The Life of An Addict (aka, How I Got My Recent Newp)

EVillageProwler · April 18, 2018 4:07PM

Yesterday morning started very pleasantly with a coin-related text from @Nap.

Always a pleasure to communicate with him, and especially so about coins. Driving at the time, I respond to his text saying that the coin of interest to him seems fine on my iPhone but I needed to wait until much later when I can look up some things at home.

Fast forward 14 hours and I am home and I dissuade him from buying that coin (a rare-ish sceatt type) because the coin seems over-priced due to an odd bust style. (Like, who cares about that?!?)

Badly needing to scratch his itch, he sends me a link of a dealer I haven't frequented before for my opinion on a rare Anglo-Saxon penny. Expensive piece, but perhaps worth it. While on that site, I see another coin that strikes my curiosity.

So now instead of @Nap scratching his itch and my living vicariously through him, he is now advising me on my itch-scratching endeavor. It's now 11pm, and we (or, I) foolishly decide to spend the next hour comparing coins and prices to see if I should buy that one coin that caught my interest. In fact, we discussed a handful of coins that I considered buying last night but settled on the original coin of interest because this was a new dealer for me, I plan to play in two upcoming auctions, and I am not a Farouk or Pogue. Compared to the others, this coin was also the cheapest but has the most upside of being under-graded and thus fairly priced.

Now it is past midnight. I am exhausted. I assume so is @Nap. I check out my cart (the online store is quite adequate for coin e-commerce!) and immediately started to worry if I did the right thing. @Nap feels that I made the right purchase. I think so too, but will know for sure when I get the coin (from GB).

So without further ado, here is my newp:

Charles I Silver Crown
Exeter - 1645
mm. Castle
28.3g 40.9mm
Spink – 3062
North – 2561 Scarce

Obverse:
CAROLVS D G MAG BRI FRA ET HI REX. Horseman left, sword in hand, sash in two ends.

Reverse:
CHRISTO AVSPICE REGNO 16[45]. Round garnished shield.

Good very fine, excellent horse, pleasing tone. Same die pair as Brooker 1041.

Ex Dr J Hulett Collection bt S. Mitchell Dec 1997

Prologue:

This story actually is more than a day because @Nap and I have been immersed in coins leading up to the Spink Williams I auction last month, with us exchanging messages about coins, FPL's and auction lots like two obsessed coin nerds. Thank heavens we are in the same time zone, heh.

bronzemat · April 18, 2018 4:45PM

That's a beautiful coin. Congrats.

Enjoyed the story too.

harasha · April 18, 2018 4:49PM

I really ought to image and post my equestrian crowns.

EVillageProwler · April 18, 2018 5:00PM

@bronzemat said:
That's a beautiful coin. Congrats.

Enjoyed the story too.

Thanks. Stories allow others to live vicariously through us.

@harasha said:
I really ought to image and post my equestrian crowns.

It takes time, patience and practice. But in this case, I just used the seller's images and rendered a nice presentation via Photoshop Elements.

EVillageProwler · April 18, 2018 5:01PM

BTW, here is the link to the DNW auction that @Nap found: DNW lot 813, 12 December 2017

tonedSilver · April 18, 2018 6:06PM

Very nice and original coin. You mentioned that it has upside for an upgrade. What do you think it grades?

EVillageProwler · April 18, 2018 7:51PM

@tonedSilver said:
Very nice and original coin. You mentioned that it has upside for an upgrade. What do you think it grades?

"Under-graded" = hopefully better than a GVF per British grading when typically translated into US grading. You see, typical British grading is like our EAC grading where they use every nuance and aspect to assign it a grade. But PCGS and NGC typically will grade predominantly based on wear, marks and luster, with a minor contribution from strike and eye appeal. In this case, since the coin was graded VF by DNW and GVF by the seller, normally it'll translate to a US grade of between VF35 to AU50. In this case, I am hoping that since so much of the obverse die lines still exist that the coin is nicer than the image would suggest and that it may get an AU50. That would be awesome for a GB Crown of that period, especially for the price paid! But, I'm not sure when I'll bother to get it graded.

So, to answer your question... I do not dare think what it will grade. Rather, I am hoping that it'll be nice enough to have claims to the upper end of the likely grade range.

EVP

EVillageProwler · April 18, 2018 8:01PM

For reference, here is my Exeter 1/2 Crown that is booming with luster and eye appeal. NGC gave it a 63. Almost 10 years ago, it was graded "Near EF" by Baldwin's. And if anyone is wondering if the British suffer under an industry-wide grade-flation, I haven't seen it between now and ten years ago. What I have noticed is that more British dealers will mention luster and use the term "as struck". And American dealers like CNG, Davisson and Joe Linzalone will use additional terms like "for the issue/type" or "in terms of wear" as qualifiers to their grade assessment.

At this year's NYINC show, my guy at CNG showed me a coin saying "since you like minty coins..." (meaning, I like luster because I am American) and sure enough I bought the coin (it was a Commonwealth Crown that I am expecting will grade MS62).

Nap · April 19, 2018 11:58AM

Addict indeed!

