Another rare coin ruined from cleaning!

Earlycoin · November 5, 2009 1:44PM

Another one bites the dust!

Certification

STONE · November 6, 2009 12:29AM

Sort of depends on the grade before the cleaning.
Plus you don't know how harsh the cleaning is or when it was done.

STATESOF really isn't too rare of a variety, it's just one that is in demand by major variety collectors

scottgardener · November 6, 2009 1:50AM

I suspect problem coins are going to be one of the bargains of today that will gain in value in the long run. PCGS is the last stand for refusing to net-grade coins with surface condition problems, now that NGC is itself grading them rather than referring them to NCS and now offering them places in their competitive sets. They're at reduced points, but a net-about-uncirculated scores more than a net-fine, whereas with PCGS, a Genuine coin is worth one point regardless if it's barely identifiable or uncirculated but looks funny. Sure, registry sets are fun but fairly secondary in the overall hobby or market, but they're right now a helpful benchmark. And, if you look at the enormous price differences right now between problem coins and problem-free ones, I think there are bargains to be had.

I think this will be less the case, though, among common, high-pop coins. Common date Morgans, if you can get a good, solid MS64, problem-free coin with beautiful toning or stunning blast-white surfaces for $50 with little effort, then it's hard to justify much interest in a badly cleaned one. But, an 1893-S or 1879-CC Morgan, it may be worth thinking about, if it's a difference between $2000 for the Genuine one that's essentially AU but improperly cleaned and $10,000 for the one in a holder labelled XF-30.

I also wonder whether or not we are seeing improperly cleaned coins getting rubbed up as pocket pieces, sacrificing some detail and effective net grade points in favor of wearing away the bad polishing. If someone is really brave, one could buy, say, an early 1800s gold in Genuine or one of the other guys' Details holder, crack it out, carry it for a few months in their pocket, rub away the "cabinet friction," and have re-graded a slightly more worn coin, returning in a non-problem holder, to sell back for more.

Steve · November 6, 2009 5:07AM

So when will we see a population report on all the "GENUINE" coins that PCGS slabs?
Steve

Earlycoin · November 7, 2009 12:39PM

<< <i>STATESOF really isn't too rare of a variety, it's just one that is in demand by major variety collectors >>

True, but it is the rarer one of that date.

<< <i>So when will we see a population report on all the "GENUINE" coins that PCGS slabs? >>

That would be nice to see instead of the 16 higher on this coin.

<< <i>"When a coin is cleaned or doctored, it loses its magical ability to transport me to its time of issue." - MrEureka >>

Well put! Thank you!

Another rare coin ruined from cleaning!

Comments