Is Damage Always a Bad Thing

First, I apologize for the poor images. I'm still working on improving my coin photography skills. This is an 1877 Trade Dollar I bought at a coin show in Huntsville, Alabama some time in the early 90s, '93 or '94, I think. At that time the Red Book value for this coin in EF45 was $150, but I bought it for $85. I didn't have a trade dollar in my collection yet, and to this day it is still the only one I have. But that's not what I'm posting for.

I got the coin for a low price because it was marked damaged. You might think I still paid too much, but in this case I'm not so sure. The damage is chop marks, which to me add interest in the coin. I know that at some time this coin has been used in trade with at least two different Chinese merchant ships, and I wonder where in the world it has been and how it finally ended up in a coin dealer's hands. I know as a collector I love to see a mint state coin, but are there times when a damaged coin might be more appealing, like a chopped coin like this one, or maybe a hobo nickel?

One other question. This was the first graded coin I ever bought and is still the only one I have graded by PCI. I usually choose PCGS, but does anyone have an opinion about the PCI grading service?

 

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Yes, damage is always bad.

And yes, chopmarks are damage.

Chopmarked coins are damaged and undesirable in my opinion.

 

I understand both sides of this argument. I am more like the OP. I truly relish history living in my coins. I posted the photo below previously. This was a double eagle found on the remains of Lieutenant George Dixon, captain of the HL Hunley confederate submarine. This double eagle bears the impact of a union bullet. The double eagle saved his life and he had it inscribed as such. What a great story told to future generations by a coin!

In the end, it all comes down to personal preference. I like steak. You like fish. We both get the nutrition that we need. I’ll take a scarred coin with a story to tell and treasure it every bit as much as the blast white MS65 coin.

 

Lemme turn this around a bit. If Benjamin Franklin had made up a metal punch bearing his name, and used it to punch his name into coins going through one of his businesses -- would you consider those coins to be damaged? Or more interesting?

Why not both?

And if a coins is "more interesting", why shouldn't it trade at a premium?

If the answer is "it shouldn't trade at a premium because I don't like it", well, I have bad news for the reverse-proof market.

 

If your name was Andy Warhol and you punched your initials in a coin, I might consider that adding value. But not just some guy on the street. I think most people understand what I'm asking.

 

Good point. There is actually a forum for counterstamped coins here.

 

I see these as damaged but I still had to have one in my collection. Cool history behind them.
Your PCI slab has a 10 digit serial number. Many feel that PCI was doing a good job of grading at that time and were actually conservative on some series. I believe they were the first to slab problem coins. That is why it has the red label.
One of our members here, @Insider was a grader there at the time. More cool history to me.

 

It's definitely damage, but I think they have an added history that appeals to me.

Here's my example. I'm not certain all marks here are actual chop marks, but one day I'll sit down with my Chopmark book and try to make sense of this coin.

 

Chop marks are not part of the coin manufacturing process therefore they are damaged. However, some collectors specialize in chop marks or counterstamps because of the history. I have a few of each but they are what they are and that is damaged.

 

there are coin collectors out there that collect chopped marked traded dollars.

 

Or one that's suffered extensive surface damage due to improper storage? Causing visually prominent corrosion over a large portion of its surface?

Oh, sorry, sorry, I always have a hard time spelling that word correctly. T-O-N-I-N-G. There.

 

Is there a degree to the amount of damage as 'history' before it is 'damage' . I have TD with no chops and a couple with one or two . So what in the future will collectors think of a coin that someone may have completely over stamped an original silver dollar with their own design such as , say, a nest of bats in liberty's hair and 'tats' or such? Jim

 

Wow, and I thought I was treading the line on trolling...

 

It is damage, but my question is does that sometimes make the coin more appealing. I think the amount of damage that would have to happen before the coin is no longer appealing would be up to the individual collector. If my dollar had been chopped to the point it was barely recognizable I probably wouldn't have bought it.

 

John Johnson, posted: "It is damage, but my question is does that sometimes make the coin more appealing. I think the amount of damage that would have to happen before the coin is no longer appealing would be up to the individual collector. If my dollar had been chopped to the point it was barely recognizable I probably wouldn't have bought it."

I don't think I can disagree with much posted in this thread. All kinds of things added to a coin after it was made may add interest and value.

As was stated, PCI was the first grading service to slab problem coins. INSAB (the FIRST TPGS) was the first service to grade all coins (for free) including problem coins using the "Technical Grading System. The "Details" grading done today by all the major TPGS's is very close to the "technical" system used in the past at INSAB.

I worked at both services when these things were done. I'll remind folks that all the TPGS were returning problem coins unslabbed and keeping the money! Lewis Revels at PCI said that if he knew how popular the "Red Label" service for problem coins would have been, he would have done it immediately after buying the Hallmark grading company. Unfortunately, dealers bragged that they could take a large number of the PCI problem coins and send them elsewhere for a straight grade!

As for "chopmarks," and most things added to a coin after it was struck, everyone posting is correct. Obviously a chop is DAMAGE to a coin. It may or may not add value; that depends on the collector. Many chopmarked coins have been straight graded by the TPGS's and many from the same services can be found in "details" holders. AFAIK, this determination is in a state of flux. It may even depend on each individual coin.

The Brasher Doubloon is straight graded. It is also a damaged coin.

 

Not everyone is a fan of chopmarks but sometimes it makes a common coin more interesting.

 

It's damage but I'm ok with it.

 

Larry, that's a really nice coin except for that spot....

I just can't appreciate these things. Sorry.