I just got (in the mail) a 1890-s Morgan from an advertiser in Coin World. It was described as BU and really looks nice, except for minor rim dent just opposite the nose which isn't noticable when it is in the album. My Dad always said there were 2 sides to a coin (2 opinions). But while in the Navy I learned there was a right way to do things, a wrong way to do things, and a Navy way to do things. So, how many collectors out there pay attention to the 3rd side when putting coins in your albums? Or do you send them back?
Hello, I just recently put together five sets of Morgans for my four sons and one to sell, and small rim dings are usually well hidden in the folders. The set will look attractive but the concern is when you or your family eventually sells the set. Inevitably the set will be broken and the key date coins carefully scrutinized, in the age of certified coins this means how bad the ding is could be the difference in getting it into a slab. Even if the coin is destined for a new folder the next buyer will always take a rim ding into consideration when considering a price to pay. Of course rim dings are acceptable to most in certain grades a bad rim ding looks just as bad to me as any other type of damage to a coin. I am surprised how many dealers will not list rim dings for accuracy.
I just got a REALLY nice AU+ Alabama 2X2 commemorative for a STEAL at $160.00 It SHOULD have been around $270... how did i get it so cheap? A little bit of rim damage ( it actually looks more like a minor planchet flaw, i will see about pictures ) Do i mind? no. I paid for the coin knowing about the damage, and i paid accordingly ( heavy discount ) I will of coarse make note of it in my records, and would never pass it off as flawless. My point? Its all a matter of your opinion. I was able to get an expensive, relatively rare coin for a deal because of what some would consider a "problem" and i think is OK. What i would do is make note of the small rim-damage in your album, maybe with a post-it note or something. that way when someone is looking at the coin they know about the problem. The BIG issue is if you paid for a coin with no problems, then got one with rim damage. looking at the grey sheet the coin is valued at: AU $16.00 MS-60 $42.00 MS-63 $80.00 I personally would pay around $35.00 for the coin if it was really nice and i needed it, but i would be mad if i paid $80.00 for it and it had "issues" If you paid high dollar ( relative ) for the coin i would send it back. tell them about the rim-nick and ask them to send you one that was not damaged.
that makes me proud no really, I am relativly new to "serious" collecting... but i am learning fast, it is nice to be re-affirmed by older established collectors ( i assume you are experienced because of the moderator status ) My goal is to be a part-time coin dealer when i retire ( 45 years old is my target ) so i am really getting into the buisiness end of things and how stuff works. Back on topic.. Exiled: are you going to return the coin? did you get a good price on it?
What ranchhand said makes sense. I paid a couple of dollars under MS-60, but without the rim dent it would grade MS-63 overall (in my opinion). I like the looks of the coin and will probably keep it as you cannot see the dent while it's in the album.
What matters: you are happy. if you plan on the collection going to family as an estate i would recomend making a note of the damage. Right now i am helping some friends with an estate of coins they received... the guy had an issabella quarter that was marked "BU" but was wizzed... FUBAR a coin that looked like it would have been AU and worth $450 was ruined, and only worth $250, so make sure they don't have any nast surprises!
Yes GDJMPS is very experienced---I couldn't tell you how many times he has helped me through the years. Speedy
