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 Replies: 17 / Views: 3,701 |
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Pillar of the Community
Canada
1081 Posts |
This relatively rare coin is graded very high by a reputable TPG....the dealer is asking $4,200. No I am not going to buy it but, as I'm trying to educate myself about copper, I'm curious to know what that crud on the reverse is? Is that corrosion? If so, what could justify that grade? Even if it's not corrosion there's a bit of a deficit in the eye appeal department.   |
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Pillar of the Community
Canada
857 Posts |
I dont know what causes something like that, but this coin is not one I would spend anywhere close to $4200 on. Low eye appeal or not, this coin doesn't even look mintstate to me.
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Pillar of the Community
 Canada
9862 Posts |
At that price point the mark is called a "red flag".
Especially since it has the Cook Collection pedigree.
"Dipping" is not considered cleaning...
-from PCGS website
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Valued Member
United States
191 Posts |
@DBM said: Especially since it has the Cook Collection pedigree.
Could you provide more information on this, please?
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Pillar of the Community
Canada
9862 Posts |
"Dipping" is not considered cleaning...
-from PCGS website
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Pillar of the Community
 Canada
1081 Posts |
Oh right - Cook was the guy who cleaned most/all of his coins right?
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Pillar of the Community
Canada
818 Posts |
The simple answer is it's rust/corrosion. Usually it's greenish on copper, but scrape it off and it's often black underneath. Could also just be a spot where something from the environment stained it black. I'd call it a corrosion mark, i.e. damage.
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Pillar of the Community
 Canada
5392 Posts |
Verdigris , environmental damage . No way that coin should straight grade .
Does not appear mint state and the eye appeal is not great .
Much better things to spend 4 K + on .
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Pillar of the Community
Canada
1081 Posts |
Yeah - I was really just curious as to what that stuff was. But perhaps the only salient point is that if a coin looks like that then stay away.
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Pillar of the Community
Canada
5324 Posts |
That is why I tried to convey my comments about the regrading after having the opportunity to see 140 or so coins at the Chicago show, about 20 was reholder with no mention of cleaning, thus the problem. This is a poorly conserved example.
Edited by john100
06/14/2020 10:37 am
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Pillar of the Community
Canada
1081 Posts |
@john100 - it's surprising...I think of PCGS as a fairly disciplined TPG. I would not have expected them to let something like this slip through. The obverse is quite good - but not perfect. And the reverse is...well.....the subject of this thread. |
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Pillar of the Community
United States
1348 Posts |
I bought several of the Cook coins in Chicago. You had to be really careful, as many were cleaned (both noted on the holder and not). I went through every Cook auction lot by myself, formed some opinions om the coins I wanted, then consulted a few very knowledgeable dealers and collectors before I bid. In the end I bought seven coins there. Six of those were either not cleaned at all, or were well within what is market acceptable as an uncleaned coin (no hairlines, no loss of luster, no discoloration, etc.).
The seventh coin was an 1884 specimen cent that Mr. Cook cleaned the heck out of. He paid $56K US for it in 2014, uncleaned. I paid $6,600 US for it, now cleaned, in 2019. It is the only 1884 specimen cent in private hands. The color is now pretty funky, but it is still clearly a specimen strike.
Looking back, the Cook auction (along with Cornerstone a few months earlier) really got me over the top on my one cent specimen collection. Both Cook and Cornerstone were instrumental in helping me finish my specimen book.
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Pillar of the Community
Canada
857 Posts |
Quote:
.The seventh coin was an 1884 specimen cent that Mr. Cook cleaned the heck out of. He paid $56K US for it in 2014, uncleaned. I paid $6,600 US for it, now cleaned, in 2019. It is the only 1884 specimen cent in private hands. The color is now pretty funky, but it is still clearly a specimen strike.
You own that!? Cleaned or not that is impressive. |
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Pillar of the Community
Canada
851 Posts |
Yea, I think the black is whats left over after corrosion has been cleaned off the coin.
It'd be a great coin for a lower price.
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Pillar of the Community
Canada
1081 Posts |
The more I look the weirder this gets. It's a scarce coin for sure - 40,000 were minted that year. And, according to the POP reports at PCGS this guy is among the top 7 mint state BN versions of this coin that they have minted. Even weirder - unless I'm mistaken, this is actually the coin that they're using as their centrefold for the 1885 MS-63BN. I find that almost impossible to believe.  |
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Pillar of the Community
Canada
1081 Posts |
....that they have rated....not minted!
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Replies: 17 / Views: 3,701 |
Posted 06/13/2020 08:55 am
