This is my first strong purchase in terms of collecting. I've bought plenty of junk morgans and 90% silver coins but they had no collector value and were bought below spot price. I really want to become a serious collector so I've been following eBay listings the last few days and offering good, fair prices on Craigslist as well for AU+ Coins. After about two days of lurking I finally caught this baby and couldn't pass it up. My March 2012 Coins magazine issue tells me it's valued between $92(MS64)-$190(MS65). http://www.ebay.com/itm/260941184606?ssPageName=STRK:MEWNX:IT&_trksid=p3984.m1497.l2649 The seller showed uncertainty with the grading company. I think it COULD stand at MS-65 but even MS - 64 proves to be a good buy. If anything I'll have it regraded a few years down the road. I only paid $68 Shipped so I'm very happy.
I'm far from a good grader, but assuming it actually is MS64 or 65, I think you did pretty good. Looks like a nice coin.
Thanks Fall, I'd even be happy with MS-63. Most coins I've seen so far are selling for such premiums I thought I wasn't going to buy anything for a while there. I'll be looking to actually build the collection and hold them for the years to come so even if it's a lower MS it should eventually work its way on up.
NNC (National Numismatic Certification) is (was) not a respected grading service. You certainly cannot tell much about the surfaces of the coin from those photos. When you receive the coin don't be surprised if it is a problem coin (e.g., improperly cleaned).
I don't want to rain down on your purchase but be very careful with that coin. Make sure you take a good look at it when you get it. Test it with a magnet and look at it with a loupe, also take a look under the light and make sure it hasn't been cleaned. If everything turns out well, you made a fine purchase.
When buying slabed coins look for NGC or PCGS slabs if you can. Also when dealing with eBay try and buy only if they have a return policy so that if you're not satisfied you can return it. Good luck bud.
Thanks for that information everyone. If I don't see anything wrong with it I might just send it out to get regraded right away. Hopefully, regardless of how non-respected, they were able to tell the difference between a fake/cleaned coin and a real one. Then again that might be what got them in hot water anyway.
The OP didn't mention the Red Book though, but rather the March 2012 Coins Magazine. Looks like a nice coin, just make sure you inspect it further when you get it in hand. It might either end up being a problem coin or the grade inflated a bit, but even if it gets knocked down a few places on the grade scale, an MS60 grade can fetch at least $50 or so.
That was my angle too. If its a genuine coin, even a lower grade will do me good a few years from now.
Like Hobo said, NNC is not a respected slabber. I would be extremely leery of any such coins in slabs. If you are a beginner, you are much safer ponying up a little more and buying PCGS, NGC, or ICG slabs. At least for those you are guaranteed its genuine with a lifetime warranty of the fact. With other certification you are not even sure of that. Assuming, of course, its not a fake slab in which case the dealer you buy it fom is responsible. Another good reason to find a local dealer you trust. Advanced collectors know enough to buy from other sources, for new collectors, I think the little extra you pay from a good local dealer is worth the money. Just my opinion sir. Chris
A MS65 1885 lists on Numimedia for $194. This coin, would be an improperly cleaned coin and details from a reputable TPG. NNC, was a basement grade like SGS. Everything overgraded by as much as 6 fractionals from what either NGC or PCGS would grade it. But, if you're happy with it when it arrives, and you feel you got a good deal, that's all that matters. Personally, I wouldn't have bought it, but that's just me.
And by doing so you are ahead of 90%+ of other beginning collectors. Listen, its called cherrypicking. Buying a coin for less than its worth. Can it be done? Yes, it is every day. I know from experience how thrilling the idea is of buying an underpriced coin. However, until you have the knowledge of recognizing problem coins, grading yourself with good accuracy, and many other things, you have about a 10% chance at best of getting a superior deal. Most of the time you will be buying overgraded or problem coins "at a discount". My advice, which I wish I could have given myself 35 years ago, is to concentrate on learning, buying good coins from a local dealer. These coins may be a little high, but will always be good coins that you will not regret buying. Once you start seeing why so many of these "bargains" are not bargains at all, once you can tell for yourself a 64 from a 65, once you recognize a problem coin from halfway across the room, then you can cherrypick for better deals. Trust me, they are not so easy to find as it seems right now. A good coin usually has buyers lining up to pay greysheet+ for it. Sound fair? Chris
Don't hesitate to reach out to us in the future if you have doubts about a coin or auction before you bid. We are here to help out the best that we can.
One would be wise to consider anything in an NNC as raw...or worse than raw, as they tend to be a haven for problematic coins.
I don't want to disappoint you but the chance of that coin crossing over to NGC or PCGS at MS65 is not good.
If the coin is real/uncleaned I have some high hopes for it. It's all I can hope for so I'm trying to be optimistic. If it's cleaned, I'll hold onto it till silver hits $70 and get my money back lol.
