Shipwreck effect

[danno26]

Just out of curiosity, how do you value coins with the "shipwreck effect"? My thoughts are that they probably should cost less than an equivalent grade as the "effect" probably should be considered damage, for lack of a better word. I do realize that there is some romance involved with owning a recovered treasure coin, but some prices I've seen seem high. Just wanted to get some thoughts.

Check back later. Thanks.

 

[michael]

Just out of curiosity, how do you value coins with the "shipwreck effect"?

 

if a NON CLEANED coin of the same grade is worth one dollar

 

the same coin but shipwreck effect is approx. 10 cents on the dollar

[WoodenJefferson]

Well, most times your buying the "provenance" or the historical value that can be traced back or authenticated to a certain event in history. You're buying a piece of significance for that era and the effect of damage due to lack of preservation is taken into consideration with the proper "disclosures" ie; corrosion, conglomerations, porosity, post salvage treatment, etc.

 

What is to much...it all comes down to the eye of the beholder.

 

edit: forgot, welcome to the coin forum and "Book'em Danno"

[michael]

Well, most times your buying the "provenance" or the historical value that can be traced back or authenticated to a certain event in history. You're buying a piece of significance for that era and the effect of damage due to lack of preservation is taken into consideration with the proper "disclosures" ie; corrosion, conglomerations, porosity, post salvage treatment, etc.

 

What is to much...it all comes down to the eye of the beholder.

 

edit: forgot, welcome to the coin forum and "Book'em Danno"

 

 

your paying a huge profit to the buyer and all his expenses in promoting said damaged coin

[just-john]

you buying the provenance of knowing the coins not from CHINA

[danno26]

If I'm reading the posts correctly, looks like they should be valued less. I'd have to say I agree. As it seems that they pull many of these treasure coins up by the thousands, there should be no trouble getting one. As far as provenance, I could understand paying a premium for a coin/medal known to be owned by an historical person or known to be associated with a historic event. (Large cent counterstamped with Washington&Lafayette, 1848 CAL gold comes to mind).

[thebeav]

I just bought a Buffalo nickel deal that was stored in an old soup can in a garage for years. The can was rusted and the rust has transferred to most of the coins. I'm selling them as the "stored in a soup can in a garage effect", not the culls that they really are.

Since when does a fancy description transform a cull to an acceptable grade coin ?

 

Paul

[WoodenJefferson]

I just bought a Buffalo nickel deal that was stored in an old soup can in a garage for years. The can was rusted and the rust has transferred to most of the coins. I'm selling them as the "stored in a soup can in a garage effect", not the culls that they really are.

Since when does a fancy description transform a cull to an acceptable grade coin ?

 

Paul

 

When something like this is attributed to the rusty can of Buffalo nickels:

 

This particular Campbell Soup can was a ration carried by the first traversal of the Northwest Passage via dog sled by Greenlander Knud Rasmussen. This feat was accomplished while on the Fifth Thule Expedition (1921–1924). Rasmussen, and two Greenland Inuit, travelled from the Atlantic to the Pacific over the course of 16 months via dog sled teams. Hidden within a secret compartment on the lead dog sled, a small stash of Buffalo nickels that were carried along for trading were discovered in the used soup can.

 

Until their finale release earlier this year, the Great-Grandson of Rasmussen had stored the rusting soup can in his grage in El Segundo. The hoard of Buffalo nickels have stayed nestled inside the rusting soup can since the early 1920's.

 

Now you to can own a part of this fascinating historical saga.

 

edit: grammer

 

[physics-fan3.14]

I just bought a Buffalo nickel deal that was stored in an old soup can in a garage for years. The can was rusted and the rust has transferred to most of the coins. I'm selling them as the "stored in a soup can in a garage effect", not the culls that they really are.

Since when does a fancy description transform a cull to an acceptable grade coin ?

 

Paul

 

When something like this is attributed to the rusty can of Buffalo nickels:

 

This particular Campbell Soup can was a ration carried by the first traversal of the Northwest Passage via dog sled by Greenlander Knud Rasmussen. This feat was accomplished while on the Fifth Thule Expedition (1921–1924). Rasmussen, and two Greenland Inuit, travelled from the Atlantic to the Pacific over the course of 16 months via dog sled teams. Hidden within a secret compartment on the lead dog sled, a small stash of Buffalo nickels that were carried along for trading were discovered in the used soup can.

 

Until their finale release earlier this year, the Great-Grandson of Rasmussen had stored the rusting soup can in his grage in El Segundo. The hoard of Buffalo nickels have stayed nestled inside the rusting soup can since the early 1920's.

 

Now you to can own a part of this fascinating historical saga.

 

edit: grammer

 

:thumbsup: Collectors will always buy the story.

[thebeav]

Thanks for the help with the story WJ.....I had forgotten most of that.....

Well....I'm off to the printer !!

 

Paul