1796 Liberty Cap Cent - real/fake? value?

If a collector can afford it, it is best to only purchase problem-free coins. They go up in value faster and are easier to sell when the time comes. That's how this "Draped Bust" feels about it and I'm sticking to it.

 

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Lot's of people don't like damaged coins which is why they are affordable to those of us who like them IF they are cheap. In this case, without damage, you are looking at a about a $3000 coin in XF, but nets for about the price of a problem free G6 which goes for about 1/10th of that.

That's great investment advice. But I'm a collector, not an investor.

 

+1

 

Marshall, posted: "That's great investment advice. But I'm a collector, not an investor."

Thanks. There is a huge market in damaged coins both raw and slabbed in "details" holders. I have quite a few myself, that I use. We all collect what we like.

The suggestion I made was based on experience. I think if you ask around or do some research you'll find that through the decades, the folks who turned out to be the best "investors" were just coin collectors with no regard to profit. They spent their money on nice, attractive coins and collected what they like.

At this time there are a few collectors assembling type sets of the lowest grade coins they can find. This has driven the price of specimens that escaped the melt pot thru the roof! I'll bet someone is also working on a type set of corroded coins at this very minute.

 

I suppose my collection is of identifiable varieties, which puts a premium on detail over aesthetics. But we each have our own priorities. But investment coins have historically favored those you suggest.

But any category can get overpriced as it passes up the point of diminishing returns. I'm hoping damaged coins will retain value better than the pricier pristine ones.

 

The L in that pic does not come close as the original one posted.

 

I am not posting my opinion on my experience ( cause I don't have much) , only on the the pics I have been given from other books and other media. I have a good eye for things that are out of place. Imp this coin is suspicious.

 

Let me provide you with a better comparison photo of the variety then. There are six known obverses for the 1796 Liberty Caps with 7 reverses making up 11 known varieties or pairings. The original posting is obverse 1 paired with the first two reverses which make up varieties S-81 and S-82.

Subject Photo:



This is Obverse 1 according to Sheldon which is Breen Obverse 2. (I know this gets confusing, but I believe Breen was jealous of Sheldon's notoriety and wanted his own system to replace Sheldon's so he changed it quite a bit)

Obverse 1



Note the left foot of the L just touches the cap which is a diagnostic for determining a particular die used in the making of the coin.

Other photos you used to compare it to are likely not that particular die which is a reason why it might look fake. But the size of the portrait is not different though the strike may be much better or worse giving it more or less depth.

These are the other dies used that year for Caps:

Obverse 2


Note that the L is very close but NOT touching the cap.

Obverse 3



Note the L is a little bit further away from the cap and the 6 is substantially lower.

Obverse 4


This is similar from Obverse 1, but not the same. Note the spacing between 9 and 6 as the most obvious of several diagnostics.

Obverse 5



This is similar to Obverse 2 with L close to, but not touching the cap, but the 6 and the 1 just touch.

Obverse 6


Note the L is just touching, but the date is spaced differently. Of particular note is the spacing to the point of the curl and the hair above the 1.

All these are legitimate obverses and all have the L closer to the cap than on most 93-95s.

Let me welcome you to the world of early date variety collecting where your sharp and astute observations will serve you well.

These early dates have a much greater variety of differences than coins minted after the perfection of whole hub master dies.

 

Is there a book/reference specifically about pre-1800 US coinage ?
As I'm also mildly interested in Colonial coins too

 

As far as I know, each early type has it's own reference book, and some of those are no longer in print. Having a single source for all 18th century denominations along with commonly circulating private coinage and foreign coinage would be nice. I suspect that it would run into copyright difficulties, though.

 

If you are interested in early US copper coins, I strongly urge you to join Early American Coppers (EAC, eacs.org). The knowledge you will gain is far greater than the price of membership. For pre-US coins, the Colonial Coin Collectors Club (C4, colonialcoins.org) is the place to go. Both clubs are very active with very dedicated members. I know EAC is growing, and I believe C4 is as well.