From the Pinnacle site-- why was the 1840 Drapery Seated dime a "secret rarity" until rece

Longacre

I just got an email from Pinnacle announcing their new purchases. Like getting a message from the Angel Gabriel, whenever I receive an email from Pinnacle, I drop what I am doing, don't answer the phone, and immediately listen to the numismatic treasures that are pronounced as available for sale. Here is a cut and paste from the list. Does anyone know why the 1840 Drapery Seated dime was such a cult favorite and why its rarity was so veiled? I am curious.

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1840 DRAPERY Seated Liberty 10C PCGS MS62 Click here
The 1840 With Drapery Dime was, for many years, a cult favorite among Seated Dime collectors. Only a small group of knowledgeable insiders were aware how rare this issue was in higher grades and price levels were low. The proverbial cat was let out of the bag a few years ago and the true rarity of this coin in Uncirculated is finally beginning to become widely known. We doubt if more than six to eight are known with most of these off the market in tightly-held collections. The piece we offer is extremely nice for the grade and for the issue. It is lustrous with rich smoky-golden color which deepens to medium reddish shades on the obverse. The surfaces are very lustrous and somewhat reflective with no major marks or distractions. Liberty's head is nearly full while her foot shows good separation. We like this coin quite a bit more than the NGC MS63 that was in the Richmond Collection auction last year and we feel that this piece is comfortably ensconced within the Condition Census for the issue. If you collect Seated Dime, you will realize the importance of this coin. If you don't and you would like to begin, here is a great place to start!

RYK

I did not get the email from Pinnacle/Angel Gabriel. Perhaps, I am on their "bad customer" list.

Bochiman

<< <i>I did not get the email from Pinnacle/Angel Gabriel. Perhaps, I am on their "bad customer" list. >>




You are....they think you work for Laura

RYK

You are....they think you work for Laura

Why should they care if I work for Laura so long as I spend all of my money with them?

fc

maybe a "secret rarity" is not the best way to describe

a "secret condition rarity" that anyone who looked at the pops
could have determined themself.

also, the demand was probably low because no one liked the series
at the time. The booming coin market, investors, and hype is
probably the reason for the great writeup.

otherwise.. I am unsure. It sure reminds me of every other top
pops in less liked series.

coynclecter

How about it's just another marketing gimmick to hype a coin they got for sale.

Maybe they should also say it came from the "Haunted Drapery coin hoard" recently discovered under a skeleton.

That should be good for another 10%

Dismeguy

Sorry to rain on the parade of the skeptics, but I fully agree with Pinnacle's assessment of the 1840 With Drapery Seated Dime rarity in mint state. The 1840 With Drapery date/variety is difficult to locate in better circulated grades and is most difficult in AU or better. Typically, this date does not appear on dealer price lists in AU or better, rather you need to wait for auctions to bring specimens to market.

The Pinnacle price is indeed pricey but I considered buying this dime when it was listed the first time around. This is the second listing of the same dime, so maybe it was purchased and returned. I'm always leery of dimes graded MS62 these days as they could be nice AU58, then this dime is priced way out of sight.

MrEureka

Oh yeah? Well, if the 40 W/D is so hot, why did they remove the drapery from this one?

Regulated

I've heard that there is a substantial hoard of 1840 Dimes being accumulated at present...

roadrunner

When I did my studies on seated material from 1974-1984, the 1840 dime came up quite rare in unc and a deal in circ as well. Anyone who read the Gobrecht Journal back then or paid any attention to seated material knew of the rarity well before pop reports. During my survey period I had no record of a real unc (same with the 42-0 or 74-cc as well for comparison coins). Then again, it would take a MS63 or even MS64 coin today to qualify as an UNC back then. I doubt today's MS62 is anything but what we would have called choice AU back then. Very few 62's and lower are actually mint state.

There was no "great discovery" of the 1840's rarity in the past few years.

roadrunner