Question On Trade Dollars

Oh I didn't realize it worked like that. I thought HA was just an online auction house. Didn't realize they hosted actual auctions.

I also think chopmarks add a lot of character and history to TDs. So, if you're not collecting MS examples in your 7070, you might want to consider a chopmarked coin.

I recently upgraded my 7070 TD with an ANACS AU58 details (chopmarked) coin I found on ebay. I paid $470, which seemed a bit high until I had the coin in hand. It looks like a blast white, lustrous gem, and the chops are totally cool.

Well that's how it used to be with ALL auctions. And they can afford to go with eliminating the buyers fee on internet only auctions. There is no reason for them to have the same high fee rate as the live auctions as there is much less overhead cost. Less advertising, no printed catalogs, no transportation cost to the show, no extra staff cost to feed and house staff in a hotel at a show, no cost for a hall to hold the auction in (if it wasn't comped by the convention center) and so on. Without all those expenses you can cut the buyers fees (encouraging higher bids) and still make a good profit from the sellers fees.

Chop marks are as bad as cleaned coins and counter stamps to me.


And SsuperDdave, you got me addicted to HA already! I have like 16 coins bookmarked. I can't wait for the auctions to start. How exactly does bidding work. It it like I place the highest offer I am willing to pay and wait to see if it wins on auction day? Or is it like ebay how higher bids keep showing up when it is bid on?

I don't know what it is like where you are, but is there a reputable dealer in your area. I know the dealer by me typically marks the coins in stock at "x%" above grey sheet.

Then he backs off that by "y%" amount for a customer. There are some pieces that greysheet doesn't always keep up with (vf barber 1/2's come to mind instantly) but I would think you'll end up paying 10% to 20% over grey no matter how you go about it on something as stable as Trade dollars. Nothing like looking at it up close at a show or dealer before putting cash down on it.

Heritage is great, but you have to make certain you know how to proceed with using the site. They conduct online only auctions, but their major sales are held in conjunction with the larger shows. One may bid online prior to or even during the live auction, but their live auction bidding software is a bit itchy and you may end up bidding on a lot you had not wanted. Therefore, if you are going to bid online you should do so prior to the floor bidding. Floor bidders have several advantages over online bidders in that they can examine the coins in-hand prior to the sale, will be given the ability to submit a cut bid more frequently and can avoid having to pay for shipping. Additionally, Heritage is not an approval sale. Therefore, if you are high bidder then you must consider it "SOLD". There are times they will allow a return, but if you abuse the process they will shut down your account.

Read their policies and then tread lightly. It pays to hire someone to do auction lot viewing. Paying someone (I also offer this service) typically only results in a fee if you are the high bidder on the lot in question and that fee is generally 5%. This may seem like a lot of money to pay for an extra set of eyes, but these eyes are helping you avoid mistakes. Lastly, the Trade dollar that you linked was previously dipped; do you like dipped coins in your collection?

The major TPGs (PCGS and NGC) routinely certify dipped coinage as problem-free. This is not a secret. The larger numismatic market readily accepts dipped coins as problem-free and both PCGS and NGC do, too, as long as the coin isn't "dipped-out". A dipped-out coin is one that has been dipped repeatedly to the point that the surfaces are burnt or is a coin that is a completely inappropriate candidate for a dip. An example of an inappropriate dip candidate would be a F12 Capped Bust half dollar; the coin would look terrible after a dip.

Please note that while the larger numismatic community accepts dipping, some of us view dipping as a form of doctoring. My stance is largely consistent with those who view dipping as doctoring and this was one of the major stumbling blocks that the Coin Doctor Definition Committee that wrote a definition for doctoring encountered. I was a member of that committee and I wrote large portions of the definition that was submitted to the PNG and eventually accepted.

When looking at coins you have to ask yourself a simple question; how does a 135-year old circulated silver coin stay completely white? The answer is that it stays completely white if it has been dipped.

The vast majority of circulated coins from the 1800s should be toned to one degree or another. A blast white coin from that period has been dipped unless it is a Morgan dollar that had been stored in an original Mint bag for decades. Alternatively, there are a few dates where original hoards or groups surfaced and these mint state coins were also largely untoned. Aside from those exceptions, vanishingly few 135-year old silver coins will be scrupulously without toning.

The reason silver coins tone is because the silver in the coinage oxidizes. I do not know if I am allowed to link my own website on these boards, but I have an article on my site that discusses the science of toning. The link to my website is below-

http://www.tbnumismatics.com/

Here are a few examples of AU coins with original surfaces. The first two are more deeply toned, and older, than the Trade dollar you linked previously. The third is a Barber half dollar that is just over 100-years old and that is significantly lighter in color than the others. However, it has very thick skin (patina) and is not a blast white coin at all. The images of all are accurate and I know this because I own the coins and I took the images-

A PCGS AU53 Draped Bust quarter


A PCGS AU55 Reeded Edge half dollar


A PCGS AU58 Barber half dollar