When is a low grade acceptable?

So I am looking at the 1916-D Mercury Dime. While I would LOVE a high grade, I will never drop $6,000+ on a XF and definitely will never drop $20,000+ on a MS condition. I am, however, finding G grades for less than $1,000 and that is an easier pill to swallow. I love the coin, and I know that is all that matters, but I'm curious if anyone else has settled for a lower grade coin due to the astronomical cost of a higher grade? Hopefully I do not get beat up on this or get the "save until you can get what you want" comments.

 

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There’s no shame in collecting lower graded coins (at least I hope not, since I collect a lot of lower graded coins). I try to hold out for an example that’s nice for the grade (i.e., original appearance, no old cleaning, doesn’t have splotchy toning, etc.). That way, while the coins may be low grade, they still look nice for what they are.

 

I think you ask a GREAT question for newbies or veterans. I doubt there are very few people on CT or among coin collectors who can just disregard ANY cost of a particular coin.

It just depends on what level that bidding line exists at based on one's financial limits and where the price spikes.

For some, it's the G-level for a coin...for others it's XF....for others it's AU....and then for some MS65 while others can go to MS66 or MS67.

There is no law that says that you can't get the coin you need NOW to satisfy your personal desire or registry needs...and then later on upgrade. You can add a 2nd coin or sell the 1st and use the proceeds as a downpayment on a better one.

I just attended the FUN conference. I have had my heart set on getting a nice 1923-D Saint-Gaudens in MS66 quality or 65 CAC or whatever looks great for the $$$ ("buy the coin, not the holder/sticker"). 1923-D Saints at MS66 cost about $3,000 - $3,500, give-or-take. But an MS67 is going to run closer to $12,000.

For me, that made the 67 a non-starter and even some of the 66+'s and 66 CACs too pricey since they jumped the price of the coin by 40-50%.

Hope this helps a bit. In the end, YOU have to decide what fits your budgetary and numismatic needs.

 

Absolutely! I appreciate the sound input!

 

Another angle...you can buy a fantastic looking proof mercury dime in PR66 for $250, mintages in the low 5 figures.
Now.....I understand the mystique of the 16-D, and I don't want to derail you if that's what you want. Just thought I'd mention.

 

If it's what you want, and the grade is acceptable to you, then by all means go for it. I too have been much in delemina about purchasing coins, and 'settling' instead of holding out for something that I really wanted. Such behavior (on my part) always results in buyers remorse.

 

That has happened to me. However, I'm not sure if it would happen when I know a MS example is unobtainable due to the $20,000+ price tag. Even in XF we are talking $6,000+. You know you have a rare and coveted coin when a G grade warrants $800+. Lol

 

Well, coveted, at least.

 

Rare to me. Seeing as how the only interests I seem to have are Lincoln Wheat Cents, Mercury Dimes, Indian Heads, and possibly Liberty V Nickels, the 1916-D may be one of the most rare coins I could get at some point.

 

Yes, if you consider VF lower grade. I needed the two Seated Liberty dollars for my type set. The higher grades were way out of my range.

 

I had @longshot's post in mind. The proof Mercury dimes are each a good bit rarer than the 1916-D, and are cheaper.

Looking further afield, there are several Barber halves with mintages lower than the 1916-D dime that trade close to melt price in lower grades. The difference is that the demand for the 1916-D dime eclipses all the others.

 

...and there are no "buts"! The fact that you love the coin is all that matters. When it comes to affordability, if you aren't able to budget for it in the short term, I would seriously doubt that you will be able to budget it in the long term. There is no sense in drooling over something that you cannot afford. If there is something more affordable and it is pleasing and desirable to you, then waste neither the time nor the money for the unattainable.

There is no shame whatsoever in collecting lower grades if that is your budget. All that matters is that you love the coin!

 

+1, don't settle! Be sure you love the coin. I have way too many coins I settled on because I didn't have enough money then to buy something better. Had I saved up my money, I'd not have bought all those bad purchases that I later regretted. Find what your budget can afford, and don't buy a problem coin. Good luck!

 

A low grade is acceptable any time. Buy the coin that you are
most comfortable buying financially. When spending that kind
of money, $800 for a coin graded Good, make DARN sure that
it is in TPG plastic. PCGS, NGC and ANACS. Never buy raw,
especially on a coin that is one of the most counterfeited coins
of all time, the 1916-D Merc. dime. There is no shame at all in
collecting low grade coins. You should collect what you like
and can afford.

 

I enjoyed common well used coins for 45 years. It’s only been in the last 4-5 years that I have allowed myself the luxury of owning some finer pieces. And yes, my 1916-D dime is a G4 and I love it.

 

Funny, I’ve had more buyer’s remorse recently over stuff I didn’t buy, even though I made a few great purchases recently and my budget wouldn’t support it. E.g. I passed up a nice looking Hawaiian commem under $1600 recently. It was raw on eBay, but, if it had any hidden problem, I could have returned it, and, at that price, I probably could have gotten my money out of it plus a little should I have decided to flip it.

But, anyway, back to the topic. Low grade coins are not bad coins. An early date large cent worn down to G4 with good surfaces is as worthy a coin as one in AU that costs 10x as much.

OTOH, I’m a big believer in quality over quantity. Given the choice between, say, 10 of those early date large cents and, say, 1 in VF25 and 1 in F15, all else being equal, I might choose the two higher grade coins.

For me, the bottom line is to buy the best coins I can afford with great eye appeal. If a 16-D in G-4 is the best you can afford, consider stretching a little and looking at G-6’s or VG-8’s. After all, if you can afford a G-4, VG-8’s are about twice as much. And, if you can afford one G-4, you can probably afford two, right? Why not just spend that money on one nicer coin?

No matter what you do, don’t buy a problem coin, and look only at coins with great eye appeal. I have never regretted buying a beautiful coin that was the best I could afford.

 

With some coins, a low grade example is all that is available. With coins such as this, I can live with a lower grade as long as the coin is not ugly.

The 16-D dime is a special coin. Much like the 1916 quarter and the 1856 cent. There is nothing wrong with buying a low grade example as long as it's problem free. I won't do this but that's just me.

I don't have a problem with leaving a hole in my collection. I don't let it bug me. I'll use that same money to buy something or several coins that I will enjoy just as much.

 

WOW, interesting question- I suppose my question back is acceptable to "who" (or maybe whom)? I collect low grade early large cents by date and it is not only "acceptable" to me but my focus. Love to see honest wear on coins like these that were part of the backbone of commerce in their day. And quite frankly I am OK if no one else finds my collection "acceptable"!

This one is a mainstay of my collection and my only 1793 example; as an R-6 the S-16 variety is rare in any level of preservation and it is common to have planchet issues in these as well as the 1794 heads of '93.

 

The above is also my sentiment. For this particular coin, it is ok. Don't settle on just any example though. Find one that speaks to you.

Though not low grade as what you're describing, in my Hungarian type sets, I have quite a few unc details coins, as well as a couple AUs. These are the best examples I could find over the years for types that are extremely rare. I enjoy them, though the rest of my sets are all MS coins.

 

You're singing my song. For to many years, coins were a low financial priority and put on the back burner. Like most of us (well for me anyway), it's only been recently where I've had disposable cash to finally advance my addiction.