1873-CC $10 Carson City Coin of the Week June 26, 2011

Randy,

When I first began collecting Carson City coins, I thought that budget was the main factor in determining the quality of one's collection. But I've since learned that while budget is important, knowledge is, at the very least, its equal.

I initially made the mistake of equating grade with quality. For instance, $500 buys an F-15 and $1,000 buys a VF 30, so the VF-30 must be the higher quality coin. What I did not realize back then is that within all the extant examples of F-15 for any specific coin there are multiple levels of quality. The higher the grade, the more opportunity for variability of quality (and price) within that grade.

Accumulating a understanding of the various elements of surface wear, luster, strike, past handling and basic eye appeal is the very foundation of knowledge based collecting.

A good example of this is the 1873-CC $10 I wrote about last week. My coin has an unusual amount of remaining luster and a better strike than is normally found for this date. In fact, most examples are found without any luster at all and a very soft strike too boot. Rusty Goe recognized this coin's qualities as highly unusual for an AU-50 graded CC Eagle and acquired the coin knowing it was likely in the top percentage of the remaining examples of the 1873-CC Eagle in AU-50. In fact, it's remaining luster and strike are better than most remaining examples at any AU grade level!

Recognizing these special features of the coin does not necessarily mean my coin should be upgraded to AU-53 or better. However, it does mean that the Rian's Bequest 1873-CC Eagle is perhaps the number 1 or number 2 coin within the remaining 14 certified, AU-50 examples known. That's what I meant by a high quality coin within a grade and was the point I wanted to make in my earlier post.

Today, I still have not handled nowhere near enough examples of every Carson City date and grade to be 100% confident in my knowledge based collecting abilities. However, I do know how critically important it is to seek the expert help from someone who has handled dozens of examples of the specific date and grade who has had the experience to judge the quality of any particular coin I am considering.

As you point out Randy, all CC coins are special. This also means that we will always pay more for any Carson City coin...even poor ones. Because Carson City minted coins are so popular, yet so very difficult to find, dealers always price their few examples very high, whether the coin is a quality example within its given grade or not. Frequently, the coin may be of very poor quality, or "drek" as the professionals refer to poor quality coins it. The dealer knows it of course, but they also know that most beginning or intermediate collectors will not recognize the aspects of the coins that render it a poor choice. Such buyers are typically focused only on the little "CC" on the reverse and will buy it anyway.

There are several very expensive Carson City coins in fairly high grade holders floating around in the national auctions. Several have come up for sale two, three or even four times within the last few years. But these coins do not sell because they have issues which are recognized as problems by the pros who are buying for their clients and protecting them from expensive mistakes. This is where knowledge based collecting really earns its keep.

Randy, I hope all this rambling has made some sense. If not, perhaps Rusty will fill in where my explanations have erred or wandered.

Belay Off

Belay-
You've made it very clear and I understand your point completely. There is a varying degree of quality within grades that only experience and education will allow the collector to notice the lesser degree of a certain grade or the higher degree of it. It is possible to have different levels of quality of a coin in VG-8 just as it is to have levels of quality in AU-50. I completely agree, and education is the tool that can help the collector distinguish the difference.
Thank you for clarifying that point for me.
With respect,
-R-