Do you buy cherrypicks that are problem coins?

I got this 1865 RPD 2 cent piece yesterday (sellers pics). Sometimes I regret buying problem coins, even when they're pretty rare varieties. This is an FS-1301. Supposedly worth $200-$300 in problem free condition in this grade. I feel like I can acetone and Verdi-Care some of this greenish stuff off, but it'll likely never grade. I paid $51. I just get excited when I see a nice cherrypick that hasn't been identified by a seller, but half the time I don't make a dime flipping it, due to the problems. Still, I CAN'T RESIST!

 

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nice variety.

and, yes, I can consider buying a good cherrypick with a small problem

 

Nice pick and yes, I'm guilty.

 

You should never buy a coin like this. Just let me know about it and I'll take it off the market. I'm happy to help.

 

I guess I differentiate between cleaned and other problems. I have a couple varieties that are bent and I'm - sort of - OK with that. Environment damage too is OK, especially if you can conserve it to prevent further decay. But I hate cleaned coins.

 

I used to be absolutely opposed to cleaned coins, but it's the favorite "problem" that the TPG'S assign to coins. It was acceptable to clean your coins decades ago, which is why most of them are, in fact, cleaned. I've mostly gotten over my bias.

 

My advice: Send it to NCS for conservation and then grading by NGC.

 

Depends on the problem and the coin. There are certain coins I will consider even cleaned, holed, or removed-from-jewelry pieces.

 

If the problem free price you stated is accurate then you bought it at a 75 - 80 percent discount. As far as problems go yours doesn't look all that bad. I'm not an expert in problem coins but my guess is that if in a details holder it would sell for a lot more than what you paid for it.

 

I'd have grabbed that one for $51 too, but I don't think that Verdicare will do much good here. As much as I like the product, 2 centers never seem to respond very well IMO. What is the tan stuff? That may just come of with a little distilled water.

 

If it's significant enough and rare enough, you may not have a choice but to buy a problem coin of a certain variety.

 

Do I buy cherrypicks that are problem coins?

 

It looks like it'll come off and I'll be left with those green crusty spots. But ya know... I've been seeing quite a few slabbed 2 centers with those green spots. Both NGC and PCGS!

 

I buy them all the time. Got an 88/7 Indian penny once but it wasn't picked. I've only seen one for sale since and bot that one also. Picking them is the ultimate rush though.

 

This question has been a issue in my collecting for years!
Especially when you know that the variety is very rare but the damage or issues with the coin will lock you into a lifetime ownership of said coin.
Somehow it always seems that the rarer coin has issues that are above average . And the age old question can I live with it? A few years ago I passed on a coin that most likely I'll never have to pick again. But I must admit ....it has some serious issues . I guess what works for me in this sort of cases this......at least you know in you collecting career you had the chance ....and made a decision not to live with a problem coin .

 

My '73 open 3 PCGS PR-64 has nearly identical verdigris on the reverse. I bought it last year off of eBay with a horrible image. I stole that coin though, I put in the minimum bid three days early and got it for a song. It's a pretty early slab, so I'm not sure how bad it was when it was graded, but I'd suspect that it was pretty apparent when it was. The obverse is nearly a flawless (67ish) RB, but the reverse has some cabinet friction on the highest points and the two verdigris spots. I'm not sure if the friction was the cause of the grade drop, the verdigris or a combination of the two. I agree with the overall grade, but this seems more market graded; as in PCGS just assigned the coin a value.

Does either NGC or PCGS state that they won't grade a coin with verdigris specifically?

 

Quite the opposite; I can't count how many coins with verdigris I've seen in slabs from both. Verdigris generally develops along a broader timeframe than PVC infestation; in fact, one reason we contemplate verdigris removal rather than acting immediately like we do for PVC is, that it moves so slowly there's time to consider whether it's better for the coin to just leave it there.

So, although undoubtedly there are examples of verdigris having developed since the slabbing, the majority of them already had the verdigris and were slabbed regardless.

You want to see a bummer? Check out some of the "57th Street Collection" coins NGC slabbed when that hoard came to light. A bunch of them had active PVC infection and NGC slabbed them anyway. Over the next few years some of these are going to destroy themselves while sitting in the slab.

I suspect that will come back to bite NGC, down the road.

 

Thanks, that's sort of what I figured, but it's pretty rare that I submit a coin for grading, so I'm not too familiar with their policies anymore. This does give me some pause on buying based on slabs and terrible images though.

 

I bought this because it has strong die clashes on both sides. Very similar to Mike Diamond's ADC-5c-1862-01 but it lacks the repunched date. It's hard to pick out on such a small coin but you can even make out some of the legend clashed on the reverse with a loupe.

 

Civil War date, too!