Inherited a coin. Trying to get an idea if it’s worth anything 1 1

[Pbseiler]

Hello all, I recently inherited a coin and it appears to have been graded by NGC and I’m trying to get an idea of how much it may be worth. Any feedback would be appreciated. 
the case it is in says “1878 CC $10. AU details repaired. 

[Mike Meenderink]

Do not show this coin again. The coin you have is worth over $27000. You must immediately insure this coin. You also must keep it in a SAFE place. IE a BANK. The coin is extremely rare as only 3,244 of these CC 10 dollar gold pieces were ever minted and only 50 -75 coins are estimated to still exist. NGC has only ever graded 40 of these coins in both Details and Straight grades. You have one..! It has been repaired in some way, but it is still a VERY valuable coin. I would take this to a well known coin dealer or reputable coin store to have a more extensive evaluation done as far as actual value. It is very nice. Congratulations! Cheers!

Edited Saturday at 06:54 PM by Mike Meenderink

[Pbseiler]

On 9/14/2024 at 2:47 PM, Mike Meenderink said:

Do not show this coin again. The coin you have is worth over $27000. You must immediately insure this coin. You also must keep it in a SAFE place. IE a BANK. The coin is extremely rare as only 3,244 of these CC 10 dollar gold pieces were ever minted and only 50 -75 coins are estimated to still exist. NGC has only ever graded 40 of these coins in both Details and Straight grades. You have one..! It has been repaired in some way, but it is still a VERY valuable coin. I would take this to a well known coin dealer or reputable coin store to have a more extensive evaluation done as far as actual value. It is very nice. Congratulations! Cheers!

Interesting. Thanks for the info. I will do some digging on who I can see locally about getting it evaluated further. 

[Moxie15]

After you get that into a safe place ie a safe deposit box you need to decide what you wish to do. Take your time on deciding to keep or sell. Do not sell it to the first offer made or to the guy you ask to appraise it.

[dcarr]

Hard to tell from the picture, but it looks like maybe there was a gash on Liberty's face and it was smoothed out. There may have also been some tooling and smoothing done on the coin in other areas. Thus, the "Details" and "Repaired" qualifiers to the grade. Obviously, the damage and repair work lowers the value. But, in that state, I would guess the value is still about $10,000.

 

[Mike Meenderink]

On 9/14/2024 at 12:43 PM, dcarr said:

Hard to tell from the picture, but it looks like maybe there was a gash on Liberty's face and it was smoothed out. There may have also been some tooling and smoothing done on the coin in other areas. Thus, the "Details" and "Repaired" qualifiers to the grade. Obviously, the damage and repair work lowers the value. But, in that state, I would guess the value is still about $10,000.

 

The details grade makes little difference on a numerical rarity coin. I see AU details and no matter what the holder says the coin looks AU. IMO worth well over 27k. 

[Sandon]

   Welcome to the NGC chat board. 

   The good news is that you have inherited a legitimately rare coin, an 1878-CC (Carson City mint) Liberty Head ten-dollar gold piece or "eagle". The less good news is that the coin is impaired, which makes it somewhat difficult to value and possibly to sell.  Apparently, the coin was damaged in some way, and someone made the situation worse by attempting to "repair" it. Neither your image of the obverse nor the images of both sides on NGC Certificate Verification, Verify NGC Certification | NGC (ngccoin.com), clearly show the extent of the problem, but it appears that someone attempted to smooth out or fill a gouge or punch mark to the left of the date and possibly damage on Liberty's face as well. The coin also appears to have been "cleaned" or polished. A clearer full image of the obverse, cropped to show as little as possible of the holder, and a similar image of the reverse could be helpful. An estimate of the value will depend to some extent on the severity of the impairment.

    Based on the currently available images, the coin looks as though it would have numerically graded at approximately the AU (About Uncirculated) 53-55 level if unimpaired. Among current retail price lists, the NGC Price Guide lists the 1878-CC at $37,500 in AU 53 and $53,500 in AU 55 (Liberty Head $10 (1838-1907) | Price Guide & Values | NGC (ngccoin.com)), the PCGS Price Guide (often high) at $45,000 in AU 53 and $62,500 in AU 55 (https://www.pcgs.com/prices/detail/liberty-head-10/64/grades-25-60/ms?pn=2), and the CPG Coin & Currency Market Review at $28,800 in AU 50 (no AU 53 listing) and $55,200 in AU 55. However, impairments of this type can substantially reduce the market value and actual sale price of a coin, by several grades. In Very Fine (VF 20) grade, for example, the respective retail list values for this coin issue are "only" $11,000 (NGC), $12,500 (PCGS), and $9,400 (CPG). In any case, wholesale (dealer buy) prices would be lower, and auction house sales are subject to buyer's and seller's commissions.

