63 Down, 124 to Go
Aotearoa
Posts: 1,530 ✭✭✭✭✭
I got serious about collecting Draped Bust Large Cents just a couple of years ago. Past loves include Lincolns (of course) and Walkers (an old flame that could very well burn bright again). But, there's just something about DBLCs that has always fascinated me. I think that fascination dates back to the kid me flipping through the pages of a Red Book wondering how in the heck someone could have made the "1/000" error.
So anyway, a couple of years ago I made the conscious decision to try to collect all 187 DBLC Sheldon varieties (that number excludes the various NCs). To guide my collecting, I came up with a few self-imposed rules:
- No dogs. Low grade and/or detailed coins are fine (see below) but the eye appeal must be reasonable and the variety must be readily attributable. Rim dings are absolutely unacceptable.
- No more than $200 per coin unless necessary (clearly, I'm not going to get an 1804 or an S-218 for $200).
- I'm not in a hurry. There could come the day that I will feel compelled to leap at an opportunity but, in general, the coins I'm seeking pop up again and again. (My auction win rate is no more than 10%.)
- Raw or slabbed is fine. It's the coin.
A few things I've learned along the way:
- I can't tell you where the line is between straight-graded and detailed old copper. I've progressed from being ambivalent to actually seeking out high eye-appeal detailed coins. They tend to be cheaper and the details designation means nothing to me.
- Rarity ratings don't translate very well to price. There are, for example, any number of 1798 R.5s that are priced lower than, say, an 1801 S-215 at R.4 (given comparable coins).
- Price guides don't mean much. I don't even look at them any more. Recent auction prices provide much better guidance but, even there, a lot of judgement is required when comparing not only coins graded the same but also when factoring in details designations. Net grading has a role here.
- There is not much in the way of bargains on eBay. When I started, I tended to buy raw coins from eBay sellers (good guys like Inde Et Lib). Eventually I figured out that slabbed coins from GC and HA are generally better values - especially if one is patient. I barely pay any attention to eBay these days. (Living in New Zealand means I don't have many other options.)
- There are a lot of mis-graded and mis-attributed coins out there. This can be used to one's advantage.
Rats & mice:
- Favourite year: 1801 - a wide range of varieties (like the awesome "3 Errors"); interesting die state progressions (like the S-223); and a couple of potential show-stoppers in terms of rarity (S-217 and S-218).
- Least favourite year: 1800 - can be very difficult to attribute (the over-dates are interesting).
- Of 86 coins (including dupes), 55 are slabbed - 26 PCGS, 25 NGC and four ANACS. I don't really have a TPGS preference but I do like the variety attribution listed on the label.
- Not a single 1796, 1797, 1799, 1804, 1805 or 1806 in my collection. I've been intentionally focused on 1798-1803 just stretch the fun out a bit longer.
A third of the way there. It's been fun and rewarding. This forum has added to the enjoyment.
Smitten with DBLCs.
Comments
Having a third of the set already is an impressive accomplishment. Good luck on your endeavor and keep us updated.
I have no idea how you have gotten so far at no more than $200 a coin, especially when you are participating in auctions. I’ve been run up so many times, I’m tired of it.
As for the “details” grade coins, I understand that completely. The TPGs can be brutal on early copper. When I had my collection graded almost 20 years ago, I had coins that were in the condition census that came back in body bags. None of my gold or silver came back as “no grades,” but I got pounded on my early copper.
Later, after I had sold them, they got graded for someone else. From what I could see, they were not “fixed.” They were as they were when I had them. The bottom line is that the graders are inconsistent when it comes to early copper, perhaps because they don’t fully understand it. Grading early copper is a lot different from grading Morgan Dollars, Walkers and Mercury Dimes.
I understand how you can cherry pick some Draped Bust Large Cent varieties. The trouble is, I don’t where you found the “raw material.” Some many coins have been soaked up by the Early Copper Collectors that there is not much around at the shows any more.
What you have done is pretty remarkable. The only caution I can offer you is that the Chinese are making these coins now. They have fooled the grading services, especially with the “details grade” coins. For that reason I have to say, be careful.
A formidable challenge but you're well on your way. Your criteria for selection is well thought out, defined and realistic. Good luck and I hope that you continue to enjoy the journey.
Good luck, you have a great pursuit to look forward to!
Great transactions with oih82w8, JasonGaming, Moose1913.
Dedication!
Happy hunting
I set my bids early - at what I consider bargain levels - and then don't sweat it if I get out-bid. I have, by the way, breached the $200 line a few times...
Following are a few examples of compromises that I've made that others may not. The S-220 and the S-215 both have obvious problems but I find them both to be beautiful coins. The S-239 is only an AG3 (perhaps under-graded) but still has great eye-appeal at well under $100.
Smitten with DBLCs.
I really appreciate you taking the time to put your approach in writing for us @Aotearoa This is an awesome post and I wish you great luck on your continued hunts! Please keep sharing your finds.
Congratulations on having the guts to determine your own collecting parameters independent of registry sets, collecting folders or any other outside influence. I’m sure you will be having fun for years to come.
A: The year they spend more on their library than their coin collection.
A numismatist is judged more on the content of their library than the content of their cabinet.
Having seen a few early large cent die variety collections over the years, this is the approach I have seen other collectors take. He is on a path to a registry set of sorts. I think that there have been less than 15 collectors who have ever completed a set of the Sheldon number large cents. Forming that collection is tougher than many of the registry sets.
I've been in EAC for a long time, but I do think the die state collectors tie up a lot of available collectible examples. Each person buying 6 to 10 examples of a given variety has to have an impact on the hobby. Luckily, I don't think there are a whole lot of those guys.
I started to go sideways on die states within the 1801 varieties but have pressed pause - at least for the moment - as I focus on the primary goal. By the way, one thing I learned along the way (which won't be news to many) is that the Breen die states cannot be taken as gospel - the six die states he lists for the S-223, for example, don't actually exist.
By the way, I'm told I'm New Zealand's lone EAC member. Lots of consensus at the meetings...
Smitten with DBLCs.
I've liked a lot of posts in this thread, because I like this style of collecting! It's not unlike my approach to large sized quarters by die variety and major die state.
I'm stalled, needing the toughest ones but between ships coming in to afford, so enjoying vicariously through you folks' sets such as these.
Even in around VG, and net-vg, the 1796s, 1804s, 1822 25/50c., 1806 B8, and a handful of others are prohibitively priced. Still pick one up every year or three..
Meanwhile, looking forward so seeing the other 60 pieces!
Liberty: Parent of Science & Industry
There were more than a few of them for the half cent varieties in the early 1990s. Michael Manly wrote a book on them. It was one of the factors that led me to sell my collection. When one several guys soak up multiple examples of even an R-4 variety, it makes it hard for those who are looking for just one piece.
Great post!
Good to see someone pursuing a path less traveled.
I too love walkers and large cents - they form the bulk of the value of my holdings.