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Too good to be true?


Mister Ed
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I came across an 1850-C, Type 1 Liberty Head in a consigment store tonight. The guy had just placed it out and it caught my attention. But before I describe to coin, my wife is away on a buisness trip and wasn't there to stop me from making a bad purchase. So if this sucker is a fake - it's all her fault!

 

First - does anyone know of any/many fakes on these type coins? 2nd, it seems to have a small (2-3mm long x 1mm wide) piece missing in the 5 o'clock position along the edge. It doesn't appear to be caused by damage but more like the piece "flaked" off. And yes, there is gold under the area and not another type metal - I at first thought it was a fake - lead covered with a gold layer. There are a few scratches in front of the face which detracts from the coin. Liberty is still well defined.

 

The reverse is average wear and around the mint mark there is some discoloration but the C is clear as bell.

 

NOW....the price was $45 I figure the gold value has to be at least that.

 

I'll try to take some nice pictures but the camera just won't zoom in enough.

 

So....a good buy or should my wife be held accountable?

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I am no expert on early branch mint gold, but for $45 I'd say you can't go wrong, especially since the melt value on a genuine gold dollar is about $35. In any case, I would send it to NCS or ANACS so that it can at least be authenticated. Once authenticated, this coin could easily be worth in the hundreds of dollars (Heritage sold a F-12 Ex-jewelry, polished and bent in 2005 for $322, a VF-30 Ex-Jewelry in 2006 for $431 and an EF-40 in February for $1,495). Can't wait to see the photos, Good Luck!

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Since there's only one known set of dies for 1850-C Gold dollars, putting a pic up will give us a good idea if its real or not. I wouldn't get my hopes up though - this is a rare date. Lets see some pics!

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med_gallery_316_223_5365.jpgmed_gallery_316_223_40098.jpg

 

The photograph quality is poor. It doesn't look good to me, but that means nothing -- a better photograph is needed to make an informed judgment.

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In Omnicoin, select enlarge for the image and then CTRL - Click your mouse on a Mac with the cursor over the picture and select copy image location or (right or left, I don't know which) click on a PC and copy the image location. In replying in Coin People, select the little icon to the right of the envelop over the text window. That will open a dialog box for a http entry. Paste into that box and select okay. If you want to be sure the image is there, select Preview Post at the bottom of the reply window. If it looks okay and you are ready to post, don't forget to select Add Reply.

 

The Omnicoin image is better, but the details are still too indistinct to be sure about the coin from the photograph alone.

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All: I solved the problem....I posted the pics on my own page. Here is the link:

 

http://www.goodrow.us/coin.html

 

Hopefully the pics will be clear enough. The last pic is a close up of the mint mark, not as clear as I would like but I think you will be able to see the C.

 

Next question....if I send this coin off to a grading company, will they clean the coin -especially around the mint mark or would I have to do this myself?

 

I've never had a coin worth sending in, which company is best? Cost? Will dealers handle the shipment or can I mail it myself?

 

Thanks, I really appreciate your patience and help.

 

Ed

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I've seen a few cast copies of $1 gold coins, but not of any rare date like the 1850 C. One thing you might like to do is to go back to the seller and see if he has put another one out for sale.

 

The last time I saw what turned out to be fake $1 gold coins was when a neighbor showed me two he'd gotten somewhere and they were identical.

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The pictures are just not clear enough to tell if it's a fake or if it's been abused in Jewelry. I would spend the $30 or $40 or whatever the cost and send it to ANACS or NCS for authentication and details grading. That way you would know for sure.

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Congrats, tommy, for posting the biggest pic I've ever seen on CP.

 

Are those scratches below the chin someone checking to see if it's legitimate gold?

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I had a dealer tell me in 1969 to NEVER buy a $1 gold coin unless it was authenticated and slabbed PRIOR to my buying it as they are the most counterfeited gold coin in the world. Since then I made the mistake of buying one! It was a counterfeit! I wouldn't touch this coin with a ten foot pole unless the seller guaranteed in writing a full refund if it came back from a 3rd party grading service in a body bag. Remember the old saying, "if it looks to good to be true, then it probably is NOT!" While it is really exciting to think once in a while we can stumble on to something outstanding at a thrilling price I would not expect it in gold!

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I had a dealer tell me in 1969 to NEVER buy a $1 gold coin unless it was authenticated and slabbed PRIOR to my buying it as they are the most counterfeited gold coin in the world. Since then I made the mistake of buying one! It was a counterfeit! I wouldn't touch this coin with a ten foot pole unless the seller guaranteed in writing a full refund if it came back from a 3rd party grading service in a body bag. Remember the old saying, "if it looks to good to be true, then it probably is NOT!" While it is really exciting to think once in a while we can stumble on to something outstanding at a thrilling price I would not expect it in gold!

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I had a dealer tell me in 1969 to NEVER buy a $1 gold coin unless it was authenticated and slabbed PRIOR to my buying it as they are the most counterfeited gold coin in the world. Since then I made the mistake of buying one! It was a counterfeit! I wouldn't touch this coin with a ten foot pole unless the seller guaranteed in writing a full refund if it came back from a 3rd party grading service in a body bag. Remember the old saying, "if it looks to good to be true, then it probably is NOT!" While it is really exciting to think once in a while we can stumble on to something outstanding at a thrilling price I would not expect it in gold!

 

 

I didn't know they were slabbing coins back in 1969

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  • 4 weeks later...

Wow! That's incredible!!! Heritage has only sold 11 in the last 5 years, the most recent one in March (ANACS Cleaned AU-53) for $2,530. Yours might be in that neighborhood, though if you choose to sell, this one would probably be handled best by one of the large auction houses that can attract collectors of rare dates and southern gold. Excellent story and congratulations!

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