    Better date U.S. gold coins like this are often sold at auctions held by major numismatic auction houses, such as Heritage (ha.com), Stacks Bowers (stacksbowers.com), Goldberg Coins (goldbergcoins.com), and Great Collections (greatcollections.com), which have archives of previous sales on which it might be possible to find a prior sale of an example with similar details but unimpaired. You might consider consulting one or more of these companies if you decide to sell the coin. Auction records can also be found on the NGC and PCGS websites.

  The laws of many states require that the property of a deceased person be appraised as of the date of the person's death as part of a probate proceeding before the property can be transferred to estate beneficiaries. Such an appraisal may also be important in establishing the tax basis of an item to determine the estate beneficiary's gain or loss upon sale. You should contact the person who handled this estate (usually called the personal representative or executor) to determine whether such an appraisal was obtained for this coin.

On 9/14/2024 at 2:47 PM, Mike Meenderink said:

The coin you have is worth over $27000

   I respectfully disagree with this assessment, at least based on the current images. Most of the collectors who buy coins at this level are connoisseurs or investors who tend to avoid impaired or "problem" coins. Those who are willing to buy impaired examples of rarer coins are usually looking for a favorable price. This coin could sell to the right buyer for over $27,000, but I wouldn't assume it to be worth that much. Still, this is a piece of some (likely at least low five figure) value.

[Mike Meenderink]

There is only 40 known. I'll buy it right now for $27,000.00. Let me know. Anyone that thinks this coin will sell at a bigger discount is a FOOL. This number is 10k back of AU 53 PRICE of $37k. SUPER DEAL! If you were to buy it.

Edited Saturday at 10:31 PM by Mike Meenderink

[Henri Charriere]

Regardless of outcome, this has to be one of the most captivating Topics ever posted on this Forum since 2019!

When is the last time you saw a first comment begin with: "Do not show this coin again"?

All of the contributors were in fine form. A special mention to Sandon for providing a comprehensive reply that reduced value to a range citing sources to substantiate his assertions.  

[Mike Meenderink]

On 9/14/2024 at 3:10 PM, Henri Charriere said:

Regardless of outcome, this has to be one of the most captivating Topics ever posted on this Forum since 2019!

When is the last time you saw a first comment begin with: "Do not show this coin again"?

All of the contributors were in fine form. A special mention to Sandon for providing a comprehensive reply that reduced value to a range citing sources to substantiate his assertions.  

Sandon is wrong.

[Mike Meenderink]

On 9/14/2024 at 2:49 PM, Sandon said:

Most of the collectors who buy coins at this level are connoisseurs or investors who tend to avoid impaired or "problem" coins.

Yea if you can even find one. In this specific case the value is NOT significantly reduced due to the actual NUMERICAL RARITY and the fact that the coin does not look bad.

[Henri Charriere]

On 9/14/2024 at 6:11 PM, Mike Meenderink said:

Sandon is wrong.

Whoa Nelly!  What's the big rush?  Why the urgency?  I respectfully submit The Procedure be followed and any impulsive decision be held in abeyance until @VKurtB has had an opportunity to examine the goods, in-person and in-hand.  Let's not all go off half-cocked without additional input.

In addition, let's refrain from assigning shortcomings to anyone who is merely carrying A Message to Garcia. I am impressed a simple enquiry set off a firestorm of responses.

[Mike Meenderink]

I would charge $10,000 just to let people hold it for 5 minutes.

Edited Saturday at 10:27 PM by Mike Meenderink

[dcarr]

This one (XF Details "Cleaned") sold in 2022 for $10,200:

https://coins.ha.com/itm/liberty-eagles/a/1326-4720.s

With the 20% commission taken out, that is a net to the seller of $8,500.

"Cleaned" is less severe a detractor compared to "Repaired". But this cleaned coin has a little more wear on it than the repaired coin, so I think that is sort of a trade-off when comparing the two.

