My latest acquisition: 1922 Peace Dollar 1 1

[ThePhiladelphiaPenny]

Hello, I recently visited a small coin show and picked up a few pieces, among these I obtained a 1922 Peace Dollar, and it's not half bad. 

 

Looks to me like a MS 61, though it does have some kind of heavy corrosion. I purchased it for $25, which though it has a few flaws it really isn't a bad price.

I do have a few questions:

A: Do I need to worry about that corrosion? It's not too bad right now but I want to make sure it doesn't get worse. 

B: What grade would you peg this at? I'm not worried about value, just wanting to get a second opinion. 

C: This is genuine right? 

BTW, those two scratches toward the mid-left of the coin are on the plastic, not on the coin.

Thanks. Also, don't mind the poll, I just wanted to try it out. (Feel free to do it though). =D

 

[J P M]

Sorry to say. The corrosion looks like what we call carbon spots. They are in the silver and are a part of the coin now. 

[Henri Charriere]

I still can't get over the fact you posted this THING on that other thread.

I see no socially redeeming aspect of this coin. If you needed an ashtray, anyone on the Forum would have volunteered go get you one.

You have volcanoes which appear to have erupted and you're concerned about, what?  A scratch!

What you have here is someone's former nitemare!  The coin has zero numismatic value.  Why do you think it was sold to you for a pittance above melt?

I have advocated for an AU-59 grade but the powers that be laughed me out of the room.  It exists somewhere in the Twilight Zone, but is inapplicable and irrelevant here.

I am very much aware your joke is on me, but frankly, I can take being punked. Tomorrow is another day.  Cheers!

[ThePhiladelphiaPenny]

On 6/3/2024 at 7:56 PM, Henri Charriere said:

I still can't get over the fact you posted this THING on that other thread.

I see no socially redeeming aspect of this coin. If you needed an ashtray, anyone on the Forum would have volunteered go get you one.

You have volcanoes which appear to have erupted and you're concerned about, what?  A scratch!

What you have here is someone's former nitemare!  The coin has zero numismatic value.  Why do you think it was sold to you for a pittance above melt?

I have advocated for an AU-59 grade but the powers that be laughed me out of the room.  It exists somewhere in the Twilight Zone, but is inapplicable and irrelevant here.

I am very much aware your joke is on me, but frankly, I can take being punked. Tomorrow is another day.  Cheers!

Ok. Thanks, lol. I still like it, being a circulation collector. =D

[Coinbuf]

Well should I be gentle or not.     Ok the good, at $25 you paid basically melt, so if silver spot continues to rise, as some are thinking it will; you have an opportunity to resell in the near future and make a couple of bucks on it; which could possibly turn it into a good bullion play.   The bad, if silver spot drops you are left holding the bag.   The ugly, well that is obvious, this is one fugly coin with issues.

There is no real reason to try and grade this coin, it has AU details from what I can see, however, the spots and what appears to be some active corrosion/PVC make it a details coin at best.   I would highly recommend that you take it out of that 2X2 and give it an acetone bath to remove any PVC or active gunk that may be hiding in those corrosion spots.   Throw that 2X2 away and get a new one so as not to transfer anything to the post acetone coin.

I would also recommend that you pay close attention to silver spot and unload this as soon as you see the spot price rise a few dollars.   In this condition the coin will never have any numismatic value, it will always just be a bullion play type of coin.

 

Edited June 4 by Coinbuf

[powermad5000]

I would say for this common date high mintage of the series (51,737,000), with the obvious damage to the surfaces of both sides, it would be at best an AU Details grade for either corrosion or environmental damage. Some of those black spots are well advanced beyond just toning from a hole in the plastic of the cardboard flip. Even the best conservation efforts would still leave this coin with a very unappealing look.

The good news is you only paid a price near melt. Your stated thinking that it only has a few flaws suggests that you need much more education and research into the hobby. What happened here is the seller basically waited long enough to find a "sucker" (you) to unload this problem coin onto. My advice is to follow the steps stated by Coinbuf to give it a soak in some acetone, and put it into a new cardboard flip, but my addition to that is to NOT wait for fluctuations in market price but to unload this coin as quickly as possible and try to get your $25 back on the deal. This means selling it on eBay. A dealer is not going to give you the full $25 for it.

Once you have divested yourself of this piece, please do more research on collecting in general. There is nothing wrong with collecting coins that have circulated and there are many collectors who do just that. Some key dates you will only find as circulated pieces. But you should learn the difference between circulated and problem coin.