HOL(E)Y THREE LEAVES! 1 1

[Sandon]

    I've decided to "show off" an early U.S. coin that is one of the worst in my collection in terms of condition but probably the rarest die variety of any coin I own. It is a 1795 Flowing Hair half dollar, die variety O-111, the only variety whose reverse has clumps of three leaves in the portion of the wreath beneath each of the eagle's wings. All other Flowing Hair half dollar reverses have only two leaves in each of these clumps. It is listed in the "Redbook" and as such much sought after. The reverse die was apparently defective, as all known examples show a crack most of the way across from the first "S" of "STATES" into the body of the eagle. The die apparently sank on one side of the crack, creating a ridge that protected part of the eagle from wear, so it shows more detail in worn grades in that area than it otherwise would. This reverse die was soon retired, making the variety rare, and the obverse die, which is notable for a boldly recut date, was paired with a "two leaves" reverse, resulting in variety O-112.

    This coin was crudely holed and also suffered extensive surface damage. It apparently was worn as a pendant and possibly embedded in a piece of jewelry as well. (On the reverse near the hole can be seen the filled remnant of a second puncture, possibly for a clasp.)  I bought this coin at a Scotsman auction back in October 2007 for about $785, which you could consider a lot of money for a severely impaired coin. However, an unimpaired example of this die variety lists $1,650 in "PrAG" in the NGC Price Guide. It lists $5,300 in Fine, $9,000 in Very Fine, one of which would be this coin's likely "details" grade. Notwithstanding the damage, it shows all of the characteristics of the variety. The coin is uncertified. The photos are Scotsman's.

   

 

   Do you think that it is worthwhile to own a rare coin that is this impaired but shows this much detail or, assuming that you couldn't afford an unimpaired example in an equivalent grade, settle for one that is unimpaired but much more worn? Feel free to add any other relevant comments or questions you may have.

 

[GoldFinger1969]

I never would object to getting a low-grade or impaired coin if it was one that was within my budget. 

If I ever get an MCMVII High Relief Saint, I doubt I'll be able to buy a MS coin, almost certainly an AU.

[J P M]

I made a purchase of a 1850 2.5 in a 2x2 It was at a good price and had some nice detail and gold color to it. When I got it home I took it out of the 2x2 only to find it had been holed and filled in the rim for a stud to mount a chain. It was unnoticeable  in the 2x2 . It was still a nice coin and was well worth the melt price but I just could not bare the thought of keeping it knowing it would never be worth more than just melt. So I returned it and upgraded to purchase this AU 58 graded piece for a few bucks more. This coin is not anything spectacular but I like the coin for what it is and it was around 50% of retail and in a NGC holder. After that incident I resided that any registry, questionable or large purchases would be graded coins to make things easier for my family to deal with after I am gone. I still buy ungraded coins but only in hand to hand combat at low prices. 

Edited March 4, 2023 by J P M

[Fenntucky Mike]

On 3/3/2023 at 12:46 AM, Sandon said:

   Do you think that it is worthwhile to own a rare coin that is this impaired but shows this much detail or, assuming that you couldn't afford an unimpaired example in an equivalent grade, settle for one that is unimpaired but much more worn? Feel free to add any other relevant comments or questions you may have.

Tough call, I probably would go with a lower grade depending on availability. If these come up for auction once a decade then I'd be much more inclined to pick up what I could in my price range regardless of condition. 

[zadok]

...the operative words here r..."rare die pairing"...if a person is into the various varieties n die pairings of any series u just buy what u find n hope u can buy better later on, in many such instances some of the rare die pairings r unique, early coppers have numerous examples, the liberty seated series r replete with unique n nearly unique die pairings there r numerous pairings where only two examples r reported in the half dollar series alone...i for one pursue these pairings aggressively regardless of condition n pay what ever the market requires...i suppose there r budget concerns for most collectors but it basically just comes down to how much u want to own the specific coin...i find the coin in this thread to be a totally acceptable purchase....