 

Edited Saturday at 10:32 PM by dcarr

[Mike Meenderink]

On 9/14/2024 at 3:31 PM, dcarr said:

This one (XF Details "Cleaned") sold in 2022 for $10,200:

https://coins.ha.com/itm/liberty-eagles/a/1326-4720.s

With the 20% commission taken out, that is a net to the seller of $8,500.

"Cleaning" is less severe a detractor compared to "Repaired". But this cleaned coin has a little more wear on it than the repaired coin, so I think that is sort of a trade-off when comparing the two.

 

Lord have mercy Dan the 2 coins are so far apart in eye appeal it's not funny. I do not agree. Repaired but not so blatant and gross that it diminishes the eye appeal since we can barley tell what was "repaired". All good ...

[Henri Charriere]

On 9/14/2024 at 6:07 PM, Mike Meenderink said:

There is only 40 known. I'll buy it right now for $28,000.00. Let me know. Anyone that thinks this coin will sell at a discount is a FOOL.

WE DO NOT KNOW!  NO ONE KNOWS!

Recall the '33 DE exhibited damage on Liberty's left leg I likened to an injury sustained by a rocket-propelled grenade -- and it is unique.  There's no telling what the market is, for this coin, at this time.

Sandon is quite right in stating advanced collectors steer clear of coins that, as I put it, require explanation.

Note:  My modest fee (bill) for saving you thousands in totally unnecessary and unjustifiable expenses is in the mail. Cheers!  

[Mike Meenderink]

The OP wants to run into a buyer with my mindset. Steer clear of Sandon types....LOL

[Henri Charriere]

On 9/14/2024 at 6:07 PM, Mike Meenderink said:

There is only 40 known. I'll buy it right now for $28,000.00. Let me know. Anyone that thinks this coin will sell at a discount is a FOOL.

This is speculative at best.  The OP did not state his intentions.  He simply "drove his vehicle in to get an estimate on its value."  He may very well wish to hold onto the coin.

[Mike Meenderink]

All said and done this is perhaps the rarest authentic gold coin any newbie has ever posted on here. I find it simply astounding and wonderful that a coin such as this lands upon a lucky family member of an astute collector. This possibly will ignite a passion for numismatics for the OP or readers of this post. Which could possibly impart knowledge and enjoyment that over the years will become more valuable than just this coin. This is the true motive behind most advanced collector's intentions. Most want to preserve and collect to offer to the next generation of passionate numismatic caretakers.  Again, condolences for your loss and congratulations on your inheritance of a very rare piece of numismatic history.

[Mike Meenderink]

On 9/14/2024 at 3:10 PM, Henri Charriere said:

When is the last time you saw a first comment begin with: "Do not show this coin again"?

This is for the OPs own personal security. Coins valued in these ranges are targets for thieves. Any advertisement which could lead to anyone locating the owner or the location of the item is not advised. Merely keeping the ownership private as well as the coin secured is usually sufficient to significantly deter bad actors.

[Henri Charriere]

On 9/14/2024 at 5:49 PM, Sandon said:

 .... The laws of many states require that the property of a deceased person be appraised as of the date of the person's death as part of a probate proceeding before the property can be transferred to estate beneficiaries. Such an appraisal may also be important in establishing the tax basis of an item to determine the estate beneficiary's gain or loss upon sale. You should contact the person who handled this estate (usually called the personal representative or executor) to determine whether such an appraisal was obtained for this coin....

As a collector with a Big Decision looming regarding disposition of my collection(s) I believe the above extract ought to be of interest to those who will soon be contemplating what was once unthinkable.

I thank Sandon for a contribution, the content of which many members may not have considered before.

[Mike Meenderink]

On 9/14/2024 at 4:28 PM, Henri Charriere said:

property of a deceased person be appraised as of the date of the person's death as part

Only if the estate is not in a trust. If the estate is placed in a trust tax laws do not apply to any tangible or intangible assets when transferred to heirs.

[Henri Charriere]

On 9/14/2024 at 7:32 PM, Mike Meenderink said:

Only if the estate is not in a trust. If the estate is placed in a trust tax laws do not apply to any tangible or intangible assets when transferred to heirs.

