Need Help!!! How much is value affected by damage if coin is rare?....

Hello all,
I am new to the group and look forward to the input from all. Now to get to the big question. I received a small collection from my late grandfather last year. I have been a small time collector, learning what I can through books, articles, and forumns(although I never posted until now). I have one specific coin that has been giving me trouble as far as determining an approximate value. It is an 1801 Draped Bust Silver Dollar. From my research I have concluded that this is somewhat rare(apprx. 54,000 minted) and may be a bit more valuable than most of my other coins. The problem is, it not only had a hole in it, but someone tried to repair the hole by filling it with solder. My understanding is that more rare/valuable coins may not lose as much value from being damaged, but some others are basically worth the melt price. I believe that many coins from this era have holes in them due to the fact that a dollar was worth quite a bit and the owner would often wear it around their neck as a means of safeguarding their asset. Using previous sales and photo grade, I believe that the coin has F 15 details, maybe higher, but I don't think its quite enough for VF. I just don't know how much value is lost due to the "plugged" hole. Since I am new here, I will figure out shortly how to upload a few pictures. I really appreciate any help with this. I am considering selling it to help pay my tuition, depending on what it is valued at. It does have sentimental value, as it came from my grandfather, but if it is worth even close to the book value of an undamaged coin of similar quality, the value of helping me finish my degree is far greater and I think he would approve. I have also considered getting it graded, but I have never done that before and I don't know any local coin dealers/members that I can trust just yet. Thanks again for any information and feel free to ask me for any specific details.

 

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This is some older pictures. I will get some more recent ones shortly with better lighting.

 

I cropped your images and rotated them but you may want to photo graph the coin not in the holder and from straight on. The Redbook lists the mintage of 1801 as 54,454 also. I'm not very familiar with the series but I'm sure someone else who is will come along. On the reverse of the coin though that green spot looks like it could be PVC contamination.

 

Thanks for pic edits. The green spot is where the hole is plugged on the reverse. I wasn't sure if that was just the color of the solder, or if it is pvc contamination like you said. Does solder turn green from PVC like silver and copper? I have always been told not to clean or repair coins, if it is PVC contamination I don't think I would ever attempt an acetone cleaning on one of my more valuable coins, but I also don't want it to get worse... I have much better photos, I just have to locate the file they are in,lol. Those were quick phone pics from a while back, but I think I may take out the Canon SLR for some more detailed pictures.

 

I've never seen solder turn green but who knows what type was used to fill that spot. But acetone is harmless and soaking the coin in it will only help if that is PVC contamination.

 

I honestly didn't even know if it was solder... I assumed that is what was used, but could have been any soft metal. I had considered trying to remove it, but I thought that was risky and would do more harm than good.

 

You are correct in that it would do more harm than good to remove whatever the hole is plugged with. There are some dealers who sell a lot of coins with damage, Steven Musil is one of them. (Advertizes in Numismatic News). There is a market for these as substitutes for better more pricey coins that are the same. The holes does take away value as would any damaged coin. How much is anyone's guess as you would have to find a buyer who actually needed this one. An 1801 currently is listed in Numismatic News in Fine at $2,050.00. IMHO this coin is worth having certified but would come back listed as "Details-Plugged". ANAC's would grade this coin and you would have a better chance of selling and/or at least get a positive grade. They could, for an additional fee, clean up the veridigris or whatever substance that is on the hole.

 

Regarding your original question as to how much the value is affected, my guess would be that the effect of the plugged hole would be quite significant, perhaps 50% as a wild guess. Your best bet would be to check auction archives on Heritage as there have surely been other Bust Dollars sold with plugged holes.

Although the severity of various problems is always in the eye of the beholder, I think most collectors would agree that holes are more detracting that some of the other issues, such as a light cleaning, that land a coin in a "details" holder. The good news is that your coin, providing it's genuine, is rare and worth a lot of money even with the hole. You should definitely get it certified as it is worth more in a holder than raw. There are lots of fakes of early US coins and even a "details" holder provides assurance to a buyer of authenticity.

 

There are 4 varieties known for 1801. This appears to be B-4 by the date among other details, the scarcest of the 4 although none are all that common. The images aren't really up to accurate attribution but all the gross details I can see are appropriate for B-4.

Issues of this importance and age tend to take a lesser hit from impairments like this than lesser coins. If we call this one low VF (I see enough obverse hair detail to consider it), a slabbed value of ~$2500+ if original would - depending on eye appeal - remain a ~$1500+ coin in a Details slab, better if visual impairment is minimized. This one should probably be in a slab.