As a new collector who recognizes that many of the coins I'd love to own are very pricey at mid to higher grades - i'm ok buying a "problem" coin that has much better details. I realize that as time progresses I'll want to eventually own problem free examples of some of those coins but since my son is the real catalyst for me to get into this - I typically let him decide which coins he likes best. As long as I'm getting what I feel to be a good price for a coin that might be VF-EF details - I'm ok with it. Although I know I'd have to find someone else who feels the same way to actually sell the coin - for now I'm just enjoying collecting with my son
I would want a VG coin without problems than a higher grade with problems. A problem coin is always a problem coin. Like this: 1909-S VDB cent PCGS VG-10 vs a 1909-S VDB PCGS AU-50 details, Improperly cleaned. I would go with the VG-10 cent, mainly because it is original and un-molested.
Depends on the series, the price, and the severity of the problem. Generally, I'd take the problem-free coin. But, to use Coinguy56's example of a problem-free VG10 S-VDB versus a cleaned AU50, if they're the same VG price and the AU has just has some minor hairlines, I'll take the AU, thank you. Early copper often comes with problems. They are net-graded by EAC collectors and forgiven. I'd be very happy with a problem chain cent at a nice price. Some problems are difficult to forgive, IMO. Whizzing, tooling, holes, repairs, severe cleaning, excessive dipping. But even then, if it's a very scarce coin impossible to afford problem-free, I can learn to love it. Lance.
I guess the collectors who claim they'll never buy a "problem" coin will just have to miss out on most coins made before the mid 19th century, as regardless of whats on their holder or how fresh one thinks it looks, most examples will fall into that category by the definitions conveyed here. Guess they can stick to lifeless moderns and leave the really great stuff to those who appreciate it. Guy