Would you ever buy a "details" grade coin?

I mean, I personally only care about collecting what I like, and don't care in the least what the coins will be worth at some point in the future, as I don't intend on selling them if I can help it. So ultimately what I buy I judge purely on a pass/fail basis. I try to aim for the nicest example of something I can reasonably afford, and "details" if it's not that bad of a detail to my eye can bring the price down considerably, and allow me to afford something I otherwise couldn't. So no big complaints with it I suppose.

 

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I would never buy a “details” grade coin in a holder. I have bought such items raw if they were extremely cheap, like well under $100. I have a rusted CSA Virginia token which was made from iron recovered from the armored part of the ship. It’s a terrible token, but it is a relic and a piece of history, but it’s only such item in my collection.

A nice one now costs over $3,000. The trouble is it can go bad in the holder. A few years ago, a well known token and medal dealer had a certified example in an auction. He was receiving the expected bids for it when he noticed that it was rusting. He let those who had bid withdraw their offers. It sold for just under $2,000. I would not have bought for anything close to that, given the developing problem. As long as it was in the holder, there was nothing you could do about it.

The trouble with “details coins” is that they will always be a problem. The value on straight graded coins might rise considerably, but when you have a problem piece, it will always be a “yes, but” situation. My general approach has long been, if I can’t afford a decent example of something, I don’t own it.

 

I really have appreciated your beautiful collection, but I search for problems in life that it's believed I have a solution which can be passed to others.
I've been very lucky in my choices!

 

I think it falls under “have to have one, not patient enough to wait possibly years for a problem free coin, willing to settle.”

 

I have generally avoided purchasing details coins. However, when I started collecting seated Liberty half dollars, my goal was to fill a Dansco with coins that would straight grade, yet the tougher dates were difficult to find raw with original toning that would straight grade. I purchased an 1855-S and 1878-CC raw off eBay that I had hopes would straight grade but were later graded as VF details - cleaned. I recently replaced the 1878-CC VF details with a PCGS VG8 example. I'm still looking for a TPG straight graded 1855-S.

I do cherry pick 1855/54 seated halves mislabeled as "1855" in details holders if the price is low enough and they are graded by one of the leading TPG services. I have mislabeled examples from PCGS (4), NGC, ANACS, and ICG. I haven't seen a mislabeled CACG example yet, but I haven't been looking for overdates lately. CACG graded and mislabeled 1855/54s are likely out there. Here are a few examples. All are 1855/54s that were mislabeled as 1855 normal dates.

PCGS AU-details "1855" from eBay




PCGS Fine-details "1855" from Heritage Auctions


PCGS VF35 "1855" purchased off eBay and cherry picked from my collection. When submitted to PCGS, PCGS ignored the proper date label "1855/54" and coin number ("6282") that I provided on my submission form and changed this an "1855" and "6281." PCGS Customer Service and graders said they attributed it properly. It is not a details coin but I added it here because I am still angry over their gross incompetence and their inability to admit they made a mistake.



ANACS EF-details damaged, cleaned "1855" off eBay


NGC Fine-details "1855" from Great Collections


ICG VG8 "1855" (straight graded) off eBay - I added this straight graded coin as an example of a mislabel from ICG.

 

It depends on how bad the problem is and how realistic obtaining a problem-free coin is. There's one coin that is in a details holder that I'm waiting to appear on the market. If it does and the stars align just right, it'll be my most expensive coin.