What price originality?
Longacre
Posts: 16,717 ✭✭✭
I was taking a look at a coin for sale on a website. The coin is excessively original (and somewhat rare, thus), but the question is "what price originality"? Here are some recent selling prices of the same date and grade of the coin in question during 2009 (one of the coins in prior sales looks original, but the others do not):
$1,380.00
$1,495.00
$1,380.00
The coin on the dealer's site is priced at a 60% increase over the lowest auction price noted above. The highest priced coin above is the original looking one, so the coin on the dealer's site is therefore around a 50% markup.
Because the coin doctors are ruining our hobby, at what point should a collector hold his numismatic nose and pay the premium for originality? What would you do given the figures above and the markups?
$1,380.00
$1,495.00
$1,380.00
The coin on the dealer's site is priced at a 60% increase over the lowest auction price noted above. The highest priced coin above is the original looking one, so the coin on the dealer's site is therefore around a 50% markup.
Because the coin doctors are ruining our hobby, at what point should a collector hold his numismatic nose and pay the premium for originality? What would you do given the figures above and the markups?
Always took candy from strangers
Didn't wanna get me no trade
Never want to be like papa
Working for the boss every night and day
--"Happy", by the Rolling Stones (1972)
Didn't wanna get me no trade
Never want to be like papa
Working for the boss every night and day
--"Happy", by the Rolling Stones (1972)
0
Comments
In my personal experience, dealing primarily with 19th century gold, the price mark-up for originality typically ranges from about -25% ("who wants that ugly, dirty old thing?") to +25%. In most cases, I doubt that I have paid more than 10-15% more for an original coin, and it is usually worth it.
Would I pay 50% more for an original coin? Yes, but only if I really, really wanted to have it, and I was fairly certain that I would not be able to get it for much less.
if one sees the coin and their reaction is WOW! then a 60% increase
seems just fine.
if the coin is so-so... then i would probably say the dealer is fishing
which is his right.
I need about 9-10 Barber Halves in VF to complete my set and I have another 10-15 that I would like to upgrade.
Some of these are available right now for insane money, but they are coins that show up on a regular basis, so I can wait and work on other sets. Some are so rare that you buy them when you can and hope to upgrade them.
Some toned Morgans go for 10 times the average specimen.
Some very high end coins( already expensive) may command only 10 to 15% more.
If it is a common date, but the cost of the average coin is less than $1000, 50% premium may be reasonable
If a scarce date, for the grade, I have paid the next price level for many coins. That could be double or triple.
Figure out where this coin belongs in the above scenerio, and go from there.
If it is a coin that seldom comes original, it may be multiples of a 'regular' example.
<< <i>Because the coin doctors are ruining our hobby, at what point should a collector hold his numismatic nose and pay the premium for originality? >>
I believe you have the part in bold backward. If you do not like the price of the coin you should walk away, but the time you should hold your numismatic nose and purchase a piece is if you are purchasing a coin that is not original.
In honor of the memory of Cpl. Michael E. Thompson
If you're paying up for originality, it's usually because the coin is worthy of the premium. Eye appeal is everything, IMO.
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Now let's discuss "orginal" coins vs. "original looking" coins. You'll never know if the coin was dipped 50 years ago and retoned.