Thread: Does "Average Circulated" vary in meaning with coin type or age?

When we buy a coin as "average circulated" from an online dealer, what should we expect? Personally, I always assume Good or better, but recent experience has me wondering if this depends on the coin type or perhaps the age of the coin. A couple examples...

Recently, I basically pigged out at the Apmex Numismatic Closeout, going back for seconds, thirds, and even 4ths. I had so many orders that they stacked up around the room unopened until this week (off work for the holiday). Now I'm having a blast opening them, of course.

I got a bunch of avg circ seated dimes, which I am very happy with. But the avg circ half cent and bust half, not so much.

The half is an 1837 reeded edge, but the reverse is AG at best. Lettering around the rim is only about a third visible (the rest is merged with the rim). The closeout price for this was $50.

The half cent is so bad, I can't even tell you the date. The obverse is worn almost completely smooth. The reverse is almost as bad, but I can barely make out the "half cent" lettering in the center. This is the only clue that the coin is even what it is claimed to be. The closeout price for this was $30.

So, my question to the group: does average circulated change meaning with type and/or age, such that these conditions are within the bounds of the term for these two coins?

Before you answer, yes I know Apmex has a great rep and a return policy. But I basically screwed myself by piling up the boxes. These two orders are from November (one even Nov 1), so I am way beyond the 3-day return period. I'm just wondering if my expectations are too high for these types of coins.

Did you see pictures of the coins before? If not why buy? What is "average circulated" coin. It should have a grade, the dealer should be able to tell you better than ""average circulated". Is he/she a coin dealer/collector? If one cannot explain the grade, then do not buy. (:-O)

Rule of thumb:
Ave Circ= Beat to death.

I'll comment on the half cent only since that is what I'm more familiar with.

I would say that the condition you describe is NOT average circulated. It's more like a cull IMO. For average circulated, the date needs be legible at a very minimum. Also, there should be no holes, bends, excessive scratching, etc.

I would have expected a basic G-4 piece with low to average eye appeal. anything better I would have been happy with. It does not sound like you received that at all

For me, I expect average circulated to be Good or better. Anything AG or less is a cull, IMHO, and should be described as such.

The only time I'll accept less than Good in a group like this would be for better dates.

JMHO

Steve

Originally Posted by jcz1

So, my question to the group: does average circulated change meaning with type and/or age, such that these conditions are within the bounds of the term for these two coins?

No, the term does not change meaning at all based on type or age. But it changes all the time based on who is using the term.

I'm just wondering if my expectations are too high for these types of coins.

No, your expectations are fine for these types of coins. Your problem is that your expectations were too high for the firm you were dealing with.

Apparently you were unaware or did not know of APMEX's reputation for numismatic items. They are a bullion dealer. And as long as you buy coins from them based on bullion content alone, and only expect to get coins worth bullion content alone - then you'd do just fine and never have a problem.

But it has been reported many, many times by customers of theirs that the coins they sell are often harshly cleaned, grossly over-graded, or a problem coin of one kind or another.

Knowing this - what would you expect their definition of average circulated to be ? And why do you think they are getting out of the numismatic end of the business to begin with ?

Now, I am sorry your situation is what it is. But there are many companies/sellers out there that follow the same type of practices. They will offer for sale coins they describe as Gem BU. But when received the coin is barely MS at all (meaning 60-62) and may not even be MS (meaning harshly cleaned or a problem coin ). Or described as XF when it is really only VF or even F.

As collectors it is our own responsibility to find out what we can expect to receive from a given seller - before we buy from them. When we don't, or we base our decisions solely on the descriptions used by the sellers - we are seldom happy with the the results.

As I have said 110,000 times - know your dealer or don't buy from them.

Actually, I bought from these guys based on what I read in these forums. I guess I didn't catch that the high marks being given were for bullion items only, and didn't extend to the numismatic items as well. My bad.

My past experiences of "average circulated" coins is usually good to very good on average. At least half will be good, many will be about good, and they usually toss in a few VGs to keep you happy. They are kind of off the hook for grading when they call a lot "average circulated", because it doesn't really mean anything, other than the gentleman's rule of a legible date. If you trust the seller, take a chance I say!