Well, did I overpay? 3-Cent Silver

Hi everyone. I have been piecing together a CAPS Album (1800's Type Set) that has been quite fun (If sometimes not always affordable, haha). Anyway, I really enjoy purchasing my coins at shows or dealerships. Seeing the coin in person of course and having some really great conversations with folks who know A LOT more than I do. Something I usually resist is purchasing raw coins from online websites. Often I just have a hard time trusting the lighting and photograph. There is a particular seller on Ebay who has mastered the art of lighting on a coin.

Anyway, I went in on a purchase for a Type-2 Three-Cent Silver. I graded it somewhere between a 35 and a 40, though probably pushing closer to a 35. If my grade is correct, I think I paid "About Right" but again, I get nervous with raw, online coins. I think the coin will look nice either way and I'm probably not going to sell these coins for decades so I'm not really at risk of losing huge sums of money.

But would love feedback from anybody interested in providing it. I stalk this website everyday but rarely post, haha.

3-Cent Silver, 1858
Grade: 35 or 40? Or worse...?






Thanks again!!!

 

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By the way, I paid $110...I guess that's important information, haha.

 

I think 35 sounds right. I'm not seeing any luster, and I would want traces of luster in the hidden areas to call it a 40.

I think you paid a strong price for a raw coin. Auction history for a 40 looks to be in the $100 - $120 range, so you paid a 40 price. Keep in mind that most of the price guide values are for certified coins. This one is additionally tricky because it's an "in-between" grade, and its always hard to put a value on those.

 

I agree with @physics-fan3.14.

 

Not an expert on these, and trimes are notoriously hard to grade. How do you feel about that rim weakness on both sides? Not common for a 35 coin in any other series. I was going to guess 25 or so due to the rim.

 

I'm okay with a grade of XF40

 

The strike on these is all over the place. It's not uncommon to have weak rims.

 

I am in your camp, VF tops.

and not a strong VF

 

35 to me.

 

I'm pretty much in agreement with 35-40. Nice coin, but I might have either waited to save up a few more dollars and gone with an UNC type piece. Alternatively, you can get solid VF coins in the $30 range.

As for your question, "overpaid" is really a state of mind. I have literally paid 10x multiples of price guide values for certain coins because I liked their look (excellent eye appeal and/or nice toning). The question is: when you pop that coin in the capsule and stick it in the album, how are you going to feel about it in a week, month, year, etc. from now?

It's also not uncommon to have mint state coins with what would be considered VF or XF level of detail if the coin were circulated. As with classic commems (although for a different reason), luster is a more important factor than in most series. With 3 cent nickels, presence or absence of luster is the only way you're going to see whether a lack of detail represents wear or weak strike. You also need to be very familiar with the typical wear patterns of these coins. This is what will tell you where you should be looking for luster at all.

 

Post of a true coin collector. Price guides are just that, guides. If you love the coin it is what you are happy with. I too have paid way over guidebook for certain coins, knowing that while I may not get my money back, it is what it took to get what I, (and presumably many others) wanted.

 

I really appreciate everybody’s feedback!! I actually went back to read through the description the seller posted and (Because I’m an idiot) I realized I hadn’t actually finalized the checkout. So I elected not to make the purchase.

I have cracked out a number of mid-grade certified coins for my album so I was already nervous about this purchase. Based on the feedback I am going to hold off. But dang am I impatient!

It’s why I always enjoy reading these forums though, there’s a wealth of knowledge and helpful collectors.

The hunt for a nice Type- 2 continues...

 

Pretty nice coin. I'm thinking at least 35, and XF-40 wouldn't surprise me. OP, are you planning to get this one graded?

 

As said elsewhere, the strike on these is all over the block. Because of the thinness, this is a coin the mint never really got dialed in.

I've seen an MS67 where you could cut yourself on the edges of the reverse diamond. And I've seen a lot like this one where the first thought is "gee, couldn't you hit it a little harder".

I have key pickup points on the obverse, but the reverse is often a better indicator

An indicator of high AU or MS is the fins on the C:

They are the first thing to wear away on a coin below AU55. (People who haven't seen a well struck MS coin don't ever realize they should be there)


The next thing I look for in strike/wear are the six orbs and the two bars on the reverse - in the letter Cs:


First off they have to be present - you will see a lot of weakly struck coins where there's no detail in those areas at all.

On an average strike, they are present, but not full.

On a great strike, they are fully formed and become one of the high points that show wear.

So this is actually a pretty good strike.


Note that my usual rule is the obverse controls the grade and the reverse can only lower it. So what are the pickups on the obverse? Glad you asked...

The six points where the bevel of the star meets the shield...

These are the highest/most susceptible to wear.

If I'm being finiky, I start from AU-50 and count down one grade for each wear point (1 = XF-45, 2= XF-40, etc.)
.

So... all in - XF-40 for the obverse. Reverse is low AU, but doesn't help and the rim dings it a grade.

35 is about right.


PS: I like it ... I wouldn't kick it out of the collection in the morning.

As somebody will point out, I'm working on a collection of XF 3CS.

I need an 1865.

Then I would like to replace the two impaired proofs (PF-50 and PF-58) with XF business strikes, replace the damaged XF with a clean coin and downgrade the AU coin to XF. Someday when I hit the lottery.

 

Wow, that's actually a ton of useful information. At a price point of $110 its closer to the cost of a 35 vice a 40, but I guess the question remains whether I could just wait it out and find a better example for a similar price range.

 

Either way, I'm a long-term hold kinda guy so I wouldn't expect this coin to be worth $110 when this gets moved...somewhere around 50 years from now! But I also recognize you have to make smart decisions to hedge any short-term curve-balls. I don't want to overpay as a general rule and I've yet to love a coin so much that I violated it. So far, I'm just having a hard time hitting the sweet spot of $100-$125 while finding a better coin.

 

One thing I have learned, and I am an impatient guy myself, is patience in coin collecting. It actually is part of the fun, the chase.

I went about a decade looking for a silver Byzantine coin with the name Christopher on it, (my name). It was not rare, just scarce, but in ancients sometimes that can mean a long search. I finally got one, and the next month had a group lot with another in it so I bought it too, (it had been a decade). Point being, looking for that coin gave me reason to check out all Byzantine listings in auctions for years. As such, I started a collection, with a strong emphasis on Anonymous bronzes.

Anyway, the HUNT is a ton of why we collect. I have bought coins I was not thrilled with just to get one, and it always gnawed at me. I believe in my heart if you were having second thoughts already you would feel the same long term. Keep the hole open, and continue the chase. Beat part of the chase is it's free and gives you an excuse to check out a ton of coins.

 

I’ll agree with the 35 grade and feel it’s enough money. Waiting for a better is a good idea I think. They’re out there. Look. For one with good eye appeal and original surfaces

 

It has too much wear to be an EF-40 unless you are an advocate of "grade-flation" which too many people are. I would grade it somewhere around VF-30 to 35.

It's a nice coin with no problems. The Type II is the toughest of the three types.

 

In his guide book of US Type Coins Q. David Bowers had this to say about type II trimes: "Most are very poorly struck except for the scarce date 1855. Generally, 1854 trimes are poorly struck, and those dated from 1856 to 1858 are worse yet. Save for those dated 1855, probably no more than one trime in 50 in the type II series is sharply struck on all features. The beauty part is that when you do find a sharply struck coin, the added premium will probably be modest. It might be twice the price, but will be quite worthwhile."
Sounds like patience will be needed to find a good one!