Raw coins bought from NY dealer
logger7
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NGC graded the coins, eb:
I looked through a dealer's inventory who is set up at an indoor flea market, he used to be in an antique market in Cold Spring NY.
If these coins all grade Ok, how did I do economically?
1831 Bust 25c choice Fine, $125; I know a little too much on that one. VF25
1844 Seated 25c; nice AU; $125 XF40
1853/4 Seated 25c; XF/AU; $250 VF det. cleaned not 53/4
1917 Standing 25c type I FH( aren't they all?); low MS: $175 AU cleaned
1928D Standing 25c choice Unc.; 120 MS62
1808 Bust 50c, VF, original; $185 VF35
1843-O Seated 50c; AU; $180 XF 40
1867-s Seated 50c AG; $25 AG3
1898 Barber 50c choice AU with light scratch; $280 AU53
1878-cc Morgan, average Unc.; $250 MS61
1882 Morgan, exceptional toning, average Unc.; $95. Art. toning
1928 Peace, Unc. virtually no marks choice (IMO) ; $250 I got the result from NGC, the 1928 Peace dollar is cycling through conservation due to pvc, I don't know why as it had an acetone dip before sending in.
I don't know what other collector/dealer buying patterns are, probably paid high on a few, the others could be worth strong if they grade out well.
I looked through a dealer's inventory who is set up at an indoor flea market, he used to be in an antique market in Cold Spring NY.
If these coins all grade Ok, how did I do economically?
1831 Bust 25c choice Fine, $125; I know a little too much on that one. VF25
1844 Seated 25c; nice AU; $125 XF40
1853/4 Seated 25c; XF/AU; $250 VF det. cleaned not 53/4
1917 Standing 25c type I FH( aren't they all?); low MS: $175 AU cleaned
1928D Standing 25c choice Unc.; 120 MS62
1808 Bust 50c, VF, original; $185 VF35
1843-O Seated 50c; AU; $180 XF 40
1867-s Seated 50c AG; $25 AG3
1898 Barber 50c choice AU with light scratch; $280 AU53
1878-cc Morgan, average Unc.; $250 MS61
1882 Morgan, exceptional toning, average Unc.; $95. Art. toning
1928 Peace, Unc. virtually no marks choice (IMO) ; $250 I got the result from NGC, the 1928 Peace dollar is cycling through conservation due to pvc, I don't know why as it had an acetone dip before sending in.
I don't know what other collector/dealer buying patterns are, probably paid high on a few, the others could be worth strong if they grade out well.
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Comments
Buying all those coins at a flea market for those prices smells like lots of trouble. Did the dude have even one graded coin?
1853/4 Seated 25c; XF/AU; $250....stupid cheap
1843-O Seated 50c; AU; $180....cheap
1867-s Seated 50c AG; $25...almost fair....but probably a bit too cheap
I'll comment on the seated coins. There's no way you're getting those coins at those prices at those grades....especially the 1853/4....unless you found Santa Claus. Either this dealer is a conservative fool, can't afford a red book or CDN, or is too lazy to look up on line pricing and grading, or you bought cleaned/problem/over-graded coins. Can I have this guy's address as Christmas is approaching?
I know some dealers who can be Santa Claus. But every other shark in the area knows it as well. Getting there first on the newps is very hard. Did you buy the 1853/4 unattributed? I was able to buy an unattributed NGC MS62 about 10 yrs ago from a fairly sharp dealer who just didn't recognize the variety.
The last AU 1844 quarter I had was in a 58 holder. I sold it for $300 to my local dealer, who normally won't buy anything from me because his money will go a lot further with fresh walk-ins off the street. A nice XF45 of this date in a PCGS slab is probably a $150-$175 coin.
Here's one I bought out of their "junk" bin if that's who I'm thinking of. I can't remember now but I think this only cost me $2.50. Maybe $5, certainly not any more. They have a lot better stuff in the cases, but I prefer quantity over quality. I would much rather fill in date runs than get one more expensive item, although they have some great stuff in the case.
Toning on 78-cc and 1928 dollars was darker than normal but dipped out nice.
Best of luck with these.
