Okay, I'm Ready to Take the Plunge

I'm missing 3 coins for my type set.
The Stack's auction associated with the Baltimore Whitman Show coming up next week has one of them.
I've been looking for a VF-30 or -35 original.
This one is in an NGC slab graded AU/Damaged.

https://auctions.stacksbowers.com/l...bust-dime-jr-3-rarity-5-au-details-damage-ngc

The damage (on the reverse) is not trivial.
But I think I'll rise to the bait.

My thinking is to bid as if the coin were VF original.
Research on the Heritage site showed these results:
XF-40 Details - $3840
AU Details - $5040
AU Details - $5760

Stack's Buyer's Fee is 20% plus there would be S&H.
My intent is to bid $5500 which, with the fees, would cost me about $6500.
With luck it will go for less.

Opinions, please.

 

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Exactly the kind of coin I find appealing. When I was set on owning a bar cent I purchased a damaged (tooled) coin at a fraction of what the AU coin was valued at without the damage noted by the TPG. I think the dime is strikingly strong regardless of the scratches on the reverse. I can’t comment on the value as this piece hasn’t been in my wheelhouse. But is certainly a very looksome and well struck example.

 

I wouldn’t spend such a ridiculous amount of money on a problem coin. Why can’t you wait for a nice problem-free VF example? You just need one dime of each date, right?

 

What kind of type collection are you doing. Geez! What's next- MS66 Chain cent?
(I'm only joking, so don't take it literally)

 

Two questions to consider:

1. Do you have any other problem coins in your type set?
2. Does the damage on the reverse bother you?

And a question only you can answer to yourself, but is probably the most important:
Are you willing to spend over $15,000 for a problem free AU50, or over $10,000 for an XF45?

If the answer is no to the last question, then I would say jump on this coin. There hasn't been a problem-free VF coin sold in the last 3 years and this coin is beautiful, despite its damage.

 

Seeing that the damage is evenly toned with the rest of the coin makes it less objectionable. Attractive coin to me.

 

More than likely you will be displaying the obverse. People you
show it to will not even see the "Details" on the reverse. Whatever
you do leave it in the plastic. If you break it out, the TPG's might
not be as generous next time. When buying a "Details" coin like this,
just as with used cars, your buying someone else's problems. Four
figures for a coin is serious money. End of lecture.

 

It is obviously an old scrape, and not a staple scratch. That is a tough call, but I like it.

 

Thanks for all the comments.
They get me to thinking about this potential purchase.

The last problem-free VF I tried for was a VF-35 for about $7500.
But it got sold to someone else before I could lay claim to it.
1796 is the first year the Mint issued dimes.
This design (Draped Bust/Small Eagle Reverse) is only from 1796 and 1797.
The 1797 has two varieties; it's going to cost about the same for any of them.

I'm using the NGC Registry 1793-1964 Type Set as the model for my type set.
And my Chain America cent is only an NGC VG-10 BN.

1. No, no other problem coins in my type set.
My only problem coin is a Capped Bust Quarter 1831 B-7 R-5+ in NGC Fine/Details.
2. The damage does and doesn't bother me.
The AU grade is a definite plus but the damage is a minus.
I think AU is going to win out over the damage.
Of course the price has to be right.
And the question is moot if I don't win the auction.

Am I willing to spend the money for a problem-free AU or XF?
Probably not anymore.
At 78 I'm not going to get any more 5-figure coins.
My last was an 1856 FE S-3 in PCGS MS-62; that was to complete my FE/IFC set.

As for the other two coin missing from my type set, they are the:
-- 1796 Draped Bust Quarter
-- 1796 Draped Bust Half Dollar
Both are 5-figure coins in G-04 and that eliminates them from consideration.

 

It's lovely. Considering the adjustment marks, the damage isn't very distracting. Overall it has great eye appeal. I would think low XF money for this.

 

I am in the 'wait for a problem free VF camp'.

I normally buy coins with defects (details coins as you guys call them) only if they are so rare that i'd be waiting another 5-10 years for a problem free one, or, if they are very cheap.

The 1796 dime is not so rare such that they don't turn up fairly regularly.

My advice, therefore, hold out for a nice VF. That is what I did with mine:

 

Nice coin, Eduard.
I'm sure you'll never have any second thoughts about that acquisition.

 

How much will you pay me not to bid on the coin? Seriously, that's the kind of coin I'd go after to complete my type set for some of the expensive, hard to get, early coins. Good luck!

 

Beautiful coin! 1796 should be judged differently. There is never a good time to do certain things in life,don't wait!!

 

I'll be keeping my fingers crossed for you. Good luck.

 

Definitely go for it. Not many AUs out there. This coin likely has better eye appeal than many of equivalent grade, plus it's the obverse that really carries the coin anyway.

 

Based on past results from Heritage auctions I have a good idea how much to bid.
Therefore I've pretty much decided to go for it ... but at a sane bid.
That way if I get it I'll feel comfortable with the results.
But if I get outbid it I'll okay with that and be on the hunt for the next 1796 dime.
November 14 is the date.

 

If it were me, I would wait for the problem free VF coin, or, maybe also take that time to save up to get a problem free XF-40. But, I am also not 78 years old, so I see where you're coming from.

All in all, I find this coin appealing. I think your strategy of bidding problem free VF money is sound, and probably what I would do in your place.

 

I want to say that I appreciate all the input to this post.
I did quite a bit of research to come up with my bid.
Unfortunately it turned out to be all for naught.
I put my bid in but there appears to be a reserve which - TA DA! - I didn't meet.
Actually I bid slightly less than I said above but I won't go chasing this coin.
Now I start the hunt for the next acceptable 1796 dime.

 

This is an exciting coin.
How many are known to survive out of 22,000 minted?
A damaged coin should sell at a discount and not at a premium.
Do we have any idea what this coin is going to hammer at? $5,000-$10,000?