What was your most substantial "problem" coin purchase?
MGLICKER
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I can recall a silver plug 1795 dollar in the $4000 range as the most expensive. Coin was cleaned and repaired and did not do so well on resale, XF details aside.
For the inevitable poster that believes that it is none of my business, you are free to not divulge the information.
For the inevitable poster that believes that it is none of my business, you are free to not divulge the information.
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ANA 50 year/Life Member (now "Emeritus")
These days, I don't buy problem coins, but there are definitely a large number of people out there who happily do, adjusting the price paid for the issues.
At the time I bought it about 18 examples were known, and I paid a little over $1,000 for it. I sold for a $100 profit when I got tired of it.
mbogoman
https://pcgs.com/setregistry/collectors-showcase/classic-issues-colonials-through-1964/zambezi-collection-trade-dollars/7345Asesabi Lutho
"Seu cabra da peste,
"Sou Mangueira......."
At the Queller sale by Stacks in 2002, all were raw, and the CBH's were nice, scarce and some wonderful. But I bought an 1822 in 65(catalog grade)
that had some cleaned areas under the deep toning. Paid 5K and still own it, in the original flip. I guess I should send it in for a Genuine holder.
Then at another Stacks sale over 10 years ago, bought an 1802 early dollar in 58(again, catalogers grade), and it did not grade til the 3rd attempt.
There are more, but I am getting sadder by the moment.
RMR: 'Wer, wenn ich schriee, hörte mich denn aus der Engel Ordnungen?'
CJ: 'No one!' [Ain't no angels in the coin biz]
Tom
and here's an 1801 half dollar that was about $125
Liberty: Parent of Science & Industry
I bought on impulse. Anyway, when I sold it with high resolution pictures, I lost almost 20% on the coin. I was one of those
times where if I had kept the bad pictures, it would have likely done better on resale.
afforded to put my hands on a perfect piece. An 1802 c-1 half cent
Another seated quarter that got my goat was a raw choice BU 1862 out of 1988/1989 Stack's auction. I paid weak MS64 money and was battling Eric Streiner for the coin. He ended up letting me have it for around $1600. I was hoping to get a 64 and make a couple hundred on the coin. It came back NGC MS62. I didn't even try the coin again with that 2 point spread. Just put it up for auction raw again and took my chances. It sold for $475. I was ticked off. I didn't expect anything less than 63 money or around $650-$1000. And about a year later I saw the exact same coin....in an NGC MS64 holder. I'm pretty sure I know who bought it for that $475.
The most I've ever spent on a "problem" coin going in with eyes wide open was around $2K. Usually I made money on those. I recall buying a semi-mutilated 1804 dime and 1870-cc quarter. I knew as soon as I bought them that I'd make money on them. Those are the "easy" problem coin buys. It was the raw coins I didn't think had serious problems that caused me the most grief. 80-90% of the rare coin market from 1986-1990 was still raw coins....or at least making raw coins into slabbed coins. If you wanted to buy the best raw coins you pretty much had to fight it out at major auction. And if you were too conservative in your grading you ended up with zilch. I made a lot more hits than misses....but it didn't make those misses sting any less.
I have a holed type set and I have put a very decent amount of money into it. I am actively 'upgrading' too!
Complete Set of Chopmarked Trade Dollars
Carson City Silver Dollars Complete 1870-1893http://www.pcgs.com/setregistry/showcase.aspx?sc=2722"
Some years back after buying a number of coins from one of the big Coin World sellers with the multi-page colorful ads... you know the ones.... I sent in (for me) a big order (around $3500 worth). It was around this time that I read Travers' book and started lurking on forums and learning about sliders and cleaning and so on. The whole bunch of coins, when I received them, had problems. One of them was a $3 gold piece. The seller did exclusively mail order so when I showed up at their storefront (which just happens to be here in town) with the coins they weren't all that happy to see me but I got my refund. I still have most of the early buys, though, which include a cleaned type 2 gold dollar and Lewis & Clark gold commem.
The coin had been in dealer friend's personal collection for decades, and he had submitted it.
The obverse is nice and close to AU, with a rounded cheek and sharp hair detail.
The reverse apparently had been corroded and then burnished or treated to make it 'smoother'.
The overall color is nice medium chocolate brown, and I figured w/o the problems on the rev the coin would
run me $3k.
As an added bonus, it's an S-54, only an R-3, but as the finest known is an (EAC) AU50, the coin may be in the top 12 or
so of known examples of the variety.
PCGS Registries
Box of 20
SeaEagleCoins: 11/14/54-4/5/12. Miss you Larry!
Latin American Collection
Latin American Collection
<< <i>All of my problems were in problem free holder. >>
Same here. An 1854-D $3 that turned in the holder.