One or the best or worse, depending on the viewpoint, was at an automotive classic car parts outdoor swap meet. I had just arrived, around 7:00 am at dawn, and about the first person I see has coins. I have to stop. It has been too long to remember exactly, but silver was around $30 +/-, IIRC, He had books of 2x2's, and the silver dimes were 50 cents to $1, quarters were $1 and up, and halves were $3 and up. He said he had been in coins years ago, and decided to clear out all he had. I made a comment about price of silver, but his comment was basically that he did not care, that if he sold them for what they were marked, he was fine.
There was also a box of $1 each or 6 for $5, including a lot of 40% halves, and a BIG pile of Sac $1. Yes, Sac's at 6 for $5.
I typically carry a couple thousand in cash for a small swap meet like that one, and I almost busted all my cash with him, including all the 86 cent each $1 coins.
Fortunately, I was parked right by the gate, and there was a police officer directing traffic, and I asked him to please watch my car. I took all the $1 coins, hit a couple ATM's and had working capital again.
I walked back into the swap meet, and within 10 spaces was another older guy with some guns, including a brand new in the box Colt .45 Stainless Combat Commander, with 2 stainless mags, for $500.
I got some strange looks paying for car parts with $1 coins.
I was out of money by 8:30 and had to wait for a bank to open to keep going.
Flea Market / Swap Meets can be OK.
One or the best or worse, depending on the viewpoint, was at an automotive classic car parts outdoor swap meet. I had just arrived, around 7:00 am at dawn, and about the first person I see has coins. I have to stop. It has been too long to remember exactly, but silver was around $30 +/-, IIRC, He had books of 2x2's, and the silver dimes were 50 cents to $1, quarters were $1 and up, and halves were $3 and up. He said he had been in coins years ago, and decided to clear out all he had. I made a comment about price of silver, but his comment was basically that he did not care, that if he sold them for what they were marked, he was fine.
There was also a box of $1 each or 6 for $5, including a lot of 40% halves, and a BIG pile of Sac $1. Yes, Sac's at 6 for $5.
I typically carry a couple thousand in cash for a small swap meet like that one, and I almost busted all my cash with him, including all the 86 cent each $1 coins.
Fortunately, I was parked right by the gate, and there was a police officer directing traffic, and I asked him to please watch my car. I took all the $1 coins, hit a couple ATM's and had working capital again.
I walked back into the swap meet, and within 10 spaces was another older guy with some guns, including a brand new in the box Colt .45 Stainless Combat Commander, with 2 stainless mags, for $500.
I got some strange looks paying for car parts with $1 coins.
I was out of money by 8:30 and had to wait for a bank to open to keep going.
What a great story.
"1853/4 Seated 25c; XF/AU; $250....stupid cheap"---this one he attributed, I could not with the Red book open. He said bring it back for refund, etc. if it doesn't get the overdate attribution. He had originally priced it at $700.
$450-$750 would be a reasonable range for an XF/AU problem free 1853/4. I don't know why he'd lower his price from $700 to $250....unless the coin is damaged in some way. An XF details coin would be worth about $250. A problem free PCGS VF30 CAC just sold for $329. $250 would be what an ok VF20-25 is worth.
The Red Book is pretty clear on this variety assuming it's an earlier die state. On the later die states the recut arrow stem gets fairly weak. And at one point die cracks will tie together the lower date digits, then head up to the right into the denticles near star 13. Some remnant of the extra arrow shaft must be visible along with part of the verticle stem of the "4" inside the "3."
I have had a number of these kind of deals walk up to me at shows and the offer has to be quick and decisive. I just lay money on the table.....make offer. One has to be able to make quick calculations and have a feel on how the stuff will sell.......and don't overpay.
The 1843-O half is worth $350 in AU 50 per CW alone. So if its all there......looks like good deal jump on. Some of them just do cost + if u paid a little over.....
People get all caught in the holder, sticker game pay a fortune in cert costs that would buy a nice coin.
The 1844 AU 25c is a $300 coin if its all there.....Sounds like really good coin deal. Raw coin deals I have bought have often been some of the best deals bc once graded / stickered all money wrung out. Its really tough to make money on stickered coins if you had to pay thru the nose for them.
"Everything is on its way to somewhere. Everything." - George Malley, Phenomenon
http://www.american-legacy-coins.com
Having said all that, I hope I guess wrong and the actual grades work out for you. Let us know how it turns out.
"Look up, old boy, and see what you get." -William Bonney.
BHNC #203
Sharks are not in coins. They are in tanks.
