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1793 Chain

lkeneficlkenefic Posts: 8,581 ✭✭✭✭✭
in U.S. Coin Forum
This auction just ended:

Link to auction for 1793 Chain

Do you feel the seller was unreasonable in the amount of reserve he set ($1650) given the condition of the coin (P01) or is this coin rare enough to warrant such a price tag. Obviously the coin did not sell at this price point, so the bidding public has spoken. However, the last two '93 Chains in P01 ANACS plastic went for just over $1K at Heritage last year. I would have thought this rare Cent would have brought out stronger bidders...might it have been the "eBay" jynx...if there is such a thing?

L
Collecting: Dansco 7070; Middle Date Large Cents (VF-AU); Box of 20;

Successful BST transactions with: SilverEagles92; Ahrensdad; Smitty; GregHansen; Lablade; Mercury10c; copperflopper; whatsup; KISHU1; scrapman1077, crispy, canadanz, smallchange, robkool, Mission16, ranshdow, ibzman350, Fallguy, Collectorcoins, SurfinxHI, jwitten, Walkerguy21D, dsessom.

Comments

  • DJCDJC Posts: 787 ✭
    PO1 and scratched, with a pic that's too dark to tell just how bad it looks... not for me at $1650
  • itsnotjustmeitsnotjustme Posts: 8,779 ✭✭✭
    I recently paid $1,200 for a PCGS PO01 Chain Cent. I viewed it as a fair price, but no give-away.
    Give Blood (Red Bags) & Platelets (Yellow Bags)!
  • BillJonesBillJones Posts: 34,837 ✭✭✭✭✭
    This is case where my opinion is if I can't afford any better than that, I'll pass or buy one of the Gallery Mint pieces.

    And, yes $1,650 is too much money. Gray sheet bid for Good is $1,600, and while you can't buy a decent Good for that, you certainly should pay less for a disk of copper like this.
    Retired dealer and avid collector of U.S. type coins, 19th century presidential campaign medalets and selected medals. In recent years I have been working on a set of British coins - at least one coin from each king or queen who issued pieces that are collectible. I am also collecting at least one coin for each Roman emperor from Julius Caesar to ... ?
  • ziggy29ziggy29 Posts: 18,668 ✭✭✭
    PO-1 or not, high reserve or not, at least give me a decent picture so I can evaluate the coin.
  • lordmarcovanlordmarcovan Posts: 43,888 ✭✭✭✭✭
    Coin? That's a coin?

    Geez. I gotta brighten the picture to see what it is.

    Aha.

    Hey, who says that doesn't have any detail?

    image

    Full denticles, even! image

    I guess the scratch must be a faint toothmark. I don't see it.



    Seriously, though- I think that guy was dreamin' when he set his reserve.

    Explore collections of lordmarcovan on CollecOnline, management, safe-keeping, sharing and valuation solution for art piece and collectibles.
  • 291fifth291fifth Posts: 24,700 ✭✭✭✭✭
    Useless photos and "Reserve Not Met" turn off potential bidders.
    All glory is fleeting.
  • 410a410a Posts: 1,325 ✭
    The way I see it. If you gotta reach below VG-8 in any coin series.
    It's time to change series or do without that coin. $1600 is a lot
    of money for that coin. Get a metal detector. image
  • MikeInFLMikeInFL Posts: 10,188 ✭✭✭✭
    There are many things that seem "wrong" with this one:

    - too high a reserve
    - money order or cash as only methods of payment
    - no return policy
    - all caps descriptions
    - a p01 coin with problems
    - poor pics that don't mitigate the above

    I wouldn't touch this with a 10 foot pole, particularly if I were trying to buy a chain cent -- you should be able to find a much better example from a reputable dealer who offers a return policy for cheaper....Mike
    Collector of Large Cents, US Type, and modern pocket change.
  • lordmarcovanlordmarcovan Posts: 43,888 ✭✭✭✭✭


    << <i>Get a metal detector. >>



    I have four detectors. No Chain cent yet. image

    Believe me, I'm tryin'. Closest I've come is a dateless Draped Bust.

    Explore collections of lordmarcovan on CollecOnline, management, safe-keeping, sharing and valuation solution for art piece and collectibles.
  • HootHoot Posts: 867 ✭


    << <i>There are many things that seem "wrong" with this one:

    - too high a reserve
    - money order or cash as only methods of payment
    - no return policy
    - all caps descriptions
    - a p01 coin with problems
    - poor pics that don't mitigate the above

    I wouldn't touch this with a 10 foot pole, particularly if I were trying to buy a chain cent -- you should be able to find a much better example from a reputable dealer who offers a return policy for cheaper....Mike >>



    image

    I was offered a holdered PO1 about 5 years ago for $200 and passed. image Would love to have that coin now...

