A Total Gamble

[Lastufka Collection]

[None of my Journals seem to be posting to the forum, so if you'd like, please read my Update on my Journey... Westward, my thoughts on Toning, and, reprinted below, the one about A Total Gamble.]

 

I bought one of the “Light Finish” Grand Canyon specimens.

 

If you haven’t heard, a new mint error was discovered about a week ago in the America the Beautiful 5oz silver coin series. The numismatic version of the 2010 P Grand Canyon coin is supposed to come in a matte proof finish, but a few of these (eight confirmed, that I’ve seen) missed the complete vapor blasting stage, and so therefor have a shinier or semi-prooflike finish, similar to the bullion versions.

 

NGC recognized the error and has graded the eight confirmed pieces as “Light Finish”. From these publicly-known pieces there is one SP68, two SP67s, three SP66s and one SP65, the last one is of an unknown grade. Because the vapor blasting was never completed, the surfaces show polish marks and other flaws that will most likely keep these error coins from grading any higher.

 

I bought a SP67 specimen from John Maben.

 

My wager is, there won’t be many more “Light Finish” Grand Canyon coins found. This series is popular with collectors, collectors who would instantly recognize the error had they received one from the mint. So far, there aren’t many reports. Should these “Light Finish” errors remain such a small percentage of an already super low 27,000 piece mintage, my gamble will pay off. I got my SP67 for less than a thousand dollars.

 

I haven’t seen any threads here on the error, but the topic was quite hot this past week across the street. Some claim this “Light Finish” label is equivalent to the “First Strike” TPG nonsense used in marketing. Obviously, I disagree. I see this as no different than labeling some Morgan dollars as ProofLike, or the labeling of SMS coins separate from business strike coins, it is a completely different finish, even if it was done in error.

 

As a collector of the 2010 ATB 5oz series, I thought the error was exciting. And I hope only a few pieces slipped past the mint employees. I guess time will tell in regards to how many more pieces are found, and whether I have a true treasure, the first error of the series with very few known specimens... or some really overpriced silver. =)

 

Happy gambling, I mean, collecting!

 

Link to NGC's press release for the new variety: http://www.ngccoin.com/news/viewarticle.aspx?IDArticle=2265&;NGC-Recognizes-New-Variety-of-2010-P-Grand-Canyon-5-Ounce-Specimen-Issue

 

[cpm9ball]

I also read the NGC press release on these, but I think paying just under $1K for one is going a bit too far. If you look at many of the Mint errors that came out of the SQ & Prez programs, you will find that the initial "rush" to get one caused prices to soar for some of them, but after the the feeding frenzy subsided, the values dropped considerably. I'm inclined to believe that you wouldn't be able to get your money back on a resale down the road.

 

Chris

[Lastufka Collection]

Maybe. The non-error SP70s are going for $650, so this is only a 50% premium over that, not the kind of multiple x's premiums the presidential errors saw. I felt it was reasonable enough to buy in early. The SP68 error is for sale on eBay for $5,000 - I wouldn't touch that one. But yeah, I realize it's a gamble. More or less I posted the Journal to let others know about the error, as I hadn't seen it mentioned here yet. Although, maybe that's a sign of collector disinterest.

[MarkFeld]

Maybe. The non-error SP70s are going for $650, so this is only a 50% premium over that, not the kind of multiple x's premiums the presidential errors saw. I felt it was reasonable enough to buy in early. The SP68 error is for sale on eBay for $5,000 - I wouldn't touch that one. But yeah, I realize it's a gamble. More or less I posted the Journal to let others know about the error, as I hadn't seen it mentioned here yet. Although, maybe that's a sign of collector disinterest.

So, make up your mind, already - is it a "total gamble" or just a "gamble"?

[Broc Mitchell]

Will this become a part of any competitive registry sets? If yes, and some proliferation of specimines does not occur, the price would sky rocket I'd wager.

 

Otherwise, being that it is a whoops and not a true variety, I imagine the premium would remain nominal.

[Lastufka Collection]

It's already part of the "Complete" registry set for the ATB 5oz'er's. Not sure if they'll add it to just the SP set.

 

[Dcoin]

I think it's a good gamble compared to what you'd pay for a non-error coin. I would say, it may be a good idea to take your profit early rather than wait for these to go up indefinitely.

 

Good luck.

 

[e1cnr]

I think it is cool,

 

and when silver hits $200/oz it will be worth at least melt

[MikeInFL]

Would someone please explain how/why this coin isn't simply a die state?

