Among problem coins, some problems are worse than others.
On the scale of severity, coins obviously used in jewelry, with
mounts, and those so heavily polished that little original surface
remains are among the most problematic. These problem coins can
provide an opportunity because they allow a collector to own a rarity
that he or she may not otherwise afford, but they sell at a steep
discount to coins without similar impairments.
In this Market Analysis series, we're profiling three expensive gold
coins with major problems that were offered at auctions in the past
year and provided entry-level examples.
Here is one of them.
1872-CC Coronet gold $10 eagle, NGC, About
Uncirculated Details, Damaged
Damage is a broad term that encompasses a variety of indignities
imposed on a coin. Damage can be minor or major, but damage is rarely
as dramatic and plain weird as seen on this 1872-CC Coronet gold $10
eagle graded About Uncirculated Details, Damaged, by the Numismatic
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Stack’s Bowers Galleries observed, “The surfaces are very nice for a
key date mint marked gold coin from the 19th century, with subtle pale
rose highlights enhancing light khaki-gold toning.” However, there’s a
curious depression that curves through the central obverse. The lot
description hypothesizes, “it seems that another coin was impressed
into this piece while lying over the upper right obverse.”
Coronet $10 eagle: Mint Engraver
Christian Gobrecht probably never dreamed his Liberty Head or
Coronet design adapted for the $10 eagle beginning in 1838 would be
used on that denomination until as late as 1907. How much are Coronet $10 eagles worth?
The original mintage for the issue is just 4,600 coins and fewer
than 100 are known today, with none remaining in Mint State condition.
With this level of rarity, examples are offered infrequently and a
buyer who was willing to live with an odd coin got a relative bargain
at Stack’s Bowers’ Aug. 11, 2016, ANA auction, where it sold for just $3,290.