1829 Half Bad Buy?

I bought this yesterday and the long time coin collector who got me started in the hobby said I paid way too much for it. I have to say that I'm totally happy and feel that he's missing something that would make it worth more. He does admit he, nor I, know nothing about Overton numbers. Here's the info on the 2x2.

VF-30
RI (or R1) Overton 112
$110

He feels it is overgraded because some of the letters on the back are worn into the edge. He also mentioned it was dipped, but this wasn't a major concern since it was done correctly. My frustration is that for the last two weeks I have been reading the Grading Standards Guide put out by Whitman and thought the grading was correct.







My dealer bought this from an estate. The kids grandfather kept the original envelope his coin dealer had it in back in 1940.



Yep, he paid 75¢ for it!

And finally, I noticed that there was an error on the edge lettering. Someone forgot the 'H' in 'HALF'. Geeze, even back then.



My friend's final say on the subject, "There are so many of these you can get them at the auctions for $20."

So, I'd like to know what everyone thinks. And if my friends is correct.let me know if anyone is near these auctions, I'll give you my want list!