Finally got a Draped Bust quarter!

Managed to get this beauty today. I know, not the best example, but instead of $125 I managed to get it in the coin club auction for $85.

As a Draped Bust quarter, who can go wrong?

 

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Well, you paid a strong price for a holed coin in Poor-1 grade (how do you details grade a PR-01?). $125 was quite optimistic to begin with.

As a Draped Bust Quarter... there isn't much left there.

I guess as long as you like it, that's what's important.

 

D I T T O......

 

I do slightly disagree with a Poor-1 grade, rather it would be a FR-2 details coin.

As for details grading a P-1 or a FR-2, it's exactly the same as details grading a finer piece - looking for signs of cleaning, environmental damage, corrosion, gouges, or anything else that could happen to coins.

Even though there's not much left, it is a Draped Bust quarter, and even with a hole, any price under 3 digits is a good deal on this.

 

I would say melt X4, especially holed. Now if it had some crazy RIDB or cud I would put it up around a hundo.

 

Some people pay extra for that..........Lowballers.....just saying! lol To be fair, I don't understand that concept at all......but having a new piece isn't quite the same thing as that. I bought a rare coin recently that isn't worth looking at it, has been cleaned but I wanted it. And that's all I got to say about that!

 

That's one more bust quarter than I've managed to accumulate...!

 

I think you over paid for this coin. $125 is way overpriced to begin with. It may have been priced that way to generate a higher auction price. That hole is a killer.

 

It's one that I have longed for in AU58, been on the hunt for a long time.

 

I started the same way you did: paid about 40$ (still remember that) for this holed 1807 back in 1985.

And yeah, I was excited as hell as I had never seen one before.

 

Well, coins are worth what people will pay for them. It seems people would have to pay around $100 on eBay to get something comparable to what is being shown. Overpriced or not, I am not seeing many other options.

 

FWIW @The Half Dime , I don't think you overpaid. PCGS lists the 'book price' for a PR-1 as $250. The last few auctions for this coin have ranged between $110 and $372. With the hole, $85 doesn't seem unreasonable.

 

I think it’s a hell of a bargain
These are the two in my collection

 

I do wonder if cuds are visible in such low grades. Most of the cuds I've seen are on modern coins, so of course they're mostly high grade.

I think lowball collecting has a lot to do with conditional rarity. Getting a P-1 with no problems, especially early copper or coins like the Draped Bust quarter, can be quite rare, and some pieces have a lesser population in Poor than in MS-67 or 68, depending on the coin. These collectors also tend to focus on the historical aspect of coins, wondering just who could've handled it.

It is an especially tough series for sure. I've quoted between buying this quarter and now that 2 digits for a Draped Bust quarter is always a deal, but realistically an example like this without a hole could easily run $200 or more. G or better can run $500 or more, that is if it has no problems.

Overall, I really like the coin, although I do need to knock out the Capped Bust quarter now.

I doubt that it was priced that way to generate a higher price, for 2 reasons: 1 being that it came from a coin shop that takes their coins over there for auction, and 2 being that I was the only bidder, and really the only person who seemed to have interest in it.

The shop probably paid about $75 for it, and the only reason I could see them pricing it at $125 is so they have room to come down a nice amount and still make money.

If you're not settling for AU58 details, I can easily see why you've been on the hunt. Would you consider yourself a cherrypicker in these situations?

I agree. Greysheet for Fair-2 is $110, but retail can easily be double that. With a hole, Draped Bust quarters are a series where you can likely still get the bid price out of it, maybe even to another dealer.

That's the thing about these lower-grade coins - they target collectors who don't want to spend an arm and a leg for a type coin. This can be pretty good in some circumstances, other times maybe not so good, depending on who's crossing your path.

Those are 2 cool quarters! FR-2 and AG-3, both look problem-free for the most part.

 

I like your coin and to be honest I tried really hard to adopt the attitude of many of the new collectors. I have noticed there is a much stronger market for "details' coins today. I also agree that coins with problems can still be considered collectible and should not be shunned. Having said that, when it came time to pull the trigger and spend actual money on detail coins i could not over ride a motto that has been tattooed on my brain.
"The let's Collect Coins Booklet", circa 1967. "Do not waste your valuable coin collecting budget on sub par or damaged coins. Putting coins with obvious problems such as holes, harsh cleanings, or other types of damage only lowers the quality of your collection and robs you of precious buying power." Kenneth Bresset. Multiple attempts to ignore this advice proved futile. Good luck with your collection in the future. James

 

In my years of collecting, a hole, unless the piece should have one, is considered to be the worst defect among collectors. The rule of thumb for defects is, if it's been done intentionally, its worse that if it's some random problem. Scratching initials on a coin is one thing. Drilling or driving hole in it with a nail is something worse.

I do think that $85 was too much money, but I've been astounded at the prices certified "details" coins bring these days.

Many years ago I bought an 1806 half dollar, which had a hole by the date, which is a bad place. The coin had original surfaces, and its sharpness grade was EF. It cost me $6.50 which would be $65 in today's dollars. I sold it years later for $20.

 

Sorry this is off-topic of DB quarters. But to the topic of cuds in low-grade coins: They are sometimes visible. Here's a 1836 LM-1.2 purchased raw off eBay for $50 in 2023. It's a R-4 coin but the cud at TED on the reverse is quite visible and the only reason I bought this otherwise undesirable specimen.

 

... and that is your selling price.

Nice advertising Thread prior to a for sale listing.
Good Job.

 

I should have just said straight graded, I have seen a few AU's, they have always been out of my price range. I just don't like details coins.

 

Sometimes you gotta do what you gotta do if you really want something. But yes, 100% agree with you here. You gonna show us your "holed collection"?