I received a letter from a fellow who had an American Express card for sale. The card had a code of 5037-5-59 on its back, showing the card was ready for issue in May of 1959. This would make it one of the first plastic cards, since the first credit card American Express issued was made of paperboard and had an expiration of April 30, 1959.
The fellow who wrote told me it was in excellent condition. It was unsigned, but he’d be happy to sign it for me if I wanted him to.
Learning from experience, I wrote back to the man explaining I’d have to see the card and not just a Xerox of it so I could make a firm offer. I also mentioned that he shouldn’t sign the card or do anything to it, like clean it, since he might unknowingly damage it or lower its condition.
Examining the condition of the card
A few days later the card arrived. It was pretty much how I’d figured. The card graded a Fair/Poor with heavy wear and soiling. It had minor cracks in the plastic in the area of the account number.
The card also had what looked like red Magic Marker ink in the account area. The ink appeared to have been there so long that it was pinkish and was now probably a permanent part of the plastic where it had soaked in.
The ink would have been very difficult, at best, to try to remove even if it would have been able to come off. It was wedged in the numbers of the account.
The card was particularly heavily soiled on the front right. The oil or grease looked close to impossible to remove since it was ground in. It ran across the white signature space, which also made cleaning it a no-no.
Basically, the card was worn-out, cracked, and dirty with probably no way of improving its appearance. But, it still was one of the first plastic American Express cards, which made it highly desirable to many collectors.
Searching for possible buyers and profits
Now, what I had to do was find out how desirable. I thought in the condition it was in that it should probably sell for $105.00 to $125.00. Somewhere in that range.
The first collector I called was interested in the card even in its current condition. I asked him what it was worth to him, and he said $125.00 to $135.00.
I told him I had figured $105.00 to $125.00. So, we agreed that if I could acquire the card that he could have it for $125.00.
Knowing what I could sell the card for, I then sent the card’s owner a check which was my offer.
A few days later I got a call from a collector. I mentioned that I had a chance at getting my first American Express plastic card. I told him about the condition and how someone was willing to pay $125.00 for it.
When he heard that he said, I’ll give you $165.00 for it! I told him no. I already made a commitment to the first collector.
The next day I talked to the collector who was waiting to see if my offer had been accepted for the card. I told him I hadn’t heard anything back yet. I also told him that as soon as he bought the card from me that he’d have a $40.00 profit!
Losing an opportunity
Within a week, my check came back. There was also a note· that read, “I thank you for your offer but I had an offer of $100.00 from a member of my coin club, so would appreciate the card back.”
I returned the card to the owner. My final thought was, “Too bad the fellow who got the card doesn’t know he already has a $65.00 profit. Nothing is finer than buying a prized card and already having a healthy profit by the time you get it.”
Now that I’ve written this, maybe he’ll know. I sure hope so. It’s one of those things that makes collecting so fine.
The mail bid sale was held by the card’s owner, Victor Zilaitis. Victor had found the cards in an old billfold while at an estate sale a couple of months ago. The wallet, with the cards, cost Victor $10.00!
As though that wasn’t enough, the wallet contained a fifth paperboard card. A Standard Oil credit card with an expiration of September 30, 1946. Victor also intends to sell that card.
Copyright Greg Tunks, 1991
