Should I bid on this coin?

I wouldn't use Red Book as my pricing source as the values in there aren't even close to accurate. Plus, just because ANACS said this coin is a "net VG" doesn't mean it has the value of a problem free VG8. It's actually probably worth quite a bit less. Some of the TPGs have tried to quantify damage to a coin and deduct grade points for it. In reality, damaged coins are not gradable and should not be assigned a grade at all...that is the standard that collectors expect.

Just as an example...I searched the Heritage archive and found a bunch of problem 1794 Cents that have sold over the years in ANACS holders...all net graded VG8 or VG10. Since the beginning of 2011, 5 have sold and they have sold for between $126 and $305.

 

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But Red Book prices change very little from year to year, with the exception of common silver coins, suggesting to me their prices are fairly accurate.

 

That doesn't matter...if it's not accurate to begin with then why would it being consistently the similar mean anything. Look at the actual sold auction prices of coins...you will find a very different number.

 

I have no intention of selling any of the coins in my large cent collection. I just want to eventually, if I can afford to, fill it up. Still need the 1793, 1794, 1796, 1799, 1804, 1809, and 1811.

 

That's not what I am saying. If you use Red Book prices...you will over pay. Look at auction selling prices to get an accurate idea of current coin value. Did you read my post at the start of page 3? The last couple sentences tell you what the auction prices have been for ANACS problem 1794 cents net graded VG8-VG10 over the last 3 years. They are much lower than this cent.

 

Up until now I've been buying fairly common coins - nothing that I would think would be sold at auction. These last few coins, though, are getting pricey.

Yes, if Red Book isn't accurate to begin with, then the fact the prices change little makes no difference. But their staying in business requires that enough people trust them to buy the book. And the argument I most frequently hear against the book is that prices fluctuate, and Red Book's consistent prices seems to counter that argument, if their prices ARE legitimate.

 

Maybe so, but this is a hobby. I don't want to turn it into a chore by having to do a lot of research. Right now I'm working overtime Monday - Saturday, and I'm just looking to have a little fun. My overtime money is what I will use to buy the coin, if I choose to.

 

It's your money. Spend how you want. I work hard for mine...I'd prefer to do a little research and find a piece for a decent price. If this coin was a really choice piece...I'd understand spending a little extra to get it. The thought of paying 2x the going rate for a less than rare problem coin seems a little foolish to me.

 

Here is one that would be good for you.
http://coins.ha.com/c/item.zx?saleNo=1192&lotNo=7035

 

Hmmm, If you are looking for a grade, I'd say they would go MS-65. Very nice

 

It's a nice coin. No way to know how much the price is going to rise to.

 

Childhood memories? When I was a kid, all you could get was Converse.

 

Hey! Con's were the fastest thing on the B Ball court. Best too........

Stop on a dime, pick up nine cents change.

 

Sharp looking, too.

 

Okay, folks, I bought the coin for $400. 'Tis better to have paid too much for your 1794 cent than to have never owned one at all. It is now my oldest coin. Thanks for the input, even though I've disappointed some of you.

 

I wish you luck with the piece and hope that it always pleases you........

 

Thank you.

 

Best of luck on your purchase and collection.

 

The prices come from the market as much as 6 months prior to each edition of Red Book being published, then printed and available on store shelves.

If you want to take 6 month old pricing as being accurate, that's your prerogative.

You will get more accurate information from completed sales from the venues I mentioned in post # 40.

 

Thank you.