[AdamWL]

I'd gladly own that coin. I normally avoid damaged and cleaned coins like the plague. But I would make an exception for a rare enough coin, due to budget constraints. 

[Coinbuf]

First let me say thanks for posting your coin and providing the background information, I greatly enjoy learning about and studying all coins so threads like this are great learning experiences for all of us.   As to your question:

"Do you think that it is worthwhile to own a rare coin that is this impaired but shows this much detail or, assuming that you couldn't afford an unimpaired example in an equivalent grade, settle for one that is unimpaired but much more worn?"

While I very much enjoy learning about coins like in the op in general I have almost no interest in owning them.   In the same way that I enjoy learning about varieties and errors yet have limited interest in collecting those coins.   So for myself the answer is no, for my collection I do not feel that it is worthwhile for my collection to buy or own impaired coins at this stage of my collecting journey regardless of how rare that coin is.

And I can say with no shame that I am a bit of a coin snob, I just do not enjoy owning and viewing impaired coins or coins that; with very few exceptions; fall under the grade of XF in my own collection.  I understand that some collectors are very happy to own a rare coin, often times unconcerned about condition or problems the coin may have.   And if the coin pleases that collector and fits into his/her collecting strategy that is a good fit.  Many collectors see such coins as having character and are intrigued with and enjoy the history of an impaired coin; and while I certainly can appreciate those sentiments and ideas that is not a part of my collecting strategy.   I have in my collection a handful of coins that; like the few large cents I own or my one holed and plugged seated dollar; are impaired or low grade.   While I am in no hurry to replace them, I see these coins as examples I purchased before I knew what I liked or where I did not follow my own advice and remain patient and wait until I was able to purchase a nicer example.  I just enjoy owning coins that are not impaired and where I can see all the detail without having to imagine what the coin should look like without the impairment.

And that is the best part of coin collecting, we all get the opportunity to build our collection around our goals and what we each find exciting and enjoyable.   The key to coin collecting is enjoyment, buying and enjoying what we each like.

[Sandon]

   So far, there are four votes in favor of obtaining a coin like this "holey three leaves" as a rare die variety and two votes against. I myself have grown pickier over the years. At one time I might have settled for a "cull" (Poor to Fair or damaged) 1793 Chain or Wreath cent but now might not be able to stand their appearance, especially now at a higher cost. I might just end up never owning one, along with other coins I just can't afford in any grade.  In 2018 I bought another 1795 half dollar, this one graded VG 8 by PCGS, with unusually nice surface quality considering its age and grade. This one is the "A over E in STATES" variety, O-113, which is interesting in its own right though much less scarce than the three leaves.  I guess it still wouldn't be nice enough for @Coinbuf, who would now have to come up with $7,500 or so for an unimpaired XF example of a 1795 Flowing Hair half dollar if he wants one.

    Photos courtesy of Stacks Bowers Galleries.

[zadok]

On 3/4/2023 at 3:33 PM, Sandon said:

   So far, there are four votes in favor of obtaining a coin like this "holey three leaves" as a rare die variety and two votes against. I myself have grown pickier over the years. At one time I might have settled for a "cull" (Poor to Fair or damaged) 1793 Chain or Wreath cent but now might not be able to stand their appearance, especially now at a higher cost. I might just end up never owning one, along with other coins I just can't afford in any grade.  In 2018 I bought another 1795 half dollar, this one graded VG 8 by PCGS, with unusually nice surface quality considering its age and grade. This one is the "A over E in STATES" variety, O-113, which is interesting in its own right though much less scarce than the three leaves.  I guess it still wouldn't be nice enough for @Coinbuf, who would now have to come up with $7,500 or so for an unimpaired XF example of a 1795 Flowing Hair half dollar if he wants one.

    Photos courtesy of Stacks Bowers Galleries.

..."settled for" or just never own...sometimes thats the choice one has to make....

[J P M]

I have also purchased coins for my registry sets that normally would be MS but found a VAM or a collectable error for the slot to replace the MS coin.