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:
1796 Draped Bust quarter dollar, Fair Details, Holed and
The price: $2,585
story: Holed coins can provide collectors a rare chance to buy a
key issue that they perhaps could not otherwise afford.
The 1796 Draped Bust quarter dollar is a one-year type, and demand on
existing examples from type collectors and early quarter dollar
specialists is unyielding.
This example certified Genuine
by PCGS is ungraded, but Heritage puts the details at Fair. It has
been plugged, whizzed and damaged. The plug is large and is
prominently visible at the 12 o’clock position relative to the
It has some good qualities in that the upper
half of the date is clear and there is solid detail remaining in the
portrait. The surfaces are described as “stone-grey” and are evenly
textured from the whizzing.
Whizzing is a process where a
rotary wire brush is used to clean a coin. This is often used to
simulate uniform luster to make lightly circulated coins appear
uncirculated and the process can also be used on repaired,
well-circulated coins to completely retexture surfaces.
Still, to find an example of this very tough issue below $3,000 is
unusual, and this one sold for $2,585, making it one of the most
affordable examples of the type to come to auction in recent years.
Read the rest of Steve Roach's Sept. 29 Market Analysis:
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