How did I do with this purchase?
Panda4456
Posts: 362 ✭✭✭
I purchased a 1904 (p) peso. It hasn’t arrived yet but from what it looks like it has nice eye appeal. They have a mintage of 11,000. They are 90% silver same size as the Morgan dollar. Other than the scratch, do you guys see anything wrong with the coin?
I have seen au details graded 1904 sell for as high as 700 dollars. Mine certainly is much better than a au details cleaned coin so I imagine the value is around $750. I purchased mine for $320 😃
For reference this au details sold for 700
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Comments
Nice coin.... If you are not bothered by the scratch, then you did well. If it bothers you in the future, you will have a good one to sell for an upgrade. Cheers, RickO
For now I am quite happy with the scratch if it saves me $1000 (the cheapest ms62 on eBay is $1300). Maybe if I have the money in the future I can upgrade or buy a second one.
I don't think you did as well as you do.
Here's a PCGS AU58 that brought $660, which should be worth more than an Unc. details, scratched example.
https://www.ebay.com/itm/1904-Philippines-Silver-Peso-PCGS-AU58-/393234687285?hash=item5b8e9d2535:g:L4oAAOSw2Uxga19U&nma=true&si=HxIwT4sN6zDKSzbP4b8TMynO%2BuU%3D&orig_cvip=true&nordt=true&rt=nc&_trksid=p2047675.l2557
But what counts is that you checked out the market and are happy with the coin.
Mark Feld* of Heritage Auctions*Unless otherwise noted, my posts here represent my personal opinions.
the obverse looks like light cleaning or wipe
The obverse does look cleaned to me also.
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Think so? I always thought an uncirculated details coin would be worth around an au
58 coin. Especially with these pesos where Uncirculated examples are practically non-existent
given that deep scratch, does it really matter if the coin was cleaned??
one thing I have come to understand about very noticeable flaws on coins is that the longer I own them the greater they become. I don't know if that makes me a discriminating collector, a perfectionist or a coin snob, but I can't bring myself to buy anything with very blatant flaws.
if I were the OP I would have waited on this purchase and sought a coin with better overall eye appeal(uncleaned and sans scratch).
I think you could be right!
It’s been said many times here before, problem coins are easy to buy, and hard to sell.
I think that inexpensive problem coins for young collectors are fine. However, when you begin looking at higher priced coins (that aren't true rarities) you make a huge mistake in purchasing them. You'll NEVER be totally happy with them, the flaw(s) will eat at you, you'll regret the purchase, and when you sell, you'll lose your ass.
Other than that, enjoy your purchase!
USAF (Ret) 1974 - 1994 - The inherent vice of capitalism is the unequal sharing of blessings; the inherent virtue of socialism is the equal sharing of miseries. Remembering RickO, a brother in arms.
A scratched, cleaned problem coin. Wait until you try and sell it.
Do not buy details coins.
Save yourself the grief down the line.
Professional Numismatist. "It's like God, Family, Country, except Sticker, Plastic, Coin."
I do think so, though it's certainly not always the case. It depends upon a number of factors, including the typical spread between a problem-free AU (of whatever specific numerical grade it is) and a low grade unc., as well as the nature of/reason for the details grade.
Mark Feld* of Heritage Auctions*Unless otherwise noted, my posts here represent my personal opinions.
I really like the design of the coin in general; however, as others here have mentioned and I believe you'd do well to remember that it's always better to stay away from details coins. I can tell you that in my experience that listening to what's said here by the many that have nothing to gain by giving me bad advice, to consider surface quality and preservation over price. The bitterness of low quality will always remain well after the sweetness of a low price has gone. Not sure if that saying is stated correctly but I think you'll get the message. You definitely have an eye for beautiful coin design in my opinion!
I looked at the AU58 that Mark posted, and I'd much rather have it than the coin you bought, but I'd have to pay double what you paid. Your coin does look cleaned in addition to having the scratch. Now if you've seen AU details coins sell routinely for the same as the AU58, and recently, then whoever bought the AU58 got an absolute steal. The thing is, if I look at CoinFacts, I see MS62 sold a year ago for $492, but it's dull gray, and not as attractive as the AU58. Also, within the past year, there have been some types that have really taken off in value. I've seen this on British Trade Dollars, where you can't touch a common date in 64 for less than $2000 now, where this was under $500 a couple years ago. I wonder if Philippine pesos are feeling that effect as well.
