The poorest submission to our hosts you'll ever see
boyernumismatics
Posts: 473 ✭✭✭✭
The results of one of my 02/22/17 economy sub just came back today. Quite a few one of ones for poor, and a few key dates to the barber series there. I was pleasantly surprised.
7
Comments
Awesome!!!
They didn't post in order,but there they are
Wow, you got your PO01 eye finely tuned.
"If I say something in the woods and my wife isn't there to hear it.....am I still wrong?"
My Washington Quarter Registry set...in progress
You need to return the label for one of those 61-O's to keep the pop down!
Can't help that, I had a goal to corner the market and I'm succeeding in that goal.
I've had a few submissions down before that have had a 100% success rate for poors, mixed in with other coins that I was subbing. I'm expecting this lot to bring between $2000 and $4000 on the market based on my previous similar sales. However, for pop 1 coins that are ALSO key dates in the series, the sky is the limit don't you say?
That scratch isn't market acceptable for the grade? That's a policy that needs clarification.
There was a time when "slicks" like that could be found at nearly every brick & mortar coin shop. They were usually kept in a cardboard box which was easily visible in one of the glass display cases. They often had a sign on the box that said $x each or 5 for $x, or something like that. And then came the big silver run-up of 1979-80. Coins like that disappeared into the melting pot ... the dealers were finally able to get rid of them.
Today, some collectors treasure such low grade coins, especially when slabbed, myself not among them.
Ugh! That Mercury dime needs to get back into your pocket fast!
BST transactions: dbldie55, jayPem, 78saen, UltraHighRelief, nibanny, liefgold, FallGuy, lkeigwin, mbogoman, Sandman70gt, keets, joeykoins, ianrussell (@GC), EagleEye, ThePennyLady, GRANDAM, Ilikecolor, Gluggo, okiedude, Voyageur, LJenkins11, fastfreddie, ms70, pursuitofliberty, ZoidMeister,Coin Finder, GotTheBug, edwardjulio, Coinnmore, Nickpatton, Namvet69,...
Yep...But he kind of "missed" on that dime....
Man, you messed up with that merc. Guess your eyes are starting to go bad..
How are these low-ball coins doing these days value wise?
The values are going insanely high. I had a common, problem free barber Half my last go round run up to $220. It was absurd to say the least. > @lava said:
If I was our hosts I would've detailed the 1897 S barber over that 1858 Half...
That scratch is too new and bright. Likely a recent staple scratch. Even if not, that call is normal for PCGS with a scratch that fresh and bright.
Choice Numismatics www.ChoiceCoin.com
CN eBay
All of my collection is in a safe deposit box!
Awesome set-up coins for your Mercury dime!
"One of these things is not like the other"
That Merc does not belong.
Can someone explain the appeal to me? Honestly trying to figure out.
8 Reales Madness Collection
Instagram: 8 Reales Numis
Congrats., that's a lot of metal loss.
It's conditional rarity. Buy poors for around melt and profit.
@basetsb_coins on Instagram
It belongs in its own, special way LOL
There are a lot of people who (understandably) cannot understand the whole lowball craze. Well, I'm in the same boat as you all. However, I go about it a little differently. Last fall, just for kicks and giggles I sent a really worn morgan (I'll attach a photo) to NGC, which gave it a fair. I felt that was BS so I sent the coin to PCGS where it got the correct grade-- Poor. I listed the coin on ebay and to my surprise I got $120 or so for it, for something I paid $20 for... so that started it all. I honed in my skills, eyes, and knowledge on the market of lowballs, specifically poors (go big or go home, right??). I started sending off more and more of them, making more off of each lot I sent in. I purchased an 1847 O Seated quarter from the same dealer I got the aforementioned morgan from. He is an avid New Orleans mint anything guy (and also has entire sets of his coins on display at the New Orleans mint), so when that quarter (which in ANY grade is more rare than a 1792 half disme, survival numbers wise), I brought it to him and sold it for a C note. I could have likely gotten 3x that online, because it is likely the only one ever to be graded poor (likewise with other coins I have gotten into the poor section as pop 1 coins), but I sold it to him to broaden his horizons, as I am trying to do with you all.
I see more history in these worn down pieces of metal than most people probably do, and should. My historical tastes have likely been the culprit of me effectively cornering the graded poor market. These coins should be saved, not melted down in the large pot. My heart sank when I stepped into a Biloxi, MS coin shop and asked the guy if he had any slicks and he said that they bring all that junk to the smelter. I guess it's worth more in 90% scrap than in US 90% coinage to them...so sad.
As @basetsb stated, it's all about conditional rarity...but in a rather opposite- than- normal manner, if you understand that. It's weird, but when you see it's honestly worth it, the market and horizons expand farther than you can imagine.
Just my 2 cents and background in all of this,
BN
Here's the morgan that started it all for me in the fledgling lowball market.
Isn't any low grade coin a potential PO1 with the right amount of pocket wear? IOW, were these coins acquired in this state of condition or did you enhance the wearing down of the surfaces by carrying them around?
