1795 Large Cent

I just bought this coin off of ebay and am waiting for it to arrive. What do you think it's worth?

 

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How much did you buy it for?

 

370.

 

Did the seller tell you which variety it is?

 

It says "S-78" on the package. Is that the variety?

 

Not to sound rude, but why spend close to $400 on a coin without any research?

http://www.largecents.net/collection/photoindex.html

 

Research? I graded the coin (thought it was a G-6) and priced it in the Red Book. I'm trying to fill a large cent collection.

 

What did he tell you that the grade is on the coin. It has a lot of pitting on the obverse. These coins in VG-08 go for about 385.

 

On the package is written the word "fine." I don't take such claims too seriously on ebay, though.

 

Thanks, everyone, for your comments.

 

Not everyone collects by variety

 

Let Marshall or one of the hardcore LC collectors chime in. I think you did OK

 

How much does one have to deduct from the value of this coin because of the corrosion?

 

If I were going to spend $400 on a corroded 1795 Large Cent so far in January, I would have gotten this one in VF
http://coins.ha.com/c/item.zx?saleNo=1166&lotNo=9151

 

A good bit of a reduction. The other coin I posted went for basically 1/4th of it's numismedia price guide

 

It's hard to find old large cents that don't have a problem, it seems to me. If you find one without a problem, the price is jacked way up. I'd rather look at a nice coin with a small defect than a very heavily worn coin without a defect.

 

That's what it all comes down to. If you're happy, then it was a good buy.

 

My personal opinion is you probably paid a few dollars too much, but not enough I would worry about it. With Large cents it mainly becomes a - what do you prefer? For me, I prefer a lower grade problem free (or as problem free as possible) example with a solid planchet. But if you want more details then the problem free example can be expensive. I used Tom Deck for a lot of the coins I have in my album - and am just waiting for maybe a couple of varieties to fill a few holes.

 

I collected these early LC's seriously years ago and I cannot say I have problems with the OP's coin at that price - especially if he is happy with it. I have an AU lettered edge example myself that is probably my most expensive US coin.

 

This is quite a website.