You ever buy a problem coin just because it's what you could afford?

So I ran across this 15-s lincoln. While my horrible pictures don't show it, there is still luster and the mint frost. Beside the point though. I know that my coin will never grade better than details and in our grade happy world it's a toad....
That said, I love it. The details and strike are beautiful and for 36 bucks, I feel like it's a great score for my collection. Question is how many of you (not asking if, because I know you're out there) buy problem coins because you can see through the issues and also because, it's what you can afford?
Pics are always appreciated!

 

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While a details grade is certainly a 'kiss of death', a coin can still be very nice addition simply because of what it is under the gunk. I have a 1918 Lincoln commem that has the details designation for an improperly cleaned obverse (sorry no pics). The coin has amazing original cartwheel luster nevertheless and is very sexy. I also know the person who sold it to me, so there is some sentimental value attached to it. Therefore in certain cases, I can definitely look past the details designation. Your example is very nice, even if it would grade details. Frankly when I first saw it, I thought it was a counterfeit it's so pristine. Great addition to a Lincoln cent collection in my opinion. Happy Hunting!

 

At a younger age I would buy a problem coin. Today I just say no.

 

I think if you are a collector and not an investor then there are times where it makes sense to buy what you know is not the best. It could be a placeholder for now, but collecting is often about completing a set.

 

At the time I purchased this 1840(o) Reverse of 1838, the graffiti wasn't an issue. Today it is and I kick myself for jumping on it.

 

I bought a DETAILS coin (graffiti) because:
-- it's a scarce variety, and
-- an original one would cost a lot.

 

I have, an 1806 quarter with some barely visible graffiti on the rev, and an 1878-cc trade dollar with some light pin scratches where someone tried to remove a spot.

 

Frequently. Many of the coins I have are rare, Rare as in 75 or fewer known in ANY grade. This is one I picked up recently (1794 head of 93 S-20). The color is nearly black and the obv is heavily burnished, but there are about 60 pieces known in any grade, and this one is about the 12th finest known. (I really can't afford this one but I couldn't pass it up.)



I also recently picked up an 1800 S-211, sharpness of a F-12 but a few minor problems that would net out as a VG-8. It isn't a particularly rare variety (R-3 maybe 600 estimated to survive), but there are a few high grade pieces and then the condition census falls off a cliff. My VG-8 is 16th finest known. Sorry no pictures of that one.

 

I wanted an early Lincoln matte proof and bought a 1909 details (questionable color) example. I spent several hundred dollars for it but at the time it was all I could afford. It is still a nice coin regardless of its certification.

 

I would classify myself a collector and not an investor. That said, I do only try to buy coins that I could upgrade without losing money. I think the 15s fits that category.

 

All of us who collect early copper have bought problem coins. As Conder101 says, there are many cases where problem coins are all you can get.

 

For my 7070 Dansco book, I intentionally look for large cents with environmental damage. I think it's a fair tradeoff to see more details on the coin and then to get a better price knowing that there's some corrosion or whatever on the coin. Often the damage is on the reverse, sometimes it's slight but still brings the price down.

 

I will depending on the coin. If it still looks great I most definitely. It all depends on the price though. For me to buy it, it must be steeply discounted.

 

With few exceptions, nearly every purchase is a compromise below perfection. Ya gotta live.

 

If you like it and it fits your collection needs, then why not. If you have ANY intention of selling said coin, chances are 99 out of 100 that you won't get back what you paid. Eternity coin makes a market out of problem coins...at very inflated prices. (IMHO)

 

Here is a problem Coin I own and LOVE. After being harshly criticized for using Photos the sellers used to sell me my coin, here are a couple of attempts to capture it.

1.



2.



Which do you prefer?

 

The second one is sharper. Which one most closely matches the color?

 

I will buy a problem coin without much hesitation. I know it's frowned upon but many times it's the only way I can afford some coins. Why spend $500, when that is rent for me when I can get it for $80 or so if it's got an old cleaning, scratch or something.

I really enjoy world moderns have bought many French, British and Mexican coins. Some have had old cleanings or scratch, but it's part of the history. But the majority are just worn and no better than EF.

The only types of problem coins I avoid are holes, major environmental damage, & "harsh" cleaning.

Also since I mainly collect ancients, I am much more forgiving than what solely modern collectors are. Nearly all ancients have problems since they're thousands of years old and were handmade, not counting cleaned due to being buried for so long.

If I went back to U.S. collecting or cared about slabs, then no, I wouldn't buy problem coins.

 

I brought a problem coin the other day...the problem was, it cost too much!
A 1922 No D...strong rev in XF40. I'll share on post your Lincolns when it arrives.

 

Great replies! I fall into the budget vs what is good enough for me. I agree that colonials and old copper rarely come without ED. I got a 1788 Connecticut graded fine details. I love the coin and even at the nicer auction houses, most colonials had details grades.

What I liked about my recent acquisition was that the seller clearly stated that while nearly MS it was mottled with light damage. That said its entirely easy compromise for me at 36$ vs 145 for an AU 50. Anyway once the kids are out of college in 10 years, I'll look for that RB 63...