Something of possible interest...

[Afterword]

....to collectors of Seated Liberty Dollars.

 

No, it is not my coin.

 

 

https://www.proxibid.com/asp/LotDetail.asp?ahid=3397&aid=84606&lid=21076819&rfpb=0#

[BillJones]

The 1859-O is a common date that came from a U.S. Treasury hoard that was released in the early 1960s. I have some reservations about the obverse which seems to have a large rub or cleaned area that runs across the middle of the coin. It appears that there are a lot of hairlines there. Usually when coins like this are not certified, there is a reason for it these days.

 

I don't mean to shot you down out of any malice. It's just that I have reservations about the coin.

[Afterword]

"I don't mean to shot you down out of any malice. It's just that I have reservations about the coin."

 

 

 

 

 

As do I.

 

Edited to add: The reverse looks cleaned as well.

[AHFreak]

I am no seated expert, but to me that coin looks like it has been buffed or something like that.

[Afterword]

Despite the obvious cleaning, and a recent one at that, someone is willing to pay $700 for the coin, and it may sell for even higher. While not rare, the coin certainly demands a hefty price, even in the lower grades, and apparently even if cleaned.

 

Why is this so?

[BillJones]

Despite the obvious cleaning, and a recent one at that, someone is willing to pay $700 for the coin, and it may sell for even higher. While not rare, the coin certainly demands a hefty price, even in the lower grades, and apparently even if cleaned.

 

Why is this so?

 

The short simple answer is that they have bid too much. They are bidding as if this is a no problem AU grade coin when it is in fact a problem coin that worth at most half of what they are paying when you add the Internet buyers' fee.

 

It looks good to the novice because it is bright and white and looks like it has mint luster. Many collectors like white coins, and that why so many pieces have been dipped over the years. It does have some mint luster, but the surfaces have enough problems to negate that.

 

[CaptHenway]

Possibly whizzed. Can't tell.

TD

[AHFreak]

Despite the obvious cleaning, and a recent one at that, someone is willing to pay $700 for the coin, and it may sell for even higher. While not rare, the coin certainly demands a hefty price, even in the lower grades, and apparently even if cleaned.

 

Why is this so?

 

I too have wondered about this, (in general, not specifically for this coin that I know very little about).

 

Is there an equation that helps determine the "book value" of a details or otherwise problem coin? a details AU coin will obviously sell for less than that same coin in problem free AU, but is it a certain percentage? Are those percentages something that could be applied across the board? How does anyone asses and determine value for a "details" coin?

[RWB]

Harshly buffed and cleaned on both sides. Ruined as anything more than a hole filler. Might be worth $50 in a dark room and after too many martinis.

[BillJones]

Harshly buffed and cleaned on both sides. Ruined as anything more than a hole filler. Might be worth $50 in a dark room and after too many martinis.

 

Gray Sheet bid in Good is $240, so it's probably worth more than $50, but hole filler it is. To the experienced eye this coin is probably an eyesore when if you were to see it in person.

[Afterword]

The higher dollar Details coins do fairly well, considering. The less obvious the cleaning the better they do. What I am curious about is who is buying them - dealers/profit-minded, collectors who cannot afford such a coin otherwise, or, as Bill asserts, novices? I suspect that all apply to varying degrees, depending on potential profitability for the dealers/profit-minded and affordability for the other two.

 

Some profit-minded individuals might remove them from their holders and sell them as problem free.

 

[BillJones]

The higher dollar Details coins do fairly well, considering. The less obvious the cleaning the better they do. What I am curious about is who is buying them - dealers/profit-minded, collectors who cannot afford such a coin otherwise, or, as Bill asserts, novices? I suspect that all apply to varying degrees, depending on potential profitability for the dealers/profit-minded and affordability for the other two.

 

Some profit-minded individuals might remove them from their holders and sell them as problem free.

 

I don't see any profit to made from the piece at the current bid + Internet fee. I see a burial until the market catches up with it, which could take a long time. Many collectors would rather have a "no problem" piece in Choice VF or EF than something like this.

[Nutmeg Coin]

Has "Proxibid" become the new sucker pond for raw coin sellers? You've got to love those glowing descriptive terms you see on many auction listings of raw coins that would not pass the critical analysis of the main grading services. The same goes for the raw currency, PMG and PCGS do not slab problem material without noting what the problems are generally. But I have yet to see regular sellers point out much in the way of faults of their auction listings.

[Afterword]

It looks like someone is going to profit on the coin in the OP. While I think it is true that many collectors would not be interested in this coin, I suspect there are those who would be interested.