1796 Draped Bust Silver Dollar (need grading help)

[frugi]

1796 Draped Bust Silver Dollar

I just bought a box of wrist watches and pocket watches.

Also in the box was this silver dollar.....which at first I thought it was fake....but then when I got home and started looking at it, I realized it was silver, and was inscribed on the edge... "HUNDRED CENTS ONE DOLLAR OR UNIT"...., I started researching it and I am pretty positive mine is a legit coin. It weighs 26.8 grams.

Anyhow, I was hoping I could get some help with grading. IN my non professional opinion I think this is a extra fine, but it could be a very fine, or something else. Can anyone give me some opinions. I will be taking it to a professional tomorrow who will make me an offer, but I want to have some knowledge of its value before I go in to the deal. thanks

there is no pitting, just tarnish,
and a couple places have buildup of a bit of greenish gunk from being in a plastic corroding 2x2....

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[frugi]

more pictures...

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[frugi]

more pics....

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[christostock]

vf - xf hard to tell from pictures.
the pro is going to use the phrase
"the problem with this coin" I would not sell to anyone that uses that phrase ever.
this is used to try to downgrade the coin.
True it does NOT have eye appeal so that will downgrade the price.
greysheet prices are as follows
1796 - good 1600, VG 1900, fine 3300, vf 4850, xf 9100
If you do not get a reasonable offer then send it out to be graded.
You should do your best to read the dealer making the offer, and not just listen to the offer.
Hell even my trusted dealers do the same thing to me to see how smart or not smart I am on stuff they want to buy from me or sell to me.
Stay alert and do NOT be afraid to walk away with the coin in your hand

[frugi]

thank you.

[NHsorter]

I have no knowledge, so can't give any good advice. But that is awesome!! Congrats.

[Recyclersteve]

Whatever you do, please don't clean it! Lot's of coins are ruined forever by less than professional cleaning jobs.

[daviscfad]

It does seem legit.. judging by a few characteristics.. your biggest money will be from having it graded

[cooyon]

Wow frugi, that is an awesome find! Good luck with whatever you do with it. Please let us know how it grades, if you send it in.

[TheJonasCollegeFund]

Holy Cow! Gonna look for some boxes of watches to buy!

GET IT GRADED!

[beauanderos]

I have some fakes that look similar to that, but mine is an 1804. I went on to Alibaba to see if that's an item they produce and
didn't find it (however, I didn't conduct a comprehensive search)... but I did find this. (Crap! )

http://www.alibaba.com/product-detail/colorado-quarter-dollar-engraved-silver-coin_60213078114.html?spm=a2700.7724838.35.1.Whm0Wb

and here I've been thinking that the modern proofs would be safe.

Hope yours is real

[Rodebaugh]

I've dropped an hour into research...... my results were inconclusive. It looks great but I can't match it up.

Keep us posted.

[frugi]

I've dropped an hour into research...... my results were inconclusive. It looks great but I can't match it up.

Keep us posted.

I took it to the top coin dealer in the midwest, located here in saint louis, and I took it to my guy, who is a pretty big (silent) player in the rare coin business in the USA, and pretty big worldwide for that matter.

the first person I took it to, suggested to me that it is a $4000.00-$5000.00 coin.

They told me in their opinion they believe it to be a VF-25 on the obverse, and slightly less on the reverse.

My guy only gave me one option to which I declined. He offered to sell it on ebay for me for 13% commission as is unslabbed (they believe it would bring more money unslabbed, because it looks so good whoever buys it, would think it would grade higher than what it actually should grade at). My guy wanted to front me $1000.00 in cash, and then put on eBay. I trust this person, (he has 10K+ positive feedback), but not the buyers on eBay, especially when dealing with a coin of this magnitude, not slabbed, and a coin that is widely faked. I would hate for it to get sold, then have a buyer open a claim with paypal saying we shipped them a fake.....Ultimately, I would lose the coin, and the cash. I decided to have it graded by NGC or PCGS., and then decide on what to do.

I am going to hang on to it until I can get some $$ together to afford to have it graded in the 48 hour turnaround time....or maybe get it graded at a coin show, where they do it on the spot....i think they do that on the spot, i dont know, I have never had it done, but I think I have heard of that happening at certain high profile shows.

[John Reich]

I've dropped an hour into research...... my results were inconclusive. It looks great but I can't match it up.

Keep us posted.

Not sure what Doc's looking at. I'm looking at my copy of Bolender's book on early silver dollar die varieties. I can't match it to any known variety. On the known varieties in the book, the lowest star on the left is closer to the lowest curl, near the "1" in date. Weight of a genuine coin should be 26.96 grams. I would be interested to know what you find on it.

