Is this an $850 coin?

Russ · January 28, 2003 2:39AM

That's what it sold for on Teletrade last night. It's a Type 2 holdered as a PCGS 70DCAM. Now, I can almost (but, not quite) understand that kind of money for a piece that actually looks like a 70. This coin is a disaster; covered in dip residue, and an obvious grade guarantee return just waiting to happen.

Russ, NCNE

JeffinMich · January 28, 2003 2:41AM

That is one ugly PF70 DCAM...........

dorkkarl · January 28, 2003 2:45AM

it's a 50 cent coin, ain't it?

K S

nwcs · January 28, 2003 2:45AM

It's possible (probable?) that it turned in the holder and PCGS saw it w/o the problems. But definitely a guarantee coin from the looks of it.

dan1ecu · January 28, 2003 2:47AM

Russ --

The slab itself is a rarity. Maybe they were more interested in the coveted PR70 slab than they were in the coin! It would be a great conversation piece!

Russ · January 28, 2003 2:50AM

nwcs,

I'm pretty certain that it turned in the holder. Looks to me like it was dipped by an idiot, looked good when PCGS got it, and turned to crap later. While experimenting, I deliberately created some that look just like it. Takes a couple months for them to begin to turn, but once they do they go down hill very quickly.

Russ, NCNE

IrishMike · January 28, 2003 2:54AM

Russ I saw that coin last night, the other two PCGS's 70DCAMS didn't look like 70's either. However the dirty little secret in here that no one likes to talk about, is this: if it's in a PCGS PF70 DCAM holder, it makes no difference what the coin inside the slab looks like. As long as people mindlessly buy those 70's its probably worth that price to any number of people (please note I did not use the word collector).

eagle7 · January 28, 2003 2:58AM

You guys got it all wrong! That is just the latest toning craze. Thats why it went for such a high price!

MacCoin · January 28, 2003 3:03AM

that coin may be worth that to someone but not me. there's to many other coins to send that kind of money on

NumisEd · January 28, 2003 3:04AM

yuk

Russ · January 28, 2003 3:20AM

Mike,

Yeah, I also saw the others and agree, they were not 70s. I picked this one since it was the worst example of the bunch.

When you think about it, though, this craze is actually beneficial in at least one way. Since there's so much emphasis on the number on the holder, some coins that don't have that number get ignored and go cheap, even when they are nice tasty examples. Walkers are like that. Everybody wants MS65 or higher, and most don't seem to care what the coin looks like. So, when a stunning example of an MS64 comes up, I can grab it for a hell of a lot less than then next grade up. Works for me.

Russ, NCNE

prooflike · January 28, 2003 3:22AM

What I don't understand is why is it so difficult to rinse off the dip after your done dipping???

Even -I- did it right the first time, the process seemed relatively easy to me... I just don't get it.

misterR · January 28, 2003 3:40AM

<< What I don't understand is why is it so difficult to rinse off the dip after your done dipping???

Even -I- did it right the first time, the process seemed relatively easy to me... I just don't get it. >>

If a copper/nickel coin is dipped in Jeweluster I don't think you can rinse it off. (As opposed to a silver coin.) I never could get it to work for me in my experiments anyway.

Steve27 · January 28, 2003 3:48AM

That's a perfect Set Registry coin; you no longer collect coins or slabs, just numbers on slabs.

ccrdragon · January 28, 2003 3:48AM

Only to the plastic collectors Russ - real collectors look at that puppy and barf (I just had to clean out my trash can!)

Clankeye · January 28, 2003 3:49AM

<< So, when a stunning example of an MS64 comes up, I can grab it for a hell of a lot less than then next grade up. Works for me. >>

In a lot of series I look at, eye appealing 64's are the best thing going. Works for me, too.

Clankeye

DHeath · January 28, 2003 4:33AM

I think I'm channeling a few other members, but I'll say quickly that the purchase had little to do with coin collecting, and I'm becoming increasingly interested in PR68 Dcams at $10 apiece.

benloe · January 28, 2003 4:53AM

IMHO it looks like one of those grading service mistakes. Someone should have the guts to send in in for
a review. It really does need to be put out of its misery.

coinkat · January 28, 2003 9:59AM

$850!? whatever...

NumisEd · January 28, 2003 12:11PM

Welcome to the wonderful world of slabbed crap ruining our hobby by getting newbies financially burned. Of course, it could have been a veteran dealer who got burned on that coin, since I have recently learned that many dealers are far more ignorant than most collectors on this forum. Slabs suck.....don't you understand that yet?

tsacch · January 28, 2003 12:16PM

This is a coin thats easily worht $850 or more......

jadecoin · January 28, 2003 12:28PM

This is a coin thats easily worht $850 or more......

