First gold Kennedy half dollar sold at ANA convention resold for $100,000

Dealers who bought coin for $5,000 sell it to longtime customer
By , Coin World
Published : 08/07/14
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The first Kennedy gold half dollar sold in person to a collector Aug. 5 by the U.S. Mint at the American Numismatic Association World's Fair of Money was resold by two dealers to another collector for $100,000.

The coin that Los Angeles collector Nick Yadgarov purchased from the Mint for $1,240 was sold Aug. 7 by David Hendrickson from SilverTowne and California dealer Kevin Lipton to an unnamed collector. Hendrickson and Lipton had purchased the coin from Yadgarov for $5,000, plus Yadgarov received another gold Proof 1964–2014-W Kennedy half dollar from the two dealers. Hendrickson and Lipton also made the same deal with the next three people in line the first day of sales — Yadgarov's girlfriend, his brother and his sister.

Hendrickson said the collector to whom the Yadgarov coin was sold is a longtime customer who purchases coins over the Coin Vault cable television show, which SilverTowne owns.

The $100,000 coin is certified Proof 70 Deep Cameo by Professional Coin Grading Service. PCGS identified the coin on the grading label as the first Proof gold Kennedy half dollar sold by the Mint at the ANA show. Hendrickson said it was likely the coin would be reholdered by PCGS to accommodate rewording on the label for the coin's identification. The second, third and fourth coins sold that Hendrickson and Lipton purchased also graded PCGS Proof 70 Deep Cameo.

"It's an important coin," Hendrickson said in defending the $100,000 price the Yadgarov coin garnered. "It's the first coin sold — the first coin released of the Kennedy gold coins. There could never be more than one being the first."

The $100,000 coin was to be displayed Aug. 11 on Coin Vault, Hendrickson said.

Keep up with Coin World's coverage of Tuesday's Kennedy release:

