Under what circumstances would you buy a problem coin?

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Well, under what circumstances have you purchased and/or wanted a problem coin?

 

If you buy a coin with a problem you'll ALWAYS have a coin with a problem.
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Since I'm into NGC Registry Sets I would have a coin that would add no value to a set.

I'll do without rather than add a problem coin to a Registry Set.

 

Under the circumstance referred to as "I want it."

 

Under no circumstances.

@kanga - I am also building an NGC registry set and read that you'll get 50% of the score for "details" coins. Still, I wouldn't buy one.

http://www.collectors-society.com/AboutRegistry.aspx

 

Guess this question goes to the heart of the individual collector and how he uses available funds for his collection.

As far as I am concerned, I see no reason to spend tight dollars on a problem coin.

 

For me, really cheap.

 

If there was an 1829 Curl Base 2 Dime unattributed on Ebay for $20.00 but it was a problem coin, I'd go for it.

 

Generally I won't buy a coin that looks to have been tampered with. A bit of circulation damage, maybe a light toned over scratch or a light edge bump...just part of the coin doing its job... may not bother me too much if the coin is priced correctly.

 

If the price reflects the worth of the coin and it is otherwise nice, I will buy a problem coin. Take this one for example, I paid well below what the market price would be if it were a righteous coin. I posted a thread about this coin and I'm not sure if anyone nailed what NGC called the problem. Though, I will admit that NGC called this one correctly, it is still plenty nice, was from a pretty famous collection, I like it and most importantly, the price was right.

 

Depends on what kind of problem the coin has. I would never buy a holed coin. I would be glad to buy a coin with hairlines or cleaning signs if its for a good price.

 

I have an original perfect die from a 1992 1Lb. silver bullion piece. Only 1000 were struck. I would fight tooth and nail for a round struck from it. I will know soon as it is maturing on eBay momentarily.

Nailed it for $under $25 an ounce. Complete with paper work and original box. This combined with the die should easily double or triple my money. I'll never know for sure since it will go to my two children as part of their inheritance. It will probably need a dipping to remove some unwanted blemishes and toning, but the die is the heavy weight item in this set.

 

It depends on all the things you've listed, and more. What's the problem? What's the coin? What's the price? How long have I been looking for this coin? Do I think there's a better one available? I'm never buying a 1957 Wheat cent with any kind of problem for more than a cent, unless it's got some other, incredible quality that overrides the problem. For something truly rare, I'd completely overlook a minor problem like an old, light cleaning.

I should add that there's a difference between buying a problem coin and buying a coin in a problem slab. Sometimes PCGS, NGC, and all the others get it wrong.

 

I wouldn't.

 

Yeah... I would hope so, but if such a million-to-one was the only way you would, in the future, buy problems, you're essentially saying that you won't buy them at all and for any reason.

Perhaps a better question to ask would be under what circumstance would one add a problem coin to their personal collection, and what conditions would they find acceptable. What one person finds acceptable can easily be unacceptable to the next guy, and this includes coins residing in graded plastic. Unfortunately, the problem/no-problem line is all too often colored gray.

Another thing to considsr is the fact that, like it or not, problem coins can be profitable, and at times even more than their acceptable counterparts, so even those unwilling to own them are sometimes perfectly happy buying to resell.

 

Something rare and unusual. Like 18th c copper with porosity. Or early silver or gold with a light cleaning or old toned over scratch. Same for a key date or a questionable grade I think I can crack and get a straight one I've bought quite a few detail graded coins and got a straight grade upon resubmission usually was a cleaning I disagreed with or questionable color

 

If the proverbial "steal of the century" presented itself to any of us as a problem coin, my guess is that many of us would go for it. I also doubt that many of us will run into that situation.

I read the OP's question to cover more standard operating procedure. And mine is not to spend on a problem coin. However, I always have my eyes open enough in case I see lightning in a bottle.

 

I agree with Mainebill.

 

Would I buy a small eagle half or quarter with a problem. Oh yea. For that matter any bust or flowing hair coin if the price was right and the problem wasn't too major

 

I voted "yes" because it doesn't answer the question and I love being obtuse.