Would you spend $50K on this Peace $1?
Broadstruck
Posts: 30,497 ✭✭✭✭✭
To Err Is Human.... To Collect Err's Is Just Too Much Darn Tootin Fun!
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Broadstruck
Posts: 30,497 ✭✭✭✭✭
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Dead Cat Waltz Exonumia
"Coin collecting for outcasts..."
Cash.
No, I would not spend more than melt for it.
a.k.a "The BUFFINATOR"
a.k.a "The BUFFINATOR"
Damaged coins, no matter how rare are tough to sell.
That's a really neat magnification option they have. Anyone know where that originates from??
Coin's for sale/trade.
Tom Pilitowski
US Rare Coin Investments
800-624-1870
“In matters of style, swim with the current; in matters of principle, stand like a rock." - Thomas Jefferson
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Description
This is one of those coins that just make you stare in amazement that you actually own such a wonder. The research shows that only a handful of these coins exist in any grade. The last one we know of that sold went for over $140,000 in PF64. The history behind this coin is way cool. Owned by a Las Vegas Casino Magnate since 1965. He polished it up real nice and carried it as a pocket piece! This is your chance to own a real true American rarity for a fraction of the price.
What a shame that it was polished.
RB states that most of the 35,301 were melted at the mint.
How many left the mint? I don't foresee ever owning one in MS.
Again, Im not talking about the quality of the piece. It says right on the label "POLISHED." No secrets here. But you have to marvel at the rarity and not focus on how much more coins you could buy for that kind of money IMHO.
Dead Cat Waltz Exonumia
"Coin collecting for outcasts..."
Perhaps a resident Peace-dollar specialist could turn this thread around by explaining the current theories on the differences between matte proofs and "high relief circulation strikes" for this year.
Only a specialist in the series could see through that damage and appreciate the coin.
And not everyone is a Peace Dollar specialist.
Ask your typical numismatist if that coin is worth 50k. I think the response on this thread is understandable.
The name is LEE!
Lots of folks have commented as to how bad it is to have a compromised coin. It is hard to sell, it is painful to view and you long for an undamaged example.
I suspect one would have to save up more than 50k for a better example of this coin. That is what one should do in my opinion.
<< <i>Some idiot has a coin with only a few known in a popular series and carries it around as a pocket piece? Unreal! >>
That was probably done to hide some sort of previous damage.
Why do folks pocket-piece coins? To wear down damage.
An authorized PCGS dealer, and a contributor to the Red Book.
Camelot
Experience the World through Numismatics...it's more than you can imagine.
<< <i>I think what you are seeing is this:
Only a specialist in the series could see through that damage and appreciate the coin.
And not everyone is a Peace Dollar specialist.
Ask your typical numismatist if that coin is worth 50k. I think the response on this thread is understandable. >>
Most typical numismatists could no more buy a coin worth 50k then one that wasn't worth and view that amount as a car or a house. It is clearly not a coin for them.
In gem proof that is a 150000+ coin and there are less then a dozen combined high relief, High relief cir strike, and Med relief 1922's out there. You take what you can get. Also lets not forget that most of the 1804 dollars have been messed with and a few of the 1838o half dollars. and lots of the current 6 figure coins out there.
The difference between the cir high relief and the proof is the cir coin used the reverse from the 1921 business strike which can be told apart by the middle ray over the word one on the rev. cir coin is almost flush with the top of the word where the proof extends higher.It is also worth noting that the only know 1922 high relief business strike is also in a cleaned NCS holder. Just because that original skin is trendy right now doesn't mean it always was, and if shinny coins brought the most money most of us would polish till our hands fell off.
In fact that is a business strike 22 HR and well worth every penny of 50k. How many other one of a kind coins in one of the most popular series can 50k buy.
<< <i>The only other circ 1922 high relief I've seen was the certified VF-25 (or PR-25) coin sold at auction a few years ago for around $30K. Assuming that coin brought a price commensurate with its rarity and eye appeal, then $50K for a polished coin is IMO way, way overpriced. >>
Rich
Well yes and no. the PCGS proof 25 is not really a high relief it is the only know experimental medium relief business strike found. And some one paid impaired proof money did some home work and discovered an one of a kind rarity and resold it for 3x what they paid in 2001 when found. 30k was one of a kind money it went for 10k in 2001 PF25
His valuation of between $50,000 and $75,000 if graded at PF-65 sounds very reasonable.
This information leads me to believe this cleaned XF-45 is not correctly priced. I wonder if they will entertain offers?
Note: There are diagnostics a certifying company could use to determine that this is indeed a 1922 High Relief Proof Peace Dollar, I was wondering about that fact.
"Keep your malarkey filter in good operating order" -Walter Breen
It's a specialized rarity of an extremely common date and type. What makes it special is the high relief and proof surfaces - which have been at least partially ruined by the wear and polishing. This is NOT the same situation as a polished 1885 trade dollar, which would still be an extremely desirable rarity in any condition.
<< <i>It's a specialized rarity of an extremely common date and type. What makes it special is the high relief and proof surfaces - which have been at least partially ruined by the wear and polishing. >>
Yes.
<< <i>If I had the money I would and It would immediately go into PCGS plastic >>
If that was your desire, you'd be wise to make it a condition of the purchase.
I see your point and even though it has merit I disagree. First off I am pretty sure it is not a proof to start with and disagree with NCS as it has the same reverse as a 21 with the common week central feathers to boot. I would say its more like a pattern then say the 1885 which has a clandestine nature that has made it more story than coin and has boosted demand. Where most people, even coin people know very little about proof and pattern peace dollars other then they are unaffordable. I don't think any could or will compile a complete peace dollar collection so no one tries and prices stay down. True that its not one of the great rarities like the 1913, 1804, 1885, 1822 or 1933 but that's because its missing the fame side of that equation and If you want to make a pretty spot on comparison I would go to the 1878 Morgan and its patterns. Although they are completely different looking they are based of a common type and command about the same prices even though they are not super rare. Or even a famous mule like the 1839 small letters bust half
If this exact coin, with the exact description NCS used on their label, but were in a PCGS Genuine holder, would your opinion be the same?
"Keep your malarkey filter in good operating order" -Walter Breen
<< <i>Would you spend $50K on this Peace $1? >>
Uhh...no.
<< <i>~First off I am pretty sure it is not a proof to start with and disagree with NCS as it has the same reverse as a 21 with the common week central feathers to boot.~
If this exact coin, with the exact description NCS used on their label, but were in a PCGS Genuine holder, would your opinion be the same? >>
PCGS got the PF25 one wrong. Wrong is wrong. Most the the preconceived gap between PCGS and NGC is just that, preconceived. not a High relief but a med one
If I had 50K to spend...it would not be on this coin, but like I said...it is a moot point.
<< <i>Think how many hungry children $50,000 could feed. >>
The question should be:
Would Bear spend $50K to grow a bunch of children (food for Bear)
Or would Bear spend $50K on coins? (a luxury item)