As mentioned I am still the one waiting to find the right new addition to my collection, but am glad I could help out EVP.

Collecting hammered British coins has been an adventure that is way more fun than any I had with American coins. I can't say exactly why that is, maybe it's just because I'm at a stage in life where I can afford to make some more expensive acquisitions while previously I had a more meager budget, or maybe it's just that the coins themselves seem more unique and interesting, with an old-time character that just isn't appreciated in modern manufacturing. In any case, I also greatly appreciate the friends and contacts I've made in this field, of whom EVP is a top notch example. I have learned a great deal from him and his experience, and it has helped make me a better collector and numismatist, rather than just an accumulator.

It can always be a little difficult to make a clear rational decision about a coin late at night but sometimes they just jump out and speak to you. I like the Exeter crown and hope its in-hand appearance will match the eye appeal of the photograph.

British grading of hammered coins can be a funny thing. You will often see a coin that is "as made" that looks beat up and atrocious. For those familiar with the British series, think Anarchy period coins of Stephen and Matilda. Even as late as the 17th century, the political upheaval associated with the Wars of the Three Kingdoms led to a deterioration of coinage marked by variable precious metal content, irregular strikes, misshapen planchets, etc. This era produced some of the most spectacular and dramatic English coinage (Triple Unites, silver pounds, Briot patterns) along with some of its most barbarous. As such, a basic knowledge of the issues from the various mints is necessary to appropriately judge the merits of the individual coins.

Exeter crowns are not the ugliest coins of this period, but uneven strikes are the norm. This seems to factor into the way the Brits grade these coins, though it is not of course completely applicable to the technical grade. There is some forgiveness for scratches and rim issues, which usually end up giving the coin a net grade.

I do not think there is anything approaching an ANA guide for grading these coins. I don't see it as really being possible.

Nevertheless, no matter what coin you are evaluating from whatever era, the appeal of luster, original surfaces, and toning goes a long way to determining, if not the grade, certainly the value.

asheland · April 19, 2018 1:21PM

Awesome coin!

EVillageProwler · April 19, 2018 3:26PM

@Nap said:

I have learned a great deal from him and his experience, and it has helped make me a better collector and numismatist, rather than just an accumulator.

I hate to turn this into a bro-fest, since our hobby is already terribly gender imbalanced, but this hasn't been a one-way street. For those who haven't had the benefit of knowing Nap in the context of coins, you do not know what you're missing. He's a well-organized thinker, extremely knowledgeable (for a collector) about a sizable swath of material I collect, and an excellent researcher. Luckily for me he is able to make time for me often.

It can always be a little difficult to make a clear rational decision about a coin late at night but sometimes they just jump out and speak to you. I like the Exeter crown and hope its in-hand appearance will match the eye appeal of the photograph.

From your lips (keyboard) to God's ears (smart device) -- hey, even a divinity can use technology, right?

British grading of hammered coins can be a funny thing. You will often see a coin that is "as made" that looks beat up and atrocious. For those familiar with the British series, think Anarchy period coins of Stephen and Matilda. Even as late as the 17th century, the political upheaval associated with the Wars of the Three Kingdoms led to a deterioration of coinage marked by variable precious metal content, irregular strikes, misshapen planchets, etc. This era produced some of the most spectacular and dramatic English coinage (Triple Unites, silver pounds, Briot patterns) along with some of its most barbarous. As such, a basic knowledge of the issues from the various mints is necessary to appropriately judge the merits of the individual coins.

One thing I realized recently is that 6p-sized, or shilling-sized, gold coins from the Tudor and Stuart dynasties can be more affordable than the silver Crowns and Half Crowns, and usually come better looking. An attractive E6 Crown in GVF is around $7K, while a Half Sovereign is about half the price. Smaller, yes, but it's gold!

I do not think there is anything approaching an ANA guide for grading these coins. I don't see it as really being possible.

Nevertheless, no matter what coin you are evaluating from whatever era, the appeal of luster, original surfaces, and toning goes a long way to determining, if not the grade, certainly the value.

There's a lesson here. Must be one. I'd say that it's important to remember three things: (1) generally, a top coin tends to appreciate faster in an up-market and depreciate slower in a down-market, versus the opposite for a bottom-feeder coin; (2) buy the best that you can afford; (3) a nice coin is a nice coin regardless of the grading standard or the grading era.

Oops - there's a fourth: everyone needs a Nap-equivalent to help minimize mistakes and to maximize fun.

Now... here's to hoping that my newp is a nice coin.

EVP

EVillageProwler · April 28, 2018 6:14PM

Got my coin earlier this week, and finally got around to imaging it.

What can I say about that isn't evident in the image: the coin is convex on the obverse; the obverse is still lustrous; the coin's lack of detail is due more to a terrible strike than to wear, as evidenced by the copious remaining die lines. All in all, a nice wholesome hammered Crown that didn't cost an arm and a leg.

Weiss · April 28, 2018 7:51PM

That is one hell of a coin.

The Life of An Addict (aka, How I Got My Recent Newp)

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