Do you keep any coins that have problems?

Type2 · February 12, 2013 4:12AM

I was just asking. I buy some coins that have small problems with them but i just cant pass on them most of the time it's price i get a good price so i buy it like at melt. Do any of you buy and keep them or do you toss them to the side like junk Silver, Copper, Gold or what ever is your cup of tea?

johnny9434 · February 12, 2013 4:15AM

if i get them as a decent price yes, other wise NO.

CoinZip · February 12, 2013 4:16AM

Like this? I see nothing wrong with holding onto "Junk Silver"

Rob41281 · February 12, 2013 4:18AM

Like buying bust/seated halves at a good price that have holes that dont destroy details.

coinsarefun · February 12, 2013 4:20AM

It wasn't purchased for melt

coachbedford · February 12, 2013 5:27AM

If it's early U.S I have no problem with problems! Actually, if it's just cool and/or scarce I can live quite nicely with problems.

fastfreddie · February 12, 2013 5:30AM

Over time I tend to want original examples and will eventually replace them once the sting of shame has worn off.

Here's my AT, altered surfaces beauty.

Courtesy of Blu62vette.

Walkerfan · February 12, 2013 5:33AM

I don't like problem coins of any sort. I have owned some but have since liquidated them all and then reinvested the $$$ from them for nicer ones. Even though I am a collector by nature, I MUST look at the big picture.

2ltdjorn · February 12, 2013 5:36AM

I have a few...

1955 1C DDO AU thats been holed and plugged.

and a few circulated patterns...

Doubtful I will ever sell them

MrHalfDime · February 12, 2013 5:41AM

I certainly will keep a coin that has 'problems' if it is a die marriage or die state that I cannot find otherwise. Remember, some so-called 'problems' can be like grading - subjective, and in the opinion of the observer. When you collect early Federal coins, over 150 years old, sometimes it is difficult to find pristine examples that have not been fooled with.

Max2 · February 12, 2013 5:41AM

Raw coins - I usually will only buy a coin that I think has a decent chance of getting in a PCGS holder and get graded. However, I have bought two coins in the last year that ended up in Genuine holders, but they are very difficult rarities. If I decide not to try to holder them, or they come back in a Genuine, I will usually sell them.

Holdered coins - I occasionally buy a coin that is holdered and graded, even tho it has obvious problems, but now I am getting less tolerent, asking myself if the coin has a decent chance of getting beaned. The problems with saying that the coin is a great rarity, and so you are more tolerent of small imperfections is that the cost is higher (it's a rare coin), and now you ahve spend a lot of $$ on a dog.

jmj3esq · February 12, 2013 5:48AM

I have a ton of problem coins.

Sonorandesertrat · February 12, 2013 7:06AM

I have one, kept as a reminder of my stupidity. About 40 years ago, my paternal grandmother (who was a coin collector) gave a a GemBU 1917 Standing Liberty quarter for my birthday. It had a bit of rim toning and I wanted to make it blast white, so I dipped it. And kept on dipping (more is better, right?). So now I have an uncirculated coin that is totally devoid of any luster, actually kinda funky.

BryceM · February 12, 2013 7:18AM

Just bullion and a few sentimental pieces. Nothing worth much more than melt though.

Broadstruck · February 12, 2013 7:32AM

1833 Andrew Jackson, Small Shield, Low-5A / HT-8, Brass, Dies by Robert Lovett, Rarity-6, 13-30 Known

Although a bit lower in grade then what I normally collect and counter struck "17" for some reason.

I really liked the patina and it's been tough for me to locate a issue free high grade example.

GeorgeKellogg · February 12, 2013 7:55AM

I prefer problem-free pieces (who wouldn't?), but also feel that problem coins have an undeserved, bad reputation. Each coin should be evaluated on a case-by-case basis and problem pieces should not be dismissed "out-of-hand." I have a few other thoughts about problem coins, in no particular order.

