Should I buy...1899-S $5 gold...edited with pics..yes...I bought it!!

[MarkFeld]

Thanks for the input. There are some scratches on the holder in the area in question. They're vertical scratches in the same orientation as seen on the pictures... is my tungsten light casting shadows? I'll try to get better pics and maybe some closeups.

 

My mistake on the holder. I seriously looked at perhaps 50-60 slabbed pieces the other day. I thought PCI and ICG were in the same ballpark in terms of second tier slabs.

 

Anyway....knowing what you know now...what would you do with this piece? I could keep it (live and learn I suppose); I could try to sell it as is; ANACS plastic?; or go for broke at one of the big two; I could keep it and wait for the price of gold to go up...harhar.... any thoughts or comments welcome.

 

Best Regards,

 

Leo

Keep it as is, as an inexpensive reminder that "often, when people buy a coin because it seems cheap, they end up with something they don't really care about."

[MBA101]

Mark, the pics have not convinced me of anything just yet, and besides, every collector should handle a raw gold coin at least once in his/her life, with no harm done if it has actually been cleaned.

[MarkFeld]

Mark, the pics have not convinced me of anything just yet, and besides, every collector should handle a raw gold coin at least once in his/her life, with no harm done if it has actually been cleaned.

I wasn't speaking of the images as much as I was about how Leo seems to feel about the coin, itself. Nothing in his posts leads me to believe that he is especially enamored with it. Rather, the discussion has been more about price, cross-over, up-grade, etc. And that is not a criticism, just an observation.

[Connecticoin]

Leo, please tell me about the last image of the reverse and the area under the eagle? It looks as if it might be a patch of mostly vertical hairlines, the type of which could indicate a wipe or light cleaning.

 

From that last image, I see faint evidence of hairlines in all the fields from a light cleaning. Is the cert number 9 digits or 14 digits? A lot of times the 14 digit (as well as the 10 digit) PCI Greens have accurately graded or even undergraded coins, but the 9 digit ones are typcially as bad as the gold label PCIs.

 

As always, though, buy the coin and not the holder.

[zrlevin]

I have an idea:

 

Take that $265 that you would have spent on the gold. Put it in the 1877 fund.

 

From the information given, I think that this transaction will be a mistake. If you want to flip something, wait two weeks for the Jefferson spouses.

 

[lkenefic]

Mark, the pics have not convinced me of anything just yet, and besides, every collector should handle a raw gold coin at least once in his/her life, with no harm done if it has actually been cleaned.

I wasn't speaking of the images as much as I was about how Leo seems to feel about the coin, itself. Nothing in his posts leads me to believe that he is especially enamored with it. Rather, the discussion has been more about price, cross-over, up-grade, etc. And that is not a criticism, just an observation.

 

Absolutely... It doesn't take Dr. Phil to figure out what my intent was on this piece. This coupled with what my collecting interests have been over the last five years (look at my by-line) and one should have no doubts that I was looking for a quick flip, a cross, or an upgrade. I suppose after I finish my 7070 Type set I might look at the gold page, but I was wanting to tackle this when gold comes back down to more manageable prices as I do believe the market is somewhat overheated at nearly $700/oz and I thought the piece in question was a favorable price. Flame me if you want...but if you never take chances...well...

 

The PCI holder has a 10 digit serial number ...14 if you include the 4 zeros preceeding the number. Was a more skilled grader certifying coins for this company at the time?

 

zr... I guess you were right! I suppose hindsight really IS 20/20

 

Thanks for all the comments... This is definitely a case where I should have known better but didn't...

 

L

[MarkFeld]

Leo, don't be too hard on yourself - it was a low risk gamble. (thumbs u

[TomB]

The PCI green holders had some nice coins in them, but not only have enough years past so that a great many of the nice coins have been taken out of their PCI holders, but this generation of PCI holders also had an issue with wiped coins. In my own experience I had seen several better date, early Washington quarters that appeared to be undergraded in PCI MS62 holders that were actually wiped pieces that would bag at NGC, PCGS or ICG. The Washington quarters were dates such as 1932-D, 1932-S, 1934-D, 1935-D and 1936-D. In fact, someone I know bought some of them, cracked them out and then could not get them into NGC or PCGS holders because they were rejected each time as wiped. If this coin is wiped it should at least be worth within a few percent of spot gold value, which is currently about $165. However, if you sell it raw you will take the risk of having to convince some folks it is genuine. If the coin is actually wiped, I would either attempt to return it to the dealer even if I had to pay a 5% or so fee, or I would immediately sell it in the holder to another dealer or collector. I would not crack it out and I would not hold onto it since the money tied up in the coin is not doing you any good.

 

Please understand that my determination of being wiped comes from the images provided and my interpretation of those images. It is entirely possible that I am wrong about the coin.

[lkenefic]

Let me ask you this: If I submit this coin to NGC in the PCI plastic, will they keep it in its current plastic if they decide it's BB'd due to a wipe or will they crack it and then decide to BB it? I could live with paying the additional $35 or so if I would be assured that if it doesn't cross I'd get it back in the original holder. Have any of you been stung before trying to do this? Wipe/light cleaning aside... I can't see this piece grading any less than 62...L

[MBA101]

Do u see any dense hairlines on the coin in bright light?

[MarkFeld]

Let me ask you this: If I submit this coin to NGC in the PCI plastic, will they keep it in its current plastic if they decide it's BB'd due to a wipe or will they crack it and then decide to BB it? I could live with paying the additional $35 or so if I would be assured that if it doesn't cross I'd get it back in the original holder. Have any of you been stung before trying to do this? Wipe/light cleaning aside... I can't see this piece grading any less than 62...L

NGC should leave it in its current holder if it won't cross, regardless of the reason (lower grade, body-bag for cleaning, etc.). Rather than spending $ for an attempted cross-over, however, I'd suggest just getting a few (free)opinions from experts at a show and saving the fee you mentioned. If you start spending additional money to try to cross it, etc. it will probably end up being a bad or worse deal.

[lkenefic]

Do u see any dense hairlines on the coin in bright light?

 

No... I looked at this coin with a 10x loupe before I purchased it but in all honesty I was keying in on the bag marks behind Liberty's head and the spot on the second "T" in "STATES". I looked at the fields and actually thought they were pretty clean. Based on this, I thought the coin might have upgrade potential...L

[lkenefic]

Well...I spent about an hour looking at this piece yesterday under 20x magnification and a tungsten bulb... I think I found what TomB was referring to:

 

 

 

 

Under the Eagles' right wing is where I now see the most "hairlines". I only see them when I tilt the coin at about a 45 degree angle under intense light. I'll try to take this one back. Thanks for all of your help on this.

 

Best Regards,

 

Leo