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1838-c $2 1/2
logger7
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A fellow met with me today looking for further information on this Charlotte 1838 gold coin. What is likely market for this coin? I told him sending it to one of the top grading companies would be a first step. Do you think that getting the coin graded is essential for getting top dollar?
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Looking at the rim I would expect an ex-jewelry XF details grade. I'm not sure that certification is required for top dollar but may be helpful depending on the venue used to liquidate the coin.
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Tough date with long-gone southern mint charm that exhibits very little wear. That said, if your associate really wants top dollar, I’d recommend getting it graded. I think the chances of PCGS straight-grading it are slim, and nil for CAC, as it appears to have damage on the obverse starting at star 3 thru star 7, and the reverse rim @ 3 o’clock… and that’s not mentioning the potential old cleaning it may have gone through - tough to determine for certain given the images. Even given all of this, it may still slip by NGC, given my experience with its consistently looser grading standards for old, branch mint gold.
Ok, thanks. He said one dealer made an offer considering the jewelry issue. Since it's been in his family he wants to do justice considering that and not sell it below reasonable wholesale.
There is a well-healed market for this piece. Many want one but can't pay problem-free money, which would be $10k or so as an XF45. I think an XF Detail Ex-jewelry piece could bring $5k retail in the right auction. I'd have it graded myself but that's up to the owner. Good luck!
P.S. Coinfacts estimates 150 survivors for this date.
Tell him to send it to Great Collections. They'll take care of getting it slabbed and will auction it for him. @ianrussell is the owner of GC and a fellow forum member.
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I mentioned options to him, such as sending it in to cac grading and then having it put on the BST forum.
With only 150 left, he really must get it professionally graded by one of the top services to get the highest price in an auction.
He might also consider other auction companies that would take care of getting the coin graded and auction it for him. And they would even include a cataloguer’s description of the coin in addition to what’s noted on the grading label.
Mark Feld* of Heritage Auctions*Unless otherwise noted, my posts here represent my personal opinions.
Just having it certified as genuine would be helpful.
Either NGC straight grade (unlikely though not much surprises me anymore), or CACG details holder would be my first two choices for certification. Being that it has some deeper metal movement in addition to cleaned surfaces, I'd put wholesale value around 3k-3500 at most. Id be surprised if it brought more than 4k all in at GC.
Edit - to elaborate, it seems that some assume CACG is so strict that many of their details coins can straight grade elsewhere, and as a result can bring more in the marketplace. This one’s got some significant issues, but I have seen uglier coins with straight grades.
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I have two opinions on this piece. One, I don't think it will straight-grade. Two, if he wants maximal value then it would be foolish to sell it raw.
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The piece in my collection is PCGS graded AU-55. It has a mark in the obverse rim, and it still got a straight grade.
I don’t think this one is quite as nice with more marks in the fields, but I would not write it off immediately. The reservation I have is that the photos were taken at an angle which could hide something.
Here is one that sold on Heritage a couple years ago that is comparable: https://coins.ha.com/itm/classic-quarter-eagles/1838-c-2-1-2-hm-1-r4-rim-damage-cleaned-ngc-details-au-mintage-7-880-pcgs-764792-/a/1364-7176.s?ic4=ListView-ShortDescription-071515#
His looked better, I saw no cleaning, but clear jewelry issue. From what he told me he already had a strong offer and was looking around to see if there was more money in it for the family heirloom.
If it weren't a Charlotte Mint piece, the item wouldn't be worth sending out for authentication. I too think it is ex-jewelry with obverse damage and will not straight-grade. Certification would ensure a remote buyer the piece is legit and allow for more spirited bidding than if the coin was left raw. It should go to an auction house that can provide the services of certifying on behalf of the consigner and some shopping around in that regard may be in order. Not all auction houses will send coins out to be certified (having worked for one that wouldn't do that) and that is a question that must be asked too.
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What he considers a “strong offer” might or might not actually be one. If it is, hopefully, the buyer’s trustworthy.
Mark Feld* of Heritage Auctions*Unless otherwise noted, my posts here represent my personal opinions.
FWIW, for a collector looking to acquire a representative piece from each of the branch mints but unable to afford a straight-graded example... this could be an acceptable option, provided there’s some guarantee of authenticity, such as it being housed in a PCGS Genuine holder.
I personally wouldn’t consider a raw Charlotte or Dahlonega gold... I'm too risk-averse for that these days.
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Absolutely. Yes take your turn at bat send it in especially big ticket material like that. Even if it gets details there may be many buyers (auction) possibly some problem coin dealers. I would want to know.
Getting graded will only help the price. More risk if you don't and lower prices realized more likely.
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Yes details grade for sure however it is a nice specimen overall. I usually stay clear of problem coins but this coin's problems are forgivable.