Opinions on lowball coins?

Recently I have been doing some studying on lowball coin collecting. I will admit that I have some of these coins, but I collect them when they are worn enough to be quite cheap. However, their prices raise a lot of questions.

First is a 1935 Peace dollar on eBay that is likely Poor or Fair. The price is $59.90, and it is a silver dollar that I'd sell for $22.

Second is a graded ICG P1 Peace dollar without a date. First, I have no idea why on Earth ICG, A reputable coin grading company, would slab something possessing no date with a grade. Furthermore, the price is $199. A Morgan dollar with the same characteristics is $249. In my opinion, when a coin has no date, it should be considered a problem coin when grading. This is because it's so worn that it's simply ungradable. I know that ICG, along with ANACS, are much better at grading problem coins accurately than the top 2, but it should've been stabbed simply as "genuine". A coin with a date would have to go through a ton to be considered a real PO-1 coin.

Are there people really willing to pay these prices for such worn coins? I get the logic of affordability but sometimes it gets out of hand. Search "lowball coin" on eBay and you'll see what I'm talking about.

 

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Aren't the PO1 coins in registry sets also slabbed by PCGS or NGC?

 

I like "circulated" coins, but I can't understand people collecting lowball "slugs". It might be acceptable for say a 93s morgan, 16d merc or some other rareity that you might never afford in better condition.. I'd much rather (and do in several cases) own a "detail" coin of high enough grade to at least show some nice details.. as i mentioned.. slugs don't interest me

 

I just fail to understand the idea behind collecting coins that are that worn.

 

Agree.
Even I have coin collecting standards.... JMO.

 

Yes, but I believe they need to have a date. The top 2 would've slabbed it as genuine and left it.

 

I have nothing bad to say about what others decide to collect. It's not my place and I don't care what others think about what I collect.

 

I honestly don't know either. I get that it's affordable, but landing the wrong dealer will mean it gets way out of hand. I mean, who would want a poor coin for the same price as a MS?

I do believe, though, that we could potentially see the benefits of lowball collecting as dealers. As a coin dealer myself, I've searched through half dollars and once saw a 1972 AG Kennedy. I was like "how can this get that much wear?", but never did I think I should've kept it before I learned about the lowball market.

 

Same with me.

I'm one that really don't care what others collect, but I do like when they have some good stuff. I mean, at least you can sell some things for a small premium, like SBA dollars at a flea market. I once got a 1979 proof for $2 (likely type 1). Some could sell uncirculated coins for a small markup, but some simply overdo it.

I know two flea markets where the price difference is insane. A pack of 8 uncirculated earlier clad dimes is $4, while another dealer has them for $6 each, along with a PDS steel penny set (very bad quality for $30). But, if that's what people want to collect, I will not be the judge.

 

I thought the Big Two (and maybe ANACS) would not slab a coin where they couldn't be sure of the date AND mint.

Anyone will slab a genuine 1916 SLQ, because there are other markers clearly identifiable on a dateless specimen. But I don't think the Big Two would slab either of those ICG examples. And I'm not sure they'd slab that 1935, because I don't think you can tell whether it's P or S.

Edit to add the requested opinion: I don't like lowball competition, because I don't like the idea that you can improve a coin's standing by further impairing its condition. I'm convinced that people are intentionally wearing down coins to compete, and that TPGs can't (or won't) distinguish well-done "Artificial Wear" from "Natural Wear".

This hobby/business should be about preservation. No monkeying!

 

ICG fills a need for collectors. As far as I know they are the only one that will slab counterfeits. It takes away any question about what the coin is. Someday I will have them slab my collection of counterfeits.
I don't know their standard for P1 coins. It's also possible the grader was able to see something we cant from just an image.

 

All coins tell a story. If you don't want yours, I'll take them. I enjoy doing background work on coins and notes. I'll laugh all the way to the bank, it's silver you know!

 

At best IMO they are junk box coins somebody would blowout at melt. Just dont see anything in them. Can’t even read the dates so not even keychain material.

My advice - buy affordable attractive lustrous material that is MS64 or higher.

I understand they may be a fad like the ugly badly tarnished toner crowd stuff.

 

I would think it unlikely to find a 16D mercury in P-01 unless the grade were given for damage more than wear. In AG the D is hard to see, and anything below that it would likely disappear. But your point is well taken, and I'd never prefer a P-01 over anything higher unless it was the only one I could afford of a coin I really wanted.

 

Yes, and therein lies the market for them at sometimes stupid (In my opinion) prices. As a friend of my father said when he was told that people eat rattlesnake meat, "They needn't fix none for me."

 

I've seen where they graded 2 Henning nickels labeled as counterfeit, but I had no idea that they slab other counterfeits. Thanks for telling me, as any counterfeits of mine would go to ICG!

That'd be known as only the second Poor 0 coin ever graded. If you are assembling a dateless problem-free set, this'd be perfect!

I actually have a 1922 MS64 Peace dollar, and it is quite a beauty. After putting roughly $55 in it, I am now confident that I would sell lowball Peace bucks for very little over melt.

 

This lowball collecting thing, I'd never heard about it before. I just googled it. Crazy! You learn something new every day. The TPGs have a niche for Shallow Hal!

 

Depends on your purpose. I don't mind some of these to fill spaces in my "I want every year" collections. But, for me, I love the designs. So, I want the designs to look as nice as I can afford. If I can't see the design on the coin, like some that you posted, I don't get the joy from them. At that point they are just metals and I refuse to collect coins based on metal values

 

People just have more money then sense.Large cents this low without a date are an exception though since they can be attributed even with as little details as possible. The difference between a PO-1 and good can be thousands.But me personally the coin at least needs to have a visible date if it's supposed to but depending on the coin I'll let a few slip.