Bottom line is that you like the coin you bought, you did some due diligence before making the purchase, and while I wouldn't say you got a great deal, it doesn't look like you got a bad one.
Keeper of the VAM Catalog • Professional Coin Imaging • Prime Number Set • World Coins in Early America • British Trade Dollars
I've always loved that design !
First of all I personally don't give a rats butt what others think....to begin with...in life I need to please myself first.
Second do you understand the history of these pesos?
In 1942 the Japanese invasion force prompted the goverment to crate and dump these coins into the Manila's Caballo bay to adovid capture. It was done quickly and to my understanding there are still coin in the bay never recovered.
In 1942 an oz of silver was worth 1 us dollar so it was a PM and the US and the Philippines governments wanted to assure that theze didnt fall into the hands of the invasion force.
As salt water causes corrosion show me 1 peso that has not been cleaned or has issues being in salt water.
Let look at an 1865 half dime 13 k mintage what do you think the survival rate is?
If you found an 1865 h-10 love token knowing by date placement it was in fact a Philly minted coin would you pass on it under a $100 ? As do you think finding another in good or better may not happen in your life time.
I wrote an article a few months back for error scope about buying a detailed coin.
For many year of the 60 ive collected I did my best to advoid a detailed coin.
But at 60 and collecting all these years you learn.... and first thing is please yourself first!
As options are like Civil war generals a dime a dozen, and in the end are worthless unless they are on track with your values.
Your coin is nice again 11,355 mintage most dumped into a salt ocean do you really expect to find a perfect specimen....your not!
My mother taught me years ago these so true words..." expect nothing....and be happy with what you have or get."
As in the end it is your collection, no one else's.... be happy and accept that we dont live in a perfect world....and those who do have a crude awakening!
"That's why I wander and follow La Vie Dansante"
Not a coin I have any real familiarity with but based on this, I'd say you may not have stolen it but you did fine:
https://www.pcgs.com/auctionprices/details/1904-ms/90383
Some of the comments make good points but we all also have to live within our budget limitations. If you like it, enjoy the coin.
Mark
I have paid the "cleaned" coin resale tuition as well.
But it seems like a good deal at $320 (if I understood your post).
You can always upgrade and have little if no downside.
I call that a good deal.
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A coin with an erupting volcano in the background. What's not to like?
If you are happy that's all that counts.
it's crackers to slip a rozzer the dropsy in snide
Obv looks cleaned.
I think you paid a fair net price- neither over nor underpaid much if at all.
An "Unc. Details" coin isn't necessarily worth AU money.
A very lightly cleaned/ wiped one might net to AU, but then scratch it too and you're down around VF or so. Imagine if it also had a hole... might be Unc details net VG.
Liberty: Parent of Science & Industry
I don’t have an extra 1k-2k dollars to buy a better condition like some of you here I’m just happy to be able to get this coin to complete my set
Cool coin but at the same time it’s a details coin. In my opinion I would avoid details coins. Rather save up for the same coin in a Straight grade. The problem with detail coins is that they are almost impossible to sell. If you spent x amount of $ on it and then down the line find the same type coin that you could have afforded if not for buying a details coin than you won’t likely be able to sell it. Again Better to have a grade even if it’s vary low such as VG, F, or VF rather than a good condition coin that has damage.
“So Mrs. Lincoln, other than the assassination, how was the show?”
My collecting “Pride & Joy” is my PCGS Registry Dansco 7070 Set:
https://www.pcgs.com/setregistry/type-sets/design-type-sets/complete-dansco-7070-modified-type-set-1796-date/publishedset/213996
Any time you post a details coin here and ask how you did, you’re going to be told you never should have bought it.
You thought the price was fair. For $320 you get to enjoy a low mintage coin that has a ton of details that you otherwise wouldn’t be able to afford. It’s the kind of coin that derives its value from the enjoyment you get out of it. I assume it will live in your collection for a long time and should you go to sell it one day, your total exposure is $320. If you enjoy it for 10yrs and have to take $240 for it, cost you $8/yr to own and enjoy. Not a bad deal.