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 Replies: 14 / Views: 1,783 |
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Valued Member
United States
60 Posts |
Hoping many of you with vastly superior knowledge to error variety worth can explain something to me... I read about Lincoln Cent errors like the 1955 Doubled Die, 1992 Close AM, 1969-S Doubled Die, etc being worth lots of money (1000's on most sites) and are very sought after. Yet looking on ebay I see Sold results for the same coins for considerably less than what I read. What is the discrepency here? I see 92 Close AMs in PCGS case verified availble for around 1500 and not sold as well as 1955 Doubled Die's. From reading sites and watching Youtube videos of collectors, I'd think these coins would be snatched up immediately. What am I missing? Is it a lack of believability on ebay or are they presented wrong in the Item Sale? Just trying to understand reading that finding these coins can get a big profit and then seeing them available on ebay and not sold. Again, I am asking from a standpoint of "what am I missing?" as I try to understand what I am guessing are some pitfalls in the hobby? Thanks for answering! |
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Bedrock of the Community
United States
94367 Posts |
I think you would need to give us specific examples - there are simply too many variables at play in evaluating expensive coins, whether they are errors or not.  to the CCF! |
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Valued Member
 United States
60 Posts |
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Bedrock of the Community
United States
94367 Posts |
Both of the '55 DDs are "details" coins and are priced only $40 apart, a 3% difference, which is insignificant.  |
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Bedrock of the Community
13014 Posts |
Pricing is dependent upon the grade, just because a variety or coin can be worth thousands doesn't mean every one is worth thousands. Price is dependent upon the grade and whether or not it is a details coin. High value ungraded coins are often problem coins trying to be sold as problem free, fakes, or not the variety/type they claim to be.
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Bedrock of the Community
United States
94367 Posts |
On the '92 cent, one is an AU in a straight-grade major TPG holder, while the other one is most likely a "details" coin with a badly discolored obverse. The price discrepancy is significant, as well it should be. Edited by Coinfrog
09/01/2019 12:02 pm
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Pillar of the Community
United States
1601 Posts |
Both of the '55 coins have been cleaned, meaning that someone wiped the tarnish off of them before they were sent in for grading. This greatly diminished the "value" The Close AM coins are significantly devalued by their condition. They've all been heavily circulated and I don't think the one on the paper towel is even a Close AM - it's hard to tell by the picture. With coin values, it all comes down to condition, condition, condition. If you look in a guidebook like one of the Red Books or the CPG or Greysheet, you'll see how condition affects the value of coins depending on their condition. Anytime you see the word "Details" it means the coin has been altered in some way, usually by cleaning, which totally destroys the value of a coin to a collector. Hope this helps. |
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Pillar of the Community
United States
1667 Posts |
As stated both 1955s are "problem coins" I mean someone might buy them but when they are details grade 10% of the grade value might get them sold. Both Close AM coins are ugly. My problem with the first one linked, the one that isn't graded, is that it isn't a Close AM, it's worth 1 cent. Someone buys that is getting seriously ripped off. The A IN America is flattened some and appears close but the spacing between the M and the E isn't right for a Close AM and the FG by the memorial is too close to it to be a Close AM. The 2nd one is legit in the slab it appears, and a quality seller with good feedback. It's eye appeal isn't great though. Generally people aren't too keen on "buy it now" on ebay. They are looking for auctions and great deals. If you have to pay at or near list price for a coin better to just pick a good one from a coin show full of dealers and see a few of them and pick the one you like best in person instead of online. I tried to look up a comparable on ebay in sold listing but like everything is a details coin, or NOT a Close AM. Looking at the 2nd coin for a comparable on PCGS prices realized listing of AU58 (I went with BN, if it were red it would say so on the slab I'd think) but it's been selling for $1000-$1100 in that grade since June now in auctions. Book prices and list prices don't change. Actual sales that are current is the best way to figure out what a coin is worth. Even PCGS is Going to say it's worth $2250 on their price guide because it's not updated frequently it's an average of all sales in that grade they have recorded. But it hasn't sold for $2250 in 3 years and his asking price is about what they sold for in 2018. Last 4-5 sales of a comparable coin in the past few months have been $1000-$1100. This second Close AM seller might get it sold if he comes down to recent 2019 prices, otherwise he will have it sitting there a long time waiting for someone that doesn't know any better to come along with $1600 to burn. Every year there is a "summer slowdown" in coin sales and prices. There's less buyers in the summer than in the winter. It's better to sell in the winter. Finally, a coin that is top quality or rare would be sold for top dollar on one of the major auction sites like heritage where the high dollar buyers are. Generally those people don't buy from ebay unless it's a smokin' hot deal that they can't pass up. They can get a really great coin from heritage or one of the others. ebay has a different kind of buyer... and sellers, and ebay itself is less discerning on what is offered and a seller can just say "no I'm not selling, your price wasn't good enough, too bad." Buyers can disappear and back out also. So there's that too with ebay. Maybe this sheds some light on it. Edited by Big-Kingdom
09/01/2019 1:08 pm
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Bedrock of the Community
 United States
12815 Posts |
Excellent answers/advice.
