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 Replies: 15 / Views: 1,406 |
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Valued Member
United States
121 Posts |
This one is new to me: I have an excellent relationship with an extremely honest dealer in the northeast. He has an NGC VF-35 1893-S coin. Note not VF details, but a real VF-35 grade. I will post a pic tomorrow. It shows luster as if it were an AU, and his theory is that it was lightly cleaned (and showed me reasons on the devices why he thought this was so). Accordingly, instead of giving it the improperly cleaned or the dreaded body bag, he believes NGC just docked it by 10-15 points. He is seeking slightly more than $10k for it.
My questions:
1. As a coin purist (strongly anti-cleaning), should I consider it?
2. Have anyone of you seen such a situation in which the grade was docked instead of being marked improperly cleaned?
3. Would, in your considerable estimation, the resale value of the coin be severely impaired?
4. Can a light cleaning be detected defintively through the acrylic holder?
and finally, linking to my prior post, if you had the opportunity for a PCGS XF40 for 9000$ and this VF-35 that may be lightly cleaned and prettier for 10500$, which would you choose?
I will post a picture tomorrow and again, am a novice in certain respects of this hobby, and accordingly appreciate the combined thousands of years of experience brought to bear on answering these questions.
Thanks!!
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Pillar of the Community
United States
1812 Posts |
Quote:
1. As a coin purist (strongly anti-cleaning), should I consider it?
Quote:
if you had the opportunity for a PCGS XF40 for 9000$ and this VF-35 that may be lightly cleaned and prettier for 10500$, which would you choose?
 If your a coin purist as claimed above, why would you even consider a lightly cleaned coin? If your dealer is extremely honest, why would he ask so much for a coin he believes was lightly cleaned, and if you prefer this coin, have him submit it to CAC and see if it comes back with their sticker. Over the years I've given advise on how to find a honest coin dealer and should I post it here, you may find that your dealer MAY not be as honest as you believe. I used to do coin shows and posted my 2001 dealer badge so you know I'm not new at this...  Edited by Broken-Coin
03/16/2013 02:53 am
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Valued Member
 United States
121 Posts |
First of all, thank you for your response. Even without the badge, it is obvious this is not your first rodeo.
I was only considering the potentially lightly cleaned coin because the dealer believed that it may have been lightly cleaned. I thought the top two TPGs would be on the look out for any sort of cleaning and give the slab a "EF details" instead of docking the grade without mention one of cleaning. If I knew or was 99% sure, it would be out as far as I am concerned.
I will have to post a picture today as soon as I come back from the store today and let everyone give their 2Cents (or 10,000$ in this instance).
Again, thank you for your reply at this hour.
David
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Rest in Peace
United States
10625 Posts |
Pictures are definitely needed to sort this one out. I'll hold my comments until then.
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Pillar of the Community
United States
3283 Posts |
Very interesting question in my view.
My first thought was buy the coin you like better regardless of what the slab says, of course considering pricing; this has always been my approach to purchases.
But were not talking about the average collector coin in my collection worth 50 bucks or so, this is a serious decision involving an investment coin.
Or is it? What do you plan to do with it? If your just going to admire it until you go to the great beyond then go with my first thought, buy the coin which you like best and consider the encapsulation a nice storage device as well as proof of authenticity. It is in a problem free slab by a recognized grader which gives it a "guaranteed" value.
If you can see and/or believe the coin was cleaned, and the "damage" is bothersome, then certainly buying a cheaper and higher graded coin by who most believe to be the top dog (PCGS) is the wisest choice.
I haven't seen the coins but IF it were me original luster, lets say 'makes me happy'. Obvious cleaning, not so much :(
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Pillar of the Community
United States
1213 Posts |
I'd like to see the pics too before commenting.
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Valued Member
United States
102 Posts |
Both prices are far too high - I strongly recommend that you pass on both coins. Recent sales in 35 are $6,400. Recent sales in 40 are in the $8000 range for PCGS ($5000-6000 for NGC)
If you're looking to spend $10K on one of these, I would wait for a good PCGS 45 to come up - the last sale in January 2013 was at almost exactly $10K. Frankly, with a population of 400+ coins in each grade at PCGS alone, you can afford to wait and be choosey.
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Pillar of the Community
United States
8904 Posts |
Quote:
If you're looking to spend $10K on one of these, I would wait for a good PCGS 45 to come up  |
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Valued Member
United States
121 Posts |
pictures as promised, of course the coin is not problem free (scratches behind lady liberty on obverse) and stars around 8 O'clock (maybe where they held to dip?) I am happy with the coin and am holding until death. and didn't pay the price quoted yesterday to boot.    But, it certainly has the cartwheel luster (so it wasnt tooled). |
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Valued Member
United States
104 Posts |
Looks pretty solid for the assigned grade, in my opinion
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Valued Member
United States
121 Posts |
Coinzip,
I appreciate the input. The photos, unfortunately, do not do justice to the luster. In this case, I bought the coin and not the grade (holder).
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Pillar of the Community
United States
3283 Posts |
Total beast of a coin. Be proud  |
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Pillar of the Community
United States
5207 Posts |
Very nice coin.
If you are happy and you should be with that one that is all that matters.
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Pillar of the Community
United States
1211 Posts |
I would put it at EF40 but most likely cleaned. I would pass. Just way too expensive for a "subpar" coin, IMO.
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Rest in Peace
United States
10625 Posts |
I've never seen a VF35 Morgan with original cartwheel luster. This is either a weak struck under graded coin or cleaned. If it is as good as you say it is in hand, I would submit it for a regrade or crossover with instructions to not crack it out unless it meets a specific grade (problem free).
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Pillar of the Community
United States
3283 Posts |
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Replies: 15 / Views: 1,406 |
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Posted 03/16/2013 03:34 am