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52 comments
COME ON THIS IS A PUBLICITY STUNT.....IF YOU JUST SOLD A COIN FOR A $95,000 PROFIT TO A CUSTOMER WHY WOULD YOU RISK THE CUSTOMER FINDING OUT THAT HE/SHE JUST GOT RIPPED OFF?
Lol..... A coin with unlimited mintage that was not even the first one minted just the first sold at a trade show for 100,000..... "Mystery Customer" I have a bridge to sell u!!'
Look at who Yadgarov knows. Must be nice. How is the first coin any different from any of the other Gold Kennedys? Oh yeah, the other coins aren't 70s and they have been through hell. WTF! They are all the same, they are not numbered on the edge. Who cares about the packaging and grading when they are all above 65, except for separating the counterfeits.
How can I buy this coin?
I would like to buy the coin from the new owner for $250,000. Surely this is a very historic and important piece.
Hope they report that to the tax man. He's watching now
Interesting how the very first coin released was graded 70..... I wounder how much PCGS was paid
40,000 Minted for just the first day. No product limit. I would say this coin is on track to be worth it gold content like most other US gold Commem coins
Laugh now you dirty pheasants. In a few years Stacks will auction this true Numismatic rarity for a record $20,000,000+.
Just you wait and see. Wink wink lol.
at least someone didn't get murdered. not that these guys would care.
Crybaby’s, do you need a waaaambulance? Grow up.
Rucking Fidiculaous.
The PT Barnum would be proud you couldn't do a better job of promotion. I hope the ANA will be able to profit from this stunt in the end .
With the ANA shutting down the sales of these coins, this will only add to the hype! "It's the first coin sold...", probably not! They are also touting the first coins sold at Denver, Philadelphia, and Washington D.C., not to mention the first one sold online from the Mint's website. Unlimited production will show that these coins will never be rare! True collector's know, "buy the coin, not label"!
Rarity is not based on when the coin was sold. True rarity comes from how many were produced and how many survive!
WHAT A JOKE, WHY DIDN'T THE PERSON WHO PURCHASED THE COIN TAKE AND GET GRADED AND SELL IT FOR A LARGER PRICE? SOUNDS LIKE A SET UP TO ME. DID THE GRADING CO. ALREADY HAVE THE LABEL PRINTED UP FOR THE DEALER ?????
Odds are, it's not the true "first." I'm sure there were some that were pulled early for others, maybe the Kennedy family? Maybe the first sold, but what does that really mean in the collectors world...well, $100,000 I guess?
Buy the coin not the slab !! too many coins are in slabs with fancy labels , An MS 70 PR 70 is just that . Same coin , different price . Example the reverse proof buffalo ANA slab was $2000.00 premium . same coin in regular slab $400. to $500. premium . You might think this could be some kind of scam , between the grading company's , ANA and the Mint . Time will tell if this guy got his monies worth . I doubt he will .
LOL THE GUY IS SO FULL OF BS THAT HIS EYES ARE BROWN.
Nick Yadgarov, Callie Hohlfeld, Daniel Yadgarov and Rina Maya were all happy that they each got paid $5,000 for their $1,240 first bought JFK gold coins. They made each made an instant $3,760 profit, that is, a 300% gain. However, since they did not have the coin dealers’ connections to immediately have the first gold coin graded and quickly resold to the anonymous deep pocket coin collector, then everybody made out. The coin dealer made $95,000, that is, a 1,900% gain. The coin collector is happy to own the first perfect gold JFK half dollar. This process is called capitalism. You can ask Ben Bernanke and Janet Yellen if you don’t understand what it’s all about.
Fucking idiot - hope he has enough $$$ to cover the hit he's going to take long-term on this purchase.
LOL what a fairy tale, no one is that STUPID! Then again there probably is since an incompetent idiot owe-bama got enough idiots to vote for him twice!!
As P.T. Barnum famously said, "There's one born every minute." The guy who paid 100 grand will never recoup his money. Unbelievable.
Adios PCGS!
What a cheap publicity stunt. I, for one, will never buy another coin graded by these con men.
Type your comment here.
Some people have more money than brains.
Stupid is as stupid does.
- Forrest Gump
For comparison, the most expensive hotel in the world costs $67,000 per night at the Royal Penthouse Suite, President Wilson Hotel in Geneva, Switzerland. That means for $100,000, it would be buy you one and a half night stay at the most expensive hotel in the world. Otherwise $100,000 would buy the first ever sold Gold JFK Half Dollar. Which would you rather spend $100k on, the first JFK gold half dollar or the most expensive hotel stay?
The ANA is supposed to be a lamp of wisdom to the public when it comes to the true market value of numismatic items being sold at it's own event. These first buyers were offered what they thought was a fair and generous deal. However this was not an honest deal as the dealers who only offered $5k each knew full well that they were ripping them off big time. And all endorsed by the crony ANA. Shame on these dealers and the ANA. They remind me of those weekend hotel swindlers.
Oh and by the way this was only the tip of the ice burg when it comes to the full story of how much all the first coins sold for from all 4 locations.
I would think Caroline Kennedy, John Kennedys only child left would get the first coin.
"Coin Vault cable television show, which SilverTowne owns." This is the best info in the article. I didn't care for SIlverTowne before this. Now that I see they own a show that is the scourge of real coin collecting, I am certain not to do business with them again.
Oooh. First Strike and 1st Sold! What incredible rarity! It is a wondrous sight to behold. What I want is the first one graded MS69. I hear they will have a First Flaws label. Then there's the First Full Moon label for the first examples exposed to the light of the full moon. They say that the coins will have special toning due to this that only those who truly appreciate it will be able to see (and pay for).
Silvertowne Blows... That's an interesting number because I was in line with one of the good guys here Illini420 and we had the luxury of spending the night outside and the group in front of us liked to talk. This was the lady with the 7 month old baby in tow. She said that her parents were dealers at the show and that they were there trying to get only 200 coins. I think she had her initial group, and another group up ahead in the line. They seemed to have lots of credentials and some were blank. I know at one point there was some confusion and panic in their group and others day 2 when they (the mint) announced the would be double checking credentials against governement issued ID's. They had said "they weren't doing that yesterday" I heard one of them say you hey you spelled my name wrong. That was followed up with a search for a pen...which later became the need for a Sharpie like the ones used by the ANA staff.

It is my understanding later that this gal with the baby was behind the dealer table with her family and the baby and she indicated that they only got 85 coins. I can bet there were not too many dealers set up at the show with Babies and I'm certain people know who they are.

Keep in mind, I would consider this bunch only a small group compared to the big organizer involved in what I considered a war room effort to buy "hundreds" of coins. I watched their counters walk back and forth so that they would know their exact position at all times. Need another 10-40 coins, no problem, they would just conveniently deliver a tray of coffee and a box of donuts and slip 5 in line here and 5 in line there and openly hand out lanyards to the new additions. It wasn't hard to figure out once I got it out of my head that perhaps they were show staff. All in all I had a blast hanging out with Mike and that sure made my whole trip memorable.
P.T. Barnum said, "There's a sucker born every minute". Abraham Lincoln said, "You can fool all the people some of the time, and some of the people all the time, but you cannot fool all the people all the time."
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This is why no one wants to buy coins anymore. Dealers get rich and their clients get fleeced. Wonder if he will ever get the first price paid of $5000 back for the coin?
Just like the 2013 Rev Proof Buffalos and Baseball coins the public gets ripped off and dealers tell everyone how great the market is
Any retail clients make any money on the Buffalo or Baseball????
No no one cares about those any more after all the dealers sold out and one dealer can't give away what he has left.
Based on Mr. Lipton's known actions in creating a near riot at the Denver Mint in order to hype this coin, I suspect this article is a total lie. If PCGS participated in either instance, I would suggest the collector community boycott their products and the ANA pursue fraud charges on behalf of collectors.
REALLY, Silverr town flooded the ANA coin show with purchasers. they have overt 44 ANA gold kennedys for sale so far on Ebay. How many did they buy? Boycott this dealer.