Debating What to Do With this Damaged 1838 O Half Dime
Eddi
Posts: 509 ✭✭✭✭✭
I recently came across this 1838 O New Orleans Half Dime. In the seller's pictures It looked quite nice and in high grade, and in spite of what seemed to be some edge disturbance on obverse and reverse I decided to buy it. It cost the equivalent of $238.
In-hand the coin is pretty much as shown in the original pictures, except the edge damage is (much) more severe than I had thought. A severe edge dent, affecting both sides, with the consequence the planchet is no longer perfectly flat.
I am now debating what to do: on the one hand, the 1838 O half dime is a scarce coin, specially in higher grades, and the cost was very reasonable. On the other hand, the damage is quite evident.
What would you do? keep it ? or return it?
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Did they say it was damaged in the listing?
Paper money eventually returns to its intrinsic value. Zero. Voltaire. Ebay coinbowlllc
At that price I would keep it. I just don't know what YOUR standards are or whether or not you bought it with the idea of slabbing it.
I would keep it and upgrade it later on, provided the dealer disclosed that it was a damaged piece. If the issues weren't described, I'd return it or negotiate a refund to the amount that accounts for the damage.
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RETURN IT! It is a problem coin that you will never love.
Can you enjoy it? If so, as long as you do, keep it. If not or when not, let it go.
Mark Feld* of Heritage Auctions*Unless otherwise noted, my posts here represent my personal opinions.
I would pass because I don't enjoy owning pieces like this. The 1838-O have half dime is very tough in high grade, and it is historic because it was struck during the first year of the New Orleans Mint's operations.
The price is fair although I don't know how easy it would be to see this piece if that time comes.
My vote is to return it with the caveat that the seller did not disclose the damage. If it was being sold as having rim damage then really that is on you.
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Can you enjoy it as is? Were the sellers listing pictures deceiving? Plenty of collectors are happy with details coins but it really all hinges on your personal preference. In my experience, If I'm asking on the forum about that something that bothers me on the coin, its best for me to let it go and move on.
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It appears to me that you are already wondering what you can do to "improve" it or change it, so I would imagine you already have your answer as to whether or not to keep or return it.
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Which, if any, of the posted pictures are the seller’s? If none of them are, can we see the ones upon which you made your decision to buy the coin?
The damage looks quite conspicuous in the ones that you have posted.
Mark Feld* of Heritage Auctions*Unless otherwise noted, my posts here represent my personal opinions.
I would keep it at that price.
It appears to be a strong AU.
Here is a PCGS "Genuine Only" XF that sold for over $900. on eBay:
https://www.ebay.com/itm/155274541577?
The price guide is high in your grade and this coin is strongly discounted for the damage.
peacockcoins
I forgot to post the sellers pictures. Here they are:
Link to the listing or description of the coin?
Mark Feld* of Heritage Auctions*Unless otherwise noted, my posts here represent my personal opinions.
And, to be complete the description of the coin in the listing:
USA, Half Dime 1838
O, New Orleans
No Stars obverse type
K/M 61
1,33 g
Erhaltung/ Grading Terms:
Randfehler, sehr schön +
Edge nick, very fine +
Thank you. Based on the pictures and description from the seller, the extent of the damage wasn’t disclosed/apparent. But you sure made me work hard to obtain the information from you.😉
Mark Feld* of Heritage Auctions*Unless otherwise noted, my posts here represent my personal opinions.
I realize everyone has 20/20 hindsight and that threads like this tend to generate lots of shoulda/coulda comments...but after noticing what you refer to as the edge disturbance, that was the time to ask for better pics.As to keeping it, only you can answer that question. It's a nice looking coin with easy XF detail, more like AU... making it a solid 4-digit value coin if it were problem free. XF40 bid on a 38-O No Star Half Dime is $2140.00; AU50 is $3500. I'd keep it for $238 all day long because you should be able to slab it and flip it for a profit even in a details holder.
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It may even grow on you at that price (assuming it is genuine).
Thank you all for your comments. They are very much appreciated.
I'll look at the coin again tomorrow with a fresh mind and in the 'cold light of a new day'.
In retrospect I'll say this: I probably was naive to expect a high grade example of a scarce coin to be only minimally damaged for such a low price.
Because of the cost, I’d keep it. Could you get one you like better for anywhere near the same money? It’s your collection, though, so send it back if you can’t enjoy it.
Unless you really need it as a hole filler return it. Why keep a coin your unhappy with.
Unless you are in love with it, that’s a return coin for me.
Put it on Ebay with clear photos and full disclosure of the damage, 99 cents, no reserve, auction ending on Sunday. I'd wager it should sell for more than your purchase price. I've always done surprisingly well with damaged key dates on Ebay because there is a population of people out there who don't want to spend a lot of money, but they want "details." They see this coin, they think "that would cost over $1000 without the damage." This type of collector is not consistent with the majority of collectors populating this forum, for whom it had better have a PCGS grade and a CAC sticker, or else it's a pass.
If it bothers you that bad, let me have it for the equivalent of $238 and take your worries away.
Jim
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This isn't a bad idea. I bought the coin below for $75, it sold on eBay for $350 fifteen years ago.
In case you didn’t already know it, the price realized had nothing to do with the date. It was all about the multiple unique “errors” on each side. 😉
Mark Feld* of Heritage Auctions*Unless otherwise noted, my posts here represent my personal opinions.
Well, yes, there is that, too.
Honestly, where else would you get $350 for a severely corroded, non-authenticated 1909-S VDB?
I recall selling an even more corroded 1839/6 large cent with G/VG details (on Ebay) that looked like it was found on a beach after milling around in the sand for 100 years. This was about 20 years ago. It went around $240 as I recalled. I had it figured at about $50 as a hole filler. I emailed the buyer and asked him if he actually wanted it for that price, and he didn't even ask for a discount. He just paid me and said he was OK with it. Just don't try the same thing with a common date; it won't work out in your favor.
I don't know. That one was a little to gnarly for me, but there are people who are willing to live with the problems. Which is why I decided to buy it. And those collectors aren't going to be finding coins like that on Heritage or GC anytime soon.
Return it.
Lance.
It's a very low entry for an historical piece with that much detail.
I would slab it genuine, and resell or keep it, it won't spoil and it has exceptional detail.
A good one is worth the search, but it will be expensive.
Slab/authenticate it, sell it when you're ready.
@Eddi... Damage aside, that is a nice, and valued, coin.... Get it certified and slabbed, it will be damaged/details, but will likely sell for significantly more than your investment when you choose to let it go. Cheers, RickO
I like it. I had a three-legged dog. I loved him more.
With a mintage of only 70,000 pieces how often do you run into one of these? keep until you can upgrade or sell it for what you can and use that toward the "new" one if you can find one!
I’ll give you a voucher if you will keep the coin. It will look better under plastic.
Edit: added text