1792 HALF DISME......STRANGE DAY

[huntsman53]

There's several reasons why there's no reason to be concerned. The first is, it is what it is, and if it goes through an auction house they are going to authenticate it, and grade it, so there's really no getting away from that... and given the rarity there's no reason not to. On top of that the coin has some nice eye appeal with the dark toning, and being marked cleaned or environmentally damaged would not have near the same effect if it was polished shiny, or something like eaten from salt water. There's not a lot of these that come up and at the end of the day a collector would still like that that's nice to look at, and despite this one likely getting a low net grade, it still looks nice. My only concerned would be getting it to the proper location, and I would personally hand deliver it to be 100% certain it arrives safely. This is a coin there is no problem with following the process on, and it makes the most sense anyway.

I agree with everything that Iron Patch stated here! The only other option of not having the notation "Environmentally Damaged", "Dug" or any other negative attribution on the Holder's Label, is to break the coin out of the Holder and put it back in a 2x2 in it's raw form. However, if they ever want to sell the coin and especially for the possible amount that the coin is actually worth, then breaking it out of it's Holder is not an option.


Frank

 

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[Don in SJ]

Amazing how a great coin find was found and the finder never realized what he had. Yes, the days before Internet was much different on finding out what you found, we used to go to the Library often back in the 80s... With that said, the Half Disme found by my friend that fetched over 20 grand in auction was resold years later for much less. Not sure if the market was down on coins a few years back or not, but it does seem to match what John K told Bill D. John Kraljevich is one of the top experts in colonial coins, especially for auction values. Don

 

[huntsman53]

I wouldn't worry about sending this off in the mail. Many rare coins are mailed each year to the grading and authentication services without incident. I was hesitant with my Lord Baltimore 2 years ago, but my coin expert friend assured me it was not a problem as he's sent hundreds of coins more valuable than this one in the mail, and has never had a problem. So please don't let that stop you.

I agree with Bill on this but the price of sending the coin in via Registered and Certified Mail with say $40,000 worth of Insurance on it, will be pricey! I have mailed/shipped very valuable items with the USPS this way with no problem whatsoever. However, nothing beats hand delivering such a rare and historic coin to a PCGS Representative at a Coin Show and seeing and possibly videoing the expression on his' or her' face when they realize what you just handed them!


Frank

 

[huntsman53]

The coin has become Andy's new baby so he has to be convinced. Plus I think it would cool to see a coin show!! You up for a road trip in November?

A trip to the Baltimore Coin Show is likely an experience that they both as well as yourself, will never forget and especially so the feeling of seeing the reactions and hear all of the talk generated once the 1792 Half Disme is entrusted to PCGS for certification, grading and hopefully conservation before the two former processes! I came somewhat close to the those feelings when I showed my' close to 30 Morgan and Peace Dollar VAM Varieties several of which were rare and/or unknown/unrecorded VAM's to the folks of VAM World fame at the Dalton, Georgia Coin Show and having them offer me to join the crew of VAM World as a VAM Researcher and Attributer. Sadly for me, I was at a point in my' life that I was fed up with the Coin World and the many unscrupulous Coin Dealers and I never took them up on the offer.


Frank

 

[joeyfresh]

Amazing how a great coin find was found and the finder never realized what he had. Yes, the days before Internet was much different on finding out what you found, we used to go to the Library often back in the 80s... With that said, the Half Disme found by my friend that fetched over 20 grand in auction was resold years later for much less. Not sure if the market was down on coins a few years back or not, but it does seem to match what John K told Bill D. John Kraljevich is one of the top experts in colonial coins, especially for auction values. Don

Yep, I'm going with John's quick appraisal though it's just an appraisal. It's all what someone is willing to pay at that point in time.

 

[Iron Patch]

I wouldn't worry about sending this off in the mail. Many rare coins are mailed each year to the grading and authentication services without incident. I was hesitant with my Lord Baltimore 2 years ago, but my coin expert friend assured me it was not a problem as he's sent hundreds of coins more valuable than this one in the mail, and has never had a problem. So please don't let that stop you.

