How much more would you pay for the same coin in a different metal?

ColonialCoinUnion

In the recent Ford sale at Stack's a series of Continental Dollars was offered.

Among them were typical coins struck in pewter, and 2 very rare silver strikings.

Coin 1, a typical pewter Continental Dollar in AU realized $29,900 in the Ford sale:


Coin 2, an extremely rare Continental Dollar in silver in XF realized $425,500:


The consensus among the experts after the sale was that Coin 2, the silver example, was a relative bargain and went for far less than anticipated.

For me - an admitted non-expert - the notion of paying a massive additional amount (which I couldn't ever afford anyway) in order to obtain a coin which is silver but looks essentially exactly like the more common pewter example is unthinkable.

What say you, fellow forum member?

Baley

there were a couple of 1814 half dollars struck in platinum.
I believe they cost a lot more than a regular one struck in silver.

airplanenut

Well, there are two questions:

Would I pay more for a different metal? On some coins, like modern proofs in silver, I can occasionally see the difference. I do like silver, and if I can actually tell that it's not clad, sure, I'll pay more for silver.

The coin you are showing, though, is a different story- that's not an issue of metal, but of rarity. The silver planchet is MUCH rarer, this it is, in effect, a different coin, not a different metal. If I specialized in that series, and sold every organ in my body, and sold my parents house, and was still alive to say I want to spend all of my newly realized money on one coin, then yes, I'd pay the extra for the silver one.

Jeremy

ColonialCoinUnion

There is no doubt that the silver example is a different coin and an exceptionally rare piece.

I think there is also little doubt that it looks pretty much like a regular one.

My personal theory (stay with me here) is that I'm not interested in in paying large sums of money for varieties or differences in coins that are so subtle as to be nearly indistinguishable by non-collectors.

There was another Continental Dollar in the Ford sale that was struck in a third metal - brass - which appealed to me more as even I could tell this coin from a regular pewter striking:



That one brought $103,500.

oreville

I generally pay LESS (much less) for patterns that are from the same dies as their sister coins produced for circulation or as proofs.

Example the 1872 $20 liberty type II aluminum proof pattern in PCGS PR65 was sold to me nearly 6 years ago for a fraction of the same Liberty type II in proof PR65. I call these patterns the poor man's substitute of the real gold issue.

This scenario is the opposite of what was presented below. Now it is true when going from gold to aluminum, that is a major step down in bullion today and perceived as such. But back in 1872, aluminum was a prized metal and valued almost at the level of gold and much higher than silver.

Interestingly the aluminum patterns of the SAME design as their proof gold counterparts are 8 times as rare. They are classified as high R-7.

nwcs

I don't see an issue. Especially since the silver one is rarer. Perhaps the buyer already had one in pewter and wanted another variety?

In any case, this is one of those items on my fantasy list of coins I'd love to own but know will never happen.

supercoin

The 1814 half in platinum sounded very cool... until I found a photo of one:



From a Bowers and Merena archive

Yeecch... any survive without the mutilation? How much of that is mint-made?

Placid

Wouldn't matter unless I was buying based on melt.

Gemini

<< <i>For me - an admitted non-expert - the notion of paying a massive additional amount (which I couldn't ever afford anyway) in order to obtain a coin which is silver but looks essentially exactly like the more common pewter example is unthinkable. >>


Me too and having collected Civil War tokens for years and these were struck in just about every metal known of the time I usually stick to the more common metals of issue for my collection. There also is not enough time on earth to try to collect these in every metal so I wouldn't even try to attempt it.

BlueCole

wow, i'd love to have one of those rare, old diffrent metal strikes. Even though they are not "errors" per say, if you had a error type set, it;d be a nice addition. I've got a 64 cent struck on a clad dime plancet that would go around 200-300 bucks. (i think!)

B.

Lakesammman

Don't know much about these. The 1958 red book suggests the silver version was meant as a dollar, intimating the others are the off-metal patterns?? Price in 1958 - $3000!

IrishMike

Not sure if this is a fair answer, but there are some patterns in copper that I would pay whatever it takes to own the coin, given that I had an unlimited budget, but I don't.

Shamika

All other things being equal, I would not pay more for the same coin in a different metal. However, given the rarity of the second metal, I would pay substantially more.

1jester

I think the silver one is prettier than both the pewter and brass versions. Plus, as Lakesamman points out, the silver one would have most closely approximated the "normal" circulating version (if it isn't indeed the ACTUAL circulating version).

I love all three metals, though. It looks like they're all struck from different dies.

CarlWohlforth

I'd pay a lot for a proof Jefferson nickel in gold! The partly silver war nickels bring a small premium.

I really like the Continental Dollar in Pewter. My gramps had some pewter goblets that were made in America during colonial times. I am not at the point where I would be interested in bidding on a silver CD but it certainly is worth a premium. First I will get one in pewter

khayse

The short answer is "a lot".

Ask segoja what the price difference is between his Denver mint Ikes accidentally struck on
40% silver planchets and those struck on the much more common cupro-nickel.

-KHayse

MrEureka

There are several factors that drive the higher prices for coins like this:

1. (Obviously) Rarity.

2. (In some cases) Visual drama. For example, the brass continental dollars are dramatic because they look so different than the much more frequently encountered pewter examples. As CCU has explained, the silver pieces offer little drama.

3. (Most importantly) The story. For example, 1943 copper cents have a better story than 1945 cents struck on dime planchets. Although both may be of similar rarity (???) and visual drama, the 43 has a better story and brings a much higher price.

The silver continental dollars are difficult to value because their full story is unknown. Still, it is likely that a good story will one day emerge. For example - and I'm not proposing this as a serious hypothesis - what if it is determined that the silver pieces were struck as presentation pieces for members of the Continental Congress? If and when the real story behind the coins is uncovered, the silver pieces may very well prove to have been bargains.

XpipedreamR

I would definitely pay big money if I could because it's basically a completely different and much rarer coin. BTW, the silver one in VFlooks to be in better shape than the pewter version in AU.

tradedollarnut

I paid about a 100% premium over a similarly graded silver example to acquire this coin:



But I passed on a similar opportunity at a 1000% premium. However, let's say that they struck ONE in gold - a 1000% premium certainly would be considered way to cheap! So, it just depends.....

MrEureka

So, it just depends.....

Correct. For example, if a unique 1885 Trade Dollar in copper showed up at auction, it would bring LESS than the more common silver piece.

cladking

I consider coins struck on a planchet for a different denomination to be an
error coin. While these are very interesting, I don't really collect them in a
formal way. Coins struck on a correct size planchet of a different than stan-
dard metal are more like varieties whether they are intentional or not. They
are worth a substantial premium to me.