The following post is pulled from Coin World editor Steve
Roach’s Market Analysis column in the Aug. 11 issue.
Scotsman’s Midwest Summer Sale, held July 18,
2014, in St. Louis, brought $1,124,107. Among the lots offered were
several 1793 Flowing Hair, Wreath cents. It is a scarce one-year large
cent type that is in demand from both early copper aficionados and
When buying this type of early copper, a buyer has to often balance
a variety of issues inherent in a hand-produced copper coin more than
two centuries old.
Here is one of three from recent
auctions that showcase the varied market for this tough issue below $10,000:
The coin: 1793 Wreath cent, Very Fine 25 Details, Corroded
The price: $5,875
The story: Heritage offered four
1793 Flowing Hair, Wreath cents at its July 10 Summer Florida United
Numismatists auction ranging from one graded PCGS Very Fine
Details, Tooled, that sold for $2,552.10, to one graded PCGS VF-20
that brought $9,400. A third, graded PCGS Very Fine Details,
Environmental Damage, sold for $5,287.50.
An ANACS VF-25
Details, Corroded example of the Sheldon 11b Lettered Edge variety
sold for $5,875.
From the image it seemed to be highly
attractive, despite the uneven surfaces that showed the effects of
corrosion (sometimes described as Environmental Damage by grading
firms). Heritage wrote: “The obverse is boldly detailed overall, while
the reverse exhibits the typical softness around the periphery” and
that the coin has “still-pleasing visual appeal.”
Corrosion can be tricky to evaluate on a coin. Sometimes it can be
light, but other times it is heavy and can severely impact the eye
appeal. In this case, the light devices contrasted pleasantly with
darker devices, although a touch of green verdigris is found on the
reverse. It brought a price consistent with what a standard
problem-free Fine example might bring, and more than many comparably
graded Very Fine, Corroded, examples have sold for recently.
Read the rest of Steve Roach's Aug. 11 Market Analysis:
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