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The numismatic market is known for desiring, even demanding top quality coins. Auctions tend to reward coins handsomely, by bringing sky-high sums of money for those in Gem condition. However, this trend of quality-equals-quantity does not always apply to the rare coin market. Rare coins, often regardless of their condition, are the most valuable because of how rare they are. Recently, at auction, a damaged 1792 Half Disme sold for $28,000. In that case, that buyer was certainly more interested in the history of the coin than the actual physical condition. This proves that not everyone buys coins solely based on quality; there are other value measures to be considered.
Other cases of coins with poor quality that performed well at auction include 1895 Proof Morgan Dollars. Some can go for $60,000 and even with considerable wear the coins have sold for $35,000. Those who collect Morgan Dollars are not as interested in quality, their main objective is to assemble a collection with as many as possible. Collectors have increased demand for these coins in recent years and many who pursue series will make compromises with quality in order to get the coin.
Another example of a coin with low grade, but a lot of worth is the 1929 Double Eagle. Most of the Double Eagle’s were melted down in 1930, which makes the existing coins very valuable, despite poor conditions. Yet another example of a lower grade coin is the 1804 Bust Silver Dollar. A few years ago a buyer purchased a circulated silver dollar for $2,000,000. In this case, the buyer wanted the publicity associated with owning one of the greatest coins ever minted, even it wasn’t in the best conditions.
These examples stand to show that top quality coins are not everything. In the numismatic market there are plenty of valuable worn coins.
via Andrew Brunhart’s Coin Collecting http://ift.tt/1pkPtMm