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Valuing an error coin for purposes of insurance (TPG submission)  
 

 
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Pillar of the Community
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United States
2918 Posts
 Posted 01/12/2018  08:01 am Show Profile   Bookmark this topic Add BStrauss3 to your friends list Get a Link to this Message
Several years ago, I bought an error coin in my series from a top dealer at a major show. It's an uncommon error (split before strike), 150 years old, in a reputable TPG slab.

Like all errors, it's essentially unique, and difficult to price. I paid pretty good money for it, but both parties thought it a fair transaction.

I love the coin, I did a huge stackshot of it and have it as a 12x12 image at my desk at work and on a 30x40" poster.


Couple months back, I cherrypicked another, similar, maybe even better one on eBay, raw. This one split so that the date is visible, not just the edge of the rim (and yeah, if you search here at CCF you'll find both posted - the specifics of the coin aren't relevant to the question).


The question: I plan to be bringing it to NGC at the ANA show... but I will have to put a value on it for the return insurance. Do I use what I paid 3 or 4 years ago? More? I'm definitely not using what I paid on eBay this fall.


-----Burton
43+ year / Life ANA member (joined 12/1/1973)
Owned by four cats and a wife of 33 years (joined 1983)
Bedrock of the Community
United States
13709 Posts
 Posted 01/12/2018  11:57 am  Show Profile   Bookmark this reply Add Conder101 to your friends list Get a Link to this Reply
I would at least use what you paid for it years ago. On that you have the advantage that if something was to go wrong they would request proof of value and you would at least have the sales receipt to support your claim. That reciept is something that the PO says they would accept as a supporting document of value.
Gary Schmidt
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14273 Posts
 Posted 01/12/2018  1:05 pm  Show Profile   Bookmark this reply Add moxking to your friends list Get a Link to this Reply
Either what you paid or confirmed sale of similar if not same.
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24444 Posts
 Posted 01/13/2018  2:34 pm  Show Profile   Bookmark this reply Add Coinfrog to your friends list Get a Link to this Reply
If it's arguably better than the one you bought some time back, then I'd certainly insure it for more.
"The value of something is what you can sell it for the same day you bought it."

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