Heritage Roman Pickups - Two Æ follis

There was a nice lot of small bronzes in choice condition. I won a couple for my undefined ancient collection, and once in hand, will decide which of the two to keep. I guess the more of these I see, the more likely I will find my area of focus. For now, I define it as "attractive" designs.

Constantine II, as Caesar (AD 337-340). Æ follis (1.86 gm). Siscia, AD 337. Laureate and cuirassed bust of Constantine II right / Two soldiers standing facing, each holding spear and shield; two standards between them; ASIS? in exergue. RIC VII 262. A wonderfully high grade piece. NGC Choice MS 5/5 - 5/5.



Constantius II (AD 337-361). Æ follis (1.86 gm). Siscia. Diademed, draped, and cuirassed bust of Constantius II right / Two standards standing facing, each holding a spear and shield; standard with a Chi-Rho between them; ASIS[crescent] in exergue. RIC VIII 97. NGC MS 5/5 - 5/5.

 

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The strike and detail are exceptional on those coins! A 5/5 almost doesn't do them justice.

 

I can only imagine that these are near mint condition - as struck. Very nice indeed.

 

The sole reason I bought these was their superb condition for the type. Probably came from a hoard.

 

They are indeed beautiful examples of the type. They demonstrate that high Roman art can be found on the smallest of coins, as well as the largest. Personally I would keep both, as one represents Constantius II as Caesar, the other as Augustus.

Now that I've paid my compliments, I must say this, apropos to geekpryde's comment. There must have been a hoard discovery because high-grade examples of this type from the Siscia mint are not uncommon. If money is not an object and one prefers to collect coins in slabs, then each to his own.

But the new collector should not persuaded to think that he needs to spend a lot of cash on these common coins. They do not need David Vagi's approval, and they can be had raw, in comparable grades, for much less than what (I imagine) one would pay for slabbed coins in a Heritage auction.

 

JA I agree regarding slabbingbin general. However unless a coin is pedigreed to a collection my view is that it will likely get discounted relative to a graded coin so the net effect is the same. I attribute it to years of abuse by some dealers in overgrading on the sale yet under grading on the buy. Slabs do not provide an absolute opinion yet its independent. Same for world coinage. I don't want to have my wife debate grades with a dealer when I kick the bucket.

To conclude, professionals as yourself do not need validation whatsoever as you know what you are doing. On resale raw common coins will get less than stabbed. Scarcer coins are a different issue. I have seen heritage auctions and clearly slabbed get a premium given the 3rd party validation.

So if you can apply the skill in buying discounted raw and grading upon sale you will likely do better.

 

I see your point as well, Zohar, but to clarify, I am not a professional - just an enthusiastic amateur. We simply have two different plans as far as resale is concerned. Upon my death, my wife (and heirs) are instructed to consign my entire collection to CNG, where some coins will be sold as individual lots and some in bulk. I would prefer that someone in the family took an interest in them, but that doesn't seem likely. Selling your coins to a dealer is, of course, a fool's errand.

 

Gorgeous pick ups!

Then off to CAC?



I'm just playing! (You have a very nice collection and I respect what you do here with the dealer lists and spreadsheets)

 

You guys put me to shame in your knowledge.

Thats probably the best venue for raw. CNG comes across as very knowledgeable and highly conservative in their grading. Their research only adds to their firm's credibility. Hopefully they continue to do well. Some of the other dealers are simply playing the grading arbitrage. I am a novice at ancient grading (I know the world side quite well) and therefore need validation by a 3rd party.

I am trying hard with my 5 year old daughter. So far so good

Thanks for your thoughts.

 

My daughter is 8, and we've had a lot of fun collecting coins together. Whether that translates into future interest remains to be seen.

 

Always nice to see your coins Zohar. These latest examples are really attractive.

I bought these two because I could read everything on the coins & I thought that I could key them out using available references. I had no clue what I was buying. The two coins spoke to me & simply said "buy me & look me up". I believe I paid about $50 for the pair. This first one is Constantine I:

This 2nd coin is Constantius:

 

Very nice coins and very nicely imaged to boot!

 

Man, those two are epic! (imo) keep the second piece.

 

Great coins with nice detail. Its amazing how skilled some of die makers were.

 

The question remains what amount of the slabbing fee will be returned when the coins are sold. The OP pair are very nice coins of types that usually sell for low prices. What is the current price of having a coin slabbed? I recall recently a large lot of high grade coins of this period sold at the back of a CNG auction. The question is whether a $25 coin placed in a $25 holder makes a $50 combination when you resell it.

 

Doug,

Folks that need the validation will incorporate that cost with ease. What it also does for others is broaden the buyer base as it provides relative assurance of authenticity and systematic grading. At the end of the day, as we all agree, buy the coin not the slab, yet I do believe the costs involved will be reimbursed upon sale for the 3rd party validation.

 

Explain to me the price structure. I note no proponent ever gives a number on these costs. Is it a slimy secret where some pay one price while others pay more? I might agree that a fee of 10% of the coins raw value would be absorbed but not when the fee is more than the coin. The coins shown on this page strike me as ranging from $10 to $40 raw. How much would they charge to slab them? I am still in the camp that would want to remove the coins after purchase so buying a slabbed coin would only be for the opinion of the slabber on the authenticity. This seems a total waste. Ten years from now, I can only assume that these slabs will have to be replaced at another charge for whatever is the then current fad in the format (as has been the case on US coins, I understand?). That is a lot to pay for a service that renders a coin unphotographable and untouchable.

 

absolutely agree...... no place for an ancient in a slab.

 

Well its actually a flat fee of $35 or so and then shipping, so it makes sense to send in bulk. It therefore makes less sense for coins of lower grade/value. I scanned the universe of raw coins prior and did not see any at this quality for $40, and if so, I think its a good business practice to purchase these in bulk, grade them and sell them as slabbed mint state coins for $100-200 or more. Quality matters for certain collectors who pay a premium beyond the history.

I think above all we are dealing with a philosophical approach to collecting ancients - is grading acceptable vs. raw access to the coins. I also think that for some, the history matters more than the quality of the coin - i.e. own more coins rather than fewer choice coins which then reduces the risk/reward per coin and benefit of paying for a slab. For a $40 coin it does not make sense to slab. Would you buy an expensive diamond without a certificate? Well, if you buy it from a reputable jeweler, perhaps, yet you will pay a premium. If you buy it from a cheaper diamond source, you would want 3rd party validation as good as your judgement of quality is if the intent is to resell at some point. Many people with expertise in the diamond business buy non certified while having a good sense of the 3rd party quality scale rankings to be able to substantiate value to a broader audience. It increases the buyer base.

Any approach is obviously acceptable yet I argue that if you spend hundred/thousands of dollars per coin at least get a 3rd party validation (the offer photo certification, no holder) not to be taken upon a sale or substantiate the value for resale in case you need to. That is my primary consideration as most dealers I have dealt with play down the raw grade which means a significant drop in value.