Quote:
Regarding grade - I do not grade using the Sheldon scale. It is a foolish system for coins struck on a screw press. It is an inaccurate method for these coins. Rarity, strike and state of preservation relative to the technology employed are infinitely more important than technical wear.
You can tell that the fools now investing in high number slabbed C&R 8Rs are in the game when an MS example of a late date second republic issue (generally the only type that qualify as MS due to strike issues) brings over a thousand dollars more than an exceptional (but not MS) Hookneck at auction. I just laugh when I see that. They are IMO wasting thousands of dollars chasing a dream that really does not exist in this series....
...When the market breaks and it will, do not expect an experienced collector to be interested in a "technical" grade coin.
The above was recently posted by
swamperbob in another thread. I think it's a basis for an educational "stand-alone" topic.
I'll admit that when I first started collecting this type (not so many years ago) I was apt to chase the commonly available standardized die types on the basis of condition, anything MS being the goal. This pretty much coincides with the approach normally taken in purchasing Morgan &
Peace dollars.
I've rather changed my attitude at this point. I'm now much more interested in the distinctive First & early Second Republic varieties than the "cookie-cutter" later issues. Now I'm certainly not seeing the four figure prices
swamperbob mentions for the latter when certified in MS condition. In my area, sometimes such, if, say, just at 62 or 63, are still only $150-200+, but the pricing trend is definitely strongly to the upside.
An example of this was provided to me last week by a nationally known numismatist with whom I do business. He'd come into a group of 8R's (not at all his specialty), mostly portait, but a handful of C&R's as well. The ones from the 1890's were all commonly seen high mintage issues, raw to be sure but all pretty obviously unimpaired MS, and I'd venture some'd grade out at 65 or better. Based on his research as to present valuation, he had these at $350+. Perhaps that's "reasonable" pricing at this juncture, but it still seems to me to be way over what such would've fetched just a few years ago. Needless to say, I passed on them. I agree with
swamperbob that I just don't see how the current spike can be sustained in the long term.
Posted 04/10/2017 12:44 pm