Silly Goose....You never heard of a 'land-shark' ?
You know, not a day goes by that I don't learn smoething new.
* Have fun.
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The $125 + grading cost for the VF25 1831 quarter is not a loss, in my opinion.
"Everything is on its way to somewhere. Everything." - George Malley, Phenomenon
http://www.american-legacy-coins.com
I figure the 1844 and 1843-0 are worth about $200 total. You paid $305. If the 43-0 half is particularly wholesome, original, and has some luster, maybe the pair is worth closer to $250. These coins command nice premiums in PCGS holders. Unfortunately, that's not what you have here. Pictures would help.
A couple came out OK. What level of service did you grade them at? Earlybird?
On an order like this, you usually have to have one home run to make it work. Maybe the 1928 Peace will pull your butt from the flea market fire. I'll root for you!
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NGC.
I'll put on the dunce cap and sit in the corner.
Don't beat yourself up over this...the key is to learn from this experience.
I should have them back tomorrow. EB, received 9/12 shipped today, the 1928 verdict should come in in a couple days according to conservation; anything 63-65 is a winner on that one but how do you make money buying raw unless you have an actual shop and sort through a ton of 90% and other "stuff"? I'll put on the dunce cap and sit in the corner.
A 64 will save the day on that one. I just hope they don't conserve it then grade it cleaned or AU! That would be adding insult here big time!
NGC graded the coins, eb: -- meh. - least u got em back in a reasonable time frame.
surfaces/look will have a decent impact of financial outcome and my comments/opinion(s) are for average acceptable coins.
1831 Bust 25c choice Fine, $125; I know a little too much on that one. VF25 -- ok
1844 Seated 25c; nice AU; $125 XF40 -- lose
1853/4 Seated 25c; XF/AU; $250 VF det. cleaned not 53/4 -- refund=tuition - close call if was 53/4. refund is the win here.
1917 Standing 25c type I FH( aren't they all?); low MS: $175 Unc. cleaned - lose - regrade?
1928D Standing 25c choice Unc.; 120 MS62 - tie/small loss?
1808 Bust 50c, VF, original; $185 VF35 -- score
1843-O Seated 50c; AU; $180 XF 40 -- tuition
1867-s Seated 50c AG; $25 AG3 -- odd to submit = tuition
1898 Barber 50c choice AU with light scratch; $280 AU53 - tie
1878-cc Morgan, average Unc.; $250 MS61 - win
1882 Morgan, exceptional toning, average Unc.; $95. Art. toning - dont know w/o images
1928 Peace, Unc. -- if at least high au & authentic = win
my final assess/opinion. coins and prices were ok overall. grading skills need some work. it never stops being the case if you buy diversely. hone those skills and keep at it.
thanks for sharing. fun thread. share again in future.
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Some wins in the group. Some coins that shouldn't have been submitted (1867-s 50C), one you'll be refunded on, some learning experiences.
The loss comes from grading fees, not from the coins themselves it seems. Overall, I would say you paid fair prices except for the 1853/4 which you'll be refunded on.
I realize that I'm one of less than five people in the world who considers this ugly thing a prize catch, but it is. Any thoughts as to why?
im still wiggling into currency but here goes.
1. special series of
2. signatures are scarce
3. countersigned
4. low survival/production for that bank, which was/is quite rural
5. something to do with safety fund
that's about all i can guess.
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I'll put on the dunce cap and sit in the corner.
Don't beat yourself up over this...the key is to learn from this experience.
Exactly.....We have all paid tuition, and often continue to do so.
Your 'dunce cap' line was funny though.
All reasonable guesses but it's the vignette at upper left.
It's the capture of Major Andre, Benedict Arnold's spy messenger, just north of Tarrytown. The kneeling guy is holding the boot in which the plans to West Point were found. This vignette only appears on notes of two banks, Westchester County Bank and the Bank of Tarrytown.
Since both banks were "good", as were most in NY state due to tighter regulations than other states, their notes were all redeemed. Counterfeits weren't made of these particular designs, so the few survivors are quite rare. There are quite probably fewer notes surviving on this bank than there are 1804 dollars or maybe even 1913 Liberty Nickels. Likely survivors number in the single digits. At one time, there were thousands, maybe even 10,000+, but nearly all have been redeemed. So, Lance get partial credit for answer #4.