The following post is pulled from Coin World editor Steve
Roach’s Market Analysis column in the Sept. 29 issue.
An oft-repeated adage in collecting is to “buy the best coin you can
afford.” To many, this modus operandi excludes problem coins.
Among the most stigmatized problem coins in the marketplace are
coins that have been holed and subsequently plugged.
a collector who is willing to overlook the flaws of a problem coin can
get a coin with substantially more detail for the same amount of
Alternately, one can buy a rarity that he or she
otherwise could not afford.
Coin World is profiling three holed and plugged coins sold at
Heritage’s recent Long Beach Expo auctions, Sept. 4 to 6. Here’s one:
1873-CC Seated Liberty dollar,
Very Fine Details, Holed and Plugged
The price: $7,050
The story: A great thing
about holed coins is that, often, they allow someone to get a visually
handsome coin at a steep discount from what the same coin would sell
for without a problem. When a hole is repaired well, the damage is
often not visually intrusive.
Such is the case with this
1873-CC Seated Liberty dollar graded by Professional Coin Grading Service as Very Fine
Details, Holed and Plugged.
The mintage for the issue was a scant 2,300 pieces and many were
likely later melted. It’s a well-known 19th century rarity. The repair
on this example is very skillful — from the image of the coin, it is
unclear where exactly the piece was holed and then repaired.
Even the best-repaired rarities sell at a fraction of the price
as their problem-free counterparts. For comparison, a problem-free
VF-25 example sold for $23,500 at Heritage’s March 20 sale of the
Donald E. Bently Collection.
Conveniently for our
purposes, an About Good 3 example also sold for $7,050 at a July 11
With the prices realized at auction
for a Very Fine plugged dollar and a no-problem AG-3 example being
equal, it is a question of perspective for the buyer as to which coin
is more desirable.
Read the rest of Steve Roach's Sept. 29 Market Analysis:
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