Hi all, I have come across a PCGS MS63 mule offered for sale. I've read that PCGS overgrades Aussie coins, being MS63 I think translates into UNC? Here's a pic of the obverse of the coin, lots of marks visible, not sure if it's developing some unattractive splotches or was a bit stained to begin with? Reverse looks a bit better. Basically my questions are is this fairly graded at MS63 and is it worth the investment?
I does look to be in fairly decent condition but those splodges are a nasty detracting feature which will diminish the "eye appeal" of the coin. A few dings on the rim and a couple of scratches, it probably passes the dictionary definition of UNC. I don't have any $1 coins which have those discolourations on them so I would immediately suspect that some sort of cleaning product had been applied. It might not have but as a potential buyer I would be put off. If it is the right price though you could probably pass it on to an 'investor' who doesn't know much about coins and is happy to go with the official grading.
agree with you there, very much diminished eye appeal because of the splotches. as for price the seller is asking $5500, probably out of my price range for a mule. Also have no idea how much these are worth in the MS grade range.
the jump from au to ms is huge as this was a variety not discovered till late in its life so it was not hoarded early on. out of the 129 "graded" only 10 are 63 or higher with a huge 47 AU55 and 38 AU58. as most people only bother to get high grade coins slabbed in this class it would indicate that a ms 63 is hard to get and thus attracts a large price increase from au which would sell for $2k http://www.ebay.com.au/itm/ONE-DOLL...D&orig_cvip=true&rt=nc&_trksid=p2047675.l2557 if I had $5.5k spare to spend on a non PM investment I would buy this coin
Exactly.. grade is specific to the coin in question depending on how common they are in certain grades and how much they show up in high grades.. i highly doubt this would breach unc in australia but having said that i never never seen a bigger example so this may be a factor given the low population and understanding the cause of the error actually causing a degree of damage to the coin. the nasty staining is certainly a huge negative .. 1for1
yeh the stain is a real bugger. it is one of the reason you cant just buy a coin based on its grade. you have to use the grade as an indicator of quality and make your mind up based on "eye appeal"
Not much eye appeal there. While I am loathe to ever comment on any coin as an investment (whether good or bad) I can assure you that if a coin is a problem coin when you buy it will remain a problem coin when it comes time to sell it.
