Last coin in the set and it is expensive, do you drop down to a very low grade or buy a higher grade

seateddime · September 15, 2007 4:17AM

Last coin in the set and it is expensive, do you drop down to a very low grade or buy a higher grade with problems?

To finish off my raw set ANY 1874CC will cost at least $5,000, I know Rich has (or had) one for sale.

Julian · September 15, 2007 4:22AM

There is no easy answer, other than wait. If you can live with either the problem coin or the lower grade, then purchase it. If you upgrade in the future, it will probably be easier to trade in the lower grade, but problem coins are often bargains.

Buy what makes sense to you.

Don't get aggravated. This is a hobby and not intended to cause stress.

Zoins · September 15, 2007 4:23AM

Some people buy an inexpensive, high grade tribute/replica for that slot, if they exist.

coinsomniac · September 15, 2007 4:24AM

Personally, I would drop all the way to Poor 1, before a problem coin. Not necessarily the right answer, just my preference.

tahoe98 · September 15, 2007 4:24AM

buy what fits your budget now. later flip it and buy a better one. imo

Mowgli · September 15, 2007 5:40AM

I have been told many times that you are better off with a lower grade, problem free coin that with a coin having problems in a higher grade. Unfortunately for this coin I don't think you will see that choice very often. I also don't think it matters as a lot of 74cc's have problems. I personally prefer a coin with as much detail as I can afford even if it has some problems. The one that is pictured has no eye appeal to me regardless of the price. I think you can do better and based on the way these are going up in price, you will always be able to get your money back.

BAJJERFAN · September 15, 2007 5:49AM

I'd buy the problem-free lower grade as it is more likely to appreciate in value faster than putting the money in a money market fund at 4-5% IMHO.

BlindedByEgo · September 15, 2007 5:51AM

For a coin like this that always has demand in any grade or condition, buy the best that you can afford.

seateddime · September 15, 2007 5:56AM

<< There is no easy answer, other than wait. If you can live with either the problem coin or the lower grade, then purchase it. If you upgrade in the future, it will probably be easier to trade in the lower grade, but problem coins are often bargains.

Buy what makes sense to you.

Don't get aggravated. This is a hobby and not intended to cause stress. >>

Some good advice!

Nysoto · September 15, 2007 6:14AM

If you dislike problem coins and avoid them, you would never be satisfied with a problem coin. I finished a date and mm set of classic head $5's last year, and managed to find nice circulated examples of 1838 C & D in PCGS VF25. They don't match the AU's from the P mint in grade, but that is not important to me. I also have a holed 1795 O.127a, about 15 known, I like the coin and the hole doesn't bother me because of the rarity and interesting die state.

The other option is to not go after the expensive key date, and focus on the other dates in the series. I collect a series that has never been completed, and cannot be completed at any price, so having less than 100% is OK with me.

edit - I would gladly own the 1874 CC you posted, and would appreciate its rarity and full tour in commerce.

TwoSides2aCoin · September 15, 2007 6:16AM

...if there's an empty slot , you'll always have something to dream about or work harder for.

GritsMan · September 15, 2007 6:16AM

You gotta ask yourself "Is a low-grade or problem coin going to bother me every time I look at it?" My own answer would be "yes." I'd rather look at an empty slot until I can afford to fill it with something delightful, but if you don't feel that way it's to your advantage.

ttown · September 15, 2007 6:29AM

I'd buy problem free, but I'd never go below a G4. If the lower grades are stupid money it would be a blank , that will give my kids something to do.

Really my Bust Half series I don't think I'll ever own an 1815 or on the Bust Quarters I think a blank hole will always be in the 23 and 24. That's ok for me a coin or two out of a set drives some people mad but really the chase and getting as many dates as you can is the fun of it. When I was close to hitting the wall on halves I started with the Bust Quarters. I have most of a date set in half dimes, so next are dimes

messydesk · September 15, 2007 6:37AM

Don't be in a hurry or you'll compromise. Save up cash and be ready to buy the coin you want when it becomes available.

seemyauction · September 15, 2007 8:16AM

<< Don't be in a hurry or you'll compromise. Save up cash and be ready to buy the coin you want when it becomes available. >>

I have to agree ith messydesk, save up........

AL

Steve27 · September 15, 2007 8:34AM

I know you're not going to like my answer, but here it is anyway. I consider those issues before I start the collection, that way I find coins to match the key dates. My 1916-D Merc is only a high end AG-3 but it fits well with the others of that era in my set because most are G-VG. I don't have any Unc examples in the set until the 40s (I think it looks better that way).

seateddime · September 15, 2007 8:58AM

There are some coins that you may not see.

