Binion 10lbs bag hard grade pedigree question

[Future Investments Now]

Hello

 

I picked up a 10lb Binion bag a while back and was wondering if anyone remembers what the original purchase price was for a 10lb & 1/2lb Binion bag cost?  Also, if anyone remembers how much they spent to have a 10lb bag graded with a hard grade by NGC (16 years ago).  I realize that the cost will change depending how many coins are in the bag. I’m just trying to get a ballpark range.

Thanks,

Gene

[WoodenJefferson]

http://www.ebay.com/itm/VERY-RARE-Binion-Hoard-Bag-Silver-10-POUNDS-90-Quarters-Horseshoe-Las-Vegas-/232381434712?nma=true&si=AZbrUTXZ9vrSEi6030LanJ3BeCA%3D&orig_cvip=true&rt=nc&_trksid=p2047675.l2557

$10,000 

[Future Investments Now]

Thanks for the post, but I'm trying to find out what it originally sold for and what the range a bag should high grade for. Best and worst-case scenario.  I'm not looking for what it will sell for raw, 10k sounds kind of low. That's funny, I didn't want to dig it out of my safe and the picture you found is the picture I used.

[RWB]

Find the approximate date the bags were sold, then the price of silver at that time.  Multiply 145.833 T oz times 0.9 times the silver price to find the market value. Double or triple this to get the "stupid" cost of a bag with worthless printing on it.

Present value without the silly bag is about $17.50/ T oz 0.999 fine or about $2,300. 

[Future Investments Now]

Thanks for the post, I'm not looking for what the junk silver price was, that was easy to calculate. I'm looking for what the estate sale price was for a 10lb bag 16yrs ago. LOL, the "stupid" cost of a bag with worthless printing on it, that's coin collecting. Four 10lb bags just sold for $10,000+. You can look on E-bay and see that the bags actually have high dollar Morgan, Peace, Half dollar, ect.  I'm seeing a range of $250-$1000 per MS64+ grade. Ted Binion, The founder of the WSOP, would cherry pick coins due the fact he was a coin collector and it's a interesting story. 

Thanks for your input.

Cheers,

Gene

 

 

 

[RWB]

Sorry...the bag is not "stupid." The bag is likely brighter than anyone who would pay almost 5-times the real value of the contents.  

 

But -- it is the buyer's decision.

[Six Mile Rick]

Sell it now for 10K and you will do well. The more you handled that bag ---- the worse the coins will grade inside the bag. Coins do not do well loose in a bag like that with any handling.

JMO ---- Rick

[kidrootbeer]

you maaaay want to try the Coin World archives, or ask someone there very nicely if they knew how you could find out. Maybe the WSJ... wherever you think it may have been advertised. Maybe a Press Release in a Vegas newspaper?

[kidrootbeer]

6 hours ago, RWB said:

Sorry...the bag is not "stupid." The bag is likely brighter than anyone who would pay almost 5-times the real value of the contents.  

 

But -- it is the buyer's decision.

hahaha a bunch of Wine Collectors I'm sure would have something to say about this. Provenance, and all... provenances can be as little as a worn PR in a cartouche on an otherwise nondescript coin silver teaspoon, a seal lightly impressed in the bottle mold, a paper label attached to something, or something printed on fabric. Collectors like provenances, and this one has Notoriety written all over it. Let's say, strictly for fun, that 1000 10lb bags were originally sold; now only 50  can be accounted for-and they're not for sale. A new one "pops up" in the census. Collectors 51, 52 and 53 want it. They have more money than 'stuff', and they like Stuff! This is when the printing on the bag becomes very important. 

There are always two sides to every coin, so to speak

[kidrootbeer]

OT I know, but the Logic is the same: suppose the Uncle whom you never knew about, died in Boston and left you five Original Bankwrapped Rolls of 1955 pennies. Turns out he was a clerk at the Bank at the time. Do you open? Yes, for many reasons, the printing on a sealed coin roll or bag can be, to borrow a phrase-priceless

[Conder101]

On 9/3/2017 at 7:36 AM, Future Investments Now said:

Ted Binion, The founder of the WSOP, would cherry pick coins due the fact he was a coin collector a

Binion was a hoarder and most of the material that came out of that hoard was just common "stuff".  And those bags weren't put togther by Binion, they were assembled by the firm disposing of the stuff.  Those bags are like the "unsearched" rolls on ebay, they looked and pull out anything good while they were assembling them.  I would consider them junk silver.  If you like the story and provenance add another 5 to 10 percent.

