Loc: St. Louis, MO
I have an amazing coin that I'd like to offer for sale or trade today. This coin not only is highly sought after as is, but it has, IMO, a TON of upside potential. I'll show you the coin first, then share my thoughts and asking price:
Here is a closeup of FIVE CENTS:
So, what we have here is a 3rd-gen NGC "Fatty" holder with an unattributed FS-801 "Doubled Monticello/FIVE CENTS" DDR. In MS66!!! After a quick call to NGC customer service, I found out that this coin was graded in 1988. That means this coin has been sitting in a slab for almost THIRTY YEARS without someone looking at the back to check for the DDR. YIKES. NGC currently shows 2 higher at 67 with 7 at 66.
This is a once-in-a-lifetime kind of coin, honestly. Now, any of you who are paying attention will know that I also collect Jefferson Nickels. This coin will most likely end up in my collection, and I'll end up selling my lower-grade 1939 DDR. HOWEVER...I figured I'd give some fellow coin collectors the opportunity to add this coin to their collection "as is" before I decide what to do with it.
Now, here is the good:
Old NGC MS66 holder One of the highest graded examples known of this tough variety ALMOST full steps.
Let's pause here and talk about the steps. To me, this coin is not an NGC 5FS or 6FS coin. HOWEVER...I currently own quite a few PCGS FS Jeffersons with much, much worse steps than this coin. If this coin got crossed into a PCGS MS66FS slab...it's a $5,000 coin instead of a $2,000 coin. That, to me, is quite a lot of upside potential for one coin.
Okay, let's talk about the bad:
There is a minor spot of corrosion just under the steps. Below will be a closeup of it for your inspection. Will this coin need to be conserved? Will NCS be able to remove those tiny spots without turning it into a Details coin? Will it stay at MS66 once it's been sent to NCS?
(Side note: PCGS has a crossover special for February - no charge if it doesn't cross)
I think these are all valid questions - questions that will need to be balanced against the potential for a pretty significant profit.
Now, you might be asking me: If you already did all the homework, why don't you just send the coin to NCS/NGC or PCGS? Well, I've been thinking about it for a couple weeks now since it arrived, and I thought I'd give everyone a few days or so to mull over the "adventure" of this coin. If my terms are met, I think I'll be a happy camper and be able to move on (although I'll really, really be interested to hear the end results for it.) If my terms aren't met, I get to keep the coin and put it in my collection.
I am open to considering trades. What do I want in trade? TWO ounces of gold or 140 oz of silver. Can be in any mainstream coin/bullion form. Can be US coins or World coins (will count by ASW).
USPS Money Order or PP GIFT: $2200 FIRM.
Yes, I realize that my asking price is higher than book value for this grade/variety. However, let's say the coin ends up in a PCGS MS66FS slab - there is PLENTY of room left over for someone to be extremely comfortable and make a decent hunk of change.
Loc: St. Louis, MO
I will agree with you (as I stated above) - it doesn't look like 5FS to me, but I do have some PCGS FS slabs with worse looking steps than this coin. I've also had a couple people tell me the coin might even get a 67 if sent in for regrading.
If you see the images of the slab, you'll notice that the variety is not attributed on the slab. Been almost 30 years in that slab...not one person before me thought to even check the reverse. Love it.
I also love looking at major varieties like this in high grade. Really lets the doubling show through (aren't blended together or weakened by circulation wear.)
I'm scratching my head. I don't disagree with all of what you have to say. The question does pop into my head that if I had a coin like this why would I offer it at such potential. Why don't you do what you say needs to be done to make this a $5000 coin? I might be nieve here and I am not looking to start trouble. What I am doing is trying to learn about these situations because this is not the first time I have seen this. I mean in general. Not with this seller. Whom by the way I think is being very honest and upfront.
Loc: St. Louis, MO
Here would be my response (although, I thought these pages were all "Read Only" as they transition to the new forum?):
As I stated earlier, I have no problem sending the coin in myself for attribution, conservation (if needed), and possible upgrades. However, that is an investment in time, energy, and money. All of which I have, but, to be honest, I think every seller has a price point at which they say, "I'll be content with X dollars instead of the lottery ticket."
PCGS Price guide for an MS66 is $1,750 ($6,650 for 66FS). NGC's clunky US Coin Price Guide (sorry, NGC, but I call it like I see it, and I do NOT like your "upgraded" version of the guide) doesn't even list prices, so let's just use PCGS for the time being.
I'm asking about $500 OVER PCGS Price Guide if paid in cash; $650 in trade. For someone, IMO, to take that leap, there should be a worthwhile "reward" if they are successful in crossing the coin over and/or upgrading it. I always try to be fair, and that's my logic behind the asking price.
Now, the point will be moot when I send the coin to NGC for Designation Review this week, but I think it's an interesting discussion nonetheless.