A Lesson on Liberty Nickels

MrLee

At least it was for me. I was watching this on eBay and was waiting to snipe it. It seemed to going cheap.1885 Liberty Nickel

While I waited, I kept researching. It was bid $665 at the time and seemed pretty low for this key date. What I found out was that the Proof '85 is less expensive than a Mint State '85, the mint state being the rarer of the two. The seller states he feels it will go Pr-64. A MS-64 would be priced around $1700 but a Pr-64 would only be about $750 to $845. Big difference. The buyer wound up paying $898 +s/h. If I hadn't found out, I might have gone for it but once I saw the price difference between the two, no way. I think he overpaid. Am I wrong? Did I do right by holding my "Bidding Finger" back? If it goes Pr-65, it appears he might break even. If it goes 63............
The prices I was going by are the PCGS price guide and Trends in Coin World.

CLASSICS

<< <i> >>

...........huh?

jdimmick

Yes,
In my opinion the 1885 liberty nickel is far more rarer in MS than proof, especially in grades of MS-64 and higher.

In fact there are always decent proof 85's for sale, try to find a true 85 buisness strike with a good strike and original color, extremely tough!!!!!!


Back in those days of collecting, it was thought that the proofs were the coins to keep for collections, and even though the mintage's were a lot lower, a majority were saved, as they were struck and put in coin cabinets, etc.

While a majority of the buisness strike's ( be it higher original mintage's) went into circulation as they were intended for commerce.

heavycopper

Don't worry, I understood you. You did fine in not bidding. Scott Travers warns about buying this date in proof. The proof is not more rare than the other proofs, but cost much more because of spill over demand for the rare business strike. I won't buy an 1885 proof for this reason. I have a nice PF65 1890 that has a lower mintage than the proof 1885 and it was much cheaper.

michael

i would like to see this coin in person if it is as nice as the scan for color and is at least a 64 i think probably not higher then the person paid retail for the coin with extra for the color

but i think that most of the desirability and cost of this coin is in the color but again i would need to see this coin in person to make a real final determination

sincerely michael

MrLee

Thanks for your input guys. The reason I was watching this one is it's the last date to complete my set. I could get a BS in GD for less or a PR for a little more. The MS is just too much for my budget. I've learned a lot today reading your posts to another thread and I appreciate all you've said.
jdimmick:

<< <i>Back in those days of collecting, it was thought that the proofs were the coins to keep for collections, and even though the mintage's were a lot lower, a majority were saved, as they were stwent into circulation as they were intended for commerce.
ruck and put in coin cabinets, etc. While a majority of the buisness strike's ( be it higher original mintage's) went into circulation as they were intended for commerce.
>>

That's what I surmised from what I've been reading. Thanks for confirming it.
michael:

<< <i>I think that most of the desirability and cost of this coin is in the color >>


I'm sure you're right on that. I too would like to see the coin in person. I hate to base an opinion on a scan and that's a problem I have buying on eBay. Colors and toning can be greatly effected and changed when run thru a scanner.
I'd like to research these further before making my next purchase. Is there any reference books you can recommend?

TommyB

It is a pretty coin, and compared to what I've seen other toned coins go for, I think the winner got it cheap. Hell, Anaconda might have paid double that.

BigD5

I agree with Michael. IF the coin grades pf/64, the buyer paid retail+ some for the color. How someone can shell out that kind of cash on a raw piece on Ebay, is beyond me. I say if the seller didn't have time to slab a $900 coin, there's something wrong.
As far as Traver's and this date, the only glitch with that thinking is that the "overflow" does create demand, and demand keeps the price up. Similar arguments can be made for other popular, perceived rarities that aren't very rare at all. If they are in demand, the price will remain constant.

IrishMike

The last 2 proof 64's that sold at Heritage were $730 and $625. Two proof 65's sold for around $750 not much of a difference. With the risk involved in buying a raw coin off of Ebay, I wouldn't have paid this amount. Now if I had the chance to see it in person and judge it along with the color, then maybe it sold of an OK price. Color on these is so difficult to judge not seeing them in person.

pmh1nic

I don't know a heck of a lot about Liberty Nickels other then they are attractive coins and the 1913 is tough to find . My biggest concern with this auction is what was stated by BigD5. Knowing little about what gets hidden in a photograph I would think of bidding on a raw coin at this price level that was in an NGC/PCGS holder (still no guarantee but some assurance that the coins is legit and properly graded).

gemtone65

Usually I'm suspicious of a raw coin like this offered on E-bay. In this case, the seller does not make the usual comment about not having the time to get it graded; he has excellent feedback; and, he offers a very flexible return policy.

On th other hand, the coin looks to me like a nice PR64. If the seller thought PR65, I can't imagine he wouldn't ask for a higher price of have it graded. Further, I would surmise that this coin at some point resided in a PR63 holder and was cracked out.

Overall, I'd say holding that finger at rest probably was your best move. Who needs the hassle involved in getting this graded and finding it doesn't receive a PR65 designation?

Trime

The scan looks like a really nice coin. I would have guessed Pr65. I just can not and will not buy a raw coin on Ebay. This coin is easily available; why buy a raw coin and pay for grading and possible disappointment.