Coin buying education 101-3 [new 7/31]

3rd coin

There has been as usual, many auctions which have been url-ed on ebay to draw attention to a specific point or discussion as to value or lack thereof. Most often the photos are not the best. I would like to offer as a lesson in coin buying in this post. I am not the teacher, the posters will be teaching and learning at the same time.

This coin is not for sale. It is the example used.

This coin is graded or BB, or detailed by a big 4 TPG. The photos are taken through plastic.


So pretend this is the listing I have put on my auction, and then post what you think as to price and condition. After some action , I will tell you the results. AGAIN, this is a pretend auction and I hope the moderators allow it to go as I will not sell this coin. In financial groups it is called "paper money" so you can trade stocks on paper and not lose your money until you are ready.

Pretend ad: :smile
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Wow! Rare High Grade 3 Legged Buffalo!!. Grading is subjective. Use my photos to make your decision. Taken out of Granny's safe deposit box! Looks good to me. Buy it now for $999.00 or best offer.











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Ok, what do you think? offer grading/ condition/ price/ suggestions
and why you say so.

It has already been to a TPG and back, so you won't offend or anything. Again
this is not an offer to sell, nor any offer at all, it is a pretend learning experience. A lab practical if you would.

Jim ( Granny :smile)

 

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Why does the Chief look like a Sicilian gangster?

 

Is this a genuine coin? There is some rough metal, resembling stalagtites, inside the upper obverse rim. I have never noticed this on genuine examples; it raises concerns about a cast copy for me.

 

Ok, you caught me. That is the edge of the plastic insert in a TPG holder, although it could be a graded holder, a genuine, or whatever. Not commenting on the genuine part, that is part of the discussion.

Jim

 

Yes. Here is a close up. I don't believe it is touching the obverse of the coin as one can see a space/shadow indicating not.

Jim

 

Yep - I've seen those alot on PCGS slabs - don't think NGC has that problem.

Speedy

 

I have an ANACS slabbed coin, an 1852 Gold $1, a very small coin at 13mm diameter, and the holder has these overhanging plastic "shavings" around the rim, makes it impossible for a good photo of the coin and to me is distracting obscuring the rim.

 

Agreed. I have seen them on some dealer photos also. Check out Steve Estes' website and he has a few with such "holder denticles".

By the way, I think the coin is genuine, it has a couple of the diagnostics -- the motheaten hind leg and the trailing line between front and rear legs. It shows a lot of die erosion which is common for this coin, I believe. Don't like the looks of it and wouldn't pay the asking price, but I think it would slab for grade. Since it's in a PCGS slab, by the looks of the close-up, I'm interested to see how it turned out. Really don't like Buffalo's that have this look.

Okay, now that I'm 0 for 2 on the education series, please don't tell me I flunk again. This is after all a Buffalo and I can't use my usual "not my series" excuse.

 

I would give it a vf-25, I have some concerns about the leg, I have not seen certified examples of the 3-legged buffalo but there are numerous marks that could have been someone grinding the leg off, I would pass on it, I am looking forward to the answers others give, if bidding my bid would be lower than the marianas trench

 

I suppose it could be a bad cleaning job (there's a lot of toning even in the devices to be cleaned) or an old cleaning job that has re-toned but I am going to say it would grade. One tone I really don't like in Buffalo's is the dirty yellow I see here. As for grade, it has full horn and quite a bit of remaining detail but is quite banged up on the obverse. I say EF 40 based on the photo -- a more conservative grader might knock it down to VF30, depending on luster. By the way, I am assuming that red coloring behind the feathers is not disqualifying somehow.

 

:hug:

Yes, but you are putting your neck out there, and I respect that very much. Right or wrong is not as important as trying and learning, until the test ~ Plunking your money down or not.:rolling:

Obviously, being correct on authenticity is the most important part, then the grading for value.

Jim

 

The coin looks ef40 to me. The red stuff on the obverse has me thinking 'enviro damage' so I will give it a genuine and still ask $1,000 for it. Thanks for clearing up my concern about the stalagtites, btw.

 

I'm going on an idea that many will lean to grading this specific coin with a huge air of suspicion, perhaps as BB rejected due to suspected altered surfaces, scratched maybe, however, being that it is THIS notorious coin, people will likely react as if it's fake or devalued due to stressed dies, yet I'm going to bet that it's probably actually "genuine", but environmentally damaged. I will guess that it is quite likely to grade much higher if not for this damage. Therefore, I would five this a VF20 if graded without damage at $950 a bit shy of your $999 value.

Though suspecting as I am 'environmental damage' and that this may be in a PCGS holder I give it a Genuine (97).

PCGS 3982.97/00000000

 

Always willing to try - Mark thinks AU-53. Looking at this coin and others online it is really hard to get a grip on it. I have seen AU coins with more and less horn than this. As for it being genuine holder - can't say for sure, but will not add it. Man - this coin beats to heck some of the AU-50's I saw, but can't touch some of the 58's. This is a toughy - or at least to mediocre mark.

 

Good lab assignment, always like to learn.......

 

Forgot to put my grade..........EF to low AU, $25

 

ummm - you did notice this was a 3-legged Buffalo? Not questioning the grading, but I think the price you listed is a tad low.

 

Ah haa, it would help if I looked at the correct date. I don't think its a 3 legger. $4.