It's all new to me.  All I know is I recognize something is important when I see it.  His piece will encourage me to further investigate the matter at my leisure.

[Sandon]

On 9/14/2024 at 7:32 PM, Mike Meenderink said:

If the estate is placed in a trust tax laws do not apply to any tangible or intangible assets when transferred to heirs.

   As I understand it, certain trusts can be used to avoid probate proceedings but generally do not eliminate or reduce estate, inheritance or income taxes or the need for related appraisals. The topic author should consult with an attorney or tax accountant regarding such issues.

   I am attempting to help the topic author, who is apparently not a collector, evaluate this rare coin that he was fortunate enough to inherit. I have no wish to engage in argument on this thread with other members as to who is "wrong". I can state that I have purchased significant "Details" graded coins, including a 1793 half cent and a 1795 Flowing Hair dollar at major public auctions (Stacks Bowers) for around half their then list prices for unimpaired pieces at the same grade level and have observed similar discounts for significantly impaired pieces.  As it isn't possible to evaluate his coin from the available images, I recommend that if it hasn't already had a recent appraisal, he have it evaluated by a reputable coin dealer, such as a member of the Professional Numismatists Guild. See directory at https://www.pngdealers.org/af_memberDirectory_Custom.asp.

[Pbseiler]

Wow. I was told that it could be a valuable piece, but I’m usually pretty skeptical of statements like that. Thanks for all the insight. I’m not sure what I intend to do with this coin but it definitely appears to warrant further exploration to see what my options are. 

[dcarr]

On 9/14/2024 at 4:33 PM, Mike Meenderink said:

Lord have mercy Dan the 2 coins are so far apart in eye appeal it's not funny. I do not agree. Repaired but not so blatant and gross that it diminishes the eye appeal since we can barley tell what was "repaired". All good ...

Perhaps the owner can post better pictures of both sides ? Until then, I will assume that the "repairs" are worse than "cleaning".

 

[Henri Charriere]

If the owner chooses to sell, at some point, I envision he will be inclined to go the auction route.  There's plenty of time for that.  First he must get an evaluation by appraisers and referrals as to what auctioneer is best suited for marketing this piece best.

This is without a doubt the finest serendipitous development to be presented on this Forum in some time.

Edited Sunday at 07:09 AM by Henri Charriere
Correct word.

[powermad5000]

To the OP, hello and welcome to the forum!
 

To me after being gone for two days and just returning, upon reading this thread down to my comment, what I see here is what a potential auction could possibly look like. Some bidders holding great reserve due to the repairs, and possibly one ignoring the repairs based upon a limited pool of available specimens. We do talk on here about it being difficult to price details coins due to just such circumstances on who could possibly be present at a given auction and in this case the possibility of having one bidder like Mike who has his own beliefs which drive the price up.

I think the OP can take this coin to several places and get a "feel" for a given value, but I think its potential value is unknown because it would be dependent on who is present when it is auctioned and whether or not there is a bidder or two that have the mindset Mike does.

[Halbrook Family]

Isn't it worth what a buyer will pay? Someone offered $27,000. So it's worth $27,000 if Mike is willing to pay that price. If it's a legitimate offer then it's worth $27,000. I mean if the person was going to sell it should they sell it for $10,000 because that's what it is "worth" or go for the $27,000?  

[powermad5000]

On 9/17/2024 at 4:51 PM, Halbrook Family said:

Isn't it worth what a buyer will pay? Someone offered $27,000. So it's worth $27,000 if Mike is willing to pay that price. If it's a legitimate offer then it's worth $27,000. I mean if the person was going to sell it should they sell it for $10,000 because that's what it is "worth" or go for the $27,000? 

True that any given coin is worth what someone is willing to pay for it. Nobody said the holder of this piece should sell it for $10,000 or for $27,000. Only the seller can decide what is the minimum they will accept for the piece, typically by putting a reserve price on it at an auction. When the reserve does not get met, the auction ends without the sale being made and the owner still has their coin. And that is what I would recommend to the OP to do with this piece IF there is a will to part with it. The OP may want to keep it. We don't know.

On the other hand, if you keep putting it up for auction and the reserve time and time again does not get met, and you don't make the sale, then you pretty much should have a good idea you are looking to get too much for it, and people are not willing to pay that price. It would force you to lower the reserve to a more reasonable price to make the sale.