Minor Defects in Coins

When a coin has a minor defect, such as a very small amount of corrosion (copper and bronze coins), small nicks, or small scratches, a coin grading service can call the coin "ungradeable," and avoid placing a value on the coin. However, dealers and collectors want to know what a coin is worth. How does a dealer determine what to charge for coins with small defects?

 

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Problem coins have the value printed on them.

 

Oh, no you don't.

 

Actually, coin dealers do sell coins with minor defects, and they charge more than face value.

 

Only to the uninformed.

 

Yes I know there are rarities that don't fit this mold. But until collectors just say no they are going to keep putting money into what they think are collectible coins only to be sadly awakened when they try to sell then.

I guess my point would be a coin sold as xf details because of a scratch and priced the same as a graded coin of the same type and actually being professionally graded as XF40.
When it comes time to sell one is going to be offered melt for one of them which do you think it will be.

 

I don't mind minor defects in my coins. I would rather fill all the slots than have an empty collection.

 

If I had a 1793 chain cent with a tiny nick in it, would you throw it away?

 

The TPG do a good job of detail grading those type of rare coins.

Now do you really need a 1922 Peace dollar with a staple scratch across the cheek for your set.

 

I've been collecting coins for nearly 50 years. I can't remember ever selling a coin.

 

Where so you draw the line regarding what is rare and what is not?

 

Well to put it in very broad terms I will not buy a coin that costs over $200.00 unless it is certified. The only exception is issues that I buy directly from the mint and get certification done on myself.

And for selling it's almost as much fun as finding them.

 

I've filled a Mercury dime collection and Indian head cent collection. I'm working on a large cent collection. It is very satisfying. Not all the coins are perfect. (Only one of my coins is uncirculated, by the way.)

 

Perfect is usually very bland. And no I do not think it is even attainable in many series unless the collector has a income in the Bill Gates bracket. But as collectors we have to basically say no to pricing of details coin as if they are graded coins. In most cases when doing a series most of the coins are going to be available problem free if the collector sets that as the standard. And sorry to say it but cheap does not always get coins that will hold there value.

 

If a coin has a minor defect, it isn't as valuable as it would be without the defect. The question is, what percentage of the value is deducted because of the defect?

 

This is the $64.00 question and the answer varies with each one. Probably the key factor is can I find one without the problem. If you can it makes the other worthless in some cases.

 

Of course, I'd throw it away if it was yours. If it were mine, I'd keep it.

Chris