"Everything is on its way to somewhere. Everything." - George Malley, Phenomenon
http://www.americanlegacycoins.com
<< <i>A chain cent for $3500. Sold it after holding it for a few years for a decent profit. >>
I thought my Chalmers was my only problem coin purchase but I was wrong....it's the only one I still have. I bought a chain cent on ebay for $650 or so 10-15 years ago. Sent it to ANACS where they generously graded it vg details, net ag-3, corroded. It was heavily corroded but had a very decent chain and a date. Tripled my money in about 2 years. And I still do not own a chain cent.
Tom
<< <i><< A chain cent for $3500. Sold it after holding it for a few years for a decent profit. >>
I thought my Chalmers was my only problem coin purchase but I was wrong....it's the only one I still have. I bought a chain cent on ebay for $650 or so 10-15 years ago. Sent it to ANACS where they generously graded it vg details, net ag-3, corroded. It was heavily corroded but had a very decent chain and a date. Tripled my money in about 2 years. And I still do not own a chain cent. >>
I passed on a perfect problem free AG/G chain cent about 4 years ago, at the now-ridiculously low price of $1800, because I wanted one with most or all of the date present and I'm still needing one. I did however snag the '93 Lib Cap cent out of that same set, which was later sold to AnkurJ, who got it into a genny a holder - we both did well with that coin.
<< <i>I once bought a Cheerios dollar in the mint package. The way she reacted made it the most substantial "problem" purchase. Nevermind the coin, I still have it. The substantial problem is gone, though. >>
Must be that the "substantial problem" didn't get halfsies.
"Everything is on its way to somewhere. Everything." - George Malley, Phenomenon
http://www.americanlegacycoins.com
NGC registry V-Nickel proof #6!!!!
working on proof shield nickels # 8 with a bullet!!!!
RIP "BEAR"
it, but ended up buying a wreath with that money instead. Now I wonder how long it's going to take me to put enough
money aside for a replacement. I know that I need to take the long view on these purchases, but my problem is that I
end up spending all of my money on a number of $100 coins versus saving for the "centerpiece" coin.
<< <i>
<< <i><< A chain cent for $3500. Sold it after holding it for a few years for a decent profit. >>
I thought my Chalmers was my only problem coin purchase but I was wrong....it's the only one I still have. I bought a chain cent on ebay for $650 or so 10-15 years ago. Sent it to ANACS where they generously graded it vg details, net ag-3, corroded. It was heavily corroded but had a very decent chain and a date. Tripled my money in about 2 years. And I still do not own a chain cent. >>
I passed on a perfect problem free AG/G chain cent about 4 years ago, at the now-ridiculously low price of $1800, because I wanted one with most or all of the date present and I'm still needing one. I did however snag the '93 Lib Cap cent out of that same set, which was later sold to AnkurJ, who got it into a genny a holder - we both did well with that coin. >>
In most cases, it seems that 1793 Large cents in any grade, even with problems, are always in high demand and seem to appreciate in value.
I also bought a 1783 Libertas Americana bronze medal which had some rim damage. That also sold for a profit after holding for a few years.
PCGS Registries
Box of 20
SeaEagleCoins: 11/14/54-4/5/12. Miss you Larry!
Now if I have a problem coin now -- very rarely!, maybe once or twice per year -- I just sell it at a loss and move on. Chalk it up to learning. I typically lose $300-$400 per year on bad buying decisions, but that's the price of admission. I look at it as avoiding losing $1,000's for a) not knowing what I'm doing (I learn a lot from problems), and b) chasing grades/coins by submitting them 3, 4, 5 times.
I cannot own problem coins as I do Registry Sets and I cannot register a problem coin into my set. So, I own zero problem coins, but I've owned about 6-8 problem coins over the years (but I only owned them temporarily, and by accident).
/mdg.
<< <i>Ironically, all my problem coins (and no offense meant towards our host), were PCGS crackouts. I just stopped. It seemed like every PCGS coin I cracked to send in with a raw submission not only didn't upgrade but came back BB. Some coins I sent in 3 times, BB. Then later I found them in higher graded holders...it used to get me all wound up, but now it doesn't bother me anymore.
Now if I have a problem coin now -- very rarely!, maybe once or twice per year -- I just sell it at a loss and move on. Chalk it up to learning. I typically lose $300-$400 per year on bad buying decisions, but that's the price of admission. I look at it as avoiding losing $1,000's for a) not knowing what I'm doing (I learn a lot from problems), and b) chasing grades/coins by submitting them 3, 4, 5 times.
I cannot own problem coins as I do Registry Sets and I cannot register a problem coin into my set. So, I own zero problem coins, but I've owned about 6-8 problem coins over the years (but I only owned them temporarily, and by accident).
/mdg. >>
I suggest a Gold forum sticker on this post.