A Cleaned Coin

I am in need of a silver dollar, 1866-1873, for my type set. A dealer has an 1872 dollar that has been graded by a coin service as extremely fine details, cleaned. The Red Book and PCGS websites value such a coin at $600 and Numismedia at $640, before subtracting for the fact that it has been cleaned. My untrained eye can see no evidence of cleaning. It's just a neat-looking coin. What do you think I should be willing to pay for it? The dealer offered to sell it to me for $500, which seems expensive.

 

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What service graded the coin? Images?

 

It didn't even occur to me to check. No, I have no images. My brief appraisal of the coin was that there was nothing wrong with it. Apparently it was too shiny for an EF-40 coin.

 

I would put it more in the 300 range. The 1872 is pretty common as far as seated dollars go, so I wouldn't jump on this one.

 

Based on auction results, a Details 1872 (guessing Philadelphia, right?) should be a $300-ish coin.

 

If a problem free coin is going for ~$600, it's probably possible to wheedle a problem free coin from someone (with enough haggling and luck) for $500. I'd pass on a cleaned one for $500.

 

Maybe it's super-nice. But I agree $500 seems expensive.

Here's one on ebay for $437: http://www.ebay.com/itm/1872-Seated...473385?hash=item2a5d17e4a9:g:AIsAAOSwQTVWALOO

Admittedly not the best looking coin. Point is, there are much better deals out there... expand your search to coin shows, estate sales, craigslist, etc.

Persistence & luck help too.

 

$500 does seem high but it's tough to say what it is actually worth. If in PCGS or NGC plastic, it may bring a better price over other brands.

Some cleaned coins still bring strong prices. For some folks, it might be the perfect coin to crack out of the holder and put in an album.

 

Honestly, with so much data regarding previous sales available for this issue, I think a pretty accurate idea of what the market would pay for this one is easy. PCGS Auction Results has records of over 100 1872's with Details grades...

 

Good point but it's tough for me without knowing who graded it and seeing an image or holding the coin. My wild guess would be $300 to $400.

 

Yeah, valuing cleaned coins is even more subjective than normal grading.

 

Yes, especially when you consider many can be cracked, resubmitted and come back with a grade.

 

Yeah, that complicates things, too.

 

I was able to find seven listings for 1872 XF details. The average price was $299. That was very helpful. Thanks.

 

Which is where I got the $300 I quoted to you earlier. I don't know this stuff, I just know where to look for it.

We're really lucky these days in that resources like the PCGS Auction Results site are available to us. I have that page on my Bookmarks Toolbar.

 

It's interesting, though, that the highest priced coin in the bunch, at $420, was described as "harshly cleaned," and, indeed, it looked like someone had taken a wire brush to it.

 

Thanks for your advice, everybody, and I owe you an apology. I called the dealer and found out I was mistaken about the coin. It was an AU-50 details, not EF-40 details. (I was in a hurry and didn't study the coin properly.) I might buy the coin, but I've discovered a problem-free VF-35 dollar for $484 on the website of another local dealer, which I might rather have.

 

Yes, and it points to another complication - the fact that someone's bidding on a given coin doesn't mean they know how much to pay for it. Or, that specific coin could have some significance, leading someone to break the market to have it.

Nothing subjective about this stuff. It gets irritating sometimes.

And at AU Details, the math does work better.

 

I'm becoming a fan of the "details" market.

Of course there's a price advantage -- especially if I want a higher-grade that I couldn't afford in a no-problem coin.

And sometimes I think details coins get overlooked:


Bought it yesterday for $40 at a small local show.

Very pleased to discover O-108 is "Scarce" (R.3) for this date. That makes it more interesting to me -- and a keeper.

 

Yes, I'm sorry about that mistake.