What's the highest cost coin you'll buy raw?

I once bought an awesome Type I 1913 Philly Buffalo at a back-country auction and have now shown it to about 10 guys who are Buff specialists. I can't get a consensus. Half say it's a Matte Proof, half say it isn't. If it isn't, it's a ridiculously early die state with some nasty square rims. I paid only decent "reg strike" money for it.

 

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I'll buy anything if it's a piece I'm interested in and coming from a trusted seller who offers a guarantee of authenticity.

 

Unfortunately, we don't have back-country auctions with raw coin bargains on the west coast. None that I'm aware of. Out here, it's dealers at shows, large and small, and I wouldn't buy a valuable raw U.S. coin from a dealer. Or it's nationally advertised auctions, which are almost exclusively slabbed coins.

I know there are great raw coins out there, but at a certain price point, I want the insurance of a third opinion that is respected in the market. I buy only about six coins per year, so it would take a long time to average-out an expensive mistake.

Cal

 

You wouldn't buy valuable coins raw from any dealer? Not even one you've been buying from for years, who offers a lifetime guarantee of authenticity?

 

I use an alternate strategy to protect myself. If I don't know the diagnostics needed to determine whether a coin is real or not, I don't bid OR buy. That way, a third party opinion is unnecessary and superfluous. I call it "self-directed study and scholarship", a dying art.

I've heard, "If you don't know coins, know your dealer". I go one level higher. If I don't know a coin, I walk away. The dealer AND the certification company instantly become irrelevant. Easy peasy.

 

The only way I would buy a valuable raw coin from a dealer is if they guaranteed in writing a minimum numerical grade would be given by NGC or PCGS. Then I would immediately send the coin for grading. I have lifetime guarantees on coins bought from dealers decades ago. Many of these dealers are out of business or their business is now part of a larger business or they're dead, so from whom would I get a refund if there is a problem?

Cal

 

In 2002 I paid $350 for this one, the most I ever paid for a raw one. Sent it to PCGS and CAC with good results. I'm talking classic coins........sold it in 2011.

 

My HIGHEST raw coin:

 

This old thing. It was north of $500, but I don't want to disclose the exact amount I paid for it.

Attica Athens
AR Tetradrachm (22mm, 17.10 g)
Athens Mint, 4rth Century BCE
Helmeted head of Athena, r.
Owl standing r., head facing, olive sprig and crescent to l; AOE in r. field.
SNG Copenhagen 63ff.

*For Extra Credit, anyone want to take a guess where the test cut is? Those pesky Ancient Athenians gave us two things, Democracy and Test Cuts!

 

All of my collection is raw. In fact, a slab would drive me away. Some of my most expensive:

 

I used to collect ancient coins. The Greeks had some of the most beautiful designs ever. I had a couple of new style Athenian owls but never bought an old style. I remember an incredible one offered by Harlan Berk at a show in the 1990's. Agonized over whether to buy it, but decided it was too much for our finances at the time. Should have done it anyway. I've been out of ancients for 20 years. None that I bought were certified. Sold all the Greek for about what I paid; still have the Republican. How do ancient collectors view NGC grading?

Cal

 

On this forum most don't like it. A couple do. I think on this forum the ones that do prefer NGC graded like it because they came from U.S. coin collecting and/or don't feel comfortable enough buying raw coins.

Hey slabbed ancient collectors I mean no disrespect to your collecting preferences and if I'm out of line or wrong say so! I don't want to misrepresent anyone.

 

Kurt, I think that New England presents a unique opportunity to literally discover or find genuine coins in places that they have been tucked away for (sometimes) centuries in great condition.
I don't think that these opportunities present themselves outside of the colonial area.

 

So you went from collecting the most beautiful designs to...what?

 

One million dollars! Except I don't have that much money so I have yet to actually do this

 

This got me thinking, Id buy a real 1964 Peace Dollar raw lol

 

A lot of U.S. designs are gorgeous too. Walkers and the St. Gaudins designs come to mind. I sold the Greek to help buy our ranch, and all collecting was suspended for 15 years. When I started again, I continued with U.S. coins (already had a nice start with CC Morgans and MS two cents). I might expand my Republican collection, but that will come after my U.S. goals are met (if it ever happens ).

Cal

 

Lots of great coins there! Just some friendly ribbing. I would love to see some Republicans!

 

Agreed, Mike. But it goes deeper than colonial stuff. Also, the Germanic peoples of central Pennsylvania have well-deserved reputations for being 1) cheap, 2) hoarders, 3) cheap, 4) pack rats, 5) cheap, 6) distrustful of institutions. Did I mention "cheap"?

I knows dis stuff on accounta I are one.

 

me too... LOL