Merits/demerits of "Details" graded coins
brianc1959
Posts: 350 ✭✭✭✭✭
I bought a Fine Details Ameri. Chain cent a few years ago because I couldn't help myself. Basically, I've wanted one of these since I was a kid - about 50 years ago! Although the coin has a nice look and great detail, I've always had doubts about the wisdom this purchase. I'm wondering what other people think about problem coins. I notice that plenty of them sell at auction.
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I am a fan for two reasons. First the PCGS holder guarantees authenticity. Two, the holders are free of aftermarket stickers.
@brianc1959.....Welcome aboard.....I like it... just the authentication provides value to a collector....Cheers, RickO
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I'm a-ok with certain coins that are details yet guaranteed genuine.
Yours would be at the top of the list.
"If I say something in the woods and my wife isn't there to hear it.....am I still wrong?"
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Many of these that are not over the budget of 99% of us have problems. If you bought it "right" you will have no difficulty selling it for a profit.
That's a cool coin regardless of the problems.
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In some ways, problem coins are really no different than pristine coins. If you buy it right, you can sell it right. There is a market for them.
The difficulty is:
I have a few, (some of which were bought "right"....some probably not.
)
In general, though, they tend to sell for more than I might guess on my own....which calls into question my own guesstimate of the entire category! So, I do try to steer clear, for the most part.
Some problem coins are simply not worth a look. Especially when a srtaight-graded coin is not much more. Yours, on the other hand, is one that any collector would own, straight or otherwise.
You made a wise purchase. Well, you certainly could have done worse.
Cheers
Bob
I am with the others but think only true rarities should be holdered, put the others in the body bags again.
Being the owner of a few coins that would get Details grades if I submit them I am inclined to disagree with the caveat 'depends on the coin'. Quite a few mid-market coins will garner a premium if they are in a PCGS genuine slab vs. the same coin raw. More than enough to cover the grading fees and I believe there is a market for them also as it gives folks who are in that space more confidence when they are purchasing.
K
It's all about price. I mean, I'd definitely pay over melt for an 1804 dollar with a hole in it.
All comments reflect the opinion of the author, even when irrefutably accurate.
I always thought it was funny that a coin with details was less desirable than a coin without(?) details!
Many great responses here - thank you! Although profit is not yet an issue (I'm still in the "holy ****, I actually own a chain cent" phase, which may last for many more years), I now feel less insecure about my decision to buy it.
Regarding the decision to buy the "Details" coin as a keeper:
If you haven't done so already, take a look at examples of numeric graded Chain Cents that sold for similar prices to the one you own. You may have to go down to G4, AG3 or even Fair. Put your coin along side these and ask yourself which one would you rather own?
In any event, you have a genuine Chain Cent. This is always a crowd favorite so I wouldn't sweat the decision to have bought it.
I think that's pretty good advice. In my case, I would have to go down to at least AG3 to get a similar priced straight-graded Ameri. cent, most of which have a pretty disappointing appearance IMO.
Coins like this demonstrate the positive reasons for the “details grade” holders. A 1793 Chain Cent AMERI. variety is a very historic coin because it was the first regular issue piece that the first Philadelphia Mint produced. Years ago a coin like this would have gone into a body bag with no positive proof attached it that it was genuine. Now there is no doubt.
As to weather or no this is a good financial purchase, that all depends upon what you paid for it. I have a hard to putting an exact value on coins like this, but I do have gut reactions as to what seems fair and what seems like too much money. It appears that the coin was holed or more likely took a big hit on the reverse below the word “UNITED.” It was subsequently tooled in that area perhaps to repair the two chain links that were below it.
What’s it worth? Let’s put it this. Years ago a raw, finely porous Chain AMERI. Cent with Fine sharpness sold at the annual EAC auction sale for $16,000. I almost thought it was worth it, although I almost always avoid such coins. Maybe I’m wrong, but that might be a fair price for this one.
In the same line of thinking I once saw a 1796 Quarter in a “details” holder with significant punch into the surface and EF sharpness. Without the problem it would have been worth $50,000 to $60,000. With it, the seller still wanted $35,000 which I thought a bit steep.