Did I get taken advantage of?

I bought this at a local dealer that I thought was a pretty honest guy. He told me this is pretty close to an EF( about $85) but gave it to me for $65. When I got home I inspected it closer and realized the letter F in half is completely gone, how much does this devalue the coin? THANK everyone for helping out a new coin enthusiast!

 

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The missing F is actually a cool "struck through grease" error. It does not devalue the coin at all. You paid basically fair retail for a VF-25 grade (which, BTW, is not terribly close to EF).

 

That should be your last visit to that dealer.

The coin is barely worthy of the grade indicated on the 2x2, I don't think I'd grade it above VF20 (if that), and has what seem to be unoriginal and problematic surfaces. The price paid is a bit of a stretch for what you got, and that dealer either deliberately lied to you or is incompetent. The missing letter, though, is as Paul M. mentioned and not a worry in that sense.

This is more what that amount of money should buy:

http://www.ebay.com/itm/1877-S-Seat...303925?hash=item58e661feb5:g:naQAAOSwxKtYARD~

 

ok thank you much....He got me for a few extra bucks. I will be a little more cautious.....Only 2 shops in town so opinions on here are very helpful....I have a question on values of a few others I have recently purchased...thank you

 

You guy's(or gal's) knowledge is GREAT...thank you all ...I am very happy to find such a great hobby to pursue

 

the price guide i read said a F is worth $80 so $65 is not far off...and the strike through is kind of cool now that I know what it is.....I will let him live!

 

Is it just me, is there something going on with that mm "s"?
These aren't in my area & I have no SLH's to compare.

 

No pro here, but that Coin don't look right to me.Everything looks off to me. Look at the lower, left ,bottom of shield, on obverse.The rim around the outer edge of the shield should pass over the top of the devices. Compare to this pic. http://www.pcgscoinfacts.com/Coin/Detail/6357 Mintmark looks off to me too, as Smojo mentioned. I've been wrong before...just my personal observations. Maybe @Insider can check it

 

I see nothing that suggests the coin is anything other than what I appears to be; an example that has been around the block, in one way or another, a few too many times and has the scars to prove it. As for the mintmark, the position is different than shown in your link, but is to be expected and is completely normal. Any other questions regarding its appearance can be explained by the aforementioned.

 

I'll take a crack as I agree w/ @SuperDave.

IMO, the GENUINE coin is a pretty beat-up Fine-15 even though "Liberty" is incomplete. The scrapes on both sides of "Liberty's" head put me off.

According to Coin Market price guide: Fine $60 VF $70. Looks like you got an over graded coin at close to a fair price. I would have passed on the coin at that price. Continue to build a relationship with the dealer and you'll get better prices in the future. On your next purchase, pick a time when he is not busy and ask him to help learn how to grade the coin you are thinking of buying. Don't question his opinion even if you know it is BS. I learned my lessons the hard way and have been thrown out and exiled from several shops as a rookie collector for questioning the dealer's BS. As soon as I gained my status as a professional, each was eager to seek my opinion. Take in everything your dealer says, thank him, praise his coin's and his knowledge; yet hold on to your money until the deal is OK.

In the case of the 1877-S, one look in a grading guide and he will not be able to defend his opinion of VF. He may even try to tell you it is a weakly struck coin from a Branch Mint. Anyway, do your research first, keep asking questions, and don't purchase anything that does not match the photos in the guide, on the Internet, or from some members posting here.

 

Thank you all for your time and expertise! After all this info I feel I maybe paid $10 too much but learned alot from the forum and since the missing f is a legit misstrike and is a good conversation piece , I am not displeased with the purchase but will watch out for any more possible overgrades from him....TY

 

Agreed. I also think it would be foolish of the OP to take to heart the earlier advice not to visit this dealer again, with the one exception being that it may be in his best interest to do so until he further educates himself if he cannot control his buying. Once he can, there's no logical reason to turn his back on opportunity.

While I will not make excuses for the dealer, the fact remains that even if the OP feels he was "taken advantage of", he did it to himself. No one forced him to buy, or to ask for opinions only after doing so. It's just too easy to blame, or allow others to blame, the dealer when once chooses to buy what they do not know or understand; unless they had a gun placed to their head, the decision was theirs and theirs alone.

 

I very much agree with your top comment but not so much w/ the bottom. I have been in this shop atleast once a week for 6 weeks getting supplies and picking up a few modest coins.....knowing that if this dealer did me wrong egregiously this early it would show alot that he doesnt mind turning someone away from the hobby or lose a good customer for what $30-$50...then I would have to tell him to go get stuffed!

 

These questions have an uncanny resemblance to grasping for answers to tell the wife.

 

Lord, Your box of 20 is fascinating, with the ancient coins being so primitive and even our recent coins being counterfeited by foreign states, how can anyone say 100% for sure these are authentic, with no documented records of mint runs, without carbon dating or something better I dont see how they can be authenticated

 

Stick around bud, you'll be surprised what can be authenticated by just a little education.

 

cool