what should I do?

Discussion in 'Coin Chat' started by scott1974, Jul 5, 2015.

  1. scott1974

    scott1974 Member

    I have a chance to buy a very rare coin in an anacs details holder.
    It has a bad trifecta of scratch cleaning and plugged with a low grade.
    But this coin is also severely rare. According to several references less than 500 exist and in lowly g6 it's worth about 900.. if you can find one.
    I think I can get this coin for about 450.
    So I have a limited budget and most of the time couldn't even afford 450 much less 900 to 2000 for a g to vg specimen.
    If you were collecting a set and you had the chance to get a truly rare stopper in the series even with these problems would you bite?
    Or hope that one comes available in the next for years that is low grade AND no details in a pool of only 500 or less coins total. And hope you have the funds to go for it then.
    I want to get this coin because I might not have the money or the chance again for a long time ... but the details grade with 3 problems kinda scares me if I ever sell my set down the road.
    I'm just kinda getting ideas what others might think or do if this was presented to a series you collect.
     
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  3. Paddy54

    Paddy54 Well-Known Member

    I personally don't or won't buy detail coins if I can help it. Your statement a very rare coin worth $900. That you can pick up for half is a red flag to me. Even very rare coins are hard to sell if they have issues. Majority of the collectors I know will pass on a problem coin. The reason what is it going to be worth when I'm tired of it? Whom will buy it and can I break even?
    Being a collector for over 50 years I tell you now your collection may go in many directions . I personally would rather buy something I needed for my collection that has no issues , and can be sold in a timely manner for break even or a profit.
    Again what an item is truly worth is what another is willing to pay ! Would you buy a used car with issues? Most probably no. Just my two cents . ..
     
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  4. cpm9ball

    cpm9ball CANNOT RE-MEMBER

    I think you've already answered your own question. If it scares you, then you should pass on it.

    Why don't you just set the $450 aside and save for a better specimen?

    Chris
     
  5. Seattlite86

    Seattlite86 Outspoken Member

    I keep a pretty small coin collecting budget ($50/month) and I would pass on that opportunity. I'd rather save my money up over a couple of years and get a coin that I really want in better condition.
     
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  6. silentnviolent

    silentnviolent accumulator--selling--make an offer I can't refuse

    I'm gonna play devils advocate here and say that I have read MANY regretful posts from people for not buying X back when they had the chance and the next time one came available, years later, they were unattainable pricewise.
     
  7. jwitten

    jwitten Well-Known Member

    I would probably get it if it is that rare. I have had no issues selling really rare coins with problems. Just think, if a better comes available, you should be able to sell this one again at a discount, like you would be buying it for.
     
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  8. Seattlite86

    Seattlite86 Outspoken Member

    Okay devil, but were those coins problem coins that were holed, scratched, plugged, and cleaned?
     
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  9. Hommer

    Hommer Curator of Semi Precious Coinage

    It's not the rarity that makes a coin valuable. It's the demand for available coins. If the demand were there, you wouldn't be able to buy a $900 coin for $450.
     
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  10. scott1974

    scott1974 Member

    It is an 1870 cc seated liberty dollar in g6 details.... otherwise they don't come up that often and 900 to 1800 for a g to vg is pretty hard
    And yes I have thought about how hard it would be to resell down the road..it's on ebay and that's where I would have to resell it down the road.
    I live in the upper Midwest most coin buyers here don't even know they made a seated dollar...lol
     
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  11. -jeffB

    -jeffB Greshams LEO Supporter

    Well, speaking for myself, I sold a proof-only trade dollar -- mintage 900, survivorship probably a bit higher than the OP's coin -- that was holed, engraved, and worn down to XF details (sorry, Doug). I got a bit more than half the price guide value for a "problem-free XF" example. The buyer sent me a photo of his Dansco, with a holed 1879 and a graffitied 1880. There is a market for such things.

    I started collecting from pretty humble beginnings, and while I understood that problem coins weren't as good as problem-free coins, I've never understood the revulsion and contempt that some collectors have for them. I guess, to me, "damage" and "wear" are just two dimensions of "stuff that can happen to coins over time", and I don't see why the first should be a show-stopper while the second just adjusts the coin's value. I acknowledge market reality, though.

    So, if it were me, sure, I'd buy it, and I'd be happier with a collection that included it instead of a collection that included an empty spot. But, yeah, I'd give some thought to resale value, and adjust my bid threshold accordingly.
     
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  12. EasyE418

    EasyE418 Ca$h Money collector

    I go by this.....

    If it looks too good to be true, it probably is too good to be true.
     
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  13. Vess1

    Vess1 CT SP VIP Supporter

    Very interesting thread and question. I would examine the actual reason you want this coin for a bit before pulling the trigger. Do you only want it to fill a hole in a set? Do you want to own it because it's such a rarity? Do you envision still loving this coin 5 years from now?
    The advice I've seen given on anything cleaned is that almost no price is to cheap. Offer $300 and see if they bite. Considering that true rare coin collectors are a very small portion of the population, how many of that actual group would want to compete with you to buy this coin? Of the people who'd even be interested, how many will pay $450? Those are neat, but I don't know that that's a hugely popular series, primarily due to cost and rarity.
    I've considered cleaned options in the past. Currently don't own any myself.
    I'd say if they aren't willing to negotiate, walk away. Who knows how cheap they acquired it for due to all the problems.
     
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  14. scott1974

    scott1974 Member

    It's on ebay right now with what I can see to be a good seller..
    As far as my collecting I am trying to get silver dollar sets of eisenhower,silver eagles,peace,morgan,trade.and seated liberty complete.
    This would fill a big hole in the seated series and I'm looking to hold these coins 20 to 30 years.
     
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  15. Vess1

    Vess1 CT SP VIP Supporter

    Ok, I saw the auction. There's no guarantee it'll be bid as high as you think. Not a lot of time left to make a decision. :) Would you crack it out?
     
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  16. thetracer

    thetracer Active Member

    If you are going to hold them that long, wait for a better one; save up
     
  17. Vess1

    Vess1 CT SP VIP Supporter

    It looks like the 71,72,73-CCs are a lot more than the 70.
     
  18. jwitten

    jwitten Well-Known Member

    If it looks to good to be true? Most people are saying it is a bad deal to begin with.
     
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  19. -jeffB

    -jeffB Greshams LEO Supporter

    Well, that puts a bit of a different complexion on things.

    If you've got a serious shot at a complete collection of seated dollars (never mind trades or Morgans), I would think saving a few hundred dollars on the 1870-CC would be the least of your concerns. You're well into mid-five-figures, maybe six, for a collection like that, aren't you?

    I assume that a "complete" set of Seated dollars would exclude the 1870-S, just as dime collectors omit the 1894-S and nickel collectors omit the 1913 Liberty. If you were thinking of collecting rarities at that level, I wouldn't expect you to be wasting your time here. :)
     
  20. onecenter

    onecenter Member

    Quality has a far greater cache of marketability than rarity and quality has a far greater chance of withstanding the tests of time and numismatic tastes.
     
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  21. scott1974

    scott1974 Member

    I would not include the 70-s...that's crazy money...lol...I only have one seated liberty at the moment.... I've complete the eisenhowers... morgans and peace sets are at 75% complete...silver eagles about 15 %..trade about 20%..
    Mind you its not like I have a super duper high grade collection.. I have the 1893-s morgan in ag-3 cac. Pcgs.... so I'm willing to accept lower grades.
    After thinking it over I think I might skip this one... if it was just 1 thing like cleaning it would be fine.... but plugged scratched and cleaned....lol.. somebody went to town on this thing.
     
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