I have mailed THOUSANDS of letters and packages over the past 14 years so I know as good as anyone how high the percentage of successful deliveries are.. but at the end of the day if you don't have insurance which is not real easy to get on something like this, you are going to take one incredible hit should it be the package that happens to go missing. I remember several years back sending a $250 package and to save a few dollars because I knew the recipient well, I sent with a method that only had $100 insurance. This was not something I'd usually do, because most times I would be sending to people who I didn't know that well... and you guess it, stolen! I personally think it's bad advice telling someone to send a $10,000+ coin and not to worry about it, because someone assured you it was fine to do such a thing and chances are nothing would happen. It's also a very different situation if John K has insurance though his business, which I wouldn't be surprised if he has... similar to businesses that sell high end watches... pretty sure they are not counting on Fedex or the post office to cover 100k loss.

 

[Iron Patch]

Amazing how a great coin find was found and the finder never realized what he had. Yes, the days before Internet was much different on finding out what you found, we used to go to the Library often back in the 80s... With that said, the Half Disme found by my friend that fetched over 20 grand in auction was resold years later for much less. Not sure if the market was down on coins a few years back or not, but it does seem to match what John K told Bill D. John Kraljevich is one of the top experts in colonial coins, especially for auction values. Don

Yes, the recession did drop the prices quite a bit so might be better now. There's enough sales for this around that any seller could easily be confident in pricing it and selling it their self. Would be a much different situation if it was a 1 Disme.

 

[Iron Patch]

I agree with Bill on this but the price of sending the coin in via Registered and Certified Mail with say $40,000 worth of Insurance on it, will be pricey! I have mailed/shipped very valuable items with the USPS this way with no problem whatsoever. However, nothing beats hand delivering such a rare and historic coin to a PCGS Representative at a Coin Show and seeing and possibly videoing the expression on his' or her' face when they realize what you just handed them!


Frank

Problem #1 with that.... the post office and couriers usually have some fine print that says they won't cover coins and jewelry.

Problem #2 There's people who will know there's something worth thousands in the package.


So what usually happens is like what happened with a 15k item I was involved with a few years back... the item was sent fedex overnight and marked with a value of $50. In that case the buyer accepted all responsibility should it have gone missing, and that is a big difference. This was someone VERY well known in the coin world, been in the business for decades, and has done big deals.... and sadly that is what he felt was the best option. Someone traveling was discussed as it was the first choice, but guess he wanted the deal done and said he'd assume the risk. It did make it... but was late!

 

[huntsman53]

Problem #1 with that.... the post office and couriers usually have some fine print that says they won't cover coins and jewelry.

Problem #2 There's people who will know there's something worth thousands in the package.


So what usually happens is like what happened with a 15k item I was involved with a few years back... the item was sent fedex overnight and marked with a value of $50. In that case the buyer accepted all responsibility should it have gone missing, and that is a big difference. This was someone VERY well known in the coin world, been in the business for decades, and has done big deals.... and sadly that is what he felt was the best option. Someone traveling was discussed as it was the first choice, but guess he wanted the deal done and said he'd assume the risk. It did make it... but was late!

I understand the fear of having something as valuable as this coin stolen but the USPS logs in Registered packages and letters at every stop when it comes in and when it goes out and it is signed for by each person receiving it during it's transit. When it is not in transit at the time due to the mail truck won't arrive for awhile, then these packages and letters are locked away in the Safe. If the package or letter disappears, then they will know at exactly which point it went missing, everyone working there at the time and usually the investigation will reveal who took the package or letter and sometimes, the item is retrieved. As far as I know, coins can be insured and claims paid if shipped via the USPS but they do have limits on the amount of Insurance. The problem with valuable items, is you have to take good pics and save them, document everything about the item such as weight...diameter...thickness...composition...date...series...denomination and any noticeable such as identifying marks if it is a coin, have an expert appraise the item either beforehand or be able to appraise it via pics and the documentation. These are a must before you have any chance of claiming and receiving any Insurance payout on the item. Even with me knowing all of this, I would still travel hundreds and possibly well over a thousand miles to deliver such a rare and historic coin to PCGS in person!


Frank

 

[Ahab8]

I no little about this stuff....but I would be scared to death to ship a super valuable item. I would probably make a road trip out of it and just consider it one big fun adventure

 

[cudamark]

Any 1792 coin is an incredible find! Treasure is where you find it, whether it be with a detector or picking through a misc coin jar......wow!

