When an upgrade isn't a good thing

shylock

I'm sure we've all seen examples of coins that were marketable at one grade but a total turnoff a grade higher. Who winds up with most of these maxed out slabs? Many take a couple of shots in Heritage sales (first Signature, then internet), then seem to disappear. Here's one I remember from a few years ago.

Lot 1265, Goldberg 2001
"1877. PCGS graded MS-64 Red. The surfaces are outstanding for this rare and important issue. Mintages plunged as demand for cents fell in 1877, only 852,500 were coined, a fraction of the normal production either before or after this date. Few were saved, and only a few hundred remain in various mint state grades. Of these, most are toned or toning, and locating a full red example as offered here is a true challenge for the advanced numismatist. Examination will note a few microscopic spots, and a hint of reddish toning around the periphery. Typical strike for the year, with localized weakness on the reverse wreath. Struck with a clashed reverse die, with outlines of the Indian within the wreath. Blazing red in color, and purchased over 55 years ago.
Estimated Value $3,500-4,500.
From the Howard R. Newcomb collection of Indian Cents, purchased June 30, 1944 from J.G. Macallister."

Later that year it went unsold a couple of times in Heritage sales as an MS65RD, and I haven't seen it since. Do they wind up here? It's kind of sad, like watching a man who was good at his job get overpromoted and wind up losing his job.

Wondo

I'd rather own an under-slabbed coin than a over-slabbed coin at the same price. Does that make me shallow?

michael

i think of it as a happy coin



and i have no doubt that eventually some poor fish will take the hook and get reeled in



michael

michael

another great thread paul

hope to see you here ......................lots more



michael

Elcontador

Paul,

These coins seem to show up at every Long Beach Show because no one wants them. Specifically, I see three or four Trade $s in MS 65 or 66 and two or three Seated $s in MS 65 that have that 'lovely' sandblasted look. The luster has been stripped from overdipping, and only a numismatic version of a necrophiliac could possibly be interested in them. If these coins were cracked out, they'd be body-bagged.

BigD5

Whoever owns the coin has to sit on it, and sit on it until either an unknowing buyer (not necessarily unknowing, but a shop my slab number type) comes along and takes the coin off of the owners hands, or the dealer gets fed up with keeping that coin in inventory and looks for an avenue to dump it off either through auction (no reserve), or wholesaler, at the right price.

This is the type of coin that ends up back out in the open market eventually as a "deal" for someone being sold underbid, or WAY below current market value, whatever that may be.

291fifth

Having been actively selling coins over the past nine months I can assure you that the coin is what is selling, not the plastic. If the coin is not high end of grade it is being discounted somewhat. If the coin is low end of grade or overgraded is is being heavily discounted.

I was just at a local show yesterday and what I have written above was very much in evidence. I have also seen the return of the "insultingly low" offer when the dealer perceives that the seller is desperate.

earlwbollinger

Another possiblity is all the big time collectors with money already have one in their collections.
Thus they aren't interested at this time.
They'll have to wait for a new collector with money to buy it.

But I do beleive that the buy the coin not the slab appears to apply here.
Is there anyway to confirm that this was really the coin it was in the original newcomb collection?
I didn't think you could "dip" cents without changing the color in a abnormal way.