If you're just getting into this, I suggest doing lot of study before jumping in and trying to turn a profit. If you scour CCF you will find plenty of articles with excellent photos on genuine varieties/errors. And as said above, "condition is everything".
Good luck!
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Valued Member
United States
60 Posts |
Thanks for all the infrormation...makes perfect sense now...
Not trying to turn a profit, was just curious of what I was seeing vs what I was reading...
I really appreciate all the information...thanks a ton!
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Rest in Peace
United States
17900 Posts |
Think of it this way. If someone offered you a new loaded Ford Mustang don't you think the price would be much less for the same car totaled and in the scrap heap? Of course.
Value = Grade +/- Eye Appeal = Condition.
Price = Number available in specific condition / number of potential buyers at that level seeing that coin for sale.
This is NOT the same as Supply and Demand.
Even if a 1804 PCGS MS-65 Draped Bust Dollar were available for sale for $500,000, which would be exceptionally cheap for that coin, only a very small percentage of the potential buyers could afford that bargain.
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Bedrock of the Community
13014 Posts |
Quote:
As stated both 1955s are "problem coins" I mean someone might buy them but when they are details grade 10% of the grade value might get them sold. 10% is overkill. They're certainly worth less than problem free coins but a cleaning won't take away 90% of the value. Different problems generally reduce the price by different amounts, cleaning can have a big or somewhat small impact on the value depending on how bad it is. To lose 90% of the value you would be looking at a coin that is mangled or have multiple problems like being polished, bent, and holed. Despite the fact that they will be less desirable and have a smaller and possibly even an extremely small potential buyer base, most cleaned coins probably fall somewhere in the 40-60% of normal value range with some being less and some being more depending on how harsh it was. |
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Pillar of the Community
United States
1667 Posts |
Basebal21, just curious would you be a buyer of one of those from ebay if he were selling them for $850-$1100 somewhere in there which is the going rate for AU slabbed details coins of the 1955 double die from August? If this seller came down $200-$450 on his prices would you buy either of them? Also consider straight graded AU58 is selling for $1400-$1500 as of august. I agree I am exaggerated at 10% of the value yes, but it's how important it is for people to understand never to try to make their coins "better" by scrubbing them. This seller is expecting AU53 price roughly for a cleaned AU details coin. I'm not trying to pick an argument, I'm just curious if you would buy either of those listing's if he knocked them down between $850-$1100 is all. |
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Bedrock of the Community
13014 Posts |
Quote:Basebal21, just curious would you be a buyer of one of those from ebay if he were selling them for $850-$1100 somewhere in there which is the going rate for AU slabbed details coins of the 1955 double die from August? If this seller came down $200-$450 on his prices would you buy either of them? Also consider straight graded AU58 is selling for $1400-$1500 as of august. I agree I am exaggerated at 10% of the value yes, but it's how important it is for people to understand never to try to make their coins "better" by scrubbing them. This seller is expecting AU53 price roughly for a cleaned AU details coin. I'm not trying to pick an argument, I'm just curious if you would buy either of those listing's if he knocked them down between $850-$1100 is all. I wouldn't, but I wouldn't be a buyer of a straight graded one at a reasonable price either. Lincolns don't excite me neither does the DD. If I were going to get one I would wait for a PCGS AU 58 BN with a CAC sticker especially since like you mentioned the grade spreads are pretty small |
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Pillar of the Community
United States
3540 Posts |
Believe your question can be applied to key and semi key dates of every series as well.
What is the true value of any coin, with or without flaws, in the marketplace.
For the past 10 months, the collector coin market is the BUYER'S market. Prices are down. No price is solid. ALL are negotiable. Especially coins that have been on the market for some time.
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Replies: 14 / Views: 1,783 |
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Posted 09/01/2019 11:45 am
