Ive seen some lowball (less than AG) morgan dollars that are selling for 20, 25 even 30 bucks more than the XF_EF morgan dollars. These are both no issue coins,just wear. And these arent detail grades either. I just saw a common date morgans sell for over 70 bucks and it was as a Poor-1 coin, and the same date coins in XF_EF (even AU, yes AU) have sold for far less. So why is this happening? I can buy a bunch of morgan dollars in XF condition and wear it down quite a bit till the point that its more valuable? does this make sense?
The registry game http://www.pcgs.com/setregistry/default.aspx?c=139 Right here is the number 1 lowball type set, the numbers are pretty low. http://www.pcgs.com/SetRegistry/publishedset.aspx?s=32379
Why!!!!!!! What is the point in damaging a coin further! And increasing the value by doing that> This is ABSURD!
P1 grades can be more rare than XF+ grades. You can't just wear an XF down to make it P1 or else it turn up in a details holder. What people will pay for their registry sets is sickening. This is when you buy the holder not the coin.
Isn't this the concept behind "pocket pieces" specifically? I mean, I would see no logical reason to leave a coin in your pocket daily other than to simulate wear.
Literally you can wear it down. But it would be pretty sickening for me to just use my dirt fingers and just wear a morgan down.
There is another way of collecting not mentioned yet. A grade set. That is one coin, usually a specific date, of each grade. I am in the final stages of putting together a grade set of 1864 Large Motto two cent pieces. In the MS grades I opted for BN color, so the highest graded by NGC (the TPG I chose) is grade 66. So far I need a P01, P02, and a VG8. In total there will be 26 coins. Eventually I plan to turn these coins into an Exhibit for my state numismatic society convention.
The "intent" of the Low Ball Registries is for folks to "search" for low grading coins, not make them. As for pocket pieces? Coins "wear" a lot slower than a lot of folks might believe. I've had a 1973-D IKE in my pocket for close to two years now and it almost looks better than the day it went in! I've not been kind to the coin and I'm guessing that a lot of the low grade CnClad IKE's are the result of two things: 1. Weak Strike to begin with 2. Slot Machines grinding off the rims Since Eisenhowers just didn't circulate like quarters, finding worn IKE's is quite a task.
Lowball! edited Seriously though, I haven't seen many of these early commems in circulated condition.
Good thread. I feel almost normal now seeking coins with heavy orange peel. And I bet sellers think they' re ripping me. Heeeheee
It makes perfect sense...it's supply and demand. Some people really like the heavily worn coins and for many types they are quite rare. If demand is greater than supply...the price goes up. This hobby isn't solely about collecting high grades...each person has their own interest.
The only error in this thought is the fact that Ikes weren't ever used in slots. When the government announced the conversion from silver to clad beginning in 1965, many of the casinos started removing the old cartwheels and replacing them with gaming tokens. This changeover was just about complete in 1971 when the Ike dollar was introduced. Yes, there are some casinos that still offer a few slots paying out silver dollars, like the Cal-Neva in Reno, but these are usually Morgan, Peace and SAE's. Chris
I'm afraid you've lost me. The "orange peel" effect is associated with coins exhibiting die deterioration. Chris
It's important to keep in mind that the coin market is based on preference, and this preference can and will change over time. What collectors chase today will be much different than what collectors chase in 50 years. Right now the market puts a huge premium on high grade census level coins as people chase the registry game, but this preference could change. This dynamic is why I fundamentally do not view coins as an investment. When you invest in something you are buying an asset that produces money, and the price paid for that asset is in some way tied to the expected future cash flow. That's how it is for houses(selling price tied to rental value), or manufacturing equipment, or internet business. The price is a reflection of the productive output of the asset being purchases. Coins are not like this, they have no production ability. Their price is soley a function of the current demand for that coin based on the general preferences of the market at this specific point in time. There is no intrisict reason why a high grade coin should be more valuable than a low grade coin, that price difference represents the broad preference of the coin market which can and will change in the future.
Indeed it is. Collecting die failure always seemed odd me. It's nice to know that others like odd ball stuff too. As long as it's not the odd ball stuff I like.