Let me guess: ANACS AU-53?

mbbiker · January 28, 2003 12:36PM

Did someone pay $850 for it? if someone did then YES it is a $850 coin. If it didn't sell for that much then No it's not

TommyB · January 28, 2003 2:55PM

To me it only shows the stupidity of one trying to bump up their registry a notch or two. For what? Does he get a prize? You can have your friggin registry sets if that is the cost.

tsacch · January 28, 2003 8:03PM

<< Let me guess: ANACS AU-53? >>

Way off

benloe · January 28, 2003 8:44PM

Tsacch,
That is one of the most well struck busts I have seen,looks very original. I would guess very close to MS65?

Russ · January 29, 2003 12:11AM

<< Slabs suck.....don't you understand that yet? >>

NumisEd,

Actually, what I understand is that you are completely incapable of any balance in your opinions, that you are utterly close-minded and profoundly arrogant. If one does not the collect the way you think they should, they are automatically a fool.

I collect PCGS slabbed coins, many of which are moderns. Even as one who collects something that "sucks" I don't hesitate to point out some of the folly that happens. That's what we call "balance". Try it some time. It won't hurt, I promise.

Russ, NCNE

jom · January 29, 2003 12:18AM

<< Maybe they were more interested in the coveted PR70 slab than they were in the coin! >>

Maybe??! lol

<< I'm becoming increasingly interested in PR68 Dcams at $10 apiece. >>

NOW you are getting the idea.

jom

NumisEd · January 29, 2003 12:30AM

Russ, you make a good point. I am just a little bitter lately because I have heard many times on this forum lately that people have been hurt as the result of slabs. Actually, it's not the slab that is hurting the buyer, but rather the buyer's decision to trust the grade on the slab without attempting to render an opinion on the coin.

tsacch · January 29, 2003 6:14AM

"Tsacch,
That is one of the most well struck busts I have seen,looks very original. I would guess very close to MS65?"

Its a nice one for sure and better in your hand and in the sunlight.....My favorite coin.

Russ · January 29, 2003 6:35AM

<< but rather the buyer's decision to trust the grade on the slab without attempting to render an opinion on the coin. >>

NumisEd,

Exactly! In this case it's even worse, because the image provided makes it VERY clear that this coin does not live up to the label. This was an eyes wide open transaction. Buyers like this feed in to the unilateral assumptions sometimes made about moderns collectors.

Russ, NCNE

jeffnpcb · January 29, 2003 7:04AM

I feel off my chair, then compared it too the PCGS DCAM { OVERINFLATED PRICE ANYWAY} in 79 and 81. Can't figure the price other than low population from PCGS, But alot more from NGC, ICG and others!

Over priced and valued again from PCGS

Well, just look at who owns the company. It's like buying stock with the analysts working for the company!!!

presleyh · January 29, 2003 10:00AM

jeff... you feel off your chair? what does that mean?
well anyway, the point of this matter is that the pr70 price was paid for this coin based solely on the slab. I think it probably turned after it was graded. Now, ya see, Russ what I don't understand is why some people would call this "toning" and pay extra for it and others such as yourself would consider this coin as altered or defaced.
At any rate it will show up in someones's registry set and he will get premium points for this coin. If that is your goal in life it is worth 850.00.

Russ · January 29, 2003 10:05AM

presleyh,

I think only somebody who's selling this coin would call that "toning". Another word sellers like to use for this is "patina". It's a fancy way of saying "hazed up garbage".

Russ, NCNE

presleyh · January 29, 2003 10:11AM

I think that if it was cracked out and sent in it would be bagged as altered in its current condition.
What is the grade guarantee from pcgs? Do they refund the current list price for an overgraded coin?

Russ · January 30, 2003 12:59AM

presleyh,

They refund current market value. In the one case where I used the guarantee, that turned out to be more than I'd paid for the coin.

In the case of the coin above, I believe that the buyer would at least be made whole if they decided to use the guarantee.

Russ, NCNE

eagle7 · January 30, 2003 1:12AM

This is what happens when a coin is dipped and then sent for grading under the forever tier(PCGS calls it economy)in the soft blue looking 2.5 by 2.5 flips. This can be avoided if one will use the hard 2.5 by 2.5 safe flips with the coin inside a poly bag. It doesnt matter how much a coin has been dipped then, it will never turn.

CharlieB · January 30, 2003 1:39AM

You could spend your money either way.
The 1981-S Kennedy for $850 or this one for the same amount:

Is this an $850 coin?

Comments

Leave a Comment