 to $800.00. I am bidding over at GreatCollections and they don't take anything but PCGS, NGC, and ANACS. I have two goals....to learn the ins and outs of selling at GC and having this coin regraded. It would the most economical to do it at ANACS. Any drawbacks to that?

[Rodebaugh]

If PCI graded it I would bet its no higher than MS-60.

I've bought and cracked out PCI holdered coins... one was 1931-S Penny, MS63 RB... came back PCGS MS64+RB

PCI was better when they were younger, so if it is an old slab, then it might be graded correctly. Proofs are a tough grade, and the Franklin series has but a handful of serious collectors. For someone to pay the Numismedia prices, then the coin has to be immaculate... that is, it needs to be 100% deep cameo, no smudges, no distractions. It has to look as if it came directly from the coin press and into the slab.

You may want to walk it around a coin show and get opinions from dealers regarding the grade, and then decide whether it is worth sending off to PCGS or NGC

Shhhhhhhh ........