1) How do you know the coin is real? Lots of raw ones are fakes, and good ones to, not just simple "magnet testing" fakes, I mean, possibility of fooling a TPG fake 2) The coin has a rim ding, and some deep scratches on the reverse...Will it slab like this? Maybe, but those are some good ole' scratches, enough to make that pretty little BU go down to AU REAL QUICK. 3) Those photos have been doctored, (no doubt in my mind about that) and that cleaning is a good possibility. Look at the harsh marks in the 11-12 o clock area on the top of the coin on the reverse 4) You could have got one cheaper. Shoot, I was selling 1912 AU55 and 1911 AU58 both PCGS, and the 1911 AU58 was for sale at $255, and the 1912 around $240. Link to coin in question http://cgi.ebay.com/ws/eBayISAPI.dll?ViewItem&_trksid=p4125.m73&item=230360869282 I mean, I know they are different dates, but it would have been a safer and smarter purchase to make, with it authenticated and by a respectable TPG. I honestly don't think you got a good deal on this coin, and I know I wouldn't have bought it. Sorry it's not positive feedback, but it's all I got to give out..
P.S. I think it would "grade" at AU58 details, that is, if you sent it in to ANACS. Once you get it in, take better pictures, so we can see if it has been cleaned or not, that will determine if PCGS/NGC will grade it. Also try, in your set of pictures, to capture any remaining luster, that will help with the grade as well. The ebay pictures, aren't that great, and have been doctored in some way, just my opinion, but I know that is not the true color of the coin.
The color on the obverse looks off, now I'm no expert in this series but it just doesn't look right, like tmoneyeagles said it either has been cleaned, or... tmoney good job spotting the marks on the obverse at K12, I didn't see that. Windsor, you may want to look at the coin under magnification very closely at the neck area, and look for short stubby lines..these are toolmarks, alot of 2.50's and 5's have these, but not all. If its a real, I would guess AU58 as well. Edited to add: These suckers are harder than heck to authenticate, even more so than the $5 gold indians. When I took my authentication class , some of the coins we examined were counterfeit $2.50's, well, Brian the instructor said there were toolmarks in the recess of the neck, I knew they were there but I couldn't find them. It takes a very sharp eye, and this was the only series of coin I had a real tough time authenticating, other people had trouble with it too.
Glad to help, take it to a dealer who is knowledgeable to have them check it out, if you want to submit it to a TPG. Because of their incuse design and size, these are very hard to authenticate and grade. Hopefully its a nice genuine example, I suggest also next time you buy any gold on ebay, always buy certified by either PCGS, NGC, or ANACS. There is just too much fake raw gold on ebay.. I remember when I bought my first raw gold half eagle...it was an indian as well. It was from a very reputable shop in Nevada..I forget the name. To make a long story short, they had a PCGS grader working there. Unfortunately, in recent years they shifted ownership, and from what I've heard they now carry alot of crap, with highly inflated prices, a shame. When I bought it, it was graded AU55 by a former PCGS grader. I bought it raw, this was before I knew not to buy these raw. Luckily for me I bought it from a very reputable shop..i sent it into PCGS and it graded AU58, no problems. I think I paid around $320 for it
