Opinion: 60% of all better US coins have been altered in some way

[Doogy]

I remember reading from two different sources about top coin docs they have spoken to. In talking with these people, they stated that they think "60% or more of better US coins have been altered in some way". I've read that to mean doctored, color enhanced (ATd, or to have the original toning improved), puttied, dipped, etc.

 

What do you think of this statement? agree or disagree, and why?

 

 

[EZ_E]

I'll betcha that 60% is pretty close. Why? To either maximize profit or to try to make a bad purchase good.

[Tradedollarnut]

Probably true. That's one reason why old time collections go for absolute monster money...

[bsshog40]

I also think that alot of the so-called altering is done by unknowledgeable people.

[James_OldeTowne]

Boy, I think that number is way excessively high. Of course, I'm not sure what is meant by "better". To me, a "better" coin could be a 1949-S Franklin half in high grade. I find few of them to have been altered. Or an 1893-S Morgan in F-12. Again, most are still original (that I've seen). Sure, many high grade coins are dipped, but a "better" coin need not be high grade, not by a long shot. I think the estimate across the whole spectrum of coins is much too high, but for certain areas, it is much too low (say, Bust dollars). 1877 IHCs in mid-grade? Most are not altered. 1895 Morgans in PR-65+? Count on it. Etc.

[TomB]

The term "better" is too vague for me to really give a meaningful answer to the estimate.

[Doogy]

lets say "better" means coins $1,000 and up. I think that is enough to cover higher end Morgans with color, and type coins that are highly collectable.

 

 

[James_OldeTowne]

At $1000, I think a more appropriate estimate is something in line with 5% or less. For example, there are literally millions upon millions of Saints and $20 Libs that have never been bothered. And again, we'd be talking about thousands of S-VDBs, 1877 IHCs, Randall Hoard coins, GSA dollars, etc., that have never been messed with.

 

While I think someone might claim the 60% value in order to strike fear in the hearts of others (for what reason, I can't imagine), I think it's a little paranoid. Again, there are certain niches where 60% is a low estimate, such as bust dollars, red "grade rarity" copper, etc. Those are areas that are strong targets for coin doctors.

 

At $100,000, I think the percentage of altered coins is up considerably, but that's way above my level of comprehension.

 

By the way, I'd suggest that paper currency is far more likely to be close to the 60% estimate. Sometimes, I start to think that every "better" note has been washed and pressed!