Was I Dumb?

I just bid on 2 coins at E*Bay - a 1798 2nd Hair large cent and an 1812 large cent. Both coins appear to have great detail, but when I looked at the picture after my bid it appears there is some corrosion. I didn't expect the coins to be perfect, the gentleman selling them found them with a metal detector. My bid was around $195 ... Was I dumb to bid that hey?? The next closest bid was $165 ... there is still 4 days left on the auction and a lot of people have viewed it. Any comments even if they are bad are sure welcome. I violated my own rule, to not buy anything over $100 that isn't certified, but I'm dying to have a 1700s colonial coin. Now I might get a corroded one. But I do see there is NOT much to choose from with a 1700s date on it. It's either worn to a pulp or in the multi-thousands of dollars? What does anyone else think?

Esky

 

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Would it be possible to have a link to see them??

 

Link

http://cgi.ebay.com/Two-Early-US-La...362051103QQcategoryZ11947QQrdZ1QQcmdZViewItem

Here's the link... I hope it works.

 

I think your bid of $195 will be passed it has to much time left.

 

That is good news! I'm just not ready for those kinds of coins yet

 

I have to agree with smithrow1, still lots of time left. It does seem to have some corrosion on it but as you say, it seems to be pretty difficult to find something from the 1700's that is problem-free for a decent amount.
Anyone else have different insight??

 

The bid right now is $188 and change.

 

Since it was found in the dirt I'm sure it has corrosion...dumb...no...maybe not the best thing you could have bid on...yes.
If you like the coin it was a good bid...but if you were buying to be buying...it wasn't.

I feel that sometimes the hold of owning a old 1700's coin just gets us collectors and makes us bid crazy...that is normal...should it happen...I can't say for sure.
A coin from that time frame is going to be hard to find in good grades....I passed up a 1794 Half dollar in SEGS F15 NET VG for $1500...I know I should have put that back and paid on it and I would have had it by now...but for some reason I didn't...I think it was the NET grade.
You see I try to build my collection of good uncleaned coins....I'm one of few that does it that way....for someone that doesn't your bid might be totaly low.

I would suggest that if you get out bid leaving it alone...and I would also suggest keeping by your rule about slabbed coins....I have a rule that I buy unslabbed coins but if they are key dates then they either have to be slabbed before I get them or soon after.

Speedy

 

Hey Speedy - That's a good way to approach it. If I get it, well I have it and face it, $200 is NOT the end of the world and I'm certain to be able to resell it at some point because of the rarity of such coins. Even at that level, something in the 1700s somewhat corroded is collectable. However, if I don't get it, I'm going to take a deep breath! hehe I see what you mean about getting crazy over something I want! I really want a 1700s Colonial coin in nice detail. I will try to wait for a nice slabbed one.

I do agree with you on the uncleaned stuff. There is just something about a cleaned coin that is not right with me personally. I still like to study and admire cleaned coins for their artwork, but I don't wish to pay for them.

Thanks for the info - Esky

 

You can find some nice Colonial for pretty cheap...I've seen them at shows but never stopped and looked much.
You can also look for some world coins from the 1700's....they are pretty cheap...I have a 1792 world coin that I got for $15 I think....

Speedy

 

Personally I think if you get them at your bid you are doing well. I like the coins. Yes they have some corrosion but they are still not bad to me at all. I won't bid aganst you, but if you get them and decide you don't like them, talk to me. (by PM of course)

 

Condor I will most certainly talk to you if I get them. I'm not worrying as much today. If I get them, I may enjoy studying them a lot even if they are corroded. The more I search for good Draped Bust Large Cents, the more I see they just don't exist (or exist to be for sale!) ... I'm sure I could resell them ... and I may take a loss, but it won't be a tremendous loss ... Thanks for your confidence

Esky

 

They are just to corroded for me to buy, I have detected a few large cents before, even one AU!, but to much pitting.. Maybe someone will pass you on the bid, or you can contact the owner and explain your withdrawl??.

 

OK

I have an opinion. If the story of the location of where these coins were found is verifiable, then you would have made an OUTSTANDING purchase with great pedigred! These aren't just some random coins, but connected to the oldest mining operation in North America!

Its a great story.

Ruben

 

Somewhat true, Provinance is a hard and tricky area to attach to any antique or artifact, but it would be cool to have the guy that found it take a photo where he found it!, I use to when I arrowhead hunted and dug old privys and bottle pits!, and metal detected..

 

Would a photograph of the area the guy found it in be enough to verify the claim? This is a great idea - and could prove to be good! Is there any other ideas as to get verification of such an idea?

Thanks Esky

 

To answer your original question, I don't think you were dumb at all. You may have bent your rules and bid a bit more aggressive than you usually do, but that's what it takes sometimes to get what you want. If you win the coins and hold onto them for a few years, I'll bet they become a prized possession.

 

Any of that type of photos is still pure speculation!, I could dream-up all kinds of stuff.If you ever watch Antique road-show , you will see alot of what were talkin about, but what helps establish a better provinance is period photos,witnesses,ect... In this case it just would be cool to have the guy that dug it in a photo shoot with the coin, it may add just a few bucks to the package but not much.Just like signatures, baseball comp. have those hollogramed with official witnesses, FBI, and others present on card signings to prove that thats there original signature, that 100% provanance!!!!

 

They do have good details for such old coins. I just emailed the seller and asked if he'd take a picture where he found the coins. I guess this area is residential now, but that shouldn't matter for authenticity purposes. Man - that's why I love coin collecting... History in your hands!

Esky

 

If the guy writes a letter and signs and dates it with more or less the sales pitch, plus the photo and the coins, and your in BUSINESS!

Ruben