I expected the Baltimore show to pass uneventfully.

Despite my earlier journals that say I really need to slow down with the coin buying to pay down some debts, I haven't really slowed at all. I was pleased to see nothing of interest in upcoming auctions, and was hoping not to find anything at the Baltimore show. I was planning on going to the LSCC and EAC meetings, catch up with some friends, and look at coins as usual - but make no purchases.

I took off work on Friday to attend the show; LSCC at 9, then the bourse at 10. I had gotten through most of the dealers when I came upon one of my usual stops - a dealer who usually has several high quality half dimes. This time was no exception.

The coin that caught my eye was an 1839-O, graded MS66 by NGC. I expected a hefty asking price. It was, but it seemed fair given the price guide info I had with me. I almost never buy at first look, and this was no exception. Despite being smitten, I left to finish checking dealers' offerings and then went home.

That night, as usual, I checked auction records in some detail. It turns out that high grade 1839-O half dimes are scarcer than I realized. NGC population is 2 in MS65, 2 in MS66, and 1 in MS67. Heritage has two MS65 sale records, in 2006 and 2007. Those were of the same NGC coin, which has since been upgraded to be one of the two MS66 examples. That coin made four more appearances as MS66 at Heritage in 2008-9. Heritage has no records of the MS67, and a single record, from 2012, of the coin I was considering.

I am not a PCGS member, so the only access to their population reports that I have is through Heritage, and that is limited as you may know. The best I can do at present is note that last 2009 description of the other NGC MS66, which states that there were no MS66 or better PCGS examples at the time. Also, the PCGS price guide has an outrageous number for the MS65, which says to me that there might be one or two of those, and none better. The only other thing I can try is to look at the registries to see what people have, or join PCGS to get access to their pop reports. (Update: yeoldeone, who has the #1 & #2 sets in the NGC registry, including the MS67 1839-O which he bought in 2004 in a Superior auction, says there are two PCGS MS65 examples, with none better.)

In any case, with the information I have, the coin under consideration is arguably #2. It is toned more deeply than I normally like, and the Heritage photos make it look unattractive. In hand, one can see the features that are unappealing in the photos, but they are not really bothersome at all. Also, despite the deep toning, the coin has great luster, and the quality of the strike and surfaces is not obscured. The coin is really nice!

So, to make this long story a little longer, I decided to get it Saturday morning, assuming it was still available. As I reached the dealer's table, he was finishing a conversation with another man who mentioned that he was building a set of high grade Liberty Seated half dimes! But the prize was still in the case - for a couple more minutes...

To see old comments for this Journal entry, click here. New comments can be added below.