This oldtimer has yet to meet a serious collector who hasn't, at some time or another, "overpaid" for a coin. On a $50 expenditure, there's not much of a downside. Collectors who are unsure and less familiar with the marketplace are wise to put a price ceiling on coins they purchase; this, until feeling more confident. One way to gain confidence is to try selling a few items, whether individually, in an auction or by other means, testing the waters.
Catalog prices are only a guide, not engraved in stone. The subject large cent is an interesting coin and has a story to tell ... one about an overused die. Some may call it VF, yet it's a Fine coin to my eye. An EAC guy may net grade it to VG due to surface issues. Regardless of what grade is assigned or what catalog value one assigns, it's still an interesting coin that was obtained at a price just above what another collector offered. Enjoy this interesting coin!
The 1831 large cents often have die breaks in varying degrees. Perhaps, this coin could be the nucleus for a progressive collection of die breaks for that year? There's one that's fondly dubbed the "whale" as the break around two of the stars is large and appears to be in the shape of a whale! That one's not so cheap though ...