Here is a fun one!! Railroad Rim

I disagree with this assertion. VAMs are hot, and they have high interest and a huge number of people looking for them. People looking for railroad rims - not so much. To say that variety collectors will be interested in errors like this is a bit of a leap.

For comparison, there are three 1877 Indian cent (this is THE key date in the series) errors out there. Two are rim clips and one is a major struck thru debris. None of the 3 command the value of a normal 1877 Indian - the key date collectors want problem-free examples, while the error collectors can get their hands on better examples of the errors on much less expensive coins. There are 3 people (that I know of) who work on a full date set of the Indian errors, so you can imagine the demand for errors on key dates is rather low. I got my 1877 Indian error for $750 less than the same coin without an error.

 

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What would make them Unhonest by offering that?

 

Your right, i was misusing Vam meaning error. But Pennies and Dollars are like apples and oranges.

http://www.coinlink.com/News/us-coi...-rare-1878-8tf-partial-collar-at-smithsonian/

 

I'm personally working on an error morgan date set and i know it will probably take a while to collect all of them... But that being said how many people do you know with a 93-S RR rim error? I would pay a premium for it just to say i have the only one known! If i knew it was authentic, and an authentic error not PMD i'd probably be willing to go as high as $8,500 for such a coin at auction as long as it graded out at XF.

But everyone is entitled to their opinions. Thats the beauty of America!

 

Sounds like a keeper to me, if it's legit...

 

One way to create value in a coin of this nature is to get it sensationalized in publications and have a grading service involved in it’s authentication. Once the allure of owning this unique coin becomes common knowledge, the larger the potential buyer base becomes. It’s been done many times before with coins that would have otherwise never reached record sales levels.

 

Michael Fey seems to be partial to the RR rim he discovered in the Smithsonian collection...Granted it is an Ultra rare 8TF vam 14.13. Google it

 

I believe there is only one VAM for 1893-S, and a RR rim coin would still be the same VAM number. VAM collectors are collecting die varieties not errors.

Well you are one interested person need a second despearte one for it to bring a premium. Would you still offer $8500 at auction for it in XF if the other bidders stopped at $6000? And since an XF seems to list at around $8800 you still aren't offering a premium.

 

My point was that you would have to compare this to other known errors for 1893 s which do not exist. There is no precedent therefore you have no basis for your claims.

Bidding could not stop at $6000 if his opening bid was $8500. Thats like saying would he still be willing to stick to $8500 if the bidding got up to lets say $12000? It goes both ways. Looks like from this thread alone that there are of course people who are not interested but sellers are not concerned with those folks, just the people who ARE interested. Any comments on the Smithsonian example Condor?

 

I can't recall which at the moment, but either a recent edition of CW or the Numismatist had an article on the Railroad Smithsonian piece.

 

Sure, Michael Fey finds it interesting....that's nice. So what. All partial collar errors are interesting. I think yours is interesting. And I still think a rare date, or a very rare VAM, with an error will normally sell for less than what a perfect one would sell for for the reasons I have already stated. A date or variety collector would rather have a perfect one, and an error collector would rather have the error on a common date piece because they don't want to pay an extra premium to get the error they want. The ONLY person who would have a n interest in such a coin is someone who is putting together a date set that also are all error coins How many of such collectors exist? VERY VERY few. Now prices are set by supply and demand. Demand from th error people will be low. Demand from the date and mint people will probably be higher than the error people but lower than it would be for perfect coins, and then above those is the demand from what the couple of people who actually want the date with the error. If you don't get a couple of really desperate such collectors it will sell for less than a normal coin. I've seen something like this happen with terminal die state collectors. At one auction where there were two rabid such collectors present record prices were set. But then when that person sold his collection the other die state collector was then able to buy the same coins for a quarter of what they brought previously. If you want to get a really high price for this you are going to need several people who are putting together date and mint sets of error dollars. I don't think they are out there. Even the one who has spoken up has mentioned a top price less than the guide price of a non-error coin.

I'm not saying it isn't a neat coin, I'm just saying it most likely isn't worth more than one without the error.

 

You left out the group of people that would buy the coin, just so they can say they have the only known one. I know their out there, but the kicker will be using a good auction house that knows how to auction a peice like this!

And i'll be honest i do get caught up in bidding alot of the time and i go over my set price in my head, as im sure alot of people do.

As far as my imaginary cut off price, i based it on the greysheet price on XF which i believe was $6,850 for bid. I figure a $1,750 premium over list would be fair for such a coin. But it all depends on how it grades, if it's authentic, what the greysheet lists it at the time it's auctioned off, and of course if it's even auctioned off.... If it's not authentic i'd still offer atleast $100 for it simply because it's a neat little coin!

But all those factors have to come into play before i even offer anything substantial for the coin.

 

Exactly...

 

I bid on a railroad rim Morgan once. I didn't get it. I just checked Heritage archives & they list 9 Morgans sold with partial collar strikes (but no reference to "railroad rim").

Today, I sent 14 coins to NGC for grading which I will pick up at the FUN show. I suggest guntownguy send in his 1893-S now. There is no reason to delay is there? I look forward to hearing the TPG opinion.

 

The partial collar strike is larger diameter than a normal Morgan dollar. It certainly would not fit in a coin tube. How did it fit in the Dansco book?

 

Not well at all. the guy i bought it from made it fit but it was tight. good question though.

 

Its a fairly new term. slang you know?

 

I believe the 1991 Plaid Book discussed the railroad wheel type partial collar. I don't really know how long the term has been used but it is a fitting & descriptive term IMO. I have a few nice examples in the collection but not on a Morgan.

Signing-off for now. I look forward to the learning the TPG opinion.

 

Looks like added mint mark to me, but i hope im wrong.

 

If we took a poll, you'd find that the great majority of people want it to be real, but only a couple believe it is real.