    Hoot
    From this hour I ordain myself loos'd of limits and imaginary lines. - Whitman
  • GoldenEyeNumismaticsGoldenEyeNumismatics Posts: 13,187 ✭✭✭
    too expensive and a crappy coin
  • LokiLoki Posts: 897 ✭✭
    With a policy like that I wonder how that seller can possible maintain a 100% postitive feedback!?
  • lkeneficlkenefic Posts: 8,581 ✭✭✭✭✭
    I typically track '93 Chains when they come up for auction. I didn't even take notice of the "no return" policy...I agree though...run far...far...away.

    My questions were geared more toward the market in general rather than this one coin in particular. Generally speaking, I thought the reserve was much too high as well...for this coin or any other '93 Chain in P01 condition. I quoted the Heritage auctions as a loose frame of reference [although I think $1K for a P01 is a bit high as well].

    I agree with the other poster in that I'd like to have a VG8 example of this coin; however, finding a nice specimen of this cent in that condition is tough. I'd settle for one with a nice profile and a readable date!
    Collecting: Dansco 7070; Middle Date Large Cents (VF-AU); Box of 20;

    Successful BST transactions with: SilverEagles92; Ahrensdad; Smitty; GregHansen; Lablade; Mercury10c; copperflopper; whatsup; KISHU1; scrapman1077, crispy, canadanz, smallchange, robkool, Mission16, ranshdow, ibzman350, Fallguy, Collectorcoins, SurfinxHI, jwitten, Walkerguy21D, dsessom.
  • TwoSides2aCoinTwoSides2aCoin Posts: 44,618 ✭✭✭✭✭
    To address your question: was the selller unreasonable ? I don't think so. He does like his coin more than everyone else, though. That's why it's still his image

    ``https://ebay.us/m/KxolR5

  • ColorfulcoinsColorfulcoins Posts: 3,371 ✭✭✭
    Here's one on ebay that's $848 - half the price and looks nicer than the ANACS coin (its not my coin)! ebay link

    imageimage

    Scratches or Graffetti on reverse?
    Craig
    If I had it my way, stupidity would be painful!
  • MikeInFLMikeInFL Posts: 10,188 ✭✭✭✭


    << <i>Here's one on ebay that's $848 - half the price and looks nicer than the ANACS coin (its not my coin)! ebay link

    imageimage

    Scratches or Graffetti on reverse? >>



    I believe the seller is a member here...Mike

    p.s. the above coin ain't half bad, and a few old scratches away from choice p01 image
    Collector of Large Cents, US Type, and modern pocket change.
  • ColorfulcoinsColorfulcoins Posts: 3,371 ✭✭✭
    Its very close to the PO01 I own.......w/o the rev scratches!
    Craig
    If I had it my way, stupidity would be painful!
  • PerryHallPerryHall Posts: 46,860 ✭✭✭✭✭
    Would PCGS slab it or would the scratches result in a body bag? I know they make allowances for early, low grade coins.

    Worry is the interest you pay on a debt you may not owe.
    "Paper money eventually returns to its intrinsic value---zero."----Voltaire
    "Everything you say should be true, but not everything true should be said."----Voltaire

  • BillJonesBillJones Posts: 34,837 ✭✭✭✭✭
    I can't see any reason why PCGS won't grade that coin as a PR-01. Scratches like that are to be expected on a coin of that grade.
    Retired dealer and avid collector of U.S. type coins, 19th century presidential campaign medalets and selected medals. In recent years I have been working on a set of British coins - at least one coin from each king or queen who issued pieces that are collectible. I am also collecting at least one coin for each Roman emperor from Julius Caesar to ... ?
  • originalisbestoriginalisbest Posts: 5,971 ✭✭✭✭
    That's as nice a lo grade as you could reasonably expect for that coin. PCGS would slab it.
  • Dave99BDave99B Posts: 8,700 ✭✭✭✭✭
    In my opinion, $1650 is way out of line. Given it's damaged, I'd say 750-850 is more reasonable.

    Not all P01 Chains are the same. They vary greatly. Finding one with decent surfaces will drive up the price. I would think $1100-$1300 is legit for nicer examples.

    I'm also guessing his crumby images are no accident. It seems to have some detail, but I'm willing to bet that's an ugly one. The color seems funky too.

    Dave

    Always looking for original, better date VF20-VF35 Barber quarters and halves, and a quality beer.

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