Tom Reynolds sells Cent collection

[Nutmeg Coin]

http://www.coinworld.com/news/us-coins/2016/02/tom-reynolds-sells-his-large-cents.html?utm_medium=Email&utm_source=ExactTarget&utm_campaign=cw_editorial_digital-edition&utm_content=

 

It looks like Mr. Reynolds is getting substantially more than the pre-auction estimate. I was always surprised he could have so many uncertified high end coins on display at shows and find buyers for them as high end mintstate in this day and age.

[BillJones]

Most of Tom Reynolds' customers are hard core EAC members who don't care for certification holders, especially since those customers use higher grading standards. Some of those clients won't even look at a certified coin. Over time that will probably change as more and more of the "old guard" retires from collecting. Still the Reynolds client list is large enough so that he will not need to change his business model.

[leeg]

Love that early copper.

 

 

 

[Hard Times]

For the sale at Goldberg, all of his cents were put into PCGS holders and sent to CAC. At shows when he sets up, a significant portion of his inventory is now in NGC and PCGS holders. Same with McCawley.

 

Best, HT

[physics-fan3.14]

I always love seeing the collection that a specialist puts together (even if I have very little knowledge or experience in the area represented). You know that these are some quality pieces, assembled with care. I am happy (and not at all surprised) to see that these are doing well.

[Arizonadesertrat]

Most of Tom Reynolds' customers are hard core EAC members who don't care for certification holders, especially since those customers use higher grading standards. Some of those clients won't even look at a certified coin. Over time that will probably change as more and more of the "old guard" retires from collecting. Still the Reynolds client list is large enough so that he will not need to change his business model.

 

I agree. The large cents that I bought from him were all raw, and in the condition census. I am quite sure that they will grade, as they have a 'choice' look. But they will stay raw until I decide to sell them.

[numisport]

Okay I get it; you're not the only ones that don't like the holders. If those were my early coppers, I would love a TPG opinion. Then crack them out if you feel better about it. Get the benefit of years of research and comparison to grading sets as well as a consensus of experts ! Also high end coppers should always be sealed to preserve original red if any. Think of future generations beyond yourself.

[RWB]

Some EAC buyers will immediately discard the plastic, so the coin can be studied and enjoyed in its natural state.

[jom]

Some EAC buyers will immediately discard the plastic, so the coin can be studied and enjoyed in its natural state.

 

All true but I wonder why that isn't the case for other series as well.

 

jom

[BillJones]

Okay I get it; you're not the only ones that don't like the holders. If those were my early coppers, I would love a TPG opinion. Then crack them out if you feel better about it. Get the benefit of years of research and comparison to grading sets as well as a consensus of experts ! Also high end coppers should always be sealed to preserve original red if any. Think of future generations beyond yourself.

 

You could get a very healthy debate on how much the graders really know about early copper from some of us. Some of the people who have graded copper for the TPGs in the past were pretty good with Morgan Dollars but not so good with early copper.

 

Your statement implies that years of experience and study outside of the TPG environment does not mean as much as merely getting hired by a TPG. It's like getting hired or elected into the government. Some people think that anyone in government is more qualified than private citizens who have studied the issues for years. For some people government and TPG + CAC is "a religion." It is accepted and cannot be questioned.

 

If the TPGs are so perfect then how can a piece of early copper (1793 - 1814), that is considered to be an AU among the finest known among its pears, come back in a body bag (no grade) one time and in a holder the next time? Such half baked, poorly executed opinions can theoretically cost people thousands of dollars. I am not a member of the TPG and government "religions."

 

As for slab holders preserving coins with red color for generations, you can get a healthy debate about that too. Plastic holders can be mointure traps that can cause spots and corrosion. One must take great care with the storeage of copper coins embedded in plastic. You must store them in dry environments with very steady temperatures.

 

[Arizonadesertrat]

Okay I get it; you're not the only ones that don't like the holders. If those were my early coppers, I would love a TPG opinion. Then crack them out if you feel better about it. Get the benefit of years of research and comparison to grading sets as well as a consensus of experts ! Also high end coppers should always be sealed to preserve original red if any. Think of future generations beyond yourself.

 

A few comments regarding this:

1. TPGs aren't very good as far as early coppers are concerned. I have seen plenty of tooled large cents in top-tier slabs with nice grades on the inserts. And a number of them were in the inventories of long-time dealers (not copper specialists) who should have noticed this too.

2. There are many early coppers that were produced from recycled metal or metal with lots of impurities that lead to various problems (e.g., delaminations). The TPGs don't do a very good job of grading these or simply call them Genuine. There are many varieties of half and large cents (and colonials) for which there are NO coins that look 'nice.'

3. I have RB high-end large cents with original mint red. They were that way for more than a century before slabs and TPGs entered the hobby. Bill Jones is correct regarding slabs--they can be moisture traps.

4. There are slabbed early coppers that have been chemically treated to simulate mint red. At this point, I refuse to buy RD early coppers unless the provenance is clear. There are also plenty of slabbed coppers that have been cleaned and recolored brown. Again, slabbing does not protect the buyer as far as color is concerned.

5. Slabs don't offer much, except to make coins easier to sell to people who don't know too much about what they are buying.