[frugi]

Should I use NGC or PCGS?

Which one is the best, or are they pretty much the same?

[Recyclersteve]

Does anyone have a population report so we can see which service has graded more bust dollars?

[highroller4321]

Should I use NGC or PCGS?

Which one is the best, or are they pretty much the same?

PCGS hands down for this.

[frugi]

Should I use NGC or PCGS?

Which one is the best, or are they pretty much the same?

PCGS hands down for this.

Thanks. I guess I will start the process of trying to get this thing graded.

[HoardCopperByTheTon]

This is the kind of story I love to read on our forums. Make us all cry now and tellus you bought the box of watches really cheap.

I would grade it VF as well. While I would not mind having a coin like that raw, to plug the hole in my fancy Capital type set holder for that period, I think you will substantially increase your marketability and your bottom line by having it authenticated, graded and entombed in plastic by one of the 2 major grading services. Would't' it be something if it turns out you have an example from a previously undiscovered die marriage?

Now the important question is.. and perspiring minds want to know.. What watches did you get in the box? And are you going to sell some of those watches to us guys here on RealCent?

[frugi]

This is the kind of story I love to read on our forums. Make us all cry now and tellus you bought the box of watches really cheap.

I would grade it VF as well. While I would not mind having a coin like that raw, to plug the hole in my fancy Capital type set holder for that period, I think you will substantially increase your marketability and your bottom line by having it authenticated, graded and entombed in plastic by one of the 2 major grading services. Would't' it be something if it turns out you have an example from a previously undiscovered die marriage?

Now the important question is.. and perspiring minds want to know.. What watches did you get in the box? And are you going to sell some of those watches to us guys here on RealCent?

the watches are all fakes. fake rolex, tag, patek philipe, omega, etc. there was some busted railroad pocket watches missing the crowns, several rolex style bracelets, and bags of misc. watch parts........there was also a very old small key wind pocket watch which might be 9k gold, but the face cover is missing as well as the back of the case............the only real winner in the box was the coin,.............................i have $50.00 invested in the entire box.

[daviscfad]

Doesnt bid well for the coin i guess

[frugi]

Doesnt bid well for the coin i guess

the coin is real. there is no doubt about it. I had 2 super professionals look at it. these are guys that do millions in sales annually of coins. it isnt a question as to whether it is authentic, but rather the question is as to what it grades at. both guys said it was legit, and these are guys that have built fortunes, and legacies on coins, so I am fairly confident it is an authentic coin. I am just waiting until I have the money to be able to get it authenticated. Maybe 2 or 3 more weeks, and I will have the dough, bills are a bitch.

[highroller4321]

Doesnt bid well for the coin i guess

the coin is real. there is no doubt about it. I had 2 super professionals look at it. these are guys that do millions in sales annually of coins. it isnt a question as to whether it is authentic, but rather the question is as to what it grades at. both guys said it was legit, and these are guys that have built fortunes, and legacies on coins, so I am fairly confident it is an authentic coin. I am just waiting until I have the money to be able to get it authenticated. Maybe 2 or 3 more weeks, and I will have the dough, bills are a bitch.

The grading will tell is all. You don't need a 24hr service since you are just waiting for funds now. You can get the coin graded for under $100 and have a couple week turn around.

[frugi]

well, I finally pulled the trigger on the grading. I sent it in through my local coin shop.

I sent it to PCGS. I chose the express service, which has a 10 business day turnaround time.

Including overnight shipping to PCGS through FEDEX, and to have it insured for $6500.00 cost me $280.00 , which is about what I expected it would cost to send it in. At PCGS a normal folk such as myself cant just send a coin in, I had to either join, and pay the fees which would have amounted to the same or my other option was to use a PCGS certified coin dealer, and allow them to handle it professionally. I chose the latter. Also, the coin shop wont charge me until the coin comes back. If I choose to run it through their auction and it sells, they will waive the fees, or I can take possession of it as soon as it comes back and pay the $280.00 out of pocket. They told me I can put a reserve on the coin if I wish at no charge to me. If I put a reserve at higher than they believe the coin is worth, and it does not sell, there is a $50.00 fee. They told me they will contact me by Monday to let me know what the coin was graded at by PCGS, and then they said it will take a few days longer for PCGS to ship it back, but I should have it by the 20th of September at the latest.

As soon as I find out anything I will update this post.

[plus1hdcp]

I look forward to hearing how the coin grades, best of luck.