[Lastufka Collection]

Would someone please explain how/why this coin isn't simply a die state?

 

Because it isn't the die that creates this effect. The coin was not fully vapor blasted after being struck. The die has nothing to do with it, as far as I know.

[mkman123]

Hmmm a gamble. Can someone post a normal finish one?

[Arizonadesertrat]

I also read the NGC press release on these, but I think paying just under $1K for one is going a bit too far. If you look at many of the Mint errors that came out of the SQ & Prez programs, you will find that the initial "rush" to get one caused prices to soar for some of them, but after the the feeding frenzy subsided, the values dropped considerably. I'm inclined to believe that you wouldn't be able to get your money back on a resale down the road.

 

Chris

 

I agree

[MikeInFL]

Would someone please explain how/why this coin isn't simply a die state?

 

Because it isn't the die that creates this effect. The coin was not fully vapor blasted after being struck. The die has nothing to do with it, as far as I know.

 

Very interesting. I had not heard of this process before, but a quick google came up with the following (talking of ATBs)...

 

The “vapor blasting” finish is applied over the entire surface of both the obverse and reverse.

 

“The machine uses a water vapor and ceramic media mix,” according to Mint spokesman Michael White. “It is similar to sand blasting, but instead of using dry compressed air [propelled at high speed], it uses a compressed wet vapor. The finish is applied to the coin after striking and not to the die. This will provide a consistent coin-to-coin finish.”

 

Source: http://www.coinworld.com/articles/mint-sets-2010-atb-bullion-price/

[Conder101]

Because it isn't the die that creates this effect. The coin was not fully vapor blasted after being struck. The die has nothing to do with it, as far as I know.

Right, it is just a case of incomplete post strike alteration.

[Lastufka Collection]

Well, this'll probably hurt the "light finish" Grand Canyon variety pieces a little. Oh well, live and learn: http://www.coinweek.com/news/coin-grading/ngc-certifies-2010-p-yellowstone-5-ounce-error/

[shirohniichan]

Because it isn't the die that creates this effect. The coin was not fully vapor blasted after being struck. The die has nothing to do with it, as far as I know.

Right, it is just a case of incomplete post strike alteration.

 

Ipsa facta?

[PeaceBD-migration]

This past weekend I finally got a chance to look at my Grand Canyon puck and it turns out I have one without the vapor blast .As mentioned even my GC has hairlines on both obverse and reverse. Here is a picture of my Grand Canyon.

 

 

Thanks

Bhushan

[ultra-crepidarian]

Sorry Alan, I just got an e-mail from Modern Coin Mart (John Maben-MCM) and I can’t believe how many of these "Light Finish" coins are now available for sale. When I got the e-mail, I immediately thought of you.

 

For those who don’t know, MCM is offering NGC SP63 – NGC SP70 "Light Finish" coins: your SP 67 coin is now priced at $549, the SP 68 coin that was on sale on E-Bay for $5000 can now be had for $648, a SP 69 coin is on sale for $999 and a SP70 version is on sale for $2,499.

 

I am sorry that your gamble didn’t pay off this time, but don’t let that discourage you. Hang in there, your future is bright in the hobby.

 

[Lastufka Collection]

I saw. I've been following these and saw the few that MCM auctioned off on eBay as actual auctions before they listed any on their site.

 

However, last week I bought an ICG Goodacre Presentation Sacagawea dollar, and sent it in to be graded. It came back a MS 68 DPL from NGC. The lowest priced 68 on eBay is listed at $2,000, the highest touching $3,000. I paid $600 for my ICG piece. So, that gain more than makes up for the Light Finish loss.

 

I know I'll win some and lose some. Here's hoping there are more wins than losses over time. =)

[Walkerfan]

No thanks; I'd pass.

[Schatzy]

However, last week I bought an ICG Goodacre Presentation Sacagawea dollar, and sent it in to be graded. It came back a MS 68 DPL from NGC. The lowest priced 68 on eBay is listed at $2,000, the highest touching $3,000. I paid $600 for my ICG piece. So, that gain more than makes up for the Light Finish loss.

 

Congrats!! I would have had trouble paying $600 for an ICG coin.

[L1ncolnF4n]

So, going through Heritage's inventory, I believe that I found about 6 light finishes out of about 200 coins. I found 2 that look like they have an even more brilliant finish than the "light" ones. One of those two has hairlines all over it, like the mint didn't even care.