Help with a Wreath Cent, Please!!

Schultz24 · October 12, 2013 11:59PM

I'm new to this series, but saw this coin in a pawn/coin shop. It is a wreath and vine edge. It looks pretty nice compared to CU's photograde. The reverse does have some green verdigris and a small amount of what looks to be pitting (environmental?) and I think that is why they call it details for the grade. What say you? It seems possibly a little undergraded compared to what they have on the 2x2. Does anyone know the Sheldon number and if it is more rare than others? Can anyone tell me if it is a Would the PCGS conservation service do this coin any good or be worth it? Thanks a bunch!!

Schultz24

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indeetlib · October 13, 2013 12:17AM

It's a Sheldon 8 which is a fairly common Wreath variety.

Pretty sharp coin and the surfaces don't look too bad. XF detail, environmental damage is probably how it would slab. EAC grade might be something like 30+ net 15.

It's hard to tell from the images whether or not the reverse verdigris is removable, but I would imagine the appearance can be improved a bit. I think running it through PCGS conservation would be worth a shot, but I haven't had any personal experience with the service on early large cents, though.

AnkurJ · October 13, 2013 12:32AM

I see some corrosion on both sides. The details are nice but I don't see it slabbing problem free.

BillJones · October 13, 2013 12:32AM

The Wreath cent is the most common of the three cent designs that the first used in 1793. Despite that the coin is very much in demand and very popular with collectors. This coin does have EF detail, but the surfaces are eroded, and there might be active corrosion on the reverse. (The green stuff above the "N" in "ONE" and in the "1/100" fraction area) As such I would see about having some professional conservation work done this coin ASAP. An EAC pro would know what to do. I have not any experience with the work that PCGS and NGC do.

The price paid, if it is the amount marked on the holder, seems quite fair to me.

Edited to add - There is no way that this coin will get anything but a "details" grade. Coins of this type that get a "straight grade" now command prices that are far higher than the one marked on the holder for this piece.

indeetlib · October 13, 2013 12:38AM

<< <i>There is no way that this coin will get anything but a "details" grade. Coins of this type that get a "straight grade" now command prices that are far higher than the one marked on the holder for this piece. >>

Agreed.

If the detail was VG or Fine, I think it would have a real chance at straight grading (assuming any active green was removed).

At XF, they are much more picky.

But still a solid Wreath Cent for that price.

rhedden · October 13, 2013 1:07AM

I will say it was definitively underpriced at $6,500. There is a PCGS VF-30 S-8 in the Heritage archives that is not even close to being as detailed as the OP's coin, and it sold for $11,750 last month. An XF Details coin in a PCGS holder marked "tooled," which compares better with the OP's coin, sold for $12,925 in August. Most 1793 cents have major issues and you'll pay a monster premium for a problem-free, xf-graded coin in PCGS plastic.

Schultz24 · October 13, 2013 5:21AM

Thanks for the replies so far. Any other opinions on this coin? I tried to stop back there and take better pics, but they are closed today. I also emailed a regional officer for EACS to find out how much it would cost to restore and what it might be worth after, but no reply thus far. Any other thoughts? Thanks again!
Schultz24

BillJones · October 13, 2013 9:15AM

If this coin were smooth and brown, you would have to pay as much as 10 times or more the price marked. It all depends upon how you feel about corroded surfaces. I do not like them, but the trade-off is smoothness versus sharpness. In this case you get sharpness in exchange for color and surfaces. When I bought my type coin, I got smooth surfaces in exchange for a few edge dents. Back in the early 1980s nominal prices were a lot less. Real prices, adjusted for inflation, were a bit closer to today's levels.

Schultz24 · October 14, 2013 12:26PM

Went to the shop and took a few more pics of the Wreath cent today. Definitely some pitting on the reverse. No Verdigris that I can see on the Obverse, but definitely bits of it on the Rev. Any comments to speak of after seeing the new pics? Thanks again! Would using a restoration service be worth the money if I were to get it at that price? What kind of value would anyone care to estimate after restoration??

Schultz24

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Help with a Wreath Cent, Please!!

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