Noticing the value of the scratch that allowed Rich Strike into the Derby, I was thinking about this: An 1840D $2.50 quarter eagle graded AU50 sold last week in the Heritage auction for $31,100 or so. About a year ago I bought the one you see here below it, recently graded by NGC as AU details, (scratched) for about $2000. That's some scratch! (BTW, despite the scratch, the details coin is lovely, with a lot of luster) (and yes, those die breaks are sweet .... )
Seems like you got an excellent price, but I don't collect gold. For the record I believe what you have at 12:00 on the obverse might not be a normal scratch but a test cut due to its depth. IIRC, test cuts aren't too uncommon on early Southern gold?
In my opinion both coins are overpriced. If it wasn’t for the mint mark their value would be much lower. I’d also expect much better eye appeal for a $30K coin. Regarding the “scratched” coin, it has more issues than just a scratch, so the price drop is reasonable.
It's a small coin, so the marks don't stand out until enlarged. As with many rare coins that are also highly desirable, those of us without unlimited budgets have to make compromises. If you're happy, I'm happy
Do you not believe in coins? Yes their price would be lower with a different mint mark, same with a different date, same with a different metal, same with a lower grade etc. You could even take that argument out to a different level that theyd be a lot cheaper if they were a box of cereal
If the first was a scratch, why would NGC grade it as AU-50? Normally they would say: "AU details, scratched". So, I can't believe if scratched, they wouldn't 'details' it.
The first coin - from the Heritage Auction was AU50. No scratch, no details. I think it has a die crack line. The AU details coin was in an ANACS F details slab when I got it - NGC gave it AU details status, which I think it deserves as it has a lot of luster and only minimal marks other than the scratch. In person, the scratch is much less perceptible and the coin is lovely - and extremely rare, details or not.
Value of a scratch? Well to me it spells opportunity. Most of my top shelf coins have unflattering labels attached to them. I can assure you, I am not a label collector. I am a history collector….. This one is probably a $5000.00 piece without the scratch. I would presume that little “X” on the eagles chest makes this more like a $1000.00 piece. And that’s just fine by me.
Still an awesome coin Randy. I think like you, sometimes graffiti means great opportunity for something you normally would pass on due to cost. I think the X being on the reverse makes it less impactful. Still looks great to me despite the X. If you ever want to find a new home for it I might know someone interested.
Graffiti on a coin is much worse than a random scratch. It shows intent which collectors view in a much more unfavorable light. As for the first coin, which was auctioned by Heritage, the mark noted is a die break, not a scratch. Doug Winter notes that this break appears on most examples of this die variety. There are two varieties known for the 1840-D quarter eagle. As such this is not post mint damage. Die breaks are RAISED on the surface of the coin. Scratched are INTO THE SURFACE.
(from Johnmilton) "As for the first coin, which was auctioned by Heritage, the mark noted is a die break, not a scratch. Doug Winter notes that this break appears on most examples of this die variety. There are two varieties known for the 1840-D quarter eagle. As such this is not post mint damage." Yes, and there is a hint of that die break on my AU details coin in the lower of the two pics of 1840Ds.