(1) Sometimes a coin with an "issue" is all that a collector can afford, or it may be all that is available. A classic example is the unique Eliasberg-Bass 1870-S Three Dollar Piece, which has graffiti scratched into one side. It's probably the most desirable Three Dollar Gold Piece in existence.
(2) A lot of folks think that problem pieces are a bad investment, but that isn't necessarily true. One of the largest gains that I've ever received on a coin sale came from an ex-jewelry 1851-D Gold Dollar, that I purchased raw for $200 and sold about 20 years later, in a PCI Red Label (Problem) holder, for $850. You can do the math.
(3) Sometimes, so-called problem pieces have fewer issues than coins that have been assigned a grade by a major service. As an example, I bought the following PCGS "Gennie" in a heartbeat, even though I already had a problem-free PCGS 1855-D Half Eagle. The 1855-D $5 is the third rarest Dahlonega Half Eagle and is rare in any grade. This piece, which was priced "too low" (to pass up), has a lightly pinscratched "x," likely the result of a Gold Rush merchant's attempt to ascertain its genuineness. I find the "x" less obtrusive than the "Chop Marks" on Trade Dollars that are routinely housed in graded holders. Additionally, this coin is original, has few blemishes aside from the test mark, and exhibits cool, blue-gray colored Iridium impurities in the planchet, a situation that is well-documented in the Dahlonega Mint literature. I have seen many graded Dahlonega pieces that I rejected for excessive marks, or for unoriginal surfaces, or for being overpriced, yet I snapped this one up very quickly.

My point is that (for me), buying a problem piece is a very rare occurrence, but it sometimes makes a lot of sense (even to this 30+ year veteran of Dahlonega gold).

mbogoman · February 12, 2013 8:35AM

This is a "problem" coin. It has been worked on near the upper right of the tree. But the rest of the coin is soooooooooo nice - a well centered strike on both obverse and reverse and complete legends, too. I have no problem hanging on to it!

northcoin · February 12, 2013 8:42AM

<< I have a few...

1955 1C DDO AU thats been holed and plugged.

and a few circulated patterns...

Doubtful I will ever sell them >>

Plugged = Problem? Somehow I think Legend was OK with overlooking the plug in their newly acquired 1794 10 million dollar Early Dollar. Truly proof of the axiom that one man's problem is another's opportunity.

TwoSides2aCoin · February 12, 2013 8:51AM

I won't name names, but I've been on tours. A dealer I know has so many bent, damaged, holed and ruined coins it spun my head. I might keep a few hundred because I just don't know where to put. This is what happens when we separate the wheat from chaff. I should give them to him so he can start another bag of 5000. He told me he used to get them from the banks. The banks couldn't use them.

I thought to myself : "Well duh". LOL

Mission16 · February 12, 2013 8:58AM

Sure. A lot of the real early stuff in my 7070 album are problem coins. All the gold page has has holes in them. All long as the design is strong, I'm good.
It's an educational set. Won't be sold in my lifetime.

Edscoin · February 12, 2013 9:00AM

I have started collecting circulated Large Cents. They all have problems.

kookoox10 · February 12, 2013 9:04AM

I have a few, a couple early overdate large cents (1798/7 and 1800/98, scratched) and a cleaned 1857 Flying Eagle Seated Liberty 50 clashed. I make few exceptions, and obviously I can't get rid of them.

shorecoll · February 12, 2013 9:08AM

Lots of early coppers have problems, I have an R-5 bust half with problems, cleaned and hair-lined, now retoned, and it cost 25% of a no problem one.

ricko · February 12, 2013 9:20AM

It depends on the coin..... early copper, sure. Dark side, often. Rarities, yep.... Cheers, RickO

nwcoast · February 12, 2013 9:26AM

Yes, I have some coins with problems.
The majority of my collection is from an inheritance, the remainder are pieces I collected from childhood.
As a kid, I ended up with some problem coins. Then, as my collecting interest was ignited after the inheritance, I sold off some material and built on the series sets I enjoy most. A few years go, I purchased a flying Eagle Cent which had some bad rim dings- aside from that, it had
pretty good detail and the price was affordable... I thought it an acceptable compromise to own a design I love, with great detail at a reasonable price.... Took the same approach with my 34-s Unc Peace dollar.... Blazing luster yet the downside of a pretty bad scratch across the neck- yet graded 62 in an Old green holder- would have been. 64 without that scratch!. Looking back on it, I'll be more likely to avoid problem coins in the future... Yet, like many things in life, one often finds it necessary to make concessions and compromises to live within their means...

Icollecteverything · February 12, 2013 10:05AM

Yes. Yes I do. I was just looking thru some old boxes of 2 x 2's and I have some crap with problems that wouldn't even be worth anything if they had no problems!

