First I'd like to thank you for your time. I am a beginner collector. I'm a half barber vg/F type of guy. I have a few capped bust, but really wanted to add a Large cent to my collection. I ran across this one on ebay last night and was captivated. I ended up winning the coin at just under 200. I guess I am curious as to how much the corrosion would take away from the value of this coin, and if this would grade 12 (PCGS). I am very interested in your opinions. Thanks again and here is the link. http://cgi.ebay.com/ws/eBayISAPI.dll?ViewItem&item=290408146251&ssPageName=STRK:MEWNX:IT
As far as crossover - yep it would crossover into a PCGS slab, but it will be labled Genuine without a grade. Tough to say this coin is very close to VF details, but I think ANAC's has it list correctly. As for the price - tough to say, this type corrosion typically drops the coin anywhere from 50% or more. Now me personally - I would rather have a solid VG problem free coin. Gotta love large cents.
As Mark says, your S-138 would be encapsulated by PCGS, but in a "genuine" (no grade) slab due to the corrosion. S-138 is Rarity 1 variety ( meaning it is a fairly common variety as far as 1797's go), so there is no premium for rarity. All in all, I think you paid an acceptable price for this variety, give or take a few $, for the condition it is in. I would leave it as it is, and enjoy as such. It is a good coin (as all early copper is). Surface and planchet quality is key for large cents. Early coppers with average to better surfaces command strong premiums. Keep this in mind if you plan to continue with large cents (as you may just do). To allow you to compare surface quality, here is an 1797, variety S-137 with what I would describe as average surfaces.
Numismedia lists the coin at $600 in F-12 so I'd say you got a good deal. It's in an older ANACS slab; the type of which is generally viewed by collectors as being less likely to be overgraded so that doesn't hurt either. Congratulations, and welcome to the copper addiction club (trust me, it's hard to buy just one).
Gopher those prices are probably more realistic for a problem free coin. As eduard stated this is probably a good price for the condition of the coin. And Eduard I would call those surfaces slightly above average driving a good premium. I like that coin. The only flaw is the off center obverse - if it was centered it would be absolutely perfect. And with that flaw(had to find one) you should just go ahead and ship it to me. Of course you all could donate either one of these coins to me - I would never turn away a large cent.
I think the coin looks good for what you paid for it. And agree with others to just leave it in the ANACS holder. Nice buy. I also agree with Mark that Eduard's coin has a very nice surface for a coin that is over 200 years old. And I don't find the off centered strike a detraction at all....it just adds character to me.
Thank you all. Although I'm very excited about this coin; I think I'll take Marks advice and avoid problem coins in the future. I'm glad to hear that I didn't get hosed on this one.
Sorry don't have the coin anymore. Ended up selling the Large Cent at a 12 dollar loss. It was ANACS slabbed with corrosian. Did enjoy having it though. It was a good lesson in not buying problem coins, because it did take some time to sell.
