Is this an ex-jewelry coin in a NGC holder? - Update:1/23/09 It graded at PCGS - Thanks to Heritage

OnlyGoldIsMoney

The $2.50 pictured arrived today from Heritage in a NGC XF 40 holder. It has remnant luster, was not cleaned and shows no physical damage. What it does have are crescents of what looks like glue on the rim extending into the dentils above TE of STATES and below 2D of 2 1/2D. These areas can be seen as darker areas on the reverse. Nothing is noticeable on the obverse.

I would appreciate any opinions on whether this coin looks like it was ex-jewelry and if glue residue (assuming that is what it is) usually results in a body bag at NGC and PCGS. Thanks in advance.





Updated January 23, 2009


In November when I originally posted my question I was uncertain if this 1867 $2.50 NGC XF40 would cross at any grade. I was disappointed but not surprised when PCGS would not cross the coin due to “Altered Surface”.

At that point I was ready to throw in the towel. The coin would not be easy to replace. The PCGS population for the 1867 $2.50 was 22 in all grades (NGC has graded 30). The 1867 $2.50 does not appear for sale often.

I asked if Heritage would buy the coin back - even at a loss. They suggested that I mail them the coin so that their buyer could examine it and make an offer. Upon arrival Chris Dykstra asked Heritage’s in-house graders to examine the coin. They concluded that the coin had glue residue but they thought it could be removed. Chris suggested that Heritage submit the coin to NGC on my behalf for attention by NCS or a NGC buyback under the terms of their grade guarantee.

Heritage submitted the coin to NGC and the weeks went by in December. I noticed that the NGC population for the 1867 $2.50 dropped from 30 to 29 and then went back up to 30. NGC reholdered the coin as XF40 and returned it to Heritage. On January 8th Heritage included the coin in one of their own submissions to PCGS. On January 16th Heritage sent me an email with PCGS' grading result.

The coin came back in as a PCGS XF40. The coin is still in transit but I have been told no trace of the glue remains. For me it was the best of all possible outcomes.

I was really impressed how Chris Dykstra and others at Heritage helped solve my problem. I have a new appreciation for their customer service.

MrEureka

I don't see what you see and don't think the coin was in jewelry.

Deadhorse

I see what you are seeing, but it's tough to tell from the picture alone.

Usually ex-jewelry coins are much easier to spot.

adamlaneus

I don't know for sure. Hard to tell with internet pictures.

Most of the ex-jewelery pieces i've seen have been worn down much differently on one side than the other. I've seen three and four point mounts as well as the 'big glob of solder in the center', but I don't think i've seen a two point mount before.

I see the two crescent shaped areas, but the pictures are just not good enough for viewers at home to really tell anything.

If that is clear glue on the surface, then that sucks. As if it was someones poor solution to getting it to stay put in an album. Two dots of superglue, perhaps? I suspect some soaking in acetone would soften and eventually dislodge that glue, that is if you feel like cracking it out.

OnlyGoldIsMoney

<< <i>I don't know for sure. Hard to tell with internet pictures.

Most of the ex-jewelery pieces i've seen have been worn down much differently on one side than the other. I've seen three and four point mounts as well as the 'big glob of solder in the center', but I don't think i've seen a two point mount before.

I see the two crescent shaped areas, but the pictures are just not good enough for viewers at home to really tell anything.

If that is clear glue on the surface, then that sucks. As if it was someones poor solution to getting it to stay put in an album. Two dots of superglue, perhaps? I suspect some soaking in acetone would soften and eventually dislodge that glue, that is if you feel like cracking it out. >>



Thanks for all the input. The coin is evenly worn and has no hint of solder. The two crescent shaped areas, if they are glue, certainly did not spread very far. Hopefully PCGS won't find a problem when I try to cross it.

Shamika

I see it. It indeed appears to be some sort of clear glue. If it is, the adhesion is mechanical as opposed to chemical and should thus "pop" off if carefully forced.

drwstr123

It looks to be adhesion from a mechanical holder. Possibly the reaction between the two metals. I'd try a cross-over as opposed to a crack-out. (just in case)

Dog97

I might see glue residue but don't see anything that indicates jewelry.

OnlyGoldIsMoney

Updated January 23, 2009

In November when I originally posted my question I was uncertain if this 1867 $2.50 NGC XF40 would cross at any grade. I was disappointed but not surprised when PCGS would not cross the coin due to “Altered Surface”.

At that point I was ready to throw in the towel. The coin would not be easy to replace. The PCGS population for the 1867 $2.50 was 22 in all grades (NGC has graded 30). The 1867 $2.50 does not appear for sale often.

I asked if Heritage would buy the coin back - even at a loss. They suggested that I mail them the coin so that their buyer could examine it and make an offer. Upon arrival Chris Dykstra asked Heritage’s in-house graders to examine the coin. They concluded that the coin had glue residue but they thought it could be removed. Chris suggested that Heritage submit the coin to NGC on my behalf for attention by NCS or a NGC buyback under the terms of their grade guarantee.

Heritage submitted the coin to NGC and the weeks went by in December. I noticed that the NGC population for the 1867 $2.50 dropped from 30 to 29 and then went back up to 30. NGC reholdered the coin as XF40 and returned it to Heritage. On January 8th Heritage included the coin in one of their own submissions to PCGS. On January 16th Heritage sent me an email with PCGS' grading result.

The coin came back in as a PCGS XF40. The coin is still in transit but I have been told no trace of the glue remains. For me it was the best of all possible outcomes.

I was really impressed how Chris Dykstra and others at Heritage helped solve my problem. I have a new appreciation for their customer service.

Unknown

This content has been removed.

Doogy

hmmmm........you couldn't get it slabbed due to an altered surface, but a major player easily has it slabbed at the same grade and the surfaces have now magically improved?

WaterSport

The way SERVICE is suppose to be!

Great for you.

WS

OnlyGoldIsMoney

<< <i>hmmmm........you couldn't get it slabbed due to an altered surface, but a major player easily has it slabbed at the same grade and the surfaces have now magically improved? >>



No magic. I believe the difference is that NCS removed the glue. Heritage realized it was possible and did the legwork when they did not have to do anything for me.

TAClough

<< <i>

<< <i>hmmmm........you couldn't get it slabbed due to an altered surface, but a major player easily has it slabbed at the same grade and the surfaces have now magically improved? >>



No magic. I believe the difference is that NCS removed the glue. Heritage realized it was possible and did the legwork when they did not have to do anything for me. >>



My opinion of Heritage just went up in value!

pennyannie

This kind of strikes me as funny, A doctored coin in a holder.

But in reality what are you going to do with a coin like this? Melt it? I do not think so. Throw it in the trash? I think not.

It would drive me nuts having this coin in my collection. Is it better to know or not know?