Common flaws that hobbyists often miss

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Many hobbyists have become error seekers, forgetting that coins–even scarce or rare varieties–may have flaws that greatly reduce value. These defects are prevalent in raw coin lots in online auctions, eBay and Facebook. Do not bid on any that show these flaws:

Altered Surface

The cheek area of a Morgan dollar is important when assigning a grade. This one had flaws that the owner tried to hide by smoothing the cheek.

Cleaned

This would have been a desired semi key cent had not someone cleaned it (see hairlines) and loss of eye appeal.

Corrosion

While an 1866 Indian Head penny usually is desirable, a scarce date in the series, with 9,826,000 minted, this one is beyond repair and, to be honest, ugly. This is a DO NOT BID coin. Let others waste their hobbyist funds.

Counterfeit

China exports hundreds of thousands of counterfeit U.S. Coins. If you find a rarity, or think you have, you should know the die markers. Go to PCGS CoinFacts or some other directory to find out weight and other measurements. Go here to learn more about detecting counterfeit coins.

Dipping

It is difficult to assess luster and eye appeal with internet photos. This one has the look of an overly dipped coin, removing tarnish (and with that, luster) and deserving of a details “cleaned” grade from NGC or PCSG. You can tell by the overly bright luster with dipping grainy surfaces in the fields.

Environmental Damage

Coins develop spots, verdigris and other flaws from storage or exposure to chemicals and the environment. The damage affects eye appeal. Sometimes restoration may help, but typically the coin will not grade numerically but with a details label.

Fake Color

There are so many of these online, coins that pretend to be naturally toned, but are not. This coin was treated with a sulfur solution to effect the artificial toning.

Pin Scratch

Pin scratches are plentiful on eBay and HiBid. This one has a scratch just above the neck of Lady Liberty. I did not circle the flaw so that you can identify it:

Polished

Polishing coins reduces their worth, typically, to silver or gold melt. This coin is ruined by the process, typically by using a Dremel or other rotary tool.

Wheel Mark

Then there are numerous coins on eBay and HiBid that have been run through a coin counting machine, leaving marks that will not earn a numerical grade at PCGS or NGC. Here’s an example in the left lower field:

Whizzed

Coin doctors try to hide hairlines and other flaws by using a dremel or other tool to remove a thing layer of metal, leaving a dull finish and ruining eye appeal.

There are many more flaws that experienced bidders know, just looking at the photo on the web. You have to become just as skilled so that you do not waste hobbyist dollars on inferior coins.

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You can find more information about types, varieties, errors, grading, bidding and buying in Coin News Updated: The Essential Guide to Online Bidding. Please consider buying or gifting the work for a friend, as it underwrites this hobbyist blog. Thank you.

“Something’s Wrong”: Relying on gut instinct

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One of the most influential psychology books is Malcolm Gladwell’s Blink, in which he explains how we make split-second decisions on gut instinct, knowing something is wrong–like a counterfeit coin–but not being able to consciously explain why.

You have two inner messengers: consciousness and conscience. Consciousness is awareness. It exists in the present. Conscience is that inner voice reminding you of past successes … and failures. “Gut instinct” is the conscience sending you a message.

It is a mistake to go with consciousness and long deliberation, Gladwell writes. This applies to coins. If you have studied and looked at hundreds of counterfeit coins, you may not need die markers. Just trust your gut, often described as our second brain, and move on.

There is something wrong with this 1884 Morgan dollar below, and I could speculate what the flaws might be, based on the photo, and debate whether I should place a bid or not:

The cheek looks clean or PhotoShopped, but this may only be a soft strike. Then I look at the sharp date, 1884, and cancel that … perhaps.

I don’t like the doubling on the lips and forehead of Lady Liberty. Normally, doubling indicates an error. But this looks raised above that flat nose and cheek. That’s not normal. The doubling or traces of doubling should be on all the devices, not just one.

And there is some flattening and possible cleaning under the “E” of “E Pluribus Unum.”

Finally, the hair, “liberty” motto, and other devices look razor sharp.

Following Blink’s advice, there is no reason to question what, exactly, is amiss or isn’t. Just affirm your gut instinct and do not take a chance on this perhaps being a counterfeit. Concerning those fakes, it always is a good idea to know counterfeit detection. NGC has a great site.

So does Proxiblog. We feature regular posts on counterfeit coins by experts like Jack D. Young and Jack Riley.

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You can find more information about types, varieties, errors, grading, bidding and buying in Coin News Updated: The Essential Guide to Online Bidding. Please consider buying or gifting the work for a friend, as it underwrites this hobbyist blog. Thank you.

