Bought a 1908 No Motto $10 Gold Eagle Raw

I looked at the coin before submitting it. It looked decent despite its flaws. There's no signs I could tell of it being harshly cleaned or wiped. There is a chance it could number grade with no problems but would think more likely a details grade is probable.

 

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You're right. I agree. I wish I had better pictures of it but the graders have it now.

 

Chris,

At the very least though they are credited knowing the difference between a genuine and a fake. This is good enough for me since this is what people want to know about such a coin and the condition is secondary given the high amount of wear, so the price won't be much more than melt value. If it's XF without details it could be a $1,000 coin. The majority value of this coin is bullion.

 

I like to slab my more expensive coins to help protect and preserve them. Buying coins raw is cheaper too.

 

Actually SEGS are very strict these days and don't allow for many flaws to get problem free regular grades. I had a specimen they details graded for minor spotting on a silver coin. I think it was crazy they found this an issue. I'd have never details graded over so little. The coin looked original too.

 

Thank you for answering my question with an honest opinion. This is what I was looking to get an opinion about from the group.

 

If it details grades I might consider selling it for a coin without issues but gold is gold. It's good to have when confidence in the current system is gone or near gone (we're just about there).

 

Hopefully you’ll post update photos here with the coin graded.

 

I’ve found that SEGS is tougher on problem coins than PCGS

 

I would dispute that their product is better or a better description.
As far as why not spread the business around, why do that for that purpose alone if you or me or others using a business is to accomplish something productive other than to spread the business around.
As far as getting mine quickly, I have used NGC once and immediately realized for me that submitting batches of coins was not worth it until I could realistically and with regularity accurately predict the resultant grade I would get on the coins, so as of now I use none.

I prefer to buy, and prefer to buy PCGS over others. Why? Because they hold value. And I buy for the coins value usually (rare cases someone might pay more if the coin is special) and not the slab so I basically have encapsulated coins that I have no $$$ into the actual slabbing.
I think your reasons are specious because unless you want to treat coin slabbing as just equal to phone/cellular service, where you liken PCGS and NGC to a monopoly like Ma Bell and the Baby Bells, which PCGS/NGC certainly are not. A better characterization of your reasoning in this regard might be fencing or roofing companies in a city. You get your fences constructed and/or roofs redone and you are looking to get the job done. If it is by the major ones in town, great, but you are not looking to sell your home based on who put up your fence or who roofed your house.

But it is a fact that in PCGS and NGC are the slabbed coin leaders and their slabs count.

 

Your posit here might have value if you could provide that all non-CAC PCGS/NGC coins were submitted to CAC for review. Until then, this is not a great measure to go by.

 

I have long advocated that collectors need more viable grading services that just two. The trouble is many collectors have the NGC - PCGS mindset because coins housed in those holders are easier to sell and bring higher prices. I will plead guilty to that charge.

In addition the second tier companies have let their standards drop from time to time. The problem is they are stuck between a rock and a hard place. If they grade an expensive coin conservatively, someone is going to crack it out and send to the one of the “big two.” Currently PCGS is getting more business than ever. Even NGC is getting to be “the second grading company.”

All of the other firms’ mistakes stay in their holders. Their properly graded material ends up on PCGS. Consequently it makes the other firms appear to be more lax and than they really are.

When you add CAC to mix, it gets even harder for the other companies. Currently there are a large number of collectors who will buy nothing but PCGS-CAC coins. For them NGC-CAC doesn’t cut it.

For those who think that CAC is perfect, I would urge you to go to a lot viewing before a major auction and run some boxes. If you know how to grade, you will be shaking you head over some the CAC approved material.

 

The mintage suggest this is a rare coin. Hard to tell from the photos if cleaned because unable to enlarge, and they are the sellers pics which could be hiding flaws.
When gold was (recalled?) in the early 1930's people did bring in their coins for redemption. What is an approximate survival number for this date and non mm?

 

According to “Coin Facts” the number of survivors for the 1908 No Motto $10 gold is 3,500 pieces overall with 1,625 in Mint State. It has been my experience that “Coin Facts” numbers tend to be on the low side. With a mintage of 33,500, a survival rate beyond 10% is certainly possible. A lot of these coins were in Europe and other places overseas when the Gold Surrender Order was issued and were saved from the melting pot.

As a collector of 18th and 19th century gold coins, I have to chuckle when people call coins like this “rare.” Some of the pieces I have have survivers that run in the low 100s, not thousands. Rarity is relative, by most numismatic standards, this gold eagle is not rare.

 

I agree, preservation is one of the greatest benefits of slabs. I would still say buying them already slabbed will save you money, time and aggravation. Maybe SEGS is really cheap but still have to ship the coin both ways and paying for grading fees eats away at the savings of buying it raw and that's not even mentioning buying problem or fake coins.

Also I don't worry about preservation of coins I paid spot for. I am carrying around a $10 indian as a pocket piece right now as an experiment. Was worth a little over spot when I bought it and will be after I wear it down a bit too if I don't lose it

 

Slabs also keep ignorant people from dipping and cleaning coins. That is a big plus in and of itself.

 

I was informed the grade of my 1908 No Motto Indian $10 Eagle today. So tell me how it graded (remember, SEGS allows for Details and number grades together like ANACS and ICG). I don't have the slabs back yet but I was told of the grades on the telephone.

 

I suspect that numerous others examined the coin as you and I, establishing an opinion. However, but we'd rather suggest better images or visiting a local coin dealer for a sight seen opinion.

I believe the coin is probably an authentic VF condition specimen, but where you purchased, what you paid, weight, measurements, and BETTER IMAGES are generally necessary for a sight-unseen more credible opinion.

JMHO

 

You're right. You're correct that it is genuine. I too thought it was VF. I would have gone with VF-35. SEGS graded it AU-53 Details, Cleaned with Baggy Surfaces. I was surprised they assigned AU-53 though because it didn't look it to me. I notice when the coins are details graded they like to give it a higher number, maybe to help it sell for a bit more (to give the grade some value for the fee) given the details grade basically is the kiss of death to most collectors, though some don't mind. The important thing is it is genuine, so when I sell it it's better than a buyer seeing a raw coin and wondering "is it real?" and selling for even less due to the suspicion of it not being checked out.

 

And the big two haven't?!