I have a friend who has this coin along with a few others he wants to sell very reasonably BUT the Peace Dollar has a hole in it from where someone has worn it as a necklace ! (Why do such a thing to a coin especially a 28 Peace Dollar) anyway other than the hole the coin is absolutley perfect with very minor wear , prob. AU borderline MS should I go for this or let it ride , because I would like to have it holed or not ! Just asking for opinions . Thanks guys !!
i'd check on how the hole effects the value,I bet the major grading services would reject it.Personaly i wouldn't buy it unless it was very cheap.
I would let it go...I don't collect damaged coins and not many other people do either... It would take the value down a lot I think...and I think it would be better in the long run to wait and get one without the hole. Speedy
I don't really think I would have it graded , and even though it has the hole it's a 28 Peace Dollar and me being on a working mans income it's probably the only 28 I'll ever own ha,ha really it's the only 28 i've ever seen in/or from circ. the rest have been at dealers and can get quite pricey if you know what I mean ? There are oh , 10 or so coins he has that i'm interested in and I made him an offer of around $25 for all , so that wouldn't be to bad if he goes for it . Maybe some others will have some thoughts as what to do .
You answered your own question in your first statement by saying you'd like to have it. For the price quoted for the lot, assuming some of the other coins have some value, I'd probably buy it just to own it. This is one of those situations where it might bother you if you don't buy it even if it never becomes valuable. You'll always own a '28!
I've been told by "holed" coin collectors that the value is never more than 1/3 the "unholed" value. I think the higher the value, the lower it goes (a $9 holed coin might be worth $3, but a $3000 holed coin is worth a lot less than $1000). Not sure if that helps. For $25, I'd probably buy it (as long as the hole isn't near the mint mark). I can relate to the budget... one area of my 28 Peace dollar looks like it was cleaned with steel wool. Some day, I'll upgrade. edited for spelling errors
A couple more thoughts... A 1928 Peace Dollar is a pretty valuable item even if the condition is G or VG. From the description you gave, it might be worth more than $25 to someone even with the hole. And the silver melt value is probably more than $5. There isn't much downside risk in buying it, and how many chances will you ever get to own one.
This is my thoughts exactly and the actual price would be $2.00 or less if the guy accepts the offer ! And as I said it is a really nice coin other than the hole , if I get it I will post a pic. for you guys to see . And thanks to all for your thoughts .
Holed coins are very easy to value since grade doesn't matter. That '28 Peace is worth exactly $5.59 at today's closing price for silver. So, if you can get it for two bucks it's a good deal.
Remember that there are folks who collect holed coins and there's actually a pretty reasonable market for them on ebay. Take a look and see what holed Peace Dollars are bringing. You might be surprised.
I just wanted to reiterate Art's point here that MANY people collect SPECIFICALLY holed coins! Personally, I think the holes can sometimes enhance the eye appeal of the coin, provided they're in a spot that doesn't take much if anything off the images on the coin. It's kind of like toning. Some people won't TOUCH a toned coin, and some people love the different hues one can bring; some people wouldn't dream of owning a holed coin, and others wouldn't care. If you like the coin, and would like to buy it, especially if it looks good to YOU, then I'd go for it. And just as a sidenote, from my personal point of view, I just want to say that I don't really like calling a hole "damage" specifically. It can sometimes enhance a coin's likeability. Some collectors use the term like a student might say "homework." I just think it should be noted that collectors of holed coins deserve to be respected as much as non-hole collectors. ~AJ
If I understand you right, I could buy a damaged coin with a large "nick" in the surface of the coin at a reduced price, and by drilling a hole to remove the "nick", I could restore the coin, or enhance as you would say and make money selling it to a collector of holed coins. Guess I will have to pay more attention to the 'junk' box at my coin dealers establishment the next time I go there. Don't know what kind of trreasures I will find...right AJ?
Dan I just want to drill the new SPR-70 2005 buffalo nickels,, do you have any ? maybe I can enhance there value by doing this ,, Id be gald to do yours for you !!! NO CHARGE !! I have already drilled several rolls of the regular ones !!! some with my drill some with my 22. I think that I can get 50 cents each for them as necklaces !!! Gimreaper If you like the coin buy it , opinions are cool and everything, but the only one that really counts is yours!! I have several holed coins in my collection, most are fractional gold, they can be bought for a fraction of the cost of one without holes but they are still cool to me !!! Rick
I consider a hole to be "damage," and it would never enhance a coin's value. I would also never deliberately collect holed coins. But I have to confess that I'd probably pay $5-$8 for a 1928 peace dollar in AU condition with a neat little hole in it. It would be worth owning just as a conversation piece.
I'm currently working on a holed type set. It's actually harder than I'd imagined it would be, but the price is low and I get to collect a bunch of neat coins too. I'm having a lot of fun with it, but I've learned that junk bins are much better than eBay, since there are some eBayers who don't always follow the 1/3 price rule
No, sir, you do not understand me right. All I said is that there are people out there who are serious collectors who collect holed and otherwise imperfect coins. I said NOTHING about restoration of a coin or the enhancement of value of said coin by drilling a hole in it. Please do not misquote me again. ~AJ
Your user name "Grim Reaper" certainly casts a pall over the transaction, but why not buy it for use as a NECKLACE. Give it to your wife, girlfriend, daughter, etc. Better than a lot of the gifts we give the ladies, and it is not going to develop a weak clasp and get lost by falling off.
