Seeking your opinion: A. Bechtler $5 K-27
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Over the many years as a coin collector, I have always been particularly interested in territorial gold, especially because of the history that these coins represent (the stories that they could tell!). The recent James A. Stack auction was particularly interesting to follow, and one observation I took away is that territorial gold has been a popular collector’s target for a few generations. I was fascinated to study the provenance of these lots, in particular the Detroit physician/collector Dr. Russell Renz, who was passionate about pioneer gold and published a book titled “Private Gold Coinage of the United States” in 1938.
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Doug Winter described the activity for some of the lots as a “bloodbath”; I am curious to hear your thoughts about why there was so much activity at this auction in particular. Doug offered thoughts on this in his blog, and some of his comments suggest surprise.
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I am also seeking input about this Bechtler coin in my collection. This coin is in an old PCGS holder and graded AU55. Does the planchet / alloy flaw on the reverse indicate a “problem coin”?
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Thanks for taking a look at this coin and sharing any impressions you have. I know that it is difficult to make assessments on images alone.
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Comments
@PeakRarities
I don’t see anything that would indicate a “problem coin”. And if the color is accurate, I think it’s highly atttactive.
Mark Feld* of Heritage Auctions*Unless otherwise noted, my posts here represent my personal opinions.
Obviously I have not seen the coin, and can only offer an opinion based upon these somewhat mediocre photos.
Looking at the pictures, the "5 DOLLARS" side make me think that it might have been burnished with a cloth long, long ago, perhaps before the Civil War, and left to mellow rather well and quite naturally for lo these many years. People did foolish things like that long ago. Hell, I ruined a few coins myself in my young and ignorant days.
The effect appears to be visible on the high parts of the 5 and the lettering.
Like all free advice, take it for what it is worth.
I like it a lot.
It’s a great coin
Mr_Spud
I assume the "flaw" you refer to is the copper-colored streak from near the "21" to the rim at about 2:00 ?
There doesn't seem to be any impairment to the planchet integrity (no planchet cracks or delaminations).
So I don't think it would affect the coin in a negative way very much, if at all.
Really nice Bechtler! I love these; I see nothing that would be grade limiting & think your AU55 is spot on!
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based on what i see in the photos the coin looks to have a light cleaning with a cloth. otherwise, the color and details look very nice. it's possible the coin has proof like surfaces and the dulling in the fields is due to circulation and handling as well. it's hard to tell everything from just a photo. if it's in an old holder and graded 55...it's either: 1) under-graded or 2) net graded...that's my guess.
Here was my comment in another thread about the auction, Doug’s analysis is largely correct. It’s such a thin market, and with recent publications and more accessible data there has been an influx of well heeled collectors that want fresh, original coins that aren’t entombed in coffins.
Basically-
-Fresh, unmolested surfaces on coins that haven’t been in the market place for almost a century.
-some of the best provenance history one could ask for in the series.
-First time being holdered, and not liberally graced like a many other pieces.
-Lack of supply and quality offerings. Auctions are weird with pioneer, sometimes a 60k coin sells for 180k, and 6 months later there’s a far superior coin offered privately that doesn’t sell for 120k.
All of the above = 💥 💥 💥
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Regarding your coin, it is not at all a problem coin because of the planchet, I largely agree with @steveben. I’d really like to see a picture of the surfaces in normal lighting. It looks like an appropriate grade, but the tpgs were just so all over the place throughout the years and many coins in old holders wouldn’t straight grade if resubmitted. Currently, they are tight as a nuns arse if you ask me, but every once in a while I’m left shaking my head still.
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