The story of my rare Civil War gold
Yorkshireman
Posts: 4,561 ✭✭✭✭✭
I bought the pictured 1862-S $5 raw from a non-collector who just inherited it.
We agreed to wait until grading to set the final price. I thought it would straight grade in the AU range. My plan was probably to sell it and make a few bucks.
Well, I got the AU part right, but never even noticed the scratch in the obverse field in front of Miss Liberty’s nose.
It came back from PCGS as AU Details - Damaged,
A very well known gold specialist went from very interested to not at all in a flash despite only an estimated 65 being known….
That is a bummer because price guide is $30,000 for a mid AU straight grades coin. Few have been auctioned in years!
Wondering what to do.
Sell to dealer?…collector?…auction?I realize this isn’t BST, but might anyone here interested?
Comments
In addition to the scratch it also looks like it was burnished, especially the reverse.
Just as there is a seat for every butt there is a collector for every coin. I would love to own more civil war era gold and I'm sure that you can find a buyer, at what price I have no idea. I would think sending it to an auction house would be the best way to proceed as that will be the best way to find the true (current) market value for this coin.
My Collection of Old Holders
Never a slave to one plastic brand will I ever be.
It looks better in hand.
Why a surprise you said you waited until graded to set final price ?
What does that even mean?
I admitted I didn’t see the scratch.
My first thought was that it appears to glossy and might have been burnished or otherwise wiped. However, you state it appears better in-hand. The scrape behind Ms. Liberty is just a handling mark, but that hatch pattern in front of her face is a killer.
My guess is that no matter how many times you send it to PCGS, NGC or CACG that they will always note those scratches. So, perhaps you can drop it into an HA, SB or GC auction or simply consign it to a gold specialist with a firm net price. Either way, you can still make your profit as a facilitator.
In honor of the memory of Cpl. Michael E. Thompson
It means exactly what it says. You waited until it came back, damaged and you pay a price accordingly or pass. I’ll try again if that’s not clear.
Thanks, Tom! And Howdy!!
That was what I was thinking.
But which house?
I understood that
The harsh cleaning bothers me more than the scratch.
It’d be nice if they’d elaborate. Like “ damaged in the Civil War “. i would tell you to start it on ebay for $.99 and be happy because i would bid.
I spoke to PCGS customer service.
I asked for graders notes or more specific information.
Figures crossed,
I would auction it to HA to get the most eyes on it and get a true market value (whatever the market defines that in this auction). There is definitely a buyer out there for it, but a major house like HA would be who I would use.
Agree with either auction or set a realistic net price on here for people to consider. I think 3K - 10K would be a realistic net price. Somewhere in the middle of that range may get some eyes, but if you’re still thinking it is a 15-20K coin you won’t be selling it!
On expensive coins, such as the OP's gold, I wish PCGS would list all the problems on the insert. Even without the scratch the cleaning/burnishing is severe and deserves its own negative attribute.
Perhaps that is what PCGS considered though as they listed the catch-all, "damaged" instead.
peacockcoins
i think au details is a nice grade for this coin. it's been cleaned, in addition to graffiti, and a scratch in the field behind the neck curls. it has great details and is a pretty scarce half eagle. it's a nice coin despite its "flaws."
In this situation, would it be beneficial to carry this as a pocket piece and try to develop a different surface? Or is that a totally insane suggestion?
Sometimes I think that animals are smarter than humans, animals would never allow the dumbest one to lead the pack
Well, it'd be a shame to lose it. Every pocket piece I've ever owned has found a couch cushion to call home.
Just not in my home.
Dead Cat Waltz Exonumia
"Coin collecting for outcasts..."
Gold doesn’t pocket well, you’ll end up with a glossy cleaned, graffitied & scratched XF instead of a mellowed cleaned, graffitied & scratched AU.
The holder it is in is its best case scenario. I know it is tough when the mind dances where what it could have been but at retail that’s a 4995$ list coin and one should strongly consider any offer north of 4K IMHO. What that nets you vs the seller is up to you two.
11.5$ Southern Dollars, The little “Big Easy” set
Everybody should learn how to grade for themselves. Slabs should be second opinions, not first.
It's really frustrating to see a very scarce coin in a details holder. If the coin in fact has graffiti, CACG will not even holder it.
P.S. Right now PCGS doesn't even acknowledge the coin - "We're sorry, that certification number was not found."
There would be no woe is me if you didn’t buy it
Suggest that you put it in a GC auction and hope for the best.
Worry is the interest you pay on a debt you may not owe.
"Paper money eventually returns to its intrinsic value---zero."----Voltaire
"Everything you say should be true, but not everything true should be said."----Voltaire
Not going to help with the scratch. And pocket pieces can easily details grade also as they have a tendency to develop a polished look.
Agree although I would have said "burnished look" because that is what's happening when other coins are rubbing against it. Also, you risk losing your coin.
Worry is the interest you pay on a debt you may not owe.
"Paper money eventually returns to its intrinsic value---zero."----Voltaire
"Everything you say should be true, but not everything true should be said."----Voltaire
Just to see it cracked out and over exposed on a great southern (like) Ebay auction shilled to $10k a week later as great grandfathers coin purse find !!!!!!
11.5$ Southern Dollars, The little “Big Easy” set
You mentioned waiting to set a price until after it graded, also mentioned that you bought the coin.
If you figured the price reasonably well and want to dispose of it, you can set your price, ask if a few dealers who would handle such a coin would be interested, and if they hit your price you can be done with the coin.
I think the reality is that most dealers would throw you an offer low enough so that they can throw it into those same auction venues, so your best bet is to do so yourself.
Latin American Collection
Sometimes they just look polished, not burnished, from rubbing against the cloth of your pants not other coins.