The coin is a Canadian 1894 5 cent silver coin. I'd say it's probably around XF condition. So what do you think about the hole ? Will that take it down quite a bit in value ? Thanks guys
Unless it's a rare date or variety that whole kills the value. It's only worth melt now or even less.
I heard that there are some people who actually "like" holed coins...maybe i could find a buyer like that haha ;]
I have to agree sadly. Personally I think modern collectors are too harsh on the issue, but it is what it is.
Depends on the severity, but unless the coin is almost bent in half dents are not as bad as a hole. Dents can be fixed, (mostly). Trust me.
Oh ya ? That's good to know! Because this coin I have (the one posted) came from a lot I bought on ebay. The guy was selling a whole slew of dented and holed coins (anything damaged). It was pretty cheap and all the coins were VF+ and 5 cent silver canadian coins - I thought I'd take a chance.
Strong vice, lots of padding, and lots of time. If you are patient the worst part of dents can be reversed. But yeah, generically most damaged coins are worth melt.
May I ask...take a chance on what? It being a valuable coin? That can be determined by research prior to bidding. Personally, if I were collecting Canadian coins, I would take that money that I otherwise would have spent on the lot and put it towards fewer good quality, problem-free examples instead of a lot of dented/holed coins.
Thanks for the advice. I'll look it up online to make sure I don't screw something up. I know it may have been a bad buy but it was cheap and some of the dents aren't too bad...I'm definitely going to take a shot at fixing them
I would agree. If they are already bought, you can play around with them, but you are almost always better off buying problem free coins.
Well yeah research can be done on each coin but the price guide does not usually explain for damaged coins. All of their details were in pretty good shape and it was super cheap. Also a lot of the "damages" weren't too bad..like most of the dents for example were very minor and now, as medoraman explained, those might have a chance of being fixed. Personally, I just thought I'd take a chance and especially since they can possibly "fixed" - or at least some of them, it could have been a good idea. I got em for like $20 something dollars and with the melt value of silver I cut a bit down on that price. Also good amount of fillers for my newly developing collection.
If you're buying them to make money , It's a super long shot . If you bought them to collect I'd still say wait for an undamaged piece . Holed coins have about the worst damage that can be done to a coin , especially for resale . That's why a dealer will only give melt for one . Bent coins are almost in the same category unless you know a silver smith . They are ungradable in regular terms the most you'll get is a detail holed net grade .
Buy less quantity and more quality. 10 years from now you would rather have 20 AU/BU problem free coins than 1000 average, damaged or cleaned coins, or worst, fakes. Don't make big purchases until you have enough experience, you will get burned. Read, watch, learn, then spend.
Unless it's a key date or it's a year where UNC coins are almost impossible to find, I would pass on it. But again, if it's a bargain, go for it.
