"Improperly Cleaned" / "Whizzed" / "Environmental Damage" Value

DISCLAIMER: Ok so I know this is bound to start a controversy, and its not meant to. Being relatively new to investing in coins, as opposed to searching through loose change, its one of those things that the books just don't really address.

My question is, what is the damage to a coin's value with any of the "Improperly Cleaned" / "Whizzed" / "Environmental Damage" labels coming back from a TPG. I'd imagine it depends on the coin, and to help out, I'm looking at pre-1860 coins, flying eagle pennies, large cents, half cents, and generally anything pre-civil war in US coinage. I've got the grade books, and the Red Book but they don't seem to cover coins that are modified or damaged. I'd like to invest in some of these coins, and don't know how detrimental to their value these labels are (I don't want to overpay). Thanks in advance for your replies.

 

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If you are new to coins, do not ever THINK of buying any coin with such a labeled slab. Sorry, but that is the truth. You are correct there are many things that will affect its value, but you do not have the knowledge to make that determination.

Buy only problem free slabs, learn to grade yourself so you can make sure the slab is properly graded, and you will save yourself a ton of heartbreak and money sir.

 

While there are certain few cases where I would disagree with the "do not ever" advice, considering the OP is new, I wholeheartedly agree. Until he is knowledgeable/experienced enough to truly understand each individual problem coin, if he chooses to buy such coins he will almost certainly lose in the long run.

I would also like to add that while it is important to not overpay, it is also wise not to fall into the deal mentality or place too much weight on price, especially with coins in your area of interest. There is a lot of dreck out there (including slabbed IMO) so take the time to find quality, even if it costs more. That said, at this point I do believe the best thing you could do is to either find a trusted and knowledgeable dealer to work with, or hold off on buying until you know more of what you're doing. While it may not be as fun to buy books or invest time learning as it is buying coins, in the long run you will likely be glad that you did; there is little worse than someday looking back and thinking of the money thrown away on bad buys.

 

Well, I think we can close this thread since you will not recieve better advice than this

 

Agreed. Btw BBC, I agree as well that if you are knowledgable I believe "problem" coins can be nice additions based upon the "problem". I guess I was giving more specific advice to a person new to coins.

 

I appreciate the input, I re-read my original post and for clarity's sake, "I'd like to invest in some of these coins" meant the old coins in general, not the problem ones. Was somewhat discouraged by the price point for quality coins, but I understand you get what you pay for. Looks like I should stick with the slabbed stuff or head back to the dealer by my old house and see what he has. Thanks much for the advice.

 

I really can't add to the sage advise you have already gotten, I do have to comment that investing in coins should be as a hobby, not in hope of gain.

 

There is no set way to set a value on problem coins. Each one is different deal.

 

The reason you should read and learn all you can is that the older the coins are , in US coinage , the more apt they are to have been cleaned , or tooled . Many have learned too late that the coins they thought were problem free were indeed not . In the early days of collecting it was normal to clean and even polish coins. Then there are the coin doctors , who always try to make a coin more valuable in various ways . So head the others advice and learn all you can , you'll be happy you did in the long run .