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 Replies: 12 / Views: 2,888 |
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Pillar of the Community
United States
870 Posts |
HA! Well, I went against my better judgment and paid $140 for 2 Pillar Dollars from GovMint. I know these aren't US coins, but since they were used as US Currency for many years, I figured this is the right place to post this - if not, please let me know! I saw an ad for 1783 Pillar Dollars in a car magazine about a month ago. I decided when I saw the ad I wanted to buy a couple - I figured they're genuine so I thought what the hey - I've been wanting one of these. Plus, it was 2 for $150, and I know $75 is a good price for a decent one. But then I came hear and read up a bit. Seemed like they are rip-off artists. So I decided to pass. Then I got an e-mail from them with 15% off, so I thought, well, what's the worst that could happen. Of course, later, I will post pics - amidst some other things right now. I got them in the mail today. The surfaces look perhaps painted? Can't tell, but the silver looks like silver paint. But I was shocked at the quality of the coins - they're really nice! VERY high grade! So I was quite happy with my purchase... until I took off the back of the case. The backs are obliterated. Whereas the showing sides probably grade well, one coin around VG and the other in the EF range, the opposite sides (not showing) are definitely corroded Poor. Ah, so that's how they make money. Shoulda listened to all of you, should have listened to my gut! I'm not totally disgusted with my purchase, but I thought I'd share. I'd been planning on sending them off for authentication - might be funny to see what the TPG's say about these... =) Ah, hahaha lessons learned. DO NOT BUY COINS FROM GOVMINT. |
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Pillar of the Community
United States
2150 Posts |
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Bedrock of the Community
United States
12437 Posts |
They are probably scrubbed salvage coins that sat in salt water for 200 years  |
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Pillar of the Community
 United States
870 Posts |
bio - you're right. That's how they were sold anyway. Is there any way I can at least find out more about the wreck at least?
Joker, sorry... I don't think I'm going to get a chance to get pics up any time soon. JUST DON'T BUY FROM GOVMINT. =)
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Pillar of the Community
United States
2661 Posts |
Quote:
They are probably scrubbed salvage coins that sat in salt water for 200 years That would be what is called a "shipwreck" coin. Outrageously priced to cover the cost of salvage |
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Pillar of the Community
United States
1801 Posts |
First off they are not "Pillar Dollars". They are "Portrait Dollars". Pillar dollars were minted in the Spanish Colonies from 1732-1772. In 1772 the design changed to a Portrait Dollar with the image of the king on the obverse and the royal coat of arms (shield) under the spanish crown with the pillars of Hercules on each side for a reverse image. Your coins you bought, if they are dated 1783, are from the wreck of the "Cazador" which sank in 1784 carrying 450,000 pesos in silver destined for New Orleans to bolster the Spanish Crowns influence and control over what would become the territory known as the Louisiana Purchase 20 years later. As a result of the loss of the hard currency (and many other issues facing the Spanish at the time) Carlos IV (the son of Carlos III whose portrait is on your coins) ceded the land to France to avoid a war with Napoleon.
Enough history for now, on to the coins.... unfortunately the coins were either in horrible condition when the Cazador wreck was found by accident in 1993 by a ship named the "Mistake" or they were improperly curated after being salvaged. Your coin is not "painted" it most likely has been "polished". As a result, there are thousands of really poor condition Cazador coins on the market and very little numismatic market for them. The ad you saw was targeting the general public and trying to spin the "historical value" of the coins as the reason to buy them. All power to them. I have been involved with salvaged coins and know that there are markets out there beyond the coin collectors that can be counted on to absorb a large amount of whatever is found. Within the numismatic community you can purchase a beautiful portrait dollar of Carlos IV for $50 and up depending on condition.
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Pillar of the Community
United States
870 Posts |
thanks jfransch! That's incredibly enlightening! =)
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Pillar of the Community
United States
1801 Posts |
Did your coin come with a "Certificate of Authenticity" If it has one of the original salvage COAs it has additional value. I have a jpg of an original but it is too large to attach. If you are interested I can email it to you. Now we need to get you collecting 8 reales. Wander over to the world coin section of the forum and check out some of the threads on 8 reales, it is a fascinating area of collecting.
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Pillar of the Community
United States
870 Posts |
Yeah, I've been wanting some... I've been working on my early cents and colonials, but these were on my list. And I would prefer to have a nice "Pillar Dollar", but one that I'd want is easily in the $300+ range, and I'd definitely want it authenticated. I keep my eye out for them, but nothing yet... for now. =)
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Pillar of the Community
United States
870 Posts |
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I STILL owe pictures, I know, I've been a bad CCF'er.
So I just got a laughable offer from them in the mail - another reason to NOT buy from GovMint, so you don't end up on everyone's list. Oh no....
Anyway, five common date Morgans at the UNBELEIVABLE LOW PRICE of ONLY $349. Wow. Five coins, that IF MS63 *Red Book* at $50 each - except of course for the 1921-P - and I'm quoting here - "1921-P -- First and lasts are always the key dates in any collection. And with a series as popular as the Morgan, this last-year issue is a must-have!"
WOW. Do NOT buy coins from GovMint. Coins offered in this "Hoard Set" are 1881-S, 1884-0, 1887, 1898-O, 1921.
The pictures are MS66+. Reality is I'm sure different than the picture, as with my 8 Reales purchase (one side nice, other side completely corroded).
DO NOT BUY COINS from GOVMINT. Thank you.
This has been a free public service announcement brought to you buy somebody who cares how you buy coins and doesn't want to see you get ripped off.
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Bedrock of the Community
United States
14454 Posts |
Quote:
"1921-P -- First and lasts are always the key dates in any collection. And with a series as popular as the Morgan, this last-year issue is a must-have!" at $150.00 for a MS-65 this "key" date is very reasonable  |
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Pillar of the Community
United States
870 Posts |
If you want Bryan, I can forward you the information so you can make a buy... I'd love to see a set of these graded!
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Pillar of the Community
United States
870 Posts |
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Replies: 12 / Views: 2,888 |
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Posted 09/10/2010 9:45 pm
