Damaged coins, new thread for all. This includes problem coins also - same thing!! What I wanted to do here is sort of explain my learning process on how much a coin is affected by a problem - these things it took me several years to fully understand because no body really set me down and told me. So here goes IMO - a problem coin never looses it's problem. It will always be there no matter what. Every person who owns or inspects that coin will find it's problem. If the problem is in a prime focal point of and otherwise nice AU or mint state coin the market grade can drop to Fine 15, yes I said Fine 15. Why because no body will want it (after learning it's problem) and it will be passed along to the next person who will be willing to take a bath on it. Early on I did not look at coins closely enough - I thought I was but it was only till later, sometimes many days or weeks later that I saw the problem and then realised the damage in terms of market value. Problem coins are everywhere. You cannot sling a cat without hitting a few. Why, because everyone want to pass it along and get rid of it. Problem coin grades most affected are XF-40 thru AU-58. These are the easiest to pass on because people see the technical grade and it's potential bargain and become blinded by "getting something for a good price". Spotting a problem coin and the ability to "pass" on it is an acquired technique - all folks will be seduced by the apparent bargain and get a problem coin - it's part of the learning curve or a fact of life. A rim ding is murder!! Plain and simple except for a huge scratch or harsh cleaning, nothing effects a problem coin more. There are many problem coins. Nice original coins are harder than you may now know. It's human nature to overlook a problem coin -we all want a bargain but a problem coin is never a bargain or as Rick Snow so accurately explains, "there is no price too small for a problem coin"! There is a few exceptions that do warrent acquiring a problem coin. 1. The coin is so rare you are realistically never going to get a shot at that coin again or the coin often come with problems. This is early 1790's type coins to early 1800's coins. 2. Territorial Gold or private patterns. 3. Coin needed for a set that you just want to complete no matter what. I really feel this is very valuable information for all coin people but especially for the new people on the site - I hope it helps you'all! Finally, this is my opinion and experience so it is subject to change and your comments are welcome and I fully expect not all will agree completely with all I have said.