“I won’t bid”: Coins you want but regret later

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Experienced bidders practice restraint when they spot a desired coin that may or may not be grade-worthy at PCGS or NGC.

Regular viewers know that I collect rainbow toned coins. So when I saw this one, I immediately planned to bid strong. The colors were natural, as was the bag imprint on the obverse.

But then I expanded the photo and spotted the hairlines and scratches, which the toning in part obscured, prompting my learned response: “I can’t bid.”

This 1928 dime below had a wheel mark under “United” from a counting machine. (You can read about wheel marks here.) Otherwise the dime might have earned an MS66 full bands designation from PCGS–a $650 value. As much as I wanted to take a chance, hoping the PCGS grader might miss this flaw, I had to practice restraint and say, “I can’t bid.”

Below is another desirable dime containing pin scratches under the “U” in “United” as well as under “Unum.”

I also spotted a scratch on this beautiful 1917 dime:

Memorize the “I can’t bid” motto anytime your eagerness dulls your common sense.

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You can find more information about types, varieties, errors, grading, bidding and buying in Coin News Updated: The Essential Guide to Online Bidding. Please consider buying or gifting the work for a friend, as it underwrites this hobbyist blog. Thank you.

Beware the woeful wheel mark

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Take a close look at this coin whose seller pegs its value at $1,000. Well, maybe. Did you catch the flaw?

You can’t easily see the wheel mark on the above 1963-D quarter, which would earn a “details” grade from PCGS or NGC. The $1,000 value by ICG is based on what PCGS would bestow for the same grade. ICG holdered coins are overly generous, usually a point or two above what PCGS would give. And ICG often overlooks flaws, as in this case.

However, even without the wheel mark, a 1963-D quarter’s value drops at MS65 to $30 and MS66 to $75. And that’s retail, not auction value, in which case the MS65 drops to $15 and MS66 to $40. You can find auction values at PCGS Coin Facts.

I wouldn’t bid on the above ICG coin, with or without a wheel mark.

Let’s expand the photo and show the flaw:

Every hobbyist should know how wheel marks happen. The primary culprit is a coin counting machine using rubber wheels that often attract tiny, abrasive particles. That causes the small scratch. Sometimes the friction from the wheel creates hairlines on fields of a coin. These are so small that you have to hold the coin at an angle to see it, and you can rest assured that a PCGS or NGC grader will see it.

Here’s an example:

NGC caught it, of course.

Proxiblog recommends copying a coin from an online seller and expanding it on your photo app to inspect at close range for any flaws, especially wheel marks. And do not believe values on lesser holders. See this article for top- and bottom-tier holdering companies.

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You can find more information about types, varieties, errors, grading, bidding and buying in Coin News Updated: The Essential Guide to Online Bidding. Please consider buying or gifting the work for a friend, as it underwrites this hobbyist blog. Thank you.

The dubious “high grade” designation

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The designation “high grade,” popular on eBay for raw coins, often means “I don’t know how to grade.”

Here’s some examples on the Sheldon 1-70 scale.

The 1886-S Morgan below is at best Very Fine 35, details, dipped/cleaned. A candidate for an album filler, and worth about $50.

The 1886-O is a condition rarity. That means it is common in lower grades and scarce in higher ones. These are coins likely to get the “high grade” comment from a seller.

Below is a 1897-O, another condition rarity. It is not a key date in the Morgan series. The seller states “hi [sic] grade” and “rare.” This coin is very low on the Sheldon scale, Very Good 8, possibly dipped, and worth a $45 bid, silver melt.

Here is another 1897-O from a different seller, coming in at Very Fine 35, possibly dipped, and worth a $50 bid.

A few important considerations now:

  1. Learn how to grade. This article describes the basics.
  2. If you don’t know how to grade, do not bid on or buy raw coins, especially Morgan dollars, which have an array of condition rarities, melted years, and hoards. See this article to understand values of Morgan dollars.
  3. Never believe what the seller states on eBay or even the flip. They typically inflate grades and do not mention flaws.
  4. Learn common flaws on raw coins. Here is an article.

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You can find more information about types, varieties, errors, grading, bidding and buying in Coin News Updated: The Essential Guide to Online Bidding. Please consider buying or gifting the work for a friend, as it underwrites this hobbyist blog. Thank you.

Double checking double mint sets

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This 1956 “original” double mint set features 22 coins, rather than 18, in the wrong packaging.

