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 Replies: 26 / Views: 2,649 |
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Pillar of the Community
Canada
557 Posts |
For those of us newer to the hobby, or with less accumulated wisdom, I'm looking for some sage opinions when selecting the right coin for purchase. I have noticed, during a few posts, that many of the responses centre around the general eye appeal of a particular coin with few commenting on the grading value or even the coin's rarity or at least scarcity. For example, an 1837 Classic Head quarter eagle is extremely difficult to find on ebay or anywhere else and is considered to be scarce in any condition. How much would the eye appeal factor in when considering the purchase of this and similar coins? Welcome all comments! |
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Pillar of the Community
United States
7273 Posts |
In the end you have 3 competing factors 1) Budget 2) availability 3) Appeal I generally take grade out of the picture as you can have a lower grade coin be more appealing. All 3 combine into some factor into what you buy. If budget is a dominant factor it's set and you just look for coins in that grade. The below coin is a good example. I could afford a higher grade but felt that it was priced higher than what it should be. I offered the seller of the higher grade coin a fair price, but he didn't get back to me, so the below coin was a slightly lower grade but had nice appeal, I also offered this seller a fair price, he took it and I got the below.   Now the warning is that after I purchased the below the first seller agreed to my price, but at point it was too late. Yes the first coin had better eye appeal but not at the price asked, at the price offered it was fair, but I didn't buy it as I had already made a commitment to get this one. |
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Pillar of the Community
 Canada
557 Posts |
Thx for that Hfjacinto. Those have been largely my guidelines as well, but after posting photos of coins that I thought were graded reasonably and having being torpedoed by the 'eye appeal' commentary I wanted some other perspectives.
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Pillar of the Community
United States
7273 Posts |
@wallyb Eye appeal is for the individual. You like what you like, I like what I like. Buy what makes you happy. See below, I really like the look of this coin some people won't.   Since I knew this coin was subjective on the eye appeal I made sure to negotiate a price I felt was fair. Others will have stronger opinions, so take all advice you get with what it cost you  |
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Pillar of the Community
Canada
557 Posts |
Agreed. I've read a lot of views on this forum surrounding the general phrase 'buy the coin not the holder'. I ascribe to that, however it must clearly be the case that many buyers are motivated by the case and therefore that can also be a factor when a purchasing decision is made.
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Pillar of the Community
United States
3342 Posts |
I would accept an 1837 quarter eagle in any condition because of its scarcity, but would only pay a price commensurate with the grade. That said, I would not personally pay over $500 for one in any grade. There are other coins that interest me more.
"Two minutes ago I would have sold my chances for a tired dime." Fred Astaire
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Pillar of the Community
Canada
557 Posts |
"I would not personally pay over $500 for one in any grade." IF, you could find one for that price it would definitely be a good buy. IN Unc. it would easily run 4X that amount.
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Pillar of the Community
United States
4989 Posts |
Rarity and grade are related and, in some ways, the same thing. 1881-S Morgan dollars are super common in BU, for example, but are extremely rare in MS-68 so the MS-68 examples are very expensive. In terms of price, rarity and the popularity of the series reign supreme. Morgan dollars are hugely popular so an 1889-CC in a decent grade, even though they are widely available, is going to be extremely expensive. Proof 2 cent pieces, by contrast, are much rarer but are a less popular coin so you can get one in PF-65 for less than the price of some much more common "rare" Morgans. Within a particular grade and rarity, eye appeal than becomes a factor but it is a matter of personal opinion. I'll pay much more for toning, for examples, while others insist on a "blast white" coin. |
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Pillar of the Community
United States
3619 Posts |
The old saying "beauty is in the eye of the beholder" applies to coins. The ideas posted upthread are excellent. These are just a few additional thoughts. First, take some time to decide what interests you. Different coin types resonate with different people. Second, either look online or go to a coin show and focus on the type (or types) of coins that interest you. Look closely at different grades, different surface conditions affecting appearance, and different way that the coins look in hand. Third, buy a few coins of that type that catch your eye, holding to a reasonable budget. Come back to them a few weeks later, and see if their appearances still "hit you" the same way as when you first saw them. Fourth, know the series of coins that interests you. Buy the book (and read it!) before diving into the collection. Knowledge is key, and is part of the fun. Fifth, learn to grade the series of coins that interests you. Don't buy the slab. Buy the coin. Sixth, recognize that many series of coins have "set stoppers," coins that are way beyond the means of most of us. Know your limitations, and don't stress over the coins that you never will have. It is your collection, and you don't owe finishing it to anyone else. When you are satisfied with it, you are done. Rest on that, and don't look back. When you have a sense of what you like about a coin type, begin looking for coins that meet your criteria. Don't "settle" for something just to fill a hole. Take your time, enjoy the hunt, and build your collection at your own pace. Just a geezer story from my experiences. I just retired from over 45 years as a dealer, and from longer than that as a collector. My passion was Buffalo nickels. My goal was to build a collection that had four specific characteristics: matching die pair with early die state dies, sharp strike, minimal die clashing and die polishing, and a high grade (which I defined as EF-45 or better). I never completed the set, but I came very close. Two obvious set stoppers prevented the complete set, but I also wasn't able to find satisfactory coins for a couple other dates, either. The hunt was the joy. Again, it's your collection. Build it for your enjoyment. |
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Pillar of the Community
Canada
557 Posts |
Great comments guys! I started back into the hobby at a more advanced age, so don't have forever to collect. Was always interested in gold coins in particular and have been buying a few, while making a mistake or two along the way. Having said that, I still like all the coins I picked.
