Coin World article "Higher Stakes Higher Profits"

In this weeks CW there is an article about cracking out upper-end
in-grade (PQ) coins for resubmission for possible upgrading. The guy
the author talks about is Jim Halperin who Co-chairs Heritage Capital
Corp. It states Jim has been very successful in cracking out coins
and making huge profits by getting a bump in grade. It describes the
techingue he uses and some of the coins that have a huge upside
potential if a bump is received.

I'm wondering what Jim's role is at Heritage? Does anyone know if he
has access to certified coins that have been submitted for auction?
If he does, wouldn't this be considered a conflict of interest? If he
is able to view coins up close (rather than digitally) and can then
bid on them. He is quoted in the article "..it's also a matter of
being in the right place at the right time." and "I try to get there
first...".

Hopefully he assists in selling coins, recommending those that should
be submitted for possible upgrade.

I was in contact with Heritage's (Bob Marino) regarding the article
and Mr. Halperin's position at Heritage Coin but have not received a
reply.

Steve M wrote:
I'm wondering what Jim's role is at Heritage? Does anyone know if he
has access to ...

Jim Halperin
Co-Chairman and CEO

1-800-872-6467 Ext. 255
James Halperin is probably the most successful professional numismatist
of all time. Jim and traders under his supervision have transacted
billions in coin business, and have outsold all other numismatic firms
each year for over 20 years. An astonishing percentage of America's
more prominent coin dealers learned their craft by working for Jim at
one time or another.
Born in Boston, Massachusetts in 1952, Jim attended Middlesex School in
Concord, Mass. from 1966 to 1970. At the age of 15, he formed a
part-time rare coin (numismatic) business, and discovered that he had a
knack -- and a nearly photographic memory -- for coins. Shortly
thereafter, Jim scored a perfect 800 on his math SATs and received
early acceptance to Harvard College. After attending three semesters
during 1970-1971, he took a permanent leave of absence to pursue a
full-time numismatic career.

(more)
http://coins.heritagegalleries.com/c...arget=halperin

See also:
JH Exceptional Items - Exceptional items for their grade!
http://coins.heritagegalleries.com/c...chkInventory=1

Steve M wrote:

In this weeks CW there is an article about cracking out upper-end
in-grade (PQ) coins for resubmission for possible upgrading. The guy
the author talks about is Jim Halperin who Co-chairs Heritage Capital
Corp. It states Jim has been very successful in cracking out coins
and making huge profits by getting a bump in grade. It describes the
techingue he uses and some of the coins that have a huge upside
potential if a bump is received.

I'm wondering what Jim's role is at Heritage? Does anyone know if he
has access to certified coins that have been submitted for auction?
If he does, wouldn't this be considered a conflict of interest? If he
is able to view coins up close (rather than digitally) and can then
bid on them. He is quoted in the article "..it's also a matter of
being in the right place at the right time." and "I try to get there
first...".

Hopefully he assists in selling coins, recommending those that should
be submitted for possible upgrade.

I was in contact with Heritage's (Bob Marino) regarding the article
and Mr. Halperin's position at Heritage Coin but have not received a
reply.

The resubmission for possible upgrading craze has some downsides.
Another question you might ask Halperin is whether he sends in the old
slab tag with the data that keeps the grade/population data meaningful.
Most articles written about this specifically are suggested toward the
collector - yet I'd bet dealers might not tow the line in all instances
either.

As far as a conflict of interest, are you asking whether Halperin might
discourage a seller from auctioning a coin he might want - or raising
the question of potential manipulation of outside bids that don't get
posted? Otherwise, as a bidder Halperin is in the boat with the masses
competing for a coin. Now that I think of it, other manipulations could
be to produce a poor photo - or an excellent photo that over enhances
the warts while he has the coin in hand. Yes, I see where you are
coming from. Good question.


--

JMark

X11 [R6?]

Steve M wrote:
If he does, wouldn't this be considered a conflict of interest? If he

I always like the DILBERT cartoon where Dogbert is running an
"Investment Seminar" that pitches only stock in his own company.
"Isn't that a conflict of interest?" Dilbert asks. Dogbert replies:
"For there to be a _conflict_ of interests, I would have to consider
_their_ interests as well."

Heritage is the world's most successful auction firm. They outsell
Christie's and Sotheby's. They earned that achievement one sale at a
time. It is not that Heritage or Jim Halperin has conflict of
interest -- it is that we expect them to put our interests above their
own.

"Conflict of interest" (so-called) is like "usury" (so-called). Both
are mystical concepts lacking referents in objective reality.

If you like the coin, buy the coin. Do not concern yourself with
whether the seller bought it from his cousin-in-law on his mother's
side twice removed -- or the price he paid for it -- or the delivery
method -- or how long he owned it. None of that matters.

