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Mexico- 1866 Pi - Peso
coinkat
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Typical San Luis Potosi Mint quality...
But still it survived in a state of preservation not often encountered
Experience the World through Numismatics...it's more than you can imagine.
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Were you happy with grade? Not a Mexican collector (except I do love Caballitos) but Potosi minted coins always seemed cool and this a Maximilian!
Well, just Love coins, period.
I thought this coin might create more commentary from others... to answer your question:
Yes... I am satisfied with the grade. This one graded MS62. I bought it thinking it was clearly an MS coin with limitations. The clashing is typical for the date/mint. I should check the PCGS pop report again... but I think this is either the 5th or 6th 1866 Pi our host has graded. This is significantly tougher to find in this state of preservation than the 1866 Mo. I don't think there is much of a middle ground for this one. Either you appreciate the condition rarity and live with the limitations or just look for a lower grade that may exhibit a better strike... Funny thing is I found an Mo after this submission which should grade higher. I think the 1867 Mo is tough in MS.
Experience the World through Numismatics...it's more than you can imagine.
OK, I'll bite. (You asked for it! I'm sure commentary will now follow.)
No way I'd pay 62 money for that coin. While I have obviously not seen it in person, I'm assuming the luster carried the grade, certainly not the strike or eye appeal.
In these times, with everything so visual, coins must present well to bring good prices.
Folks who have the means to buy rarer coins such as this want a nice one, or none at all. It doesn't mean the coin won't do well. Maybe someone (unknowledgeable buyer?) will buy it solely due to its grade?
Let me give an example. In Jan 2020, the below coin came up for auction at Heritage. Maximilian Peso small letters in copper. It was in a NGC 61 holder and it was uglier in person than in the photo. I needed it to upgrade my NGC AU50BN example. Very rare coin and I knew of no others besides mine and this one.
Due to its lack of eye appeal, I let it go and it was sold into Mexico for a fairly low price. I decided my AU50 was a nicer coin and to wait, perhaps forever, for a better example to appear.
There are a couple of patterns I let go for this exact reason. And most, I have never seen another to this very day.
That's a real crusty luster piece. Patina too thick to try any dunk (perhaps if someone had done so 50 years ago...). Can't at all quibble with the technical grade. Obverse looks pretty OK... reverse is, um 🤷♂️
1866Pi definitely tougher than 1866Mo... and yes, 1867Mo is also.
Then there's the 1866Go... anytime you see one at any decent price, buy it.
Obviously the look is going to dissuade some ppl, but I think for a popular series like Maximilian, the grade alone/registry value will definitely find it a buyer. Perhaps a piece better suited to a fixed price inventory to ensure finding that right collector.
The point about eye appeal is of course true in general, and interesting link to another Maximilian piece in the form of that pattern. That happens to be a REALLY egregious case - piece clearly shows rub and looks toned back over a clean. 61 looks to be a copout grade by NGC. "Well, it's a pattern, so it never circulated... so it's MS, but it's fugly. Um, 61 it is!"