Who buys those things?

Singapore

In most every auction it seems that there is at least one coin offered that is not extremely rare and that has 1) a hole in it, or 2) somone's initials carved into the fields, or 3) some huge damage or defect, or 4) wicked corrosion or vertigris or 5) some other very, very bad problem.

And yet they always sell - normally for not that much $, but still a fair amount of money, usually about what a problem free much lower grade example would go for. I personally would take the problem free low grade coin anyday, but obviously some people disagree -

So who buys these things?

lordmarcovan

I do, in the case of the holed coins. If they are old and interesting enough, and attractive in all other respects, aside from being holed.

anoldgoat

There's a price for everything. Apearantly you thouht it was worth less. Someone else did not. Thats ebay.

Russ

I buy them.



Way cool, don't ya think?

Russ, NCNE

lordmarcovan

Oh, and the coins with initials, graffiti, counterstamps, and so on, can be interesting, too.

What about love tokens? When does engraving cease to be "damage", and become desirable artwork?

I suppose it's all a matter of perspective.

lordmarcovan

Cool, Russ, but this is cooler:



(I know I already showed it off, but you already showed yours, so nyah nyah)

Russ

<< <i>but this is cooler: >>



LM,

I can state without hesitation that, yes, yours is much cooler. But, I'll bet it cost you more than 10 bucks.

Russ, NCNE

Higashiyama

I once saw an auction lot of about two-dozen holed one-dollar gold pieces. The lot sold for about bullion value -- if I had known this in advance, I would have bid -- I think it would be cool to have a pocket full of these small items.

lordmarcovan

Yep, definitely more than ten bucks, Russ.

Higashiyama- at bullion value, an assortment of gold dollars would be a good deal, even if one paid the bullion weight of an unholed coin for them. They usually go $35-75 on eBay. I have a few on my Holey Gold Hat.

(There's a picture of vest and hat on my eBay page- I need to get some better pics of it. Come to think of it, I need to update the whole page.)

Gold dollars and Seated dimes and half dimes, are very frequently found holed or made into love tokens. I set out to do an 1800-1857 date set of holed large cents on the back of my vest, and it's mostly complete. (I'm excluding the 1804 for obvious reasons). The few dates I need are in my sig line wantlist. Yes, I buy those things!

CoinWhiz

Thats a pretty cool shot of Marcovan tipping his hat in the ebay shot

KenzoT

A little 400 grit sandpaper and some careful massaging of the refinished surface and almost anything can be removed from the surface of a coin.
Coin doctors buy these scratched coin to refurbish and make whole again, as far as they are concerned.

coingallery2

Here are 2 of my favorite pieces. I guess you could say the first coin is holed. Was made into a ring. 1940 half. The other is a 1900 half.

joeyuk

Even the HOBO nickels are collectible. A nice piece of Americana.

BillJones

Although it might seem like everything sells at an auction, in reality that’s not always the case. The house or the consignor usually puts an opening bid or minimum on the book. If no one on the floor or though the mail bids or if the floor and mail bidders don’t bid beyond the minimum, the item does not sell.

This is one of the flaws in using auction prices to set values. Unless the prices realized list specifically states that no sale resulted from the offering, the prices shown there could be bogus. More than one coin dealer has used phony results to hype the value of what they are offering for retail sales.

CapAnson

I saw on ebay once a 1690's british crown in fine condition or so but what made it interesting was in flowing script was carved on it "To John (or whoever it was) on his birthday July 8, 1791(thereabouts)" Now that's a conversation piece. Unfortunately I was in a bad place at the time and couldn't pony up the $60 or so to get it.

dorkkarl

there's a very simple answer to your question:

if you like it, if you really really like it, then the price does not matter

ie. just because you & i tend to dislike "problem" coins, there is plenty of market for them. that is why, really, does it make sense to claim there is such a thing as a "problem" coin?

analogy: the ceiling of the sistine chapel became damaged over 100's of years of environmental damage. it was a "problem" work of art. it has since been "restored". is it now a piece of junk?

the beauty of the HOBBY of collecting coins is that you collect what you damm well please, & to he11 w/ what anyone else thinks. your opinion, my opinion, pcgs's opinion, don't matter 1 freakin' bit to a true collector. this is why, i claim there is no such thing as "overpaying" for a coin (or anything else, for that matter) - IF you really, really like it

i applaud those who have the guts & audacity to collect exactly what the he11 they want to collect!

K S