Flying Eagle fans

VicPortland · September 24, 2003 2:26PM

Help.

I wonder if you can help out a fellow FE/IHC collector(investor).

I just won a Heritage auction for an 1858 SL FE NGC64 (internet only so I have 3 days to return it if so inclined). The coin scans were terrible, but as I think 1858 SL are going to become harder and harder to come by, I figured I would buy the thing and take a look at it when it arrived. Well, I just received it and I am not sure I want to keep it. The Obverse strike looks acceptable--maybe a tad light on the center of the Eagle's breast, but looks full everywhere else. There is some scum (don't know what else to call it) in the outer periphery of the Obverse (most obvious in the UNIT section and a small amount near the date). The reverse looks well struck in the periphery, but the center is weak (the ONE is pretty faint). The color is nice and I don't see any carbon spots.

I have a few other FE cents in MS63 and MS64, but they all have much fuller overall strikes than this one.

Is this a coin I could easily sell in the future as a 'typical MS64' or it is marginal?

Let me put it this way--this is not a perfect coin, but is it a solid MS64 or should I send it packing?

Any advice you could provide would be much appreciated!

Thanks!

Lakesammman · September 24, 2003 2:39PM

That's tough to answer.....depends on what you paid for it. It's one I would pass on because of the factors you mentioned. If you got it dirt cheap, then there's little down side to keeping it but also little or no upside.

Interesting to me is that only about 1/3 of the SL 1858's have the type 3 reverse, but no one is going to pay a premium for that (low leaf, open E's).

lordmarcovan · September 24, 2003 2:45PM

Looks great to me, but then, it's a quantum leap over any I've ever had, my personal best so far having been a mere EF40. I do think the ONE is pretty weakly struck and that is noticeable, though I see nothing else in the picture I find particularly distracting.

I'm a nonspecialist in the series, but I see nothing that would deter me from calling it a "typical" MS64 (once again, though, remember that I have never had an MS piece personally, though I have seen a few at shows.) I don't know how much a specialist would factor the weak strike into the grade.

Why do you think the SL's are going to be harder and harder to come by? Isn't the large letter the slightly scarcer variety? (Sneaking a peek at the Redbook on the desk, I see it prices slightly higher in the better grades).

Now, I might not be able to offer you the specialist's advice that I am sure someone else will post anyway, but I will share with you a small tip that a fellow forum member told me when I was contemplating a $4,000 purchase of a beautifully colored NGC PR66 Seated half from Pinnacle a while back (I had only ever bought one coin over a thousand bucks up to that time, and that was only barely over a thousand)...

This person told me that if I fell in love with the coin at first sight, I would never regret the price in the future. If, on the other hand, I had to think about it, or if the coin did not completely take my breath away, I should return it.

I got the coin, and it was beautiful. Probably worth every penny of the price... to the right collector. However, I decided that I was not that collector, and the coin was not the right coin for me, beautiful though it was. I returned it to Pinnacle (who by the way were great to deal with even though I returned the coin- they had sent it to me on approval with no money changing hands, which I found rather flattering, as I'm such a numismatic small-timer).

The money I would have spent on that single coin set up my booth at the mall, and now I am a small-time dealer. I have never regretted the decision I made.

Placid · September 24, 2003 2:59PM

Its a 64 and from looking at the picture its not higher because of the strike.
Some people would rather have a fuller strike 64 with more hits that keep it from 65 and some a soft strike with few hits.
If you don't like it send it back. I would rather have the 64 with a soft strike than more hits if a 64 is what I wanted.

VicPortland · September 24, 2003 3:08PM

Its not that I don't like it (exactly). It is just that it wasn't cheap so if I find myself in a position of having to sell it, I'm not sure how easy it will be...

You are right. There is a reason MS64 coins are MS64 and not 65. I have some MS64 Flyers that have great strikes but a few carbon spots and darker luster. Others look proof-like but have more hits. I'm just trying to get a feeling for what other think about this one...

fountainheadgold · September 24, 2003 3:10PM

Listen to your self. THEY ARE GOING TO BECOME HARDER TO GET> you are right, trust your judgement

michael · September 24, 2003 4:53PM

for me i cant tell you what to do

but i will tell you

if when you first see the coin and you love it and still love it the next day keep it

if you look at the coin and have to think about it and have a hard time deciding what to do

you just casnt make up your mind either way

that tells me something
you should return it

the coin if you keep it will not grow on you at all in fact it will only get worse

so much for my two cents flying eagle cents worth!

michael

Baley · September 24, 2003 4:54PM

man that is a tough question. the strike looks to be the only thing holding this coin back from 65, scum or no scum. Personally, strike is pretty important to me and on a 64, I'll take sharp strike plus a couple of minor, non prime focal area marks over a technically cleaner coin missing some detail due to weak strike. So this is not a 64 i would personally choose to buy. Not so much the flat spot on the breast (I have an EF/AU coin with similar breast feather detail) but I'd dread every time turning it over and seeing the weak ONE. Another collector might not care so much because the luster and color are there and so's the holder. But IMO it's a low end 64 because it has no shot at 65, even on a good day.

lordmarcovan · September 24, 2003 4:55PM

There it is, straight from the very guy who gave me the advice I mentioned previously.

(He ain't much of a typist but his advice is sound!)

(Edit: I was talking about the post above, before Baley came in!)

michael · September 24, 2003 4:55PM

also for me coins are not an investment

michael

darktone · September 24, 2003 9:12PM

I think michael sums it up nicely. mike

au58 · September 25, 2003 6:47AM

Michael has it correct. If you have doubts, send it back.
Why are 1858 SL cents going to be harder to find?
Either the supply has to decrease or the demand has to increase, or both.
Is the supply going to decrease? I don't think so. Why would the supply of a 150 year old coin decrease?
Is the demand increasing? Perhaps, but if it does, it will likely be temporary.
I don't see either changing appreciably in the next 6 to 12 months.
You should be able to find one that you will be happy with in that time.

paigowjohnny · September 25, 2003 7:08AM

Vic...as a guy who's kept too many coins he later regretted...I'd say send it back. You are obvilously not excited about the piece, and if you keep it it will continue to bug you.

millennium · September 25, 2003 7:13AM

I have to agree with some of the others here...if you loved it, this wouldn't even be posted here..You are already questioning the coin..return it and look for a better one. You won't be sorry.

DMWJR · September 25, 2003 8:26AM

Vic...as a guy who's kept too many coins he later regretted...I'd say send it back. You are obvilously not excited about the piece, and if you keep it it will continue to bug you

AMEN!!!!!

VicPortland · September 25, 2003 1:03PM

Thanks for the good inputs. Although I still agree with Fountainheadgold that these are hard to come by, this is not a coin I would be particularly proud to own. So. Back she goes.

Flying Eagle fans

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