Collecting 1970s Topps baseball wax, rack and cello packs, as well as PCGS graded Half Cents, Large Cents, Two Cent pieces and Three Cent Silver pieces.
It just goes to show that you can make money in every corner of the numismatic market if you educate yourself and know what you're doing. Well done. Personally, I would pay melt
Don't you have some nicely toned low balls that you could post....... The least you could do is dip one in MS70 and see if it turns blue.
OINK
With all the "miles" that these worn coins have on them, they probably could tell a host of interesting stories,where they've been,who held/spent them etc. Provided if they could talk. So we will have to let their wear do the "talking" assisted by our imagination. This angle of collecting has it's interesting points, just like all the other facets of why we collect what we do.
He acquired them in this state.
@basetsb_coins on Instagram
I remember watching that one on eBay and being surprised. It's a thinly traded market with prices all over the place. I wouldn't be surprised if another generic PO01 barber half sells for $50 or $250. It seems to be all over the place, but in general it seems like the floor is melt plus grading costs so low risk and potentially a decent return.
Are these going up on eBay as well?
Well like they say MS 70 is perfect.
Those saw some circulation! Well u don't need worry about down grades.
20 years ago I would have never thought I would say this about getting a PO1, much less so many PO1 coins: "Congratulations!"
Congratulations on your success... Not my cup of tea, however, there does seem to be a significant and dedicated group for coins of this grade.... Cheers, RickO
@boyernumismatics Thank you for the explanation. Definitely not my cup of tea as a collector. If I was selling - different story.
8 Reales Madness Collection
Instagram: 8 Reales Numis
It became my cup of tea when the figures started lining up. Lol
Interesting group!
My YouTube Channel
Question to the experts ...
Are old cleanings ignored on Poor Condition coins?
My eyes might be deceiving me, but some of those look like they had brillo pad treatment at some point in their lives.
Maybe with P01 ... that's not considered an issue?
My Coin Blog
My Toned Lincoln Registry Set
Just my opinions...
Sometimes the differences between cleanings and something that happened during circulation can be difficult to tell 100 years after the fact. Maybe there are some techniques I'm unaware of, but would have a difficult time identifying on old cleaning on a PO01 coin.
Coins certainly get scraped up during circulation and some will look like they got "brillo pad'ed". It seems that if the scratches are not so bad to be categorized as damage and are not recent, then they get a pass. The 1897 S half seems borderline as far as falling into the damaged category. And the scratch on the 1858 half looks like it could be more recent and likely when it got bagged.
I'm also of the opinion that while lowball grading has become more consistent it is still a bit all over the place, particularly outside of more popular series like Morgan or Peace dollars. The graders don't see very many and there are not really any industry established guidelines.
I see that point. Like that V nickel and Barber dime, they're one of only a handful (maybe even the only) poor of the type!
I wonder if the fake slabbers in China have made any substantial profit yet by counterfeiting these?
- Jim
I wanted to chime in on this point. Granted it was a few years ago, but I've purchased two of the big three barber quarters on eBay in PCGS PO01 holders: 1896-S and 1913-S. The purchase prices were between PCGS PO01 and FR02 guide price. So a bit of a premium, but not the sky's the limit. There was a 1901-S PO01 also listed on eBay at about FR02 guide that I passed on, but after at least a few months a lowball collector did buy it.
This being said, because the pops of the keys are currently 1 or 2 coins it only takes a couple motivated lowball collectors to drive up the price. But thus far it hasn't really happened. Here's hoping after I get a 1901-S that is does
Edit: I should say that this is my experience in a series that does not have strong lowball interest. Things could be different for key date Morgan or Peace dollars with more lowball collectors.
I hear what you're saying, but the lowball market has not exploded until these past couple months to where (in all of my experience in it), prices on ANY poor is in the $75 to $300+ range. It's insane, but true. I've seen auction records from 2016 to show that they were selling in the $30 range.
This is the easiest money I have ever made,
I can understand a market for modern PO1's, but I've never understood the desire for older coins in that grade. If it's 100+ years old, I would expect it to be worn. Nice sub.
Check out my iPhone app SlabReader!
The desire is to own a coin that has only 1 or a hand full of other ones of the same grade.
@basetsb_coins on Instagram
Hmmm, maybe I should get the rest of my stuff graded and cash out...
Double Post
Wow. You have the eye for POORs. I suspect that there are many more out there to be found and like anything else, the profit motive will force them into PO-01 slabs. The prices may eventually come back down a lot. Don't see a king's ransom for a 1901-s 25c in PO-01 because as a rule most of these exist in very low grades of PO1-VG8. None of these (or very few) ever went into the melting pot with an identifiable date/mm. A much higher % of them exist in PO1 vs. more common dates. But, over the years I'm sure many 1909-0 PO1 quarters have.
Good to see such eagerness in numismatics. Keep it up.
Thank you! I don't know how I feel about that. I agree, but I don't. hahaha. I see your points, though.