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 Replies: 23 / Views: 1,785 |
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Bedrock of the Community
 United States
18664 Posts |
for chains I almost always weight the grade towards the reverse when grading. the obverse is a little rough but the details are all there. technically i'd say F15 details (corroded). if I was netting the coin for value probably go with westcoins net at VG. price if I was bidding my max would be $8600. you dont see too many chains at this grade come up for sale
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Pillar of the Community
United States
3848 Posts |
Quote:
I didn't need the coin, or the variety, but right price, choice looking early copper - yeah, pull the trigger...! I am guilty of doing this too. I try to only bid on problem free coins if it is any significant amount of money. This situation seems like it is different on a case-by-case basis, so I think you just struck out on this one. Just learned a lesson to look closer at the coin next time. Suffering from bust half fever. Want to learn how to attribute early half dollars by die variety? Click Here: http://goccf.com/t/434955Shoot me a PM if you are looking to sell bust halves. |
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Bedrock of the Community
United States
11888 Posts |
I remember Q. David Bowers telling the story that for decades there was a small, tight knit group of dealers that attended every major coin auction as he was coming up in the business. The reason for this is because they were to: (1) view and examine the coins in person and keep careful, private notes about the characteristics of the condition of each individual lot that they were interested in in order to adjust their bids accordingly. This is information that can only be gleaned if you are on site at the public viewing hours. This is part of being a professional dealer and the basis for their consulting/advisory work for their wealthy bidders/clients. (2) to gauge the appetite in the room on auction day for being aggressive on the bidding. Just looking at who showed up in person gave an indication of bidding depth. Technology cuts down this divide because there is so much more information that is publicly available, including censuses, photos, videos, provenance, etc. But at the highest levels there is still a lot of buyer representation for coins Quote:
Just a note: the coin posted above is not on an auction, I was just using that as an example of how things might not be as obvious when you are caught up in the race.
A number of years ago I was bidding on a choice-looking VG+/F 1814 large cent, bid was pretty low. Great chocolate surfaces, smooth planchet, couple of what looked like minor old scratches, and no corrosion or ED which is a tough find for a Classic Head. Photos were about as good as PCGS Trueview but this was a raw coin. Seemed to be flying under the radar with only a couple of lower bids.
I snuck in a last minute bid at what I thought was a good number and won the auction for a fair bit back of what the coin should have sold for, which should have been a sign. I didn't need the coin, or the variety, but right price, choice looking early copper - yeah, pull the trigger...!
When it came in the mail a week later, I found out the "light scratches" in the photo was actually a carved initial (graffiti) and a couple of degrees worse than "light." Seller had a no-return policy. Oops. Not a particularly expensive mistake (relatively speaking) but definitely made the coin worth less than I paid for it in my opinion.
So I will add to Numismatic Student's most excellent list the following:
- When a coin you want and can afford is up for auction, with limited photos, and the price seems really low compared to what you think it should be selling for, and/or bidders are staying away, the next question you should ask yourself is "why?" IN NECESSARIIS UNITAS - IN DUBIIS LIBERTAS - IN OMNIBUS CARITAS THE MAN IN THE ARENA, Theodore Roosevelt at the Sorbonne Paris on April 23, 1910: " It is not the critic who counts; not the man who points out how the strong man stumbles or where the doer of deeds could have done better. The credit belongs to the man who is actually in the arena, whose face is marred by dust and sweat and blood, who strives valiantly, who errs and comes up short again and again, because there is no effort without error or shortcoming, but who knows the great enthusiasms, the great devotions, who spends himself in a worthy cause; who, at the best, knows, in the end, the triumph of high achievement, and who, at the worst, if he fails, at least he fails while daring greatly, so that his place shall never be with those cold and timid souls who knew neither victory nor defeat." My coin website: https://fairfaxcoins.com |
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Bedrock of the Community
United States
18664 Posts |
the thing with the 1793 chain is that there were only 36,103 minted and records indicate their are only around 625 survivors. at those numbers if one needs to fill that hole to complete their set this coin has to be high on the list. at F15 there are only 35 graded from both PCGS and NGC combines regardless if the coin details. there are only 52 graded at F12 even it falls on the low end of Fine
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Pillar of the Community
United States
517 Posts |
Fine details damaged/ genuine. The "L" looks worked on.
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Bedrock of the Community
 United States
12057 Posts |
PCGS graded this coin Fine Details / Repaired. (I think they can only have one description per details label.) It's obviously got more than a few issues.
I think @westcoin is right about the filled hole being the repair.
Personally, I'd rather have a nice, smooth example, even if it's basal state / Poor 1. (Which I still couldn't afford, but it's a bucket list item.)
Member ANA - EAC - TNA - SSDC - CCT #890 "Most of the things worth doing in the world had been declared impossible before they were done." -- Louis D. Brandeis |
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Pillar of the Community
United States
756 Posts |
i also think its potentially plugged and definitely bent. id have to see it in person to know how I really felt about this one. i feel the same way as paralyse. I would be happier with a better quality lower grade coin at that price. or 3 really low grade ones (which would actually be my choice in that price range). with that said you cant find a fully legible chain cent for any cheaper than this coin (it is listed at just under $7k on ebay right now). you can read everything! i think that all of the chain cents are worthy of praise and appreciation. they are all beautiful and historically significant. |
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Pillar of the Community
United States
646 Posts |
I'm going VG-10 Details (graffiti and corrosion). I doubt I'll ever own one, unless I hit the Powerball!
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Replies: 23 / Views: 1,785 |
First Page
Posted 12/31/2022 2:18 pm
