I'm new to collecting coins and have been slowly buying more for my collection. I recently purchased 2 x maples and 2 x ASE. Upon inspecting the coins they seem to be a little worst for wear. Not just simple milk spots but little dents and lots of scratches on both the front and back. I have posted pictures for your reference. You can see on the ASE near the last sun ray it is completely gone and is now a dent or groove. The maples both look like someones gone over them with fine grade sand paper and has tiny scratches going in all different directions. My question is would you accept these coins? I actually paid $5.50 premium above spot for these so it wasn't a straight silver purchase. Does these defects actually depreciate the value of the coin?
I personally wouldn't spend 5.50 over spot for those coins so from my perspective they are 'devalued' where did you buy them from?
That's not a bad premium for ASEs and Maples at all - but effectively you've received circulated coins. You'll never pay spot for these unless you find a very motivated seller - they just don't sell at spot. But for the condition they're in, it's too much. Now re the condition - they should have been described as circulated or scruffy, they are non-circulating tender, so you do expect to receive them in mint or near-mint condition - not with full scratches or gouges. At the end of the day they're still silver though. Neither coins have numismatic value even if brilliantly uncirculated - but I can understand you would be annoyed if you were building year sets.
someone has tried to clean that mapel unsuccessfully, I have receievd ASE's in similar condition too, which I didnt realise and then onsold them later, only to be told by the buyer. I naturally offered a refund and then sold them cheaper stating the damage to the potetial buyer
at the end of the day silver is silver and you will be happy down the track....5.50 over spot will be nothing. coins can get scratched when stacked and not in individual sleeves..
I would be a bit miffed to begin with but you get over it. They are not rare and you didn't pay numismatic prices. Seller should have stated that they were cleaned if they were collectable but many people here clean bullion coins and bars all the time so other than being a little sneaky no harm was done. Due to a spreadsheet error my first ASEs ended up being about $15 premium each, I bought 20 of them. It took two years before the price of spot rose and I broke even on them. Time heals all wounds! Keep stacking.
I actually got it from a ss forum member. The thing is, all the coins came in hard plastic coin cases, so I was expecting that they would be in a better condition. (I have also looked back over the original post and there is no mention that these are circulated coins) DSK - Thats true, but with a $5.50 premium I would rather go buy silver bullion bars. I want coins that actually look good as a collection. I'm just starting out so I'm just getting the feel of things at the moment. I actually brought two proof coins which was $7 over spot and I'm very happy with them, came with case and cert. I'm sure i will pay $1.50 for something that is worth value to me. The seller has advise that he will be exchanging the coins but says this type of wear and tear is normal because they are bullion coins. Rbaggio - My camera is a cheapo one but it has a Lumix. Its one of the best for quality. highly recommended.
Mmm yes they are loose bullion, but they should be described as "bullion grade" if they're circulated like that. Market expectations are that these coins come in mint or near-mint state from a tube. I have a tube of ratty Maples - still silver at the end of the day, but they're not coins I would sell without describing them as such.
How do coins get like that...ratty? Are there people who carry them in their pocket with loose change? Odd I say and would not accept them and why should you? You can get near perfect, perfect to the naked eye for the exact same price!
Everyone should 'sacrifice' the condition of at least one coin, remove the capsule, and play with the coin. Flip it in the air and catch it and things like that. and for the condition that your coins are in, i reckon you overpaid by $1 Not a big deal. And in the future, when you are buying coins where you havent seen the exact condition, there is nothing wrong with asking the seller if they are in UNC cond or else.
I really need to get with the lingo "Bullion grade" and "ratty". Now I know how to describe the coins I received. I also have another thing to clarify, the seller said that "Maples and ASE's get scratched like that because they come in a tube, therefore they are not like proof coins". My understanding is that when coins are in tubes (From the mint) they are held together tightly or have spaces inserted so that that coins don't rubber against each other. Appreciate all your responses, Its adding to my coinage knowledge
I dont think that there are spacers in the tubes, the coins do rub against each other, BUT only on the edges.
That's beyond tube damage. You might get coins with minor rim dings, or potentially a minor scratch from brushing against each other as they are tipped out.
+1 How will you get to recognise fakes if you have only ever felt the weight of a one troy ounce coin + capsule. Or never bounced one to hear the ring? Plastic cases don't sound the same. By handling the cions you do get to work out how much abuse they can take and still be saleable. You have learned one thing though, an average coin in a capsule (which I buy for about 30 cents each) can sell for a lot higher than the same coin loose, I think I will put all mine in capsules before sale. At least the seller is someone respectable
I bought a tube of ASEs, I only took them out twice before encapsulating them but they all looked fine to me, the high areas will rub against each other but there is not a lot of movement in the case, they may have an edge drop on them but that is only a small area of the coin that comes in contact. The maples look like they have had the milk spots polished out of them. There is a good chance that this is how the seller received them, they may not have been the one who caused the damage and may not even be aware of which coins they were. When I started I looked lovingly at every coin as I got it, now they pretty much go into the safe without much of a second glance. Without looking at my spreadsheets I couldnt even tell you what I currently own, I used to know them all by name! I haven't even bothered to open my roll of dragons.
Looks like someone didn't know that Maple's are usually riddled with milk spots and tried cleaning it with a wire brush.
I have maples, kooks and philharmonics that look much worse than that, but my children and I did it to them ourselves.
