1878-S Seated halves

ARCO

Heritage has two for auction; a VG8 and a XF40. Any Seated halve experts have any opinions on the grades, quality of the coins? Opinions?

Seated Half Link to Heritage

Tyler

Better Links 1878-S VG8
1878-S XF40

MFH

Tyler, from the scans of the two 1878-S halves, the VG 8 coin looks like an AG coin. The XF 40 coin looks every bit its grade, a nice XF 40 coin. Okay, what happened ? You hit the Lottery or something ?

Cratylus

Both appear to be overgraded in my opinion.

Cratylus

But they do make a nice pair since both of the them have reverse scratches.

MFH

Gotta get my eyeglass prescription updated !

Cratylus

Even though they have scratches and are overgraded, being that they are the key to the series, I'd bid on them if I could afford them.

coinlieutenant

Tyler,

From the pic, I am thinking about bidding on the 1878-S. All depends on what is going on with some family issues...

I like the XF coin...

John

Catch22

In their catalogue mailed out before the auction deadline, Heritage listed the 78-S as Good-6. I suspect that the coin was sent to NGC just before the auction deadline and was bumped to VG-8. I'd give it a G-6 all day long, but really don't have much of a problem with the VG-8 grade, other than this incident has confirmed my suspicions about the relationships between heavy submitters and the grading services...NGC anyway.

jdimmick

Catch,

Thats exactly what I think, I believe this coin was the raw Good-6 that was going to be placed in the sale. I saw an earlier promotion about the coin several months ago when it was in its raw state, its the same coin and it should have graded good-6. I guess NGC market graded it higher becuase they are so rare. I wouldnt mind bidding on it myself, as I would love to own one, but as I mentioned to Tyler, I dont like seated coins in those grades. The Xf-40 is out of my current budget now as it should fetch 45- 50k, but I am not fond of that coin anyway. To me the surfaces seem messed with, even though the catalog description indicates that it inst.

Conder101

From the unusual wear pattern on the rims I would suspect that the "VG-8" is actually slightly bent

lordmarcovan

<< <i>Tyler, from the scans of the two 1878-S halves, the VG 8 coin looks like an AG coin. >>



Wow- a full-rims AG? You're a tough customer!

Oh- hang on- I see the reverse, now, so I see some of what you're referring to.

While I definitely wouldn't call it AG, I would certainly call it overgraded. Obviously they graded by the obverse. It's strange that the reverse rims are so weak. Maybe Conder101 has a point.

I would've said G6, personally.

Conder101

Note that the obv rims are a little weaker at the top and bottom as well. It is like th coin was very slightly bent toward the obverse at 12 and 6 o'clock. On the reverse the rims are worn at 9 and 3 o'clock as are the eagles wings but STATES and HALF DOL show much less wear. On the obverse the rim is worn below the date and at the top. Since this side is slightly concave it was better protected from wear.

roadrunner

You guys are very tough today. I think the 2 coins are ok. The XF looks closer to XF45 detail, shows underlying traces of luster in hidden areas, and does look to have original patina. The VG coin has plenty of detail to meet the grade but the rims could be stronger. Then again, the rims of many seated coins are a grade or two less than the actual detail. Condor's point about the coin being slightly bent could be true tough I don't think that a minute bend in the coin could result in such uneven rim wear from obv to rev. Any noticeable bend would have been picked up while grading.

While, it's nice to try and find perfect coins for the grade with no defects of any sort, it's a very demanding task considering the coins circulated for 10-30 years. Finding a nice circ piece is tougher than finding an UNC. While I've always felt the date is somewhat overpriced vs. its actual rarity (driven by the tiny mintage of 12,000 pieces) it is the key to the half dollar set so no one gives these away. Personally, I'd take something like an 1874-cc dime or 1872-s quarter and pocket the difference. 30 years ago the 74-c dime was about 20% of the price of the 78-s half in XF. Today, more like 75%.
At some point I wouldn't be surprised to see it exceed the 78-s. It's rarer in both circ and unc. and problem-free specimens are tough.

roadrunner

longtimecollector

I've studied a fair share about the 78-S in general.......... I personally own a PCGS G-4 example and honestly, the reverse on my coin is better than the one on the VG-8 offered by Heritage.... My obverse is a tad weaker however........ Not having studied other "seated" series, I cannot comment on its rarity in relation to the other coins mentioned, but I CAN tell you that a 78-S is a "mother" in any grade...... I think I have seen 5-6 offered for sale in the last 2-3 years, always selling for far beyond "sheet"....... As to the rarity, I believe the total population in all grades to be between 60-90 pieces........ Tell me that ain't a "mother" !!!!!!!!

Catch22

It's going to take strong money to buy this one as well