[numisport]

Dry environment and steady cool temps are certainly best for surface preservation of any delicate coin surfaces. My suggestion to TPG these particular coppers should be accepted as common sense third or fourth party opinion because these coins are being sold. I too was collecting proof coins before the advent of slabs and I do appreciate your philosophy about slabs being moisture traps. Do coins really develop spots in slabs or were these coins spittled upon before or during the slabbing process. A healthy debate this is. My slabbed gem cameo proof coppers are 65 years old now and after at least 12 to 15 years in plastic are still very pristine. Maybe someday I'll take them out to view them --- or not !

 

[BillJones]

Do coins really develop spots in slabs or were these coins spittled upon before or during the slabbing process(?)

 

The is no "carved in stone" answer to that question. The coins make have been contaminated before they went into the plastic. I have seen Indian Cents that were in Gem Proof red holders that quite literally turned to dust in the holders. Why? The coins were dipped and not properly rinsed before they were submitted to the TPG for grading. The TPG graders saw a Gen looking coin, but then the chemicals went to work and dissolved the coin within a few months.

 

On the other hand condensation inside the slab that landed on the coins stimulated spotting. Moisture is a catalyst for corrosion. It's why owning red copper is such a dice shoot. (the "CR" word is called "spoon" here.). The best you can do is store the coins properly and hope the best. I have come out of the "for best" side of this statement almost all of the time.

 

[RWB]

The pure copper used in the large cent era was not what would pass for "pure" today. Impurities have a considerable effect on how the alloy responds to environmental conditions. Copper quickly oxidizes and turns "reddish" but can then remain stable for a very long time if protected from heat, excess oxygen, moisture and especially sulfur.

 

The English copper was much better than that from US suppliers, and recycled industrial copper was worse.

[James_OldeTowne]

Some EAC buyers will immediately discard the plastic, so the coin can be studied and enjoyed in its natural state.

 

All true but I wonder why that isn't the case for other series as well.

 

jom

Many EAC members would suggest that, contrary to popular opinion, an early copper needs to be maintained over time in order to retain it's vintage appearance. Thus, they should be properly brushed about once a year. A slab makes that impossible.

 

To my knowledge, early silver and nickel coins require no such maintenance.

[JIM F.]

Some EAC buyers will immediately discard the plastic, so the coin can be studied and enjoyed in its natural state.

 

All true but I wonder why that isn't the case for other series as well.

 

jom

Many EAC members would suggest that, contrary to popular opinion, an early copper needs to be maintained over time in order to retain it's vintage appearance. Thus, they should be properly brushed about once a year. A slab makes that impossible.

 

To my knowledge, early silver and nickel coins require no such maintenance.

 

Which is preferred, Brilllo or SOS? I used to use a grinder, but I think it was a bit too harsh on the coins -- same goes for my teeth -- I mean tooth..

[johnny9434]

Some EAC buyers will immediately discard the plastic, so the coin can be studied and enjoyed in its natural state.

nothing wrong with that. i wish more of us had that. just saying

[Nutmeg Coin]

Some good observations here; what surprised me about Tom Reynolds set up at the Westchester show in the 90s was how most all his coins were uncertified which at that show was at least partly indicative of those who were known to sell problem coins. Plus his coins had a lot of eye appeal for cents. It's too bad I didn't ask him a bunch of questions about that, probably most dealers consider it rude. But with his authoritative status in the EAC group, I'm sure he had very little in the way of misrepresented material.

[BillJones]

Some EAC buyers will immediately discard the plastic, so the coin can be studied and enjoyed in its natural state.

 

All true but I wonder why that isn't the case for other series as well.

 

jom

Many EAC members would suggest that, contrary to popular opinion, an early copper needs to be maintained over time in order to retain it's vintage appearance. Thus, they should be properly brushed about once a year. A slab makes that impossible.

 

To my knowledge, early silver and nickel coins require no such maintenance.

 

Which is preferred, Brilllo or SOS? I used to use a grinder, but I think it was a bit too harsh on the coins -- same goes for my teeth -- I mean tooth..

 

The "coin brush" for early copper looks like a big tooth brush with a larger than normal brush part. The bristles are made of goat hair, and they are soft, but you can hairline a coin if you not careful. So gentle brushing is highly recommended.

 

The idea is that a film of greasy feeling grime can form on a copper coin if it is not brushed. This grime can promote corrosion if it is not removed. Over time a copper coin bush will get a green residue on the bristles as you use it, so the copper people might be on to something. The concept has been in play for as long as I've been a collector and well before that. Dr. Sheldon mentioned it in Penny Whimsy.

 

I don't have the ability to post pictures right now, but when I do I'll post a picture of a coin brush.

[Conder101]

For the sale at Goldberg, all of his cents were put into PCGS holders and sent to CAC.

To appeal to the investor types that need to be told what they are looking at. (Sorry my bias is showing)

 

At shows when he sets up, a significant portion of his inventory is now in NGC and PCGS holders. Same with McCawley.

Probably because that was what they were in when he bought them. But the last time I saw him at a show most of his material was still raw, including most of the Condition Census pieces.

[leeg]

This piece is "only" a BN but I'm happy with it:

 

 

 

 

 

[jpcienkus]

Very nice large cent Leeg!