One of the slogans of capitalism is, "Mind your own business." That
has at least two meanings.

For a good example of so-called "conflict of interest" consider that
for a couple of years PCGS and Bowers & Merena were both "Collectors
Universe" companies. Even now, "Bowers and Merena" has nothing to do
with Dave Bowers (and vice versa). Q. David Bowers, the dean of
American numismatics, is the now principal at American Numismatic
Rarities (www.anrcoins.com). Dave Bowers does conflictedly
interestedly compete against his clients -- as for instance, his
project to completely catalog all of the private banknotes of New
Hampshire. He is an active buyer in order to achieve a complete
inventory. We all wish him well, lest we will never have the reference
book we want.... of course, it makes them harder to get in the mean
time... None of that, though, is really any of my business...

On Sat, 18 Feb 2006 17:28:20 GMT, JMark wrote:

Another question you might ask Halperin is whether he sends in the old
slab tag with the data that keeps the grade/population data meaningful.

Quoting from the article

"When Jim Halperin calculates the risk-reward ratio for cracking out
coins and resubmitting them..."

leads me to believe the coin is presented to one of the grading
companies as if it was the first time submitted. BTW the article also
states he owns 12.127% non-voting stock in NGC which may be considered
a conflict of interest in itself if the coins that are cracked out are
sent to NGC for possible upgrade.

"Conflict of interest" (so-called) is like "usury" (so-called). Both
are mystical concepts lacking referents in objective reality.

This is complete BS.

Regards,
Tom

Man, there might be something to that Kondratieff
cycle. It's like a mini roaring 20's again. I just can't
decide whether to quit my job and live off of home
equity "withdrawals" forever or coin grading bumps.
I even saw two teenagers in 7-Eleven wearing Flapper
buckets hats last week!

We can be like the binder-boys of 1926 if we play our
cards right. All we need for our ABCs --(Almost Bread
and Circuses) are some ETF's (Exchange Traded Funds.)
for slabs.

Let's do it!

"No! Buy the slab not the electrons!"

BTW, I really did see two teenage girls wearing buckets
hats. Has anyone else seen that in their neck of the woods?

************************************************** ***
"Financial Planner: A guy who actually remembers his wallet when
he runs to the 7-Eleven for toilet paper and cigarettes."
Bill Bonner--Empire of Debt
************************************************** ***


"Steve M" wrote in message
...
In this weeks CW there is an article about cracking out upper-end
in-grade (PQ) coins for resubmission for possible upgrading. The guy
the author talks about is Jim Halperin who Co-chairs Heritage Capital
Corp. It states Jim has been very successful in cracking out coins
and making huge profits by getting a bump in grade. It describes the
techingue he uses and some of the coins that have a huge upside
potential if a bump is received.

I'm wondering what Jim's role is at Heritage? Does anyone know if he
has access to certified coins that have been submitted for auction?
If he does, wouldn't this be considered a conflict of interest? If he
is able to view coins up close (rather than digitally) and can then
bid on them. He is quoted in the article "..it's also a matter of
being in the right place at the right time." and "I try to get there
first...".

Hopefully he assists in selling coins, recommending those that should
be submitted for possible upgrade.

I was in contact with Heritage's (Bob Marino) regarding the article
and Mr. Halperin's position at Heritage Coin but have not received a
reply.

"When Jim Halperin calculates the risk-reward ratio for cracking out
coins and resubmitting them..."

leads me to believe the coin is presented to one of the grading
companies as if it was the first time submitted. BTW the article also
states he owns 12.127% non-voting stock in NGC which may be considered
a conflict of interest in itself if the coins that are cracked out are
sent to NGC for possible upgrade.

Just one example among many of how a huge profit could be made by
an insider:

If "someone" knew that NGC grading standards were going to be changed
to start slabbing gobs of MS/PF-70 moderns, and how the change was to
be made, they could submit gobs of raw coins or PCGS MS/PF-69 coins
to NGC. These coins (at least the earlier incarnations, before they
achieved market saturation) would be snapped up by registry set
enthusiasts
and speculators for 10X-20X their original value. Huge profits were
made in
this move by NGC because of a surge in submissions and by insiders who
were in a position to know these would be hitting the market and
commanding
a large initial premium. Same thing happens all the time when there is
a
change in grading standards in a series, which occurs periodically.

Regards,
Tom

"longnine009" wrote in message
.. .
I even saw two teenagers in 7-Eleven wearing Flapper
buckets hats last week!


BTW, I really did see two teenage girls wearing buckets
hats. Has anyone else seen that in their neck of the woods?


Yes, I've seen them here in my neck of the woods too! Does this mean a
return to the 20's?

LOL!

Jonathan_ATC

Jonathan_ATC wrote:



Yes, I've seen them here in my neck of the woods too! Does this mean a
return to the 20's?

Return?