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silverbug22's Blog

14 Apr 2021

Monster Box of Eagles

Coins | silverbug22

Back in April of 2020 I decided to make an impromptu 24-hour roundtrip to Lynchburg, VA to pick up a sealed monster box of 2009 American Silver Eagles to resell. I had negotiated a buying price of $10,000 cash and to meet at the airport amidst a tremendous presence of security and surveillance. Despite a ton of preparation, I made 2 critical mistakes throughout this process. The first was that the box was sealed, but I didn't know a ton about monster boxes and refused to buy a sealed box I couldn't examine first, so I insisted that we break the seal right there in the airport so I could examine a handful of the eagles as well as magnet-test and weigh them. In my defense, I've done many, many in-person deals and always inspect the merchandise I am buying thoroughly to ensure it's not only as advertised, but also authentic. You cannot thoroughly examine a sealed box; for all I knew, that box could have been full of rocks. I did not realize at the time the enormous value lost when you break open a sealed monster box, but you live and you learn. My second and way more serious mistake was the turnaround time on the box. I ended up selling it to a local pawnbroker the second I got back from Virginia for $11,500. A 15% profit margin is certainly nothing to scoff at, but little did I know that silver was in the process of hitting an all time high, and had I held it for several more weeks, I could have made upwards of $3000-4000 profit (if I held for a few months I could have made $5000+). Despite those two hiccups, the process of getting the box was definitely an adventure and at the end of the day I got the opportunity to hold 500 BU Eagles at once for the first time as well as to make a little bit of cash. Flying with it was certainly an interesting experience as well; TSA was very intrigued by the box and getting it into the overhead bin was quite the physical feat. Overall, I'm pretty happy with the transaction and more importantly it was a very valuable learning experience for me.

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14 Apr 2021

Welcome!

Coins | silverbug22

Hello all, thrilled to finally be a member of the American Numismatic Association! I'm a young collector and small-time dealer based out of Southern California, and have been collecting for over 15 years since I was a little kid. I've always had a fascination with numismatics, from the eye appeal to historical significance, and I truly think coins are a spectacular collector item. I started like most with a few Whitman folders and a focus on the state quarters, but slowly progressed my numismatic knowledge over the years until I was able to amass a very thorough and impressive collection of American coinage. My collection includes but is not limited to: nearly every cent both large and small, a fair chunk of the Morgan series in BU+ condition, the entire Buffalo nickel series (with the exception of the 3 legger, I did briefly have one but ended up selling it), the entire Mercury dime series minus the 16D (trying to convince my dad to get one but I think he'd rather put the money towards an 09 S VDB which I am all for) and the 42/1, every proof set from 1961 (my dad's birth year) to present, and of course, a couple hundred ounces of silver (a nice variety of constitutional silver and various premium bullion like a JM 100 ounce loaf and of course, ASEs). Speaking of silver, I was fortunate enough to begin that obsession and acquire a majority of my silver at the beginning of the pandemic (March, 2020) when spot was at $14/oz and premiums were only a dollar or two. Lucky me, right? I am in the process right now of building this collection alongside my dad, who is definitely the "wallet" of this operation, and we're focusing primarily on our 19th century type set at the moment. I'm actually about to get a Dansco 7070 as soon as my LCS gets one in the mail so I can focus on all type coins and not just those from the 1800s. I think type coins are particularly cool because several of them, specifically those from the 19th century, are denominations that people are relatively unfamiliar with. Being able to show someone a half cent or a silver 3 cent piece (a "trime," which I think is an awesome word for it) when they didn't even know such a currency existed is a super cool experience and somewhat of a "party trick" when entertaining guests. Additionally, since I don't currently have the funds to fill albums for coins like bust dimes or 20 cent pieces, the type set is a great and financially feasible way to own such coins. My favorite overall coin would definitely be the Morgan, an opinion I'm sure I share with many of you. There's something about the design of the obverse and reverse that even in circulated condition is truly beautiful, and when you get into the mint state designations, they're just drop dead gorgeous. No other coin, in my opinion, demonstrates the same degree of luster and eye appeal then a BU/MS Morgan. They also have a pretty decent amount of silver content, coming in at nearly one ounce (not a troy ounce, but still) of .90 silver, making them a great investment (which helps justify how much we spend on them). I also am a huge fan of errors, primarily off-center ones. Not entirely sure why I like them as much as I do, I just think it's pretty incredible that some of these 75-90% off-centers made it out of the mint to begin with. And I don't think there is any error cooler than an off-center from the 19th century with the exception of maybe the two-tailed Washington Quarter or a planchet error (like a quarter stamped on a cent planchet). If I had to choose my favorite "notable" or well known coin, it would probably have to be any MS63 (or higher) 1857 Double Eagle that was salvaged from the SS Central America wreck. I have a real fascination with history, and I think the historical value of such coins is astronomical and the cool-factor is out of this world. And who doesn't like treasure? Lastly, if I had to choose my favorite rare coin from my collection, it would currently be my 1878 Liberty Head Quarter Eagle. Yes, it's holed and cleaned which is certainly less than ideal, but it was the first coin I put in my Dansco gold type page as well as the first piece of pre-33 gold I've ever owned so it definitely holds a special place in my heart. My favorite non-rare coin would definitely be the 1999 proof Susan B. Anthony dollar my dad got me when I was 7; it was not only my first proof coin and our first purchase from a LCS, but also my first coin worth substantially more than FV. Coming in at a close second would be my MS63 P, D, and S steel cents, all housed in one comically-enormous PCGS slab.I'm very excited to take full advantage of the many things my ANA membership has to offer as well as networking with and befriending fellow numismatists, thank you all so much for having me! I've included an image of my coin display in my dad's office where you can see our set of archival-quality Littleton albums, a nice display of some of my favorite slabs including the PCGS "monster slab" of MS63 steel cents and a several West Point minted quarters and reverse proofs, as well as some of our silver. This picture is semi-outdated; I've recently replaced the W quarters in flips with some PCGS PR70 slabbed coins from my birth year and also brought my Dansco gold type page to the front of the display, despite only having 2 holes filled (we all have to start somewhere). Let me know what you all think!

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