| Author |
 Replies: 21 / Views: 2,315 |
|
New Member
United States
31 Posts |
This is a coin I bought 45 years ago for $50. I took it to a couple dealers and got different opinions on it. The first photo was taken with diffuse lighting and in my opinion more representative as to how it looks and color. The second was taken with a spot light at a very shallow angle and highlights all the minor scratches. What condition? Thanks   |
|
|
|
Pillar of the Community
United States
3184 Posts |
1st pic made it look so nice but the second pic seems more realistic. Probably ms61-62 or even a nice AU58
|
|
Bedrock of the Community
United States
36782 Posts |
Wow, a great Type I! I remember when these were in the $48-50 range. If only I was not chasing girls and hot rodding cars at that time.
I think you might get an MS-60 or MS-61 out of this one and you really do want to spend the money to get it slabbed.
P.S. Welcome to CCF!
|
|
Pillar of the Community
United States
5854 Posts |
 Wow! What a magnificent coin! It would definitely be worth spending some money to get this certified by one the top TPG's if you plan on selling or even if you don't, just for protection. I would go with either PCGS or NGC for a coin with this kind of value. I think your coin could grade at the worst a MS-61 with a good possibility of MS-62. |
|
Pillar of the Community
United States
4337 Posts |
Quote:
If only I was not chasing girls and hot rodding cars at that time. NO! Your youth should be about chicks and cars...look how well adjusted you are now, spending your time on a coin forum, talking about coins...all...the...time...errrrr, well, maybe not that well adjusted but still, CHICKS AND CARS!! YESSSS  |
|
Moderator
 United States
23522 Posts |
Oh, my Goodness. This issue is darn-near impossible in Mint State, and I can see no reason to believe it's circulated. MS61, maybe 62, obverse-limited as the reverse is doubtless 63. If 62, value is easily in 5 figures. I don't think more than 30 of these are known in Mint State. It is imperative that this coin be in a PCGS slab, even if it's your intent to pass it on to your heirs, and in fact I'd advise specific language regarding it in your will. This one is that important. Well-met, ray1221.  |
|
Pillar of the Community
United States
4989 Posts |
Amazing coin. Agree with MS-61/MS-62 grade. Definitely mint state.
Get it certified !
|
|
New Member
 United States
31 Posts |
I admit to being prejudiced and not versed in technical grading. I looked at PCGS photo grade MS62 coin and it is ugly. I bought it to dealers for an opinion on grade and not offering for sale. One said solid 63 but he clients are not in the market for this. Next said "nice type 1 with gold at $1800 that is what it is worth". Next said 58 and offered $2000. Last one said 62 as he drooled over it and offered $4000. I sent pictures to Heritage Auction. I got the automated response that meant they got the pictures and had my email address. But no response in a month.
I am not particularly interested in selling, and from my inquires getting a fair price does not seem easy. My son has a mild interest in coins and when he inherits it I won't care what happens to it. It will live happily in my safe deposit for the rest of my life.
People urge me to get it graded. It seems that the grading fee depends on the value of the coin. Assuming MS61-MS63 that could be 6 to 24k. How do you know the value when you don't know the grade? If the coin is going to live in the vault what benefit is there to getting it graded?
I started collecting coins in the late 1940's and stopped to pursue other hobbies in the late 1970's because of the coin collecting community changing.
Thanks for all who offered opinions on it.
|
|
Moderator
United States
23522 Posts |
The offers you're seeing from dealers are founded partly on their balance between what the coin is worth, and their likelihood of having that much capital tied up in one coin while they find a buyer. Obviously, a dealer has to make a little profit on your coin, and unless they have a buyer they know will take it quickly, you're not going to see a reasonable offer. The $4000 guy was almost reasonable, but he was still speculating. He doesn't have a buyer. Collectors who have both the interest and wherewithal to buy coins like this tend to have longstanding relationships with high-end dealers, who go to auctions with a specific want-list and bid from a knowledge of both the value of the coin, and what their client is willing to pay. Some few collectors bid on their own initiative. But consider my use of the word "bid" - this coin will only see a fair purchase price if liquidated through one of the high-end auction houses. Any of them (Stacks/Bowers, Heritage, and the ilk) will cheerfully consign a coin like this on your behalf, minimizing your effort. Like it or not, PCGS slabs see higher prices in the marketplace. I'm not expressing an opinion, just a fact. Nobody with $10k to spend on a coin will purchase it raw without the absolute word from a dealer they trust - your ROI for spending the cost of slabbing is obvious both from a standpoint of realized price and saleability. You determine the cost level of a submission by honestly estimating the grade of your coin. The cost of a PCGS slab would be the same for MS60-62 on this coin, anyway, and a grand total of $20 cheaper if it reaches a lesser grade. If it by some chance reaches MS63, I suspect PCGS will let you know and you'll be happy to fork over an extra $50 because you now have a $30k coin. Considering your initial investment, that won't kill your net profit either way. Since your intent is to pass this coin on, maximize the value to your heirs by having it slabbed, and ensuring that they're well aware of what it is. It's my usual advice in this case to insert specific language into your will about the nature of the coin and preferred liquidation, it being more binding morally if not legally than bequeathing it in bulk. |
|
Pillar of the Community
United States
759 Posts |
Due to assured authenticity, protection, increased liquidity and maximization of proceeds, whether next month or in 50 years, I can't agree more with SsuperDdave's comment on the ROI associated with having it graded by PCGS. Who knows? When your son finally decides to part with it, 2012 PCGS slabs may even be collectible. I can't stress enough the protection aspect of slabbing that particular coin. One set of sticky fingers and a fumble by yet-to-be-born grand kids 20 years from now could turn it from MS to AU and mean the loss of thousands. I only wish I had your grading dilemma.  |
|
Rest in Peace
United States
4849 Posts |
I don't think 63 is out of the question here to be honest. The early double eagles are graded a bit more liberally than later ones, and they don't seem to have the same luster quality. These big gold libs also pick up facial marks really easily, and there are very few marks on this one considering. I would think it would either get a 58+, or a 62-63 from PCGS....just a guess.
I agree with Dave, PCGS is imperative; or at least NGC. This could double the value of any offers made on it.
|
|
Moderator
United States
23522 Posts |
I don't think 63 is out of the question, either, but it's at the point where the old "creating wealth" bugaboo rears its' ugly head.
|
|
Pillar of the Community
United States
3546 Posts |
ray1221,
How much does this coin weigh?
Will you please keep CCF informed by posting a photo of the completed slab on this thread should you decide to get it evaluated?
I would say MS62 if all parameters are in spec...
Thanks,
mdpmedia
|
|
Bedrock of the Community
United States
10982 Posts |
Looks like a solid MS62 and I believe PCGS would agree. NGC might give you a better shot at 63.
It looks like a $15k coin either way and should be kept safe in an Ait-Tite until you decide to have it graded.
Congrats on a great coin!
|
|
Pillar of the Community
United States
3184 Posts |
|
|
Pillar of the Community
United States
620 Posts |
MS-63 If it was mine it would go to NGC for there opinion.
Great type set coin. One to be proud of for sure.
|
| |
Replies: 21 / Views: 2,315 |
Posted 07/29/2012 7:34 pm
