Question about problem coins at auction
nags
Posts: 821 ✭✭✭✭
I've been paying attention to the last several heritage auctions and have noticed, what I would consider, to be strong prices for cleaned coins. I realize these aren't typically top end coins, but numerous in the $500-$5000 range. With the overriding negative vibes toward cleaned material, what is the rational for the relatively small discount for the problem coins. Are these cracked out and resubmitted with the hope of a straight grade? Crack out and sell raw to unsuspecting folks? For example, I just saw an UNC details cleaned $10 gold piece go for quite a bit more than several same mint mark and date coins graded in the 61-63 range. What am I missing here? I was taught to run like hell from these coins.
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Comments
1- As you said, it's possible that someone thinks they can get the coin into a problem-free holder, in which case they make money. It might be a gamble, but some coins are definitely liners, especially since I see a fair number of problem-free pieces that, in my opinion, should be marked as cleaned.
2- Some coins don't look that terrible. While not for me, if a coin is somewhat on the line, maybe the buyer doesn't see it as much of a problem. For instance, I sold a Charlotte gold dollar on eBay last night which was marked as cleaned (and it was) but rather than having heavy hairlines, the only real sign of cleaning was somewhat matte surfaces, though they were quite clean. The coin didn't sell just below problem-free money, but I could see the appeal of it at a discount. Again, I'd personally wait for a really original coin, but not everyone collects as I do.
one man's trash is another man's treasure ???
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