OK. Say you're working on a date set of large cents. You are parusing a well-known large cent dealer's inventory and spot a coin. It seems to appeal to you, and it is a date that you need for your set. Here's the dealer's photo: Three questions: #1 -- What is your grade? #2 -- What is your valuation ($)? #3 -- Assuming the dealer's price is what you consider fair, is this coin a "buy" or a "pass"? At this point a "buy" is really "order on approval". Also feel free to explain your reasoning, and provide comments (both good AND bad) on the coin. More will be revealed in a day or two, in the meantime. Thanks in advance for your input....Mike
#1 I would say grade is VF35 becuase the hair shows nice detail but still shows wear..... #2 $75-$80 #3 I would buy it for 3 reasons.....#1 the coin is cented really well....#2 the detail on the hair and rim is really good...the stars aren't good but that is normal....#3 because I needed it for a date set Speedy
#1 -- EF40 #2 -- No idea #3 -- I'd buy it (on approval) I think it's got character & is a nice looking coin
#1 VF30 #2 $55-$65 #3 I'd buy it because nice detail,no damage or scratches & as Speedy said "well centered".
The coin arrived today, and I've taken some photos of it. They are appended below. This time tomorrow, I'll provide more information on the three questions I asked earlier, but in the meantime if you want to revise your previous answers based on the new photos, please feel free. Take care...Mike
1 - My grade would be XF40. If NGC or PCGS graded the coin it would likely be AU53/55 2 - $230 + or - 3 - Yes. The coin is quite nice for the grade and since it stands a good chance of being graded higher by the TPGs resale at a profit would be a breeze. The coin meets the criteria for ANA standards EF40 to a T. "Obverse - Wear shows above LIBER and to the right of the eye, below those letters. Some wear shows on the curls at the back of the head and in front of the ear. Hair cords are sharp." "Reverse - Light wear shows on most of the lettering, high parts of the leaves, and bow & ribbon ends." To be deserving of an XF45 the stars would have to be sharp. Now, given that, how the TPG's would justify grading the coin any higher is beyond me. But they would anyway. This is a great coin for showing how to detect wear on copper. Notice how the color changes on the high points that are worn - see how the high points have a gray tone to them ? Look at the ribbon in particular on the reverse - the gray stands out quite well against the copper color in the low areas adjacent. It is also readily visible on the leaves. On the obverse the gray tones contrast with the copper around the eye and LIBERTY. All the high points show the gray tone with the possible exception of some of the hair. You did an excellent job with the pics Mike - they truly show the coin as it is :thumb:
This coin is a tough one to photograph. It is actually prooflike -- the first set of photos start to show this. I've taken a few more photos this evening (with the light at a lower angle to the coin) that show the coin more like what it looks like in hand:
WOW....your photos are tons better! I can see it at XF with these new photos...the strike is really good! Speedy
OK, as promised, here's a bit more info to base "your" decision on (for the record, my mind is made up): #1 -- The coin is graded by the seller, a well known EAC dealer, as XF 45+ for sharpness, net XF 45. #2 -- The coin is priced at $400. With this new information, does this change your answer to #3 (i.e. is this a "buy" or "pass")? This time tomorrow I'll post my complete thoughts on the coin and the choice I've made. Until then, have fun...Mike
Now ya made me go and look some more Based on what I can see those selling for that are graded XF40/45 by EAC - yeah,I'd still say it's a buy. By the way, what variety is it ? DUH !! - I just noticed the title :rolling:
It is an N-7, which is an R-1 coin. It is easiest to attribute by the die crack along the dentils on the obverse from 8 to 1 o'clock...Mike
Wow....my large cent pricing is way off.....oh well.....before I would buy this one I would need to go and see what the last 10 or so sold for....and then decided better. Speedy
While your pricing may be a bit off, this coin was (is) strongly priced for the grade, at least on the surface... Here are the auction grades for the last four XF 45s that sold at Heritage: $161, $230, $149.50, $126.50. However, I would expect NGC to grade the coin AU 55. The last three prices for AU 55 NGC coins at Heritage were: $373.75, $241.50, $230. This coin was better than all of them, by far. Given all these facts, I feel that $400 was a fair price, and I have decided to keep the coin. It is worth noting that 1818 was one of the dates included in the Randall Hoard, and prior to that was a much rarer date. While virtually all of those hoard coins are of a higher grade, not a single one that I've ever seen has as choice of surfaces, as the Randall Hoard was buried in kegs in damp ground and suffered for it. Most of the hoard coins look more like this 1820 (PCGS MS 64 BN): The 1818 is not a hoard coin, IMHO. Thanks for all your responses and questions, and I hope you enjoyed the post and the coin. Take care...Mike
