COIN BUYING EDUCATION 101-2 [new 7/27]

And what "formula" would that be? I think we'd all love to know. Are you calling that $72 a wholesale price to a dealer, e.g., or a retail price to an ultimate consumer? You couch it in terms of "a reasonable price to pay," thus, can we assume it's the former? Not trying to start anything, just asking...

 

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I will put the photos of the coin and enclosure up tonight.

Thanks

Jim

 

I gotta agree with speedy something is off with the coin the heck if I know what it is but it just seems "off" or "hinky"

but if it's all legit I'd try to snipe the heck out of it... add .03 to the top bid a sec before close

 

Ok, Here is the result.

First hats off to Krispy for noticing the partial try of someone to clean gunk out of the "O" in Dollar. Remember this is 30X. Evidently ANACS didn't notice it or more likely decided that this one letter was not enough to label cleaned, especially with all of the others left gunky.



And Although many feel it was bumped for a scarce date this is what ANACS graded it as. No problems listed.



It certainly bears no indication ( other than the letter above) of purposeful cleaning. No underlying cleaning lines. I doubt also it was dipped at this stage. It seem to be very common on almost any coin to "see" cleaning and dipping, as we hear it so much on AU/BU coins, I feel it is a "honest coin" . with the ANACs grade putting it just one step from EF, and Raw vf is $72, and EF is $180 in CDN, I think the BIN @ $110 was a fair one for a certified "big 4" coin. In the original VAM book, there was only the 1 VAM. Since then others have been added to the listing in VAMworld, but using the photos only, I could detect none different,so I valued at normal. Hope you enjoyed the thread, I have !

Jim

 

Wow! I surprized myself picking out that cleaned "O". Even though I erred on the low price side of $70 to $80, I suppose I can now understand $110 is achievable.

An aside from the thread...

Desertgem, et al.: I am really enjoying these threads. I hope you and/or others will be able to continue posting them with some regularity. These educational threads are exactly the kind of grading issues and learning from others that I was hoping to find here on CT when I recently joined. I am personally finding myself at a stage in my collecting interests of upgrading and narrowing my pieces into a modest mix of US coins with no real goal formulated on how big the collection might be or what specific coins and dates I prefer other than that I prefer pieces without our Presidents on them. I don't dislike Presidential portraits, I just have a different current enthusiasm. So, I'm just following my own meandering path in collecting and I'll look back later to see what directions I took. I'm in no way new to coin collecting, it's just taken me many years to know what I want out of it and to deal with various stops and starts in collecting. I primarily want to learn about grading so that I might have greater confidence in the grades of coins I consider purchasing and take confidence in the slabbed coins' authentication as well as a (hopefully) maintainable value along with the TPG provenance whenever possible. It's just a recent move up into acquiring slabbed and graded coins for me. I like the coin not the slab, but I respect the prescience of the TPG when a coin is slabbed. I also understand how TPGs might be skewed in grading and perspectives over time may change grading opinions. One area of fuzziness I'm currently digging around in are ANACS grades and codes. I'm trying to learn how they specifically work and arrive at their system, especially noting on their website that they continue to add codes of distinction to their system. It doesn't seem a very complete or cohesive system to me yet. I understand Conder101 has done a lot of work on ANACS slabs and I am trying to get in touch with him about these particularly. So I'm learning, always lots to learn...

Anyway! Enough of/from me in your thread. I really appreciate these topics and opportunities to participate in these threads.

 

Again, nice coin. I don't get all the cleaned comments. Maybe the size of the photos exaggerate any possible problems. There is always a possibility of an old cleaning, but the look is most certainly on the right side of market acceptable.

I also don't understand the F12-F15 grade guesses. Are you guys that are guessing that low using the static grading guide or real coins for comparison? Compare the image to other graded coins for that date/mintmark and it is clearly better than F12. Again, the large photos might be a factor. I guessed VF30, and ANACS saw it as a bit nicer. I would put the odds at 95% that the coin would go VF or better at every one of the top four grading services.

In a VF35 slab $110 is certainly a fair price (my offer was $90 with a grade guess of VF30). It might depend on how long I was shopping for that coin. As my three Teletrade images show, this date has more than a few examples that don't look so nice.

Unlike the first "education coin," the 1921 Peace dollar which I felt was marginal for the date/mintmark grade/price and originality, I like this second coin a lot. For the 1904-S, I believe a person would have a hard time finding another certified example that is nicer at a similar price.

 

I appreciate all the comments that people ventured about the coin. If it just causes a couple of people to evaluate the value of a coin within their own concept and improves their grading it is well worth it. If one only looks for the lowest price, they will be disappointed more often than not. It takes some experience to pay a little more for a coin so you can get an example you don't feel you have to flip immediately. I feel I am also getting a lot out of the experience.

Now, this coin is not necessarily a wow coin, but when a forum friend had it for sale, I bought it from photos because I thought it was a fair price for the coin and I have developed a small interest in late S mint Morgans. The holder was thrown in as I valued it as a raw coin.

Krispy , thanks for your comments. Your comment on the letter, made me look carefully and made me ponder as the reason it slabbed even though on that one letter, it is rather obvious.

Red Tiger, thank you also for your comments. The varying opinions is what makes it a "sport" in a way. Your point about comparisons is very well formed. I remember a long time ago trying to grade IH cents with the Ruddy manual, today one can go to Rick Snow's website and see a wonderful photographed guide. What a difference the internet has made, and of course the coins one can see on all of the sites. If someone was trying to learn to grade coins with only the ANACS guide, they would be lightly armed IMO. Thanks to all!


Jim