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1801 3-errors Large Cent VF - Impact of light corrosion?

Hi, I am looking at purchasing the the attached 1801 Large Cent with 3-errrors. It appears to have some Strong VF to XF details on both sides of this large cent variety from 1801. The 3-Errors Variety (S-219) displayed on the reverse: the 'U' in UNITED is 'II'; the left stem at bottom of the wreath is missing, and the fraction at the very bottom is 1/000 instead of the normal 1/100. There are some patches of corrosion on both sides as depicted along with some old, faint obverse scratches, yet the color is decent and the details are that of an XF coin. My question is, it is going for about $800.00, is it worth that with the corrosion?

If it didn't have the corrosion it would be worth around $3000 to $4000 based on PCGS pricing.

I have never been that good at determining the impact on value that corrosion has.

I appreciate any help anyone can offer.

Comments

  • BarndogBarndog Posts: 20,454 ✭✭✭✭✭
    if you have to ask the question, my experience (however limited) says don't buy the coin
  • rheddenrhedden Posts: 6,567 ✭✭✭✭✭
    The obverse is not bad. The reverse corrosion is very deep and unattractive near the center of the coin. Last year I had a 1798/7 cent that was a twin of this coin, in that it had the same deep pitting on the back. I thought I bought it cheap enough, probably less than half of greysheet bid, but I put it on ebay and couldn't sell it. After listing it a third time with no reserve, I lost half of my money, wiping out several profitable purchases from that group of coins. I'll be doubly careful not to buy another one with deep, heavy corrosion unless it's priced stupid-cheap. Collectors shun them.



    Edited to add: If you listed that coin on ebay with no reserve, I think you'd get somewhere from $250 to $325 for it. Others may disagree, but that's where I think it is, and I've been doing the large cents for a long time.
  • numismanumisma Posts: 3,877 ✭✭✭✭

    I agree with rhedden on the value. If someone were to offer me the coin in question, I would pay $200 max. Even at that price, I would have trouble selling it.

    Since we are talking about 1801 S-219, I will post a picture of mine (not for sale at this time). You can use it as a grading and pricing reference. The value is $3,400:

    image

    Here's how I describe it:

    The popular 1801 "3 Errors Reverse" variety, S-219, which amazingly has an upside down "U" in UNITED, a fraction that reads "1/000" and is missing the left stem of the wreath. This example is reported to be in the mid-condition census for the variety and actually has claims to a higher grade than the grade currently assigned by PCGS. In fact the coin was previously in a PCGS VF-35 holder, but was removed and resubmitted to PCGS for a possible upgrade by the previous owner. Regardless of the assigned grade, this example displays unusually nice color and surfaces and has great eye appeal. The only flaw worthy of mention, and no doubt what keeps this from a higher grade, is a long, thin scratch that extends from above Ms. Liberty's ear, through her jaw line and into the right obverse field. The scratch is well-hidden by the coins natural patina and is mostly noticeable when viewed at an angle.
  • Thanks for the definative, I received an offer to sell it to me at $500, however that spot looks pretty bad, he states the photo is worse than it is but..... Seems like that "C" in cent is pretty gone... LOL../

    image
  • I concur with the others BUT it depends on how badly you want a 3 Errors coin. I had to have one. I ended up settling for an (EAC grading standards) AG but its a nice coin, no corrosion and the 3 Errors are prominently displayed. I love it.

    The 3 Errors is the type of coin that will continue to increase in value. Everybody wants one and the price jump between the grades is huge.

    Bottom line - if you're buying it for resale, probably not. If it's for your collection, maybe. The price of $800 is way too high whichever way you're inclined. That's the first bit o' business.
    Spare your best friend's life!! Adopt an adult dog at your local "kill" animal shelter. You will be changed.
  • raysrays Posts: 2,328 ✭✭✭✭✭
    The corroded coin gets a CQR "scudzy".

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