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Here is an expensive coin which CAC rejected, but I bought it any way
I have moved away from U.S. coins in recent years, but I can be drawn to them when I really like the eye appeal. I spotted this piece at the Summer FUN Show and bought it a month and a half later. It is a 1795 Overton 120 half dollar. It is the finest known example, by a wide margin, for a rare variety of which there are less than 20 know. The second finest known is an EF sharpness piece that has been cleaned and the third finest known pieces are a couple of VF-30s.
I have not been able to get a great picture of this piece. Here are the pictures furnished by the dealer.
And here are my "off center" less than perfect efforts.
This coin was last sold at auction by Heritage in 2015. It was an NGC MS-62 holder at that time. Now it's in a PCGS AU-58 holder. The dealer told me that CAC rejected it.
Why did I buy it? It has a sharp strike and great eye appeal for the type. I can understand why CAC rejected it, but I don't agree. I imagine that the fields were a little too dull for the CAC graders.
The obverse die failed rather quickly for this variety. There is a die crack though the "7" in the date which quickly became worse.
Here are photos from 2015 when Heritage sold it.
I have not been able to get a great picture of this piece. Here are the pictures furnished by the dealer.
And here are my "off center" less than perfect efforts.
This coin was last sold at auction by Heritage in 2015. It was an NGC MS-62 holder at that time. Now it's in a PCGS AU-58 holder. The dealer told me that CAC rejected it.
Why did I buy it? It has a sharp strike and great eye appeal for the type. I can understand why CAC rejected it, but I don't agree. I imagine that the fields were a little too dull for the CAC graders.
The obverse die failed rather quickly for this variety. There is a die crack though the "7" in the date which quickly became worse.
Here are photos from 2015 when Heritage sold it.
Comments
And who has said that you should give up on a desirable coin just because CAC considers it low-end for the grade?
It does not matter to me because the coin has design details in a areas, like the top of Ms. Liberty head, which seldom show on these coins. That, combined with the original color and considerable amount of luster visible within the devices sold the coin to me. When I was younger, I saw pieces with equal amounts of detail with asking prices that were not much different from what I paid for this one.
Here is the coin it replaced in my type set. This one is graded EF-45.
Many years ago, I had a 1796 No Stars Quarter Eagle on consignment from another dealer. I advised my best customer to buy it because it was an excellent "put away coin." He passed. It was in an NGC AU-50 holder, and the coin was original an PQ for the grade. Here is a photo.
Subsequently the dealer who had consigned it to me sold it. A year or so later he had the coin again, except this time it looked like this.
The dealer confirmed my observation that it was the same coin. It had been cracked out and "treated." And what was the reward for the crack-out and coin doctor work? It went from an NGC AU-50 to a PCGS AU-58. That upgrade is worth tens of thousands for coins like this.
Frankly I have no I idea what positive things the graders saw when they give that coin the AU-58 grade.
This AU is still over graded as a 58. I'll even bet some researcher can find this was once auctioned as an XF.
Bill, Nice big upgrade. I've seen some of the coins you have posted in the past. You must have a wonderful Type Set.