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A Half Cent for my Birthday
WestySteve
Posts: 567 ✭✭✭
Hey guys,
I can go to most any coin shop and find "something" that is worth more than their asking price due to a mistake, a variety, etc. But there is one coin shop in my hometown that I've never caught them in a mistake for over 25 years. The guy that runs it is really good, has all the books, etc.
So its my birthday today, and I went down to the coinshop to submit a Jefferson Nickel for slabbing. For those of ya'll who read my posts, I gave up on trying to photograph it and just went ahead and submitted it during my lunch hour.
While I was there, I decided to take a look at their early coppers. I've been trying to find one for my type set that is problem free, in my budget and nice enough to meet my standards. Hard to find a coin meeting that criteria...so all my early copper slots in my Type Sets go unfilled.
But today, I found this coin: It was sold as a "net fine" because of a "gouge" on the back. That ain't no gouge. Looking at it under magnification, it looks like a chop mark or a counter stamp of some kind. I figure since its tastefully located it can't detract too much from the value. So, how did I do? I got it for 70 clams. How do you grade it? Did I finally win one at my local shop? It has a hint of mint luster hiding in the lettering. EDIT: The plastic in the 2x2 is reflecting and has slight smearing and dust...the coin doesn't look washed out like the photo...mostly chocolate brown.
BTW: I found out how to photograph coins with a digital camera...ramp the resolution up to the max, stand a couple of feet away from it so that even a cheap lens can focus, and then crop the heck out of the finished product.
Steve
I can go to most any coin shop and find "something" that is worth more than their asking price due to a mistake, a variety, etc. But there is one coin shop in my hometown that I've never caught them in a mistake for over 25 years. The guy that runs it is really good, has all the books, etc.
So its my birthday today, and I went down to the coinshop to submit a Jefferson Nickel for slabbing. For those of ya'll who read my posts, I gave up on trying to photograph it and just went ahead and submitted it during my lunch hour.
While I was there, I decided to take a look at their early coppers. I've been trying to find one for my type set that is problem free, in my budget and nice enough to meet my standards. Hard to find a coin meeting that criteria...so all my early copper slots in my Type Sets go unfilled.
But today, I found this coin: It was sold as a "net fine" because of a "gouge" on the back. That ain't no gouge. Looking at it under magnification, it looks like a chop mark or a counter stamp of some kind. I figure since its tastefully located it can't detract too much from the value. So, how did I do? I got it for 70 clams. How do you grade it? Did I finally win one at my local shop? It has a hint of mint luster hiding in the lettering. EDIT: The plastic in the 2x2 is reflecting and has slight smearing and dust...the coin doesn't look washed out like the photo...mostly chocolate brown.
BTW: I found out how to photograph coins with a digital camera...ramp the resolution up to the max, stand a couple of feet away from it so that even a cheap lens can focus, and then crop the heck out of the finished product.
Steve
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Comments
<< <i>I'm not a "chopmark" kind of guy but the coin looks pretty nice. Congrats and Happy Birthday! >>
Thanks! I'm geeking out on how lovingly applied it was. Like some hardware store owner back in the 1840's recognized the beauty and artistry of the coin and didn't want to spoil it. I think I may be saying "chopmark" when I mean "counter-stamp", if there is a distinction. I'd like to think that some hardware store owner was frustrated with the lack of circulating coinage in the old west, so he chopmarked it to signify that in his store, it was worth a whole cent! Then the customer saved the coin so that he could cash it in at the store and somehow never did...like frequent flyer points we somehow don't cash in in time.
Steve
Did the counterstamp cause a slight bulge or lump on the obv? Hard to tell from the pic.
Did you win one? I'd say he was happy to sell it, and you are happy to have it, so everyone is a winner.
Thanks for the grade...I was figuring XF+ or shot-AU too. I'd never slab this coin, but I have to wonder what would happen if I submitted it to a grading service.
Steve
Good coin, decent price, Happy Birthday!
Happy Birthday!
Not really looking for much these days but if I were, it might be a toner.
[edited to add: Happy Birthday!
This begs an interesting question:
How minimal of a net grade drop do the grading services do? For example, will PCGS opt to give a coin only a half-grade penalty as a net grade? Like....say...from XF+ to a low range XF? Note that I've seen trade dollars graded "MS63 Chopmarked", which to me is like not even assigning a net grade to it because it doesn't help with assigning a market value at all. Which services netgrade (today) and how minimal of a drop have you seen?
Steve
<< <i>So to me, you're effectively saying that the countermark might as well be bold and across the face, rather than small and in an unimportant area.
This begs an interesting question:
How minimal of a net grade drop do the grading services do? For example, will PCGS opt to give a coin only a half-grade penalty as a net grade? Like....say...from XF+ to a low range XF? Note that I've seen trade dollars graded "MS63 Chopmarked", which to me is like not even assigning a net grade to it because it doesn't help with assigning a market value at all. Which services netgrade (today) and how minimal of a drop have you seen?
Steve >>
Sorry to burst your bubble but outside of Trade Dollars countermarks like the one seen on your coin is considered damage and will cause the coin to be bodybagged.
In other words, don't send it in to be graded, it's not worth it.
Your coin was net-graded due to environmental damage. I wouldn't bother sending it in. That being said, I don't think you did badly for $70, but you got what you paid for.
"Seu cabra da peste,
"Sou Mangueira......."
<< <i>
<< <i>So to me, you're effectively saying that the countermark might as well be bold and across the face, rather than small and in an unimportant area.
This begs an interesting question:
How minimal of a net grade drop do the grading services do? For example, will PCGS opt to give a coin only a half-grade penalty as a net grade? Like....say...from XF+ to a low range XF? Note that I've seen trade dollars graded "MS63 Chopmarked", which to me is like not even assigning a net grade to it because it doesn't help with assigning a market value at all. Which services netgrade (today) and how minimal of a drop have you seen?
Steve >>
Sorry to burst your bubble but outside of Trade Dollars countermarks like the one seen on your coin is considered damage and will cause the coin to be bodybagged.
In other words, don't send it in to be graded, it's not worth it. >>
Sure they will...as a "genuine".
Nah, in all seriousness, I'd never fit it in my Dansco if I entomb it in plastic. Never thought of sending it off, but I do like knowing what is what.
I knew that they graded chopmarked trade dollars, so I didn't believe your post at first. I looked for auctions of coins that were slabbed and chopmarked and found nothing other than trade dollars. So I have to say that I'm surprised by this seemingly inconsistent policy...especially in light of the growing interest in countermarked coins based on a little googling. Regarding chopmarked coins, why just trade dollars? Seems like there are a lot of bust halves out there that followed the same trade routes.
I have to wonder if there is an opportunity here to gather up all the attractive chopmarked and countermarked (non-trade dollar) coins before the big three slabbing services change their mind. Might need another safety deposit box! So if you happen to have any chopmarked "damaged" MS65+ Morgans lying around, preferably from Carson City, I'll be happy to take those damaged coins off your hands for melt plus 10%.
Steve