 

[Iron Patch]

I understand the fear of having something as valuable as this coin stolen but the USPS logs in Registered packages and letters at every stop when it comes in and when it goes out and it is signed for by each person receiving it during it's transit. When it is not in transit at the time due to the mail truck won't arrive for awhile, then these packages and letters are locked away in the Safe. If the package or letter disappears, then they will know at exactly which point it went missing, everyone working there at the time and usually the investigation will reveal who took the package or letter and sometimes, the item is retrieved. As far as I know, coins can be insured and claims paid if shipped via the USPS but they do have limits on the amount of Insurance. The problem with valuable items, is you have to take good pics and save them, document everything about the item such as weight...diameter...thickness...composition...date...series...denomination and any noticeable such as identifying marks if it is a coin, have an expert appraise the item either beforehand or be able to appraise it via pics and the documentation. These are a must before you have any chance of claiming and receiving any Insurance payout on the item. Even with me knowing all of this, I would still travel hundreds and possibly well over a thousand miles to deliver such a rare and historic coin to PCGS in person!


Frank

Bottom line... if the tracking stops and packing goes missing, most times it's just gone and that is that. Even if they trace it to the last place it was checked in the coin will still be gone. I've actually sent fairly valuable things through Fedex and just crossed my fingers, but for this coin... no way. As I said earlier there's no reason a person can not sell it their self, and just that saving from an auction house would cover the trip to deliver it.

 

[joeyfresh]

Any 1792 coin is an incredible find! Treasure is where you find it, whether it be with a detector or picking through a misc coin jar......wow!

I agree but this wasn't an ordinary coin jar. The owner had his coins organized, I just so happened to spot this unidentified coin and made an ID for him. He collection of militaria and coins is a sight to behold and his obvious dedication to the hobby put him onto some great sites, one of which landed him this great coin.

 

[cudamark]

If it was in a cup with other U.S. and Spanish coins, it sounds pretty misc to me. He didn't seem to think it was too special or he would have at least put it into a flip.Thank goodness he had you to spot that oversight!

 

[metalev4]

What a phenomenal story. Glad you were able to bring that thing to life Joey. Who knows how long it had sat in that cup and what its fate may have been. Nice work. I wish you would have found a couple of Whitworth shells in the river, but maybe next time. Great post and thanks for the texted pics, made my day.

 

[joeyfresh]

What a phenomenal story. Glad you were able to bring that thing to life Joey. Who knows how long it had sat in that cup and what its fate may have been. Nice work. I wish you would have found a couple of Whitworth shells in the river, but maybe next time. Great post and thanks for the texted pics, made my day.

Too bad it wasn't mine!!! But to your point about it potentially never being identified, I doubt that as his son Andy is a smart guy and has recently been turned on to early coins so it was just a matter of time before he walked over to his dad's house with a copy of the red book and started looking at them all.....I just beat him to it!!

 

[Vdubguy]

I'm not going to lie, I didn't even know such a coin existed. I've never heard of this coin before. After reading through all the post above and learning the history about this particular coin, I can only dream to have a coin like that find its way under my coil.

Awesome, awesome coin!

 

[jerseyben]

After this INCREDIBLE story and all these years of it sitting in a cup of junk silver... DO NOT RISK LOSING IT IN THE MAIL. Especially not to have it stuck in a piece of plastic. That would be a pointless endeavor. It is what it is. It does not matter the "grade". It is a special coin, plain and simple. It does not need to be slabbed to show ANYONE its significance. After years of reading posts on Tnet, it is refreshing to see that some can still stop me dead in my tracks as a stunner like this one.

 

[cudamark]

After this INCREDIBLE story and all these years of it sitting in a cup of junk silver... DO NOT RISK LOSING IT IN THE MAIL. Especially not to have it stuck in a piece of plastic. That would be a pointless endeavor. It is what it is. It does not matter the "grade". It is a special coin, plain and simple. It does not need to be slabbed to show ANYONE its significance. After years of reading posts on Tnet, it is refreshing to see that some can still stop me dead in my tracks as a stunner like this one.

The benefits of having it preserved and slabbed are to protect the coin, show that it's something special so it doesn't get lost in another batch of coins, and for resale should the time come for that. The only real negative is the cost.

 

[jerseyben]

The benefits of having it preserved and slabbed are to protect the coin, show that it's something special so it doesn't get lost in another batch of coins, and for resale should the time come for that. The only real negative is the cost.

If you say so...