[kidrootbeer]

2 hours ago, Conder101 said:

Binion was a hoarder and most of the material that came out of that hoard was just common "stuff".  And those bags weren't put togther by Binion, they were assembled by the firm disposing of the stuff.  Those bags are like the "unsearched" rolls on ebay, they looked and pull out anything good while they were assembling them.  I would consider them junk silver.  If you like the story and provenance add another 5 to 10 percent.

another 5-10% will not net you a Binion Bag, though

[Conder101]

No it probably won't but that would be more than it would be worth to me.  Binion may be a provenance, but not one that is of any value to me.  And I will admit I'm not being consistent because a Redfield provenance does have some value to me and he was merely just another hoarder with a story.

[numisport]

So if one of these rare Binion bags came up for sale the lot description would have to say ...... bag of unknown contents since it is unopened. I'm here to say that's an expensive canvas bag !

[Future Investments Now]

LOL, Thanks for all the non-related comments. This post was created to find out what the estate sale cost was for the 10lbs and 1/2lbs back in 2002. I know what they sell for. They pop up all the time and sell for over 10,000. They are full of Morgan, Peace, ect., just on the out side of the bag I can count at least 15 Silver dollars. They have a wide verity of coins. Just look on eBay and see all the MS coins that have sold. It was a vault full of silver coins, there was no way to cherry pick the coins. Expensive canvas bag full of truly un-searched silver coins, I just wish I bought more of them back in the day. It's killing me to not open it. In another 10 years it will be even more of an expensive canvas bag! Good food for thought, keep the comments coming. I'm not trying to sell it and I get it they are over priced, but that's coin collecting.

[kidrootbeer]

27 minutes ago, numisport said:

So if one of these rare Binion bags came up for sale the lot description would have to say ...... bag of unknown contents since it is unopened. I'm here to say that's an expensive canvas bag !

yeah, and as a Seller of all kinds of Collectibles, I see 'em come and I see 'em go but the One Irrefutable Fact is, that people with money who Collect don't care so much about the money. There was a rumor of guy in the front row of a well-attended auction of Colonials, who pegged a cost of 10K per lot; what he didn't spend he would snowball

[Future Investments Now]

3 minutes ago, kidrootbeer said:

yeah, and as a Seller of all kinds of Collectibles, I see 'em come and I see 'em go but the One Irrefutable Fact is, that people with money who Collect don't care so much about the money. There was a rumor of guy in the front row of a well-attended auction of Colonials, who pegged a cost of 10K per lot; what he didn't spend he would snowball

Now this is something I didn't know, Thanks! What do you mean snowball? Is that why they keep selling for over 10K on the auction sites?

[kidrootbeer]

11 minutes ago, Future Investments Now said:

LOL, Thanks for all the non-related comments. This post was created to find out what the estate sale cost was for the 10lbs and 1/2lbs back in 2002. I know what they sell for. They pop up all the time and sell for over 10,000. They are full of Morgan, Peace, ect., just on the out side of the bag I can count at least 15 Silver dollars. They have a wide verity of coins. Just look on eBay and see all the MS coins that have sold. It was a vault full of silver coins, there was no way to cherry pick the coins. Expensive canvas bag full of truly un-searched silver coins, I just wish I bought more of them back in the day. It's killing me to not open it. In another 10 years it will be even more of an expensive canvas bag! Good food for thought, keep the comments coming. I'm not trying to sell it and I get it they are over priced, but that's coin collecting.

 

6 minutes ago, Future Investments Now said:

Now this is something I didn't know, Thanks! What do you mean snowball? Is that why they keep selling for over 10K on the auction sites?

to "Snowball" is to accumulate; that is, if the first lot cost him 5K, he'd have 15K to bid in the second lot, etc. like a snowball rolling downhill
They keep bringing 10K because there is no supply; although if you had 10 of them, you'd probably receive a decent amount in excess of 100K from a single buyer

10 lbs dry weight is roughly 22.5% of a $1000 FV bag. I saw my Uncle's Original $1000 fv bag of 1882-S Dollars, which he lugged from Washington to Hartford on the train. And, you know, there weren't a lot of dogs in there. Don't play soccer with yours and it should be just fine

 

[numisport]

On ‎9‎/‎5‎/‎2017 at 5:08 PM, Future Investments Now said:

I'm not trying to sell it and I get it they are over priced, but that's coin collecting.

No this is not coin collecting. Somebody else explain to me what this really is.

[kidrootbeer]

5 hours ago, numisport said:

No this is not coin collecting. Somebody else explain to me what this really is.

Collectible Collecting