If you were going to buy a Chain Cent ...

UncleJoe · June 23, 2008 2:32AM

If you were going to buy a Chain Cent, how would you go about it?

I am seriously considering purchasing a Chain Cent. I am looking for advice as to how I should go about purchasing a Chain Cent.

My initial thoughts are as follows:

I want to see the date though it can be worn.
All lettering should be visible though it can be worn.
I prefer the variety with the full America.
I prefer it to be in a PCGS slab.
I think I might need a qualified dealer to assist with the purchase.

Thoughts?

Joe.

braddick · June 23, 2008 2:40AM

<< If you were going to buy a Chain Cent, how would you go about it?

I am seriously considering purchasing a Chain Cent. I am looking for advice as to how I should go about purchasing a Chain Cent.

My initial thoughts are as follows:

I want to see the date though it can be worn.
All lettering should be visible though it can be worn.
I prefer the variety with the full America.
I prefer it to be in a PCGS slab.
I think I might need a qualified dealer to assist with the purchase.

Thoughts?

Joe. >>

You answered your own question.

MPLunatic · June 23, 2008 2:47AM

I think the most important thing is what your budget is and what grade you can afford, these things are very expensive even in low grades without problems

ricko · June 23, 2008 2:52AM

I do believe you have all the requirements - except maybe cash - to complete the deal.

Cheers, RickO

rays · June 23, 2008 3:04AM

To meet all of your requirements, you will need an example grading G6 or VG8. While G6 examples with full date and lettering and no problems are scarce, they do exist and would cost between $7500 and $10,000.

The coin below sold for $8000 in 2005 at Heritage.

UncleJoe · June 23, 2008 3:07AM

<< I do believe you have all the requirements - except maybe cash - to complete the deal.

Cheers, RickO >>

I knew I was missing something!

I thought that maybe I would enjoy going to the auctions and/or large shows to try to acquire one on my own, but I'm also thinking that that might not be a good idea even if the coin was already slabbed. Am I being overly cautious?

Joe.

UncleJoe · June 23, 2008 3:08AM

Thank you rays. Do you know if that coin was slabbed?

Joe.

rays · June 23, 2008 3:10AM

<< Thank you rays. Do you know if that coin was slabbed?

Joe. >>

The pictured coin is in a PCGS G6 holder, here is the lot.

Fletcher · June 23, 2008 3:50AM

I think that you had better up your budget significantly if you want to end up with anything that isn't a complete disappointment. Premium Numismatics has one in VG10 fro $17k but I see that it is on hold now. Nice lower grade examples that don't look like blank planchets or like they have been through a garbage disposal just don't find their way to market very often and, when they do pop up, they are priced accordingly.

doh · June 23, 2008 4:05AM

My biggest point would be to be sure I get a nice, smooth brown planchet.

pb2y · June 23, 2008 6:08AM

Several Fugio hoards are known to exist; all MS and not for sale.
The coin world is still waiting for a Chain Cent hoard to show up.
Its not impossible.

Dave99B · June 23, 2008 6:12AM

I'm with Doh on this one.

A nice smooth non-porous planchet is #1 on my list, regardless of the grade. There are some problem (and ugly) Chain cents in PCGS plastic.

Dave

rays · June 23, 2008 6:20AM

Here is my chain, smooth planchet and rare as such:

jmski52 · June 23, 2008 6:39AM

Nice coin, rays!! Very nice, actually.

1798CentCollector · June 23, 2008 6:53AM

Look for one with a nice mainly problem-free planchet, good color - an appealing brown, and as much detail as you can get for the grade. The grade should not matter, if you can find a nice example, eccept to fit your budget. If you don't have access to a lot of copper or are not "experienced", a qualified specialist dealer's opinion and guidence would be very helpful in assisting you in selecting a suitable coin.

fivecents · June 23, 2008 6:54AM

Wow Rays. That is sweet!!
What grade is it ?

rays · June 23, 2008 8:11AM

<< Wow Rays. That is sweet!!
What grade is it ? >>

PCGS F-15. Someday, it will reside in a 20 holder.

AnkurJ · June 23, 2008 8:34AM

Both of mine have some problems, but no corrosion. I got my f12 details one from Heritage. And their 6 month payment plan made thinks very easy. But one with no problems in a PCGS holder will cost a LOT more.
AJ

DoctorPaper · June 23, 2008 8:35AM

...and mine, a much more typical coin than Ray's:

PerryHall · June 23, 2008 9:12AM

<< But one with no problems in a PCGS holder will cost a LOT more. >>

What about one with problems in a PCGS holder?

MrEureka · June 23, 2008 10:24AM

My advice is simple: If it doesn't sing to you, wait for one that does.

MikeInFL · June 23, 2008 10:48AM

<< 
Thoughts?
>>

Yeah, it's going to be expensive.

Here's my example.

Like you, I wanted one with a full date and was even more interested in a smooth planchet and a coin relatively free of rim dings -- until I saw the $10k+ price tag. So I had to take a dateless one in FR02 in order to fit it into my budget. It took me about 3 years to find it, and I couldn't be much happier, so I suggest being patient...Mike

[edited for clarity]

Dave99B · June 23, 2008 10:58AM

Mike, that's a very nice Chain that you should be very proud to own. Thanks for sharing with the team.

Dave

Musky1011 · June 23, 2008 12:23PM

I know of someone that came to me asking how he would go about selling his PCGS XF45 Chain cent

Cash only deal

How much is something like this worth

MikeInFL · June 23, 2008 12:28PM

If you have to ask, you shouldn't be buying it.

p.s. about $75k.

p.p.s. thanks Dave.

Musky1011 · June 23, 2008 12:30PM

I don't want it

Just asking who would be interested or how he would go about finding someone that would

TennesseeDave · June 23, 2008 12:52PM

Dick Osburn has an Anacs P-01 for $3950,myself I would wait until I could buy a real nice (at least vg-f )one if thats what I was after.That is too much money for a barely identifiable grade.

stman · June 23, 2008 1:30PM

I can post mine again. This is in a pcgs Fair2 holder. In person I was pleasantly pleased that when tilted I can see the date. I looked for quite some time
and although this might be a bit granular, it's not all hacked up like most out there even in higher grade condition. Sure, it would be nice to have one with more details,
but this cost enough as it was. It's the S-1 AMERI and I like the fact that it is what it is.

Rob41281 · June 23, 2008 1:57PM

Here is my ANACS PO1. Like to eventually aquire a piece more like MikeinFl or Stman, but this will do for now.

AnkurJ · June 23, 2008 2:23PM

Here is one of mine. Would be nice (and much more if not for all the hits). No corrosion, nice plancet.

The other one I have is an AG 3 with re-engraved details.

notwilight · June 23, 2008 2:53PM

Just like some advice given to me in the dating game recently. First find a pile of $100 bills....

FullStrike · June 23, 2008 9:11PM

<< The coin world is still waiting for a Chain Cent hoard to show up. >>

Jo Hung Yu, a numismatic dealer in SE China has taken note of your request.

UncleJoe · June 23, 2008 9:42PM

Thank you all. A lot of good info and things to think about.

The pics are great and certainly shows me the diversity in how these coins can look. Based on what I am looking for, it also appears that I will need to increase my budget.

I will spend some time looking to see if any "sing" to me. The pic of rays looks like a symphony to me. That's the one I would want but I will probably have to "settle" for one that only sings.

Thanks. Joe.

If you were going to buy a Chain Cent ...

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