Barndog · February 12, 2013 10:08AM

<< I certainly will keep a coin that has 'problems' if it is a die marriage or die state that I cannot find otherwise. Remember, some so-called 'problems' can be like grading - subjective, and in the opinion of the observer. When you collect early Federal coins, over 150 years old, sometimes it is difficult to find pristine examples that have not been fooled with. >>

What he said!

TwoSides2aCoin · February 12, 2013 10:15AM

<< Yes. Yes I do. I was just looking thru some old boxes of 2 x 2's and I have some crap with problems that wouldn't even be worth anything if they had no problems! >>

I think a few of us can relate.

Cougar1978 · February 12, 2013 10:28AM

Unless I blow them out around melt I usually keep them. There is a strong market for problem coins especially those who use them as hole fillers in albums. Others I just put in 2x2's in my junk box and price accordingly.

I know a guy who activily buys cull classic coins puts them in his junk box with some non problem cheap coins and it makes a nice mix. He likes to price the problem coins about 60% of CW Trends and the others at full CW Retail. "I think problem coins can be fun" he says.

OldEastside · February 12, 2013 11:15AM

Since I have no MS70's, every coin I have has a problem,
the more I look at them the more I see...........Allthough
I have a proof65 that is my favorite coin and I just think
its the tops, even over some 66 and 67's of the same
series, can you guess

any how everything gonna have
some problems if you look close enough.

Steve

lkeigwin · February 12, 2013 11:26AM

I like this MPL even though it was BB'd. I cracked it and will keep it raw. My heirs can sort it out without feeling stung.
Lance.

jedm · February 12, 2013 12:15PM

<< I have started collecting circulated Large Cents. They all have problems. >>

I'm in the same boat as you are Ed.

sniocsu · February 12, 2013 12:15PM

My best coins are "problem" coins. I doubt that much of my collection is gradable (besides a few type sets).

2ltdjorn · February 12, 2013 12:16PM

<< I like this MPL even though it was BB'd. I cracked it and will keep it raw. My heirs can sort it out without feeling stung.
Lance.

>>

That problem coin seems subjective... I don't see anything wrong!

Bubblehead · February 12, 2013 12:22PM

<< Sure. A lot of the real early stuff in my 7070 album are problem coins. All the gold page has has holes in them. All long as the design is strong, I'm good.
It's an educational set. Won't be sold in my lifetime. >>

I have (5) Grandsons. I have been putting away a type set for them to learn from. I've found so many nice
"type" coins, the genuine kind that are 92/cleaned, for peanuts. I've decided to continue this strategy while
I can, and before it becomes popular.

They have great strikes, and for the most part the cleaning makes them more attractive while allowing the boys to see the devices,
and the all of the design features. I hate squinting at expensive, but worn out, certified coins. I was tickled when PCGS began their
"Genuine" certification option. The boys are now able to see these old coins as the different designers meant them to look; and...
and, grandpa ain't paying an arm and a leg for 'em!

Coinosaurus · February 12, 2013 12:25PM

I got some, generally try to avoid because they tend to be bad investments (there are exceptions, I did once sell a problem coin for $3000 that I had $1500 in).

The thing is, where is dreck supposed to go? Someone has to own it. You are not gonna throw your 1870-CC $20 in the garbage just because it is not "market acceptable."

RYK · February 12, 2013 12:26PM

Sure, I have family members with problems and keep them, why not coins?

AnkurJ · February 12, 2013 12:27PM

Yes, but they are actually in problem free holders.....

northcoin · February 12, 2013 2:27PM

<< Like buying bust/seated halves at a good price that have holes that dont destroy details.

>>

I had to do a double take when I saw your deer and cat avatar. Not only do we have an identical balcony, but our cat was the same and of course it is a moose not a deer in our neighborhood.

Type2 · February 12, 2013 3:19PM

Wow and i thought i was the only one buying this stuff. Some nice problem coins you all have there.

HoledandCreative · February 14, 2013 11:10PM

I have a few problem coins.

lcoopie · February 14, 2013 11:14PM

<< Sure, I have family members with problems and keep them, why not coins? >>

great response

from my boyhood

IrishMikey · February 15, 2013 12:05AM

I have a "type set" of problem coins that I use for educational talks. Showing a collector
a whizzed, polished, re-engraved, or otherwise altered surfaces coin is way better than
showing images, and the coins are already damaged, so nothing worse can happen by
handling them raw.