This is how it should look:

Sometimes the seller offers a partial rather than complete set, as in the example below:

The seller is being accurate that this is not a complete 1952 double mint set. He doesn’t say how many coins are included. He repeats the “P” in the headline and description. But he shows two photos of the same 10-coin partial set, perhaps indicating a 20-coin partial set, and novice bidders might know make the connection that the “D” (Denver) and “S” (San Francisco) sets are missing.

I seldom bid on partial sets because that indicates to me that the best coins are missing, submitted for holdering or broken up and sold individually.

These sets (produced between 1947-58) are highly desired because of the resultant toning from the cardboard and paper packaging. Here’s a rainbow example from one of my 1952 double mint sets, a beautiful MS66 “S” mint showcasing the vibrant rainbow hues:

Unscrupulous sellers sometimes purchase partial mint sets to replace coins in their original boards and then resell the set as “original.”

The difficulty in identifying partial and complete sets concerns how some sets feature 18 coins (1956), and others 22 coins (1955), 28 coins (1947-49) and 30 coins (1951-1954, 1957-58).

Each year has a distinct cardboard and paper holder. It’s important to identify these because unethical sellers sometimes assemble fake double mint sets and put them in the wrong packaging. This set is suspicious because it lacks the pink paper that covers the cardboard holder:

You don’t have to memorize the specific years and packaging. You can go to a reputable seller, like APMEX, and view the original packaging. Then compare with the lot being offered at auction.

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You can find more information about types, varieties, errors, grading, bidding and buying in Coin News Updated: The Essential Guide to Online Bidding. Please consider buying or gifting the work for a friend, as it underwrites this hobbyist blog. Thank you.

Same toned coin: two PCGS designations

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Earlier this year I submitted this end-roll rainbow 1968-D Kennedy half and received a questionable color designation. The other end coin from the same roll received an MS64:

I resubmitted the questionable color coin and got an MS66 designation:

Worse, PCGS continues to mark as questionable clearly natural toning, as in this coin:

I will submit this coin to NGC and then do a crossover to PCGS which, I predict, will then certify the coin with a grade. Sigh.

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You can find more information about types, varieties, errors, grading, bidding and buying in Coin News Updated: The Essential Guide to Online Bidding. Please consider buying or gifting the work for a friend, as it underwrites this hobbyist blog. Thank you.

Wrong GSA COA and Counterfeit Holders

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GSA Carson City dollars are among the most popular coins for collectors. But like anything else these days, you need to be on the lookout for switched out certificates of authenticity and counterfeit holders, often containing Chinese fake coins.

Here’s how to fact-check the COA. The first two numbers of the identification number need to match the last two of the date inside the holder.

If the first two numbers do not match the last two of the date, the COA has been tampered with. See below.

The eBay offering above states that the GSA Carson City dollar includes “original box & COA.” That’s wrong. The certificate of authenticity here is for an 1884-CC dollar, not an 1883-CC dollar.

That means at some point the original certificate was lost or put into the box of another GSA dollar.

In 1970, Congress authorized the General Services Administration to sort and box the hoard of Carson City silver dollars for sale to the public. While the wrong COA won’t diminish by much the worth of a GSA dollar, collectors do like to have the original paperwork.

Of greater concern are coins in counterfeit holders. But luckily, there’s a way to tell the difference.

The Chinese counterfeit holders use a blank black plastic insert. Genuine holders use a higher grade of plastic that on close examination show a textured surface.

Compare the fake holder (left) with the authentic one (right).

Here’s a closer look:

If purchasing a China fake GSA holder and coin, check the coin for counterfeit, using methods of this Proxiblog article. You might get a replica, a base metal fake or a real coin with problems.

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You can find more information about types, varieties, errors, grading, bidding and buying in Coin News Updated: The Essential Guide to Online Bidding. Please consider buying or gifting the work for a friend, as it underwrites this hobbyist blog. Thank you.

PCGS punts on authentic toning

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This, actually, was my coin from an old album that created target toning. PCGS calls it questionable color. Increasingly, PCGS cannot tell real from artificial toning. I sent it to my consignor at Capitol Coin Auctions, one of the best venues for coins, primarily because of the numismatic expertise of auctioneer Brad Lisembee.

Here’s how he described it:

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Questioning PCGS’ “questionable” designation

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Everything you need to know in one photo: eBay seller questioning PCGS’ details attribution for a coin clearly toned in corrugated cardboard, with my Coin World story affirming his statement and noting that these used to be grade-worthy at the company.

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