Problem / damaged coins - the grading dilemna

[macrocoin]

How do you approach grading coins that have some defect, like a major rim nick?

I have been looking at a few of my morgans and realized I have some coins that I simply cant grade. The details on some are EF-AU, but then they have some flaw that makes it impossible to offer a grade to the coin. I cant think of much that disappoints me more than finding a coin that has great details, little to no wear, and some careless gouge. I have one coin that has easily EF details, but its bent and doesnt lay flat. Aside from the bend, its great, but I cant grade it if its bent...I just toss it in with my culls and save them for when the spot market goes up.

 

I wind up with most of these when I buy bulk silver. Since I am paying melt prices most of the time I dont really lose anything, but it does get on my nerves when a careless owner ruins what was otherswise a nice specimen.

 

What do you do with your problem coins?

Sell them off?

Grade them and keep them any way?

[Brotherman]

I would sell them and use the money to buy a problem free coin.

I'm not speaking for anyone else ( but I think most would agree),

I'd rather have one problem free coin than 10 with problems.

 

With that said, I still have some problem coins in my collection.

They are mainly cleaned coins I got as a gift. I stuck them in albums

with the hope that one day they might tone up nicely.

 

Hays

[TomB]

I wish I could give you an answer, but I long ago decided that there were only two issues that I would buy if they had major problems and those two coins do not come up very often so I have not had to practice much.

[Bruceswar]

depends on what kinda of problem coins we are talking about. Here are 3 problems coins I have bought with say the last 6 months, I usally just keep the coins I have, and put them away...

 

1798 Silver Dollar

1805 Half Dollar

1859 O Half Dollar

 

All of these are problem coins and were bought because, this made them afordable.

 

[Brotherman]

I wish I could give you an answer, but I long ago decided that there were only two issues that I would buy if they had major problems and those two coins do not come up very often so I have not had to practice much.

 

May I ask, which two coins are you talking about?

 

Hays

[TomB]

1802 Draped Bust half dollar AG3 details or better

1904-S Barber half dollar F12 details or better

[Brotherman]

1802 Draped Bust half dollar AG3 details or better

1904-S Barber half dollar F12 details or better

 

I guess I should have added that I don’t collect anything as old

as both you and Bruce do. From what I understand it is almost

impossible to locate some coins in original problem free

condition - and if you could locate one the cost would be prohibitive.

I’m guessing that the two you mentioned are of that sort.

 

Hays

[macrocoin]

depends on what kinda of problem coins we are talking about. Here are 3 problems coins I have bought with say the last 6 months, I usally just keep the coins I have, and put them away...

 

 

1859 O Half Dollar

 

 

 

Do the scratches on the reverse really make this a problem coin?

Sad to think this would get bagged...the details are excellent otherwise.

[Bruceswar]

you are 100% correct and I bought the coin knowing it was one. This makes for a great album coin. This coin was also cleaned in the past, as is the case with most older coins. At one point in time they were wiped, or lightly cleaned.

[Bruceswar]

1802 Draped Bust half dollar AG3 details or better

1904-S Barber half dollar F12 details or better

 

I guess I should have added that I don’t collect anything as old

as both you and Bruce do. From what I understand it is almost

impossible to locate some coins in original problem free

condition - and if you could locate one the cost would be prohibitive.

I’m guessing that the two you mentioned are of that sort.

 

Hays

 

You are correct, just take a look at the JR Sale of late, many of the coins were in NCS holders, meaning they had some sorta problem with them.

[macrocoin]

you are 100% correct and I bought the coin knowing it was one. This makes for a great album coin. This coin was also cleaned in the past, as is the case with most older coins. At one point in time they were wiped, or lightly cleaned.

 

Would that same scratch on the reverse result in a no-grade on a coin with say G-VG details? Clearly it gets in the way of a higher grade...but if all the details were worn away (think of a typical G-4 coin from that era) would a scratch of this magnitude negate those lower grades? I am also thinking that if the scratch occured early in the coins life, the wear over time would lessen the impact of the scratch, possibly to the point that it wasnt detectable any longer.

 

Thoughts?

 

I have a couple of Morgans with G-4 to VG-8 details, with some scratches...would the scratches still result on no-grade?

[Bruceswar]

Any scratch old or new will usally result in a nograde. Unless its very early US coins Bust coins and such. Such as a Bust dollar, or Bust Quarters, Bust halfs, tend to be a bit tighter, but as a rule the old it gets the more they tolerate. But like you say.. If you scratch an MS coin then it circs alot the scratch will wear out and not been seen anymore and it would grade.