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| Passion Investments: Coins |
Heads or Tales
Catherine Curan
10/01/2005
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The King of Siam collector personifies the expert
who is able to balance the thrill of high-stakes poker with the demands of a
strategic chess match. While the 2004 price for the Liberty Head nickel made
headlines, that sale was in fact merely one move in a complex series of
transactions to build a set. Collector Morelan, who is a minority partner in the
Lincroft, N.J.–based coin dealer Legend Numismatics, bought $12 million worth of
coins, including the Liberty Head nickel. He eventually sold all of them, save a
high-grade set of dollars featuring Liberty seated on a rock, worth some $5
million. Missing the Liberty Head, in June Morelan paid $4.15 million for one of
the other four 1913 Liberty Heads that were struck.
Many high-priced sales
are arranged privately through dealers; buyer and seller never meet. Serious
coin collectors usually hold large amounts of inventory, and sales happen when
an owner or buyer asks dealers to put out the word about a specific coin. Thus,
new collectors must constantly network and, to make certain top coins continue
to cross their path, earn a reputation for acting decisively. When the King of
Siam set went up for sale, the Connoisseur Collector saw it, made an offer and
wrote a check the next day. Anonymity allowed the new owner to pick up the set
himself and simply drive off, confident that no one would know he had millions
of dollars’ worth of rare coins on his person.
“If people think you’re a tire
kicker, they’re not going to deal with you,” the collector says. “Once they
realize you are a buyer, a lot of unique things come your way.”
Ultimately,
the true prize for many collectors lies in the coins’ value as durable pieces of
history rendered personal. Three of Abdul-Jabbar’s children are coin
enthusiasts, and he expects that they will continue to develop his collection
when it eventually comes into their hands.
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