1963 P70 1c turns in holder due to improper storage....
Lakesammman
Posts: 17,379 ✭✭✭✭✭
Swiatek is quoted in Coin World as saying the 40K 1963 P70 1c is now worth about $4 because of "improper storage". Interesting perspective and at odds with what D. Hall wrote in Jan.
"The 1963 PR 70 Lincoln cent in the Heritage auction was purchased by PCGS. We purchased the coin to take it off the market since it had "turned" in the holder and was no longer PR70. The transaction was handled in such a way the nobody (other than PCGS) will lose any money on the deal.
Not sure what we'll do with the coin. Maybe we'll put it in the Long Beach World Series of Grading test...though I don't think a spotted PR64 Lincoln proof is a good coin for the test.
Maybe we'll hang it on the grading room or sealing room wall to remind the staff to be careful about handling copper. This is not the first big hit we've taken on a copper coin. In 1989 we bought back a PR69 Indian cent for $50,000 that had "grown" an enormous spot covering the entire face. We put it in a holder labeled "The $50,000 spot" and hung it on the grading room wall for awhile.
David Hall"
Anyone know what Swiatek bases his current comments on??
"The 1963 PR 70 Lincoln cent in the Heritage auction was purchased by PCGS. We purchased the coin to take it off the market since it had "turned" in the holder and was no longer PR70. The transaction was handled in such a way the nobody (other than PCGS) will lose any money on the deal.
Not sure what we'll do with the coin. Maybe we'll put it in the Long Beach World Series of Grading test...though I don't think a spotted PR64 Lincoln proof is a good coin for the test.
Maybe we'll hang it on the grading room or sealing room wall to remind the staff to be careful about handling copper. This is not the first big hit we've taken on a copper coin. In 1989 we bought back a PR69 Indian cent for $50,000 that had "grown" an enormous spot covering the entire face. We put it in a holder labeled "The $50,000 spot" and hung it on the grading room wall for awhile.
David Hall"
Anyone know what Swiatek bases his current comments on??
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Comments
Maybe I'm missing something, but I'm not seeing where his assertion that it turned due to improper storage is at odds with anything David Hall said.
Russ, NCNE
Is the article stating that the coin's change was due to only improperly storage (after encapsulation)? If so, wouldn't this open up a huge liability for PCGS? Imagine all these MS or PF 70 coins which they would have to buy back if the current owners store them in poor conditions (wet basement, hot attic, etc.)
Doggedly collecting coins of the Central American Republic.
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Cameron Kiefer
<< <i>The coin was taken off the market months before the PCGS boxes were released magicbilly.
Cameron Kiefer >>
Hi Cameron,
'twas a general statement, meant to provoke thought regarding storage of slabbed coins. I have no idea how this particular coin was stored.
Best,
Billy
After reading Dave's comments, I guess your right. The comment about reminding PCGS folks to be careful while handling coins and the turning in holder comments aren't mutually exclusive.