Featured Eye Appeal of Circulated Coinage; One Collector’s Opinions Including Lots of Images

There are active threads on the CT boards that touch upon, at least partially, eye appeal for circulated coinage, the utility of CAC for certain grade ranges and what constitutes a problem or problem-free coin. All of these are topics that I have discussed with others in the past, both at shows and via email, and some of these topics I have no doubt discussed within threads, too. I’ve been involved in the niche of classic coinage for many years and for the last five years or so have made being a numismatist and numismatic photographer my full-time profession. However, this article is written along the lines of a collector who has years of experience and who might have some buying discipline. The article is written this way because the pieces shared are coins that reside in my collection and that will not be placed into my inventory. I have been a collector for more than two decades, my collection has approximately 80-coins in it and is comprised of perhaps 25% circulated type, 25% wildly toned Washington quarters and 50% superb mint state or proof type.

Below are a half-dozen coins along with their grades and comments. Many of these coins I have written about in previous threads and quite a few have had their images shared as well. In this thread I will simply state that I think all have positive eye appeal, all are accurately imaged and might go further on a coin-by-coin basis.

1806 Draped Bust Quarter PCGS AU53/CAC



I believe this coin has wonderful eye appeal, but the broader market likely does not appreciate this look quite so much. Take some time to study most AU Draped Bust pieces and find out that, over time, a great number of them have been brightened, cleaned or otherwise spiffed up at least once. The coin is dark and has good remaining luster under the gunk, especially on the reverse. It also has some shallow scratches and digs, but it is a circulated coin and circulated coins saw use and abuse.

1897-S Barber Quarter PCGS VF30/CAC



The coin appears to be graded slightly optimistic to me, but it is a VF nonetheless. The surfaces are actually fairly nice considering the level of wear, but the retained spots of gunk and debris have been known to displease some folks who look at the piece. In my opinion, the debris is piled up exactly where it should be; all bumped up and accumulated against the raised devices that are difficult to access. This isn’t a coin for everyone yet I think it pretty darn wonderful.

1817/3 Capped Bust Half Dollar NGC EF45/CAC



I like to think of this coin as retained dirt gone wild. The gunk is thick and the luster is obvious all around the protected design areas. To me, this is the epitome of gunk, but unfortunately the larger market does not always value this appearance. I have had more than one dealer beg me to sell the coin to him with the plan being to remove the dirt, brighten the coin and make the luster more apparent under a whiter skin. The objective, of course, is to get the coin into an AU holder and multiple dealers have told me that there is an AU53 under the skin of this coin if only I would allow them to “work” the coin to the grade. That won’t happen while I have any say in the matter, but at some point this coin will again enter the marketplace and we might lose the skin.

1838 Reeded Edge Half Dollar PCGS AU55/CAC (Gold CAC)



Another coin with filth all over it, albeit more colorful filth over parts of the coin. I agree with the CAC opinion that this coin is nice than an AU55, but I understand that the TPGs do not always give a higher AU grade to coins that have luster beneath thick skin. That’s just the way it is and most folks have no issue with how the TPGs grade these coins. Reeded Edge half dollars are my favorite series, which should not be a surprise to some here, and I have many examples salted away. This coin, though, has always spoken to me. Not surprisingly, many folks do not like the eye appeal of this piece and would not buy it for their collections; that’s okay.

1883 Hawaiian Half Dollar PCGS EF40/CAC



There’s a whole bunch of deep patina on this coin! Lots of Hawaiian coinage can be found with unusually deep color and I think this can be at least partially attributed to the climate of the island chain. Still, this coin is remarkable for the smoothness of color. It’s also one of those pieces where I get opinions of either love or hate from those who see it in-hand. It’s simply too dark for the tastes of quite a few collectors and is so dark that it would not be a great candidate to lighten up for dealers who might want to flip it for a quick profit. In my opinion, it’s a great coin.

1893-S Barber Half Dollar PCGS EF40/CAC



Hmmm…when does a problem-free coin become a problem coin? This coin might be a good test case for folks to think about regarding future purchases. The surfaces are original and are a delightful shade of medium grey that is peppered with flakes of dirt and hiding patches of surviving luster. Of course, the reverse has a fairly decent sized scratch going through the viewer’s left side of the shield in a vertical manner up through the top of the shield and into the eagle’s neck. It can actually be an easy thing to miss since it goes through a busy portion of the design, it is not horrific in depth and it is quite old with the same patina as the remainder of the coin. However, it is still there. Should this coin be labeled as scratched? Should CAC have been bothered enough by it to reject the coin? These are fair questions. I love the coin and purchased it raw for VF Greysheet bid because the dealer who owned it called it damaged. I disagreed, but we were both happy with the transaction.

I wanted to share these coins today because they are examples of circulated type that can be apparently original, yet that need not have the same look. They are also examples of coins that might be cherished even if they have spots, milling marks, retained dirt or the occasional scratch. They performed their intended service to the country and were somehow withdrawn from circulation to begin a journey where they were less abused than many other coins that were saved by collectors. Some of these pieces might also be a cautionary tale, or at least a warning, about how the loss of surfaces over the years can be driven by the twin dealer motivation of a quick profit and collector motivation of a certain aesthetic.

