Who are the biggest buyers for damaged coins?

[shirohniichan]

I've been repeatedly surprised by the bids garnered by whizzed, bent, ex-jewelry, tooled, etc. coins. I've looking for such "junk" to display as I don't want to keep expensive coins in my house where anyone can see them.

 

Are such coins bought by fellow collectors, or do you think most of them end up being repaired and resold as "original" coins?

[EZ_E]

Lots of the full paged advertisers in the numismatic publications routinely buy problem coins and sell them for full retail to the newbie customers their adds draw in. They, of course, buy them at steep discounts.

[Just Bob]

Lots of the full paged advertisers in the numismatic publications routinely buy problem coins and sell them for full retail to the newbie customers their adds draw in. They, of course, buy them at steep discounts.

 

These people are, in my opinion, a blight on the hobby!

[James_OldeTowne]

My guess is that most are bought and kept "as-is".

[shirohniichan]

My guess is that most are bought and kept "as-is".

 

I'd like to think so. I'm just reminded of a harshly cleaned 1795 Draped Bust dollar I was offered a few years back and had to decline because a dealer offered the owner more than I thought was reasonable. It turned up on eBay as part of an "old estate" with artificial toning on it to hide the damage along with a note that the seller's son said "it might have been cleaned at one time".

 

Are there very many collectors who buy damaged coins and keep them?

[bsshog40]

In the beginning I have purchased some coins that turned out to be harshly cleaned, mostly hairlined. I didn't do this purposely but I still have them. Wouldn't be no need to try to re-sell as I would have to list them honestly and then would probably lose money on them. Might as well keep them.

[jesbroken]

I have bought a couple of damaged coins merely for their otherwise condition and low cost. I have no intention of ever reselling them and paid less than $10 for each of them. They are still attractive coins to me and are not a 'loss' in my opinion.

Here are the two coins:

[bajablu]

Lots of the full paged advertisers in the numismatic publications routinely buy problem coins and sell them for full retail to the newbie customers their adds draw in. They, of course, buy them at steep discounts.

_________________________

exactly what I was thinking!

[Just Bob]

Are there very many collectors who buy damaged coins and keep them?

 

I have a few - some purchased intentionally, some not. I still have all of them.

[James_OldeTowne]

My guess is that most are bought and kept "as-is".

 

I'd like to think so. I'm just reminded of a harshly cleaned 1795 Draped Bust dollar I was offered a few years back and had to decline because a dealer offered the owner more than I thought was reasonable. It turned up on eBay as part of an "old estate" with artificial toning on it to hide the damage along with a note that the seller's son said "it might have been cleaned at one time".

 

Are there very many collectors who buy damaged coins and keep them?

In terms of "repaired coins", I suspect that coin is part of a small majority that do get "fixed", to use an industry term. It's funny you should bring this topic up, as I recently submitted a "guest commentary" to Coin World on just this issue, and it has been accepted for publication in March.

 

I think that possibly a larger problem derives from those folks who are judgmental of others and their actions, particularly with a lack of all the facts surrounding others' circumstances. It's very easy to "assume" unethical behavior, particularly when discussions are such alleged behavior are more "exciting" to talk about. We all know that accusations of illegal, unethical and immoral behavior brings a lot more attention in discussions (particularly on internet chat boards!) than droll, boring discussions of "correct" behavior. One need only look ATS to confirm this.

 

Circling back to my Coin World submission, that's exactly what I discuss. I see nothing at all wrong with having damaged coins "repaired". The questionable behavior (for me) occurs when a perfectly acceptable coin is "enhanced" to increase profitability.

[halfpint]

 

the fact is you have to be constantly on guard when buying coins. it is thought that you can be safe buying slabbed coins but even THOSE have been suspect at times. it boils down to buying from a trusted dealer or honest collector that backs up their coins after the sale. buyer beware!!