Fire damaged CC's

My question is for the pros I want to know if I should bid on a AU-55 1878 CC coin that's been in a fire. ICG gave it the AU-55 altered surface grade. What % if original value should I go too? I mean I want it but would rather sink my money into a ms-64 coin. I can't find any info in any of the vast array of books I have. Is there a link or book or anything on fire damaged coins. I'm a novice collector need help from you pro's

 

Log in or Sign up to hide this ad.

You're not bidding 'blind' on this coin, are you? Picture?

 

Why are you even considering buying this coin? There are so many fantastic uncirculated CC Morgans, why would you ever buy one that is a problem coin and will basically be impossible to sell.

 

IMHO, there is absolutely no point in even considering that coin. All you will be buying is a problem. Nice 1878 CCs are readily available in the grade you're talking about.

 

Hint:

PUNT!

 

My advice is despite the fact that it may seem like a 'good deal' that you should pass. Many of us go through this same type of deal when new and buy lots of coins that we later grow to regret and then take a loss on when liquidating. The best advice imo is to avoid buying them at all and save your funds for a non damaged example.

 

Brian Silliman would call it a "but(t) coin". Nice date, but... He spent two hours at a recent seminar beating into people's heads to avoid "but(t)" coins.

 

Ditto, what everyone has said

 

Of course he did. If we weren't careful to spend lots of time teaching people that "details" coins are "worthless", they might be misled into paying higher prices for them -- which, of course, would mean that they were no longer worthless.

I understand the value of originality, and the rarity of coins that have survived without mishaps. Really, I do. But if we need to keep spending hours convincing people that damaged coins are not just reduced in value, but completely undesirable to "real" collectors... well, perhaps this particular prophesy is turning out to be pretty high-maintenance?

 

Perhaps some of the theory is because they can't make money on it

 

I hear what you're saying, but isn't the alternative to believe that it's okay to stick newbs with problem coins because they were unlucky enough to take them off some smooth operator's hands? The liquidity concern is real, isn't it?

 

There's a difference between that and having to convince people to not buy them. If that is what people like who cares. Relevant information "this will be worth less" ect and if they want to buy it they can buy it. No one will ever dictate what I collect which to many try to do now a days

 

I'm mostly concerned that we don't go back to the days where it was okay, and sometimes recommended, to (say) scrub your coins with an eraser. If demand for damaged coins grew too much, people might be less careful to avoid damaging intact coins.

But sticking newbies with problem coins doesn't seem different in kind to me from sticking them with overpriced "problem-free" coins, in handsome presentation boxes, with nicely-typeset Certificates of Authenticity. (Whether it's Home Shopping Network or the US Mint is immaterial for the purposes of this discussion; I won't say which I had in mind when I started writing.)

There's a difference between teaching people to recognize problem coins and judge their value wisely, and just teaching people to avoid them.

 

I'd argue you aren't even teaching if you're just saying avoid avoid avoid.

 

Well, I'd hope he was at least teaching how to recognize the problems. That's important, whether you're willing to collect the coin anyhow or not.

 

I would pass on it. you do not want a problem coin. buy a nice 1. you will be happier down the road with a nice problem free 1.

 

I would only buy it if it was a steal then flip for a few bucks.

 

And I'd argue you're doing the best POSSIBLE form of teaching by saying, "avoid, avoid, avoid".

 

You're just trying to "Save the Velours" by reducing spending on new Mint issues, ain'tcha? I ask you, when was the last time you saw an actual velour in the wild, on the hoof? See? They're endangered, I bet. Mellissa McCarthy needs a new segment for her Kia ad.

 

You are very concerned about your purchases for someone that has "never sold".

Is someone collecting details coins cheaper below you or just ruining your values?