If you collect one series by date and MMs and...

toyonakataro

If you collect one series by date and MMs and happened to find a key date in the grade range you were looking for a long time, but was overgraded by a point according to your standard, what will you do?
I'm trying to collect one series and although I don't have any key date yet, I already have a few semi key whitch I bought them sight seen knowingly they are overgraded/low-end.
I somewhat regret I bought those coins, but I know I would have missed them if I didn't buy them.

MrEureka

Depends on the date.

Depends on the series.

Depends on your grading standard.

Depends on your level of patience.

Depends on whether or not you mind taking a loss on the first coin when you find its accurately graded replacement.

In short, it depends.

Fairlaneman

If I like the coin at "My Grade" and it is priced at that level the coin is bought. Basically the Number on the slab means nothing unless you are buying the number. Its a opinion and only a opinion. This is not saying that a few mistakes have been made by myself.

Ken

mrdq

I think it depends on the availability of the coin. The ONLY 1846 halfdime i've seen for sale in over a year was that finest known PCGS one at CSNS in '02. Granted I didn't have the 15k to cough up for it but if another in MS anything comes up again I think i'd be selling the farm to buy it. When you browse around the net as much as I do and go to a few shows and ask around and NO ONE has one I think that you need to say to yourself "do I want to be looking for 20 years or 10 years or one more year for this coin".

Also to echo the earlier post, it also "depends". Are we talking one point grade that means $50 difference or one point grade that could mean $4,000 difference. Even THEN compare $50/$4,000 to your income or coin budget and it might not be a big deal to take the one point grade hit on a truely rare coin.

tom

p.s. anyone have an 1846 halfdime for sale?

toyonakataro

Sorry, my initial question was too fuzzy.
One of the coin I was reffering to is a 1844-O half dime, 10 of whitch is certified as mintstate by NGC/PCGS.
If the pop reporst is correct, 9 coins still exist in mintstate even if I passed the one whitch I eventually bought.
But what if the pop number was inflated by resubmission?

mrdq- as a collector of same series, I would like to know what you have done in this case. The coin I bought is not a dog, just overgraded by a point in my opinion. The difference in price between mine(MS64) and one piont lower is roughly $4k,I suppose and I'm still not sure if I did good or bad.
By the way, 1846 in MS63 for $15K is a steal!! I wish I were at the show.

Barry

Sounds like you're collecting plastic, not coins. Judge the coin yourself. Do you think it fits in with your series? If so, go for it. If not, pass.

With all the resubmissions going on, I can't imagine the pop. reports being even close to accurate.

mrdq

Barry has a good point Do you think it fits in with your series? If so, go for it. If not, pass. (here comes the big smelly BUT) BUT we're not talking about high pop coins. I'd like some 19th century collectors to chime in. I get the feeling that when you REALLY REALLY look for older coins and you just don't see them you either have to either take what you can get or wait forever for the right one to come along. Sounds like simple advice but that advice means different things to different people.

It's similar to each person's threshold of pain. You know how long to give that hangnail before you dig in with some toe tools (bear with me here) and that time will vary from hours for some people that are impatient or have a low threshold of pain up to days and days for others who don't seem to be bothered by a "little pain".

1. Are you anxious to get that coin?
2. When it comes down to it does $4k REALLY matter to you?
3. Have you seen lots of them and you can just wait it out?

I automatically reduce the pop report on coins valued at over $3-4,000 because I think the people that play the crack-out game are willing to pay $60 on a few resubmissions to get that next point or even $300 on multiple submissions to get the next point. Like you said about this coin, $4,000 on one point gain is worth spending $2,000 on resubmissions so i'm guessing that pop report is not accurate at all.



<< <i>I suppose and I'm still not sure if I did good or bad. >>


Regardless of what anyone else thinks you have to only answer to YOU about this. In my opinion you did good! You bought a coin that is hard to get in MS, you bought a coin you WANT! Some people would say you're nuts to pay $4k more than "you should have" for that coin BUT ask them to show you 5 coins of that year/MM in the next 12 months that are anywhere near that grade THEN they can critisize. AND who's to say you DID pay $4k more than "you should have". We've beaten to DEATH the fact that there are no difinitive price guides, there is no difinitive "wholesale price list" anywhere. The prices of coins are RISING (I just sold 3 duplicate H10 that I bought last summer and have since upgraded and made 27% profit!!!) so who's to say that in a year that H10C you bought won't be worth MORE than you paid.

If you're in it for the MONEY you may have goofed. If you're in it for the coins, the enjoyment of having them and holding them then YOU DA MAN

Rest easy Toyonakataro it's better to have the coin and wonder how you did than pass on a coin (1846 pop/1) and never have a chance at it again.

p.s. Keep one eye out for that coin over the next year and if you come across more of them for less money then no one has to know. If you see more of them in that grade for MORE money come here and brag and at least ONE H10 fanatic will be seething with envy and jealousy

tradedollarnut

I'd say you have to ask yourself what's more important - owning the coin and possibly losing money on it or passing on the coin and maybe not seeing another for a very long time.

Imagine the coin residing in the next lower grade holder. At that grade level it probably looks super PQ. What would you have paid to buy a super PQ coin in the next lower holder knowing you might not see another for a very long time?

Sometimes when you think you overpaid, you really didn't..........

EVillageProwler

Toyo,

If the '44-O H10c is qualitatively acceptable to you (slabbed grade aside), then I say that you make every effort to acquire it. Every legit key date Seated coin is undervalued. Compare the pop of the 1872 dollar to the 1893-S Morgan. Now compare their pricing...

If the coin is a nice coin, then you should just get it. Otherwise, you risk having to spend many years bemoaning your loss and wondering if you'd ever get another chance. (That has happened to me, and I'm much wiser now in my key areas of specialization.)

BTW, I agree with you that the 1846 in 63 is a real steal at $15K.

EVP

MrEureka

Imagine the coin residing in the next lower grade holder. At that grade level it probably looks super PQ. What would you have paid to buy a super PQ coin in the next lower holder knowing you might not see another for a very long time?

That's the right question!

toyonakataro

Thank you very much for replies. I'm glad to hear good advice/opinion from those who specialize in seated coins.
I was wondering what I should do next time I come across a coin like my 44-O.
If it was a exremely rare date like 1846 or 40-O drapery, I will buy it with no question even if it's overgraded by a point(as long as I somehow like the coin), but 44-O, while scare, but not very rare, I might have a chance to find another one at better price/condition within a year, but I may have to wait for another 10years.
I know it's always depends on supply/demand ratio as someone pointed out.....only if I knew how many people are trying to collect these small coins.
Taro