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Pillar of the Community
United States
4337 Posts |
Quote:
How much would the eye appeal factor in when considering the purchase of this and similar coins? IMO, it is always a factor especially in scarcer coins/grades. If you want a collectible that has appeal back to the market should you ever want to upgrade, get a premium trade value etc... than its almost paramount to that success to obtain problem free, original examples be it raw or graded. In the case of a newer aspiring numismatist, graded coins are always recommended, again, IMHO. Quote:
The old saying "beauty is in the eye of the beholder" ^^^this is what my wife says to people that ask her what she's doing with me    |
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Pillar of the Community
United States
4468 Posts |
Gold coin eye appeal is a little different than silver, nickel or copper as gold coins are tarnish resistant. Gold coins can get spots or tarnish from the copper that is added to the gold coin. The eye appeal on gold is heavily impacted from the amount of contact marks and luster.
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Pillar of the Community
Canada
557 Posts |
DS, totally agree with your observations and that's why I stick to buying coins that are graded by either of the two majors. I try and buy what looks really good, but sometimes, like in the case of an 1837 Classic Head Quarter Eagle, there are very few if any pieces out there. I think, maybe wrongly so, that a much scarcer coin is still hard to come by and therefore may be a little easier to sell down the road. In other words, while grading is still important, it isn't everything.
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Valued Member
 United States
456 Posts |
If it is an issue you are likely to find a substitute for without much difficulty, don't buy it unless you love it. If the coin is harder to come by, you will have to balance eye appeal against scarcity and grade value. If it going to be your only chance in a long time, if ever, to buy in a grade you can afford, you might want to snap it up. For example, I am working on a set of pre-1861 Seated dimes. Many issues have fewer than 100 known in mint state condition. There is not a high demand for this series, so many of the higher grade pieces make there way around slowly, but often remain available for longer than one would think. I have followed the same coin for months before I decide to buy, or someone pulls the trigger first. So you can usually avoid a rush to judgment. Eye appeal can be greatly enhanced by toning, and a beautifully toned, one of a kind MS 63 can bring more ownership joy than a bright and shiny "gem" that looks like a lot of other bright and shiny gems. The gem is replaceable, the toned coin is unique and is not. Again, as an example, I have a beautiful, original AU50 1859-O Seated dime with attractive multi-color toning that looks nicer than any mint state example I have seen of that date, or several other dates. And buying the lower grade saved me a lot of money. I think technical grade (that's all it is) is way too important in pricing. It might be worth more on resale, but your initial investment will be higher. Before I buy, I systematically check out every option available I know of for the coin I want to buy. I don't buy the coin I am looking at if I can find an example I like better unless cost makes buying the "better" coin unreasonable. My main observation on grade is that it can really jack the price up, and if you are going to pay more, you better like it enough more to justify the cost difference. To me, it is a real serendipity to find a coin I love in a lower grade than I expected to buy. |
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Pillar of the Community
United States
3342 Posts |
Regarding the 1837 quarter eagle, collector's corner currently lists 5 of them. There's a raw one on the bay for $1175 BIN or offer (a good $500 example IMO). This is a relatively easy to obtain coin in the market, if you're willing to pay the price. The challenge is finding one for $500 or less. Right now there are scarcer and more desirable coins than the 1837, available at lower premiums.
Scarce gold coins used to be more reasonably priced.I found an 1857-S half eagle in a dealer shop 30 years ago at a low premium over melt, and it whetted my appetite for more of same.
"Two minutes ago I would have sold my chances for a tired dime." Fred Astaire
Edited by thq
01/12/2022 10:11 am
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Pillar of the Community
Canada
557 Posts |
"The challenge is finding one for $500 or less." Well, not sure who would be willing to sell a coin like that for a price like that when much more could be gained, and quite easily. Demand does set the price, not the individual IMO.
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Replies: 26 / Views: 2,649 |
Posted 01/08/2022 08:24 am