For example when I was younger and finished my Mercury Dime set the 1916 D was the last hole but it was a matter of cash. When I wanted a nice 74 CC dime I just could not find one at any price. It took several years to fill the hole and I found a better one 3 month later.

When I went to sell my old coin it was easy.

Dave99B · September 15, 2007 9:06AM

Tough call...

Either wait (preferred), or step down a notch or two. But NEVER buy a problem coin. I've done so it in the past, and I'm always unhappy 20 minutes later.

Dave

DoubleEagle59 · September 15, 2007 9:10AM

Since they are so rare and so few available, I would buy the first one that I came across at my specific budget, whether it be a problem coin or not.

ColonialCoinUnion · September 15, 2007 9:17AM

If it came down to owning a really low grade filler example which I would never enjoy looking at or a "tribute" coin (as someone suggested) I'd prefer to have the empty slot.

RYK · September 15, 2007 9:22AM

<< If it came down to owning a really low grade filler example which I would never enjoy looking at or a "tribute" coin (as someone suggested) I'd prefer to have the empty slot. >>

I agree. I would not want the coin posted. Better to go without or wait until you can afford a nicer example.

CalGold · September 15, 2007 9:28AM

I voted for saving up until you accumulate einough cash for a better piece. However, that only works when the cost of the better coin is still manageable. If your talking about really rare stuff, the population may be such that the upgrade pieces that become available are several grades and tens of thousands of dollars higher, even with problems. So your real world choice might be an emply hole.

CG

roadrunner · September 15, 2007 9:34AM

Personally, I would pass on completing the set if getting a hole filler were the only option. I don't take set completion that seriously.
I'd rather have serious coins with lots of holes unfilled, than the opposite.

That said, the 74-cc is probably only one of very few seated keys that I would call a "can't miss" in any grade. While I would buy a damaged 74-cc dime, I would never buy a damaged 78-s half or
70-cc quarter for example....leave those to the pros. A slight error in estimating the cost of that damage and your are buried.
The plastic won't even bail you out.

I love the 74-cc seated dime and it is one of few keys that right now that has almost no chance of dropping in value. Just don't buy one too damaged. Buying the 74-cc is like money in the bank. It will be readily saleable imo when another piece comes along. But I've been waiting 30 yrs for the "right" specimen at the "right" price and it's never going to happen. The longer you wait the more you will pay. I regret passing on so many along the way.

roadrunner

seatedcollector · September 15, 2007 4:22PM

a problem VF should be worth at least equal to a problem free Gd so what is the difference? buy what you can afford, scarce coins are always going to be in demand, experts will tell you to stay away from problem coins, well, there just arent enough problem free coins to go around, otherwise they would be cheap. a coin that rare is always going to be in demand no matter what shape its in, unless someone finds a jar full of them while metal detecting.

GoldenEyeNumismatics · September 15, 2007 5:18PM

whatever you do, never go for a harshly cleaned, polished, or whizzed coin. Minor/moderate scratches, but original surfaces, are great if you can find it. Ultra low grade coins carry a great mystique though

lordmarcovan · September 15, 2007 5:38PM

(Edit to add: I could not view the picture in the first post, because the filters here at work are blocking Photobucket images, so all I could see was a red-X. Grr.) So I answered in general terms:

It's a difficult question.

The wise ones would probably suggest waiting, but waiting and saving for years for a single coin is not an option for many of us, without going insane.

Which of the two routes for getting a coin in hand sooner would I use? It is really hard to say.

Usually I would prefer a low grade coin to a better one with problems, BUT it depends on how low a grade we're talkin', and also what the severity of the problems are on the coins being considered.

I would choose a cleaned coin over a Poor or AG coin, in most cases.

It's all about eye appeal. If your set is mostly, say, VF-XF or better, then dropping down to VG or Fine for a problem-free coin, or buying a VF to AU cleaned piece, or a piece with a nick or scratch in a relatively nondistracting area might work. Dropping down to Good or AG or Fair or Poor, on the other hand, would make the coin stick out just as badly as a harshly cleaned or badly scratched coin would.

TorinoCobra71 · September 15, 2007 10:21PM

vey low grade and problem free.

i recently got an 1889-CC Morgan in AG3 and am quite happy with it. Now about that 1893-S in AG3, thats gonna take a little extra ca$h....