I like the way these coins look and have long told collectors to avoid coins that do not make them happy. Unless you are confronted with a prohibitively rare die marriage or individual issue, the collector always has time on his/her side in order to search for the right piece. These coins are right for me. The addition of the CAC sticker may also be scoffed at by some, but I view the CAC process as a no-lose proposition for nice coins in today’s climate. Of course, the CAC process is so non-invasive that it can be masked by the removal of the sticker.

 

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This is the the greatest thing I have ever read.

 

Great thread Tom. I love all the coins. The 1806 is really cool. The eye appeal is off the chart.

 

Thanks for posting this, I have been involved in coins for about 5 years now and I think this article is helpful in showing what coins that have not been messed with too much might look like, but as you mentioned there is a subjective quality to these pieces, what one person sees as being a fine example of a grade and series another might see as being crusted with "gunk" that detracts from the piece.

Like I said, I have not been long into this hobby, so excuse what might seem like a question that is so obvious it should not be asked, but I am asking not to make a point but because I am curious about the answer to the question.

I have learned in my short time when one sees the halo of gunk around the lettering and other raised surfaces of the coin that it indicates a cleaning. Perhaps it is something I need to unlearn, but how else does that "gunk" accumulate in the protected areas?

 

"I have learned in my short time when one sees the halo of gunk around the lettering and other raised surfaces of the coin that it indicates a cleaning. Perhaps it is something I need to unlearn, but how else does that "gunk" accumulate in the protected areas?"

I think that is something you need to unlearn. Take some oil and dirt and slide the mixture across the surfaces of a coin. Where does the dirt accumulate? It accumulates the most in the protected areas of the coin. That is, within the stars, in the hollows of dates and letters and up around the portrait. These somewhat protected areas don't see the most dirt, but when they do see dirt they are less likely to release the dirt than more exposed areas.

Certainly, there are examples of coins that have been cleaned and the cleaning has not taken away dirt from protected areas, but we need to examine the coin in its totality and analyze what the surfaces can teach us.

 

I love the look of all of those coins but wouldn't need the blessing of JA to tell me that they are nice. I can see their place, but for me it's just overkill.

 

I don't think that is such a good idea. Don't try this at home kids.

 

I'm sure he meant on a common worthless coin . It's a learning experience Josh and people should do things like that , from everything to overdipping to whizzing to see what it looks like . No one is condoning to do it to collectable coins . Love that 1806 , that coin was hammered and has loads of eye appeal .

 

Yeah that makes sense. I was under the impression that he was joking.

 

Great write up, very informative and well argued. To my eye "appeal" is about the coin's "design" and in most cases this attribute trumps the condition. Barber coins and draped bust coins have great design and thus beauty. Capped bust coins sometimes make me wonder about the vision of the engraver since many of the liberty depictions are just plain dowdy.

But I agree with Tom, signs of the coins journey through time as it found its way into my collection do not devalue the coin.

 

Diggin' on the pictures and commentary. Most educational.........

 

The thread is partially in response to my questions, thanks.

The main one that remains for me is, why spend on circulated coins with gunk or sell circulated coins with gunk and a CAC bean, when it is a common enough coin that can be purchased for less and several grades higher, in MS, without some silly green sticker?

 

POTW thread!

 

I'm not a Barber fan but I love your Barbers. The "gunk" IMO makes the coin design pop and look better than a blast white MS. It's how a actually prefer my Morgan's. I'll take an XF45 over a bag marked MS63 any day.....of course price dictates the MS is a better overall coin.

That's the great thing about eye appeal....like blonds, brunettes or redheads....we all have different tastes. Thus the difference between collecting for pleasure or resale.

Or it could also be a purely nostalgic thing since most of my coins collected as a 10yr old kid were well circulated or gunked up. They were my first "love" of coins.

 

The coins do look very nice, but, are still just circulated examples. Anything that is not super rare, resembles regular coin circulation that can be found on raw coins or just regularly slabbed, if one takes the time to search.

Maybe, your market is so saturated with slabbed defects, that some feel they need that green bean opinion. I think it's diminishing to the status of the little green sticker, if circulation pieces like some of these have to have one, right down to G4 or PO1.

Bottom line, the coin speaks for itself, it has been slabbed, you can't do anything else with it to increase its value, so, you resort to an external sticker gimmick, devised to raise the price for indecisive believers.

Some of those who call themselves Numismatists, Dealers, Experienced, etc., shouldn't they be working on their own reputations by having selected beautiful examples for their inventory, collections, customers, all by themselves? Is the green bean just a quick cheat for a Numismatist, Dealer or Experienced individual who simply lacks the experience?

In one instance (my first time looking), where a couple of CT members bothered to check, it was possible to get a nicer MS coin, for less than what a circulated AU with the green bean gimmick was going for. There was even a choice between several MS grades, after just a quick search.

It is a real shame. Can't wait to see what the next level of professionally overdone reassurance and price pumping brings.

 

Got it, so the end result is the compounding of subjective opinions, possibly to no end, one on top of the other. We'll see what the future holds and who will confirm the CAC bean.

I do believe, that if you are going to call yourself a Professional Dealer, Numismatist, Experienced, you should be able to offer what CAC does, based on your reputation. How many tools and how much help do you need, before it is all someone else doing the work for you, in your field? A gimmick is a gimmick.