TC71

Barry · September 15, 2007 10:38PM

Did you buy all the coins raw or crack some out?

Finding a problem-free, raw 74-CC is going to be VERY tough in this plastic era.

You could always crack out the AU53 you bought from me

Trime · September 15, 2007 10:47PM

I was confronted with a somewhat similar delimma a few years ago when I was missing one coin from a set. I had completed the set earlier with a lower grade coin than the rest but returned the coin at the advice (solicited) of a dealer friend who said a better one would come available. I waited another 7 years without finding my coin in the grade to match others and finally bought one in auction in a bid up situation. The purchased coin had eye appeal was not a high end for grade and I would have wished I had purchased the lower grade earlier and waited even longer. i suspect that i will be OK in my cost but it shows the frustration aspects of a collector mentality.

notwilight · September 15, 2007 11:01PM

I've never liked the term "problem coin". Sounds like it belongs in the bottom drawer right next to the counterfeits. In reality, some problem coins actually show character. 9 of 10 early copper cents are "problem coins" by strict definition which is part of the reason lots of collectors can't warm up to them. As the sentiment in many posts in this thread indicates, they suffer from the Mexican diarrhea syndrome, "I'd rather have Montazuma's revenge than a problem coin." So problem coins can be bargains.

That said, find one you like. Don't buy one you don't like. and of cours go wtih your gut. If you're one of the guys who would rather have diarrhea, the go with the low grade.

PS. I do have replica's of many of the coins I collect, just for reference of how a high grade example looks. Some are now factory toned and nice looking. I wouldn't hesitate to put one of them in an album while I kept shopping.

Enjoy,
Jerry

jdimmick · September 15, 2007 11:04PM

When I collected, I always chose the problem free example in a lower grade over a higher graded coin with issues.

I often recommend the same to customers who are looking for specific dates to complete a set.

09sVDB · September 15, 2007 11:06PM

Save your money and buy the key(s) first.

Sunnywood · September 15, 2007 11:43PM

Whether it's the first coin or the last coin, the most expensive coin or the least expensive, never buy any coin that you don't like !!! When you see one that you like, that you really want to own, and that you can afford to own, that's the one you buy. Otherwise, leave that spot in your set empty.

Of course, if you are the type of collector who can't stand an empty spot in the set, then you will want to own a lower grade or lesser coin of that last key date ... and therefore you will be more likely to like such a coin when it comes along. But ultimately, the only relevant litmus tests for a collector should be whether you like the coin, and whether you can afford to buy it.

Best,
Sunnywood

jmski52 · September 15, 2007 11:51PM

My advice is classic Jim Cramer - "Don't buy, don't buy, don't buy..."

I try not to pay good money for other people's problems.

Focus on how nice the set would be, will be, could be, and might be if you someday finally find the coin that accents the whole set, instead of draws attention to itself and detracts from the rest of the set by looking absurd.

If you never have the money, so be it.

tradedollarnut · September 16, 2007 2:15AM

I agree with roadrunner - certain coins are desirable no matter what the grade. Often, the only way to acquire a better example is to have the lower grade example to trade in. I've acquired a couple of spectacular coins for my sets that were ONLY available because of my trade in.

RichieURich · September 16, 2007 2:27AM

<< I agree with roadrunner - certain coins are desirable no matter what the grade. Often, the only way to acquire a better example is to have the lower grade example to trade in. I've acquired a couple of spectacular coins for my sets that were ONLY available because of my trade in. >>

I agree with TDN. Also, if you already have an example of the coin in a lower grade, and you are bidding in auction for a higher grade example, there is a lot less pressure to buy the coin. As a result, you are more likely not to pay "stupid money" at auction.

ColonialCoinUnion · September 16, 2007 2:32AM

<< I agree with roadrunner - certain coins are desirable no matter what the grade. >>

I would agree that such items might be in demand, but I'll stick by my comment that I would not recommend anyone to buy a coin that they won't enjoy looking at.

Obviously, everyone's subjective assessment of what they would enjoy looking at is different, and thus everyone can make up their own mind about a specific coin and whether it meets their own criteria.

alpha480v · September 16, 2007 8:24PM

For me, I will save up the money to buy the coin in the grade of the set I am collectring. If it is too expensive, the hole will remain open.

Last coin in the set and it is expensive, do you drop down to a very low grade or buy a higher grade

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