Just Buy the CC Coin

The voice of experience was loud and clear at the August 2011 Chicago C4OA meeting.

“You always need to buy the coin. Don’t worry so much about the holder. Just learn how to grade and compare coins.” - Darrel Lou

“Buy the coin as if it weren’t in a holder. Get as much help as you possibly can. After a while you’ll develop a knack.” - Rusty Goe

“If you like it, and your pocketbook can do it, it’s your coin.” - Dan McCarty (borrowed from David Bowers)

I took this advice to heart. For the past few months I’d been trying to decide – would I go all the way with the C4OA and officially become a Carson City coin collector or not? My dad collected. I kept writing about it. I’d even volunteered at the 2011 Chicago World’s Fair of Money! But I’d publicly and adamantly proclaimed, “I’ll probably never become a coin collector.”

Well, C4OA friends – it happened! On September 20, 2011 I purchased my first Carson City coin! Since everyone has a different story to tell, here’s how this newbie made her first purchase.

#1: The Family Pocketbook
First priority: I needed a budget. It didn’t matter what Carson City coin I wanted, what mattered was if the family pocketbook could afford it. I learned from attending my first C4OA meeting that, if I thought I’d be able to afford any CC coin from 1873, I was crazy. And dreams of a lovely Double Eagle were far-fetched as well. So I prompted my dad, Tony Arnold, for a reasonable suggestion. He advised me that an 1878-CC Morgan Dollar, graded MS62, for under $200, would be a nice challenge.

At the end of the day, all of these were more than I could manage financially. So what would my budget be? Fifty dollars? I suggested to myself. (Stop laughing. I didn’t say my coin would actually grade MS-62 – though I secretly hoped to meet Dad’s challenge.)
My husband, Louis Giambrone, solved the problem by setting a $100 limit on my first CC coin purchase. Very generous of him actually since he, like I had previously been, couldn’t understand my numismatic interest. Great, I thought! I’ll try to stay within my $50 budget anyway, just to impress Lou. There has to be something out there in my price range. Ha! After weeks of perusing eBay (yes, eBay), I realized neither $50 nor $100 was going to buy me a Carson City coin of much consequence.

#2: Beauty is in the Eye of the Buyer
The ugly coin. It taunted me. And it often cost more than $50! I just couldn’t bear the thought of buying a CC Morgan Dollar with flat, dull images. I couldn’t tell where Ms. Liberty’s face ended and her hair began! And, hello, weren’t there rims on these coins at one time? I especially didn’t want the coin with “FRANK” carved into it. What a terrible waste of a once-beautiful coin! Then I remembered something else Dad had told me, “Don’t do what I did. Don’t buy an ugly coin.” I set my first standard – no ugly coins.

The replica. A polite word for fake, or copy. There were an amazing number of copy coins on eBay, some clearly stated and stamped as such, some not and intentionally meant to deceive buyers. Regardless I needed my first Carson City coin purchase to be in familiar territory, not on a bourse floor or coin shop where I was a fish out of water. I have bought and sold the shark-infested waters of eBay over the years. And I would have the benefit of perusing coins at all hours of the day and night for as long as I wanted. Purchasing a CC coin on my own turf became an acceptable part of the challenge – even if I made a mistake.

#3: Minimal Intrinsic Value
I didn’t want to be overcharged for a Carson City coin. But what did I know about coin values? What was a fair price? I went online and found more information, providing prices for all years of CC Morgan Dollars, and sample photos as well of AU50 through MS65. At least I was better equipped than before. So I watched…and I waited…and I watched some more. And I made sure to note the bidding trends as well.

During my first four weeks of perusing I determined to buy a coin raw. I admit it – I had visions of sending a Morgan Dollar in to be graded – only to learn I had purchased an MS65 Carson City coin! For $100! (Yeah, well, we can all dream, can’t we?) I actually bid to the bitter end on one raw coin, from a Hawaiian dealer who guaranteed it to be genuine. But, alas, I was outbid at the last minute – at just under $150. Oops, remember the budget, I reminded myself. And don’t get sucked into the frenzy.

When I almost spent $150, I started worrying. What if I ended up with a fake Carson City coin? Could my budget bear it? Could my ego? Was I ready to just buy the coin and not worry about the holder? Honestly, the answer was no. Perhaps next time, if I have an experienced collector with me, I’ll buy a raw CC coin. (Next time?!)
During the following two weeks I switched gears, and I began watching slabbed coins instead. Even those graded by services that weren’t the top two favorites. I looked all of them up – NGC, PCGS, ANACS, ICG. Again I had visions that maybe, just maybe, I could find that one coin that was undervalued. I even considered not sticking with my quest for a ’78-CC – but could I really give up the challenge from my dad? Uh – no way! I am my father’s daughter, and a challenge from him is a challenge worth trying to meet.

#4: To Buy or Not to Buy
Since I’d added only slabbed coins to my requirements, it was safe to assume I’d made my quest all the more difficult. Could a gal with a mediocre budget, and standards, really afford a Carson City coin? Ugh! Weeks of watching, second guessing, and tentatively bidding ensued.

Finally – I saw it! I thought it might be my coin. Or at least I was pretty sure it was a definite maybe. It was an 1878-CC Morgan Dollar, in an NGC holder – and no one else was bidding on it. What’s wrong with it? I kept asking myself. I watched it for a week. Why is no one else bidding on this coin? I scrutinized the photos. They weren’t the best, but good enough to see detail and what I thought was a bit of luster. I expanded the photos on my iPad for a closer look, which didn’t really help, but made me feel better for trying. The Texas dealer did accept returns – just in case. Still, no one else was bidding on the coin. Why, why? The final listing hours came, the moment of truth – and I decided I didn’t care. It was a dream come true that no one else bidding on my coin!

#5: My Precious
Did I say, “My coin?” Why, yes I did! And here it is pictured below. For better or for worse, I am now the proud owner of my very first Carson City coin – or My Precious as my husband keeps calling it. (Lord of the Rings fans, you’ll understand.)

MY COIN is dated 1878, the first year Morgan Dollars were minted in Carson City, meeting part of my dad’s challenge. It features AU details with obverse damage – at least it doesn’t say “FRANK.” And it’s in an NGC holder – that hopefully wasn’t counterfeited in China along with the coin. I think it’s an attractive coin, even with the damage, or I wouldn’t have bought it. And it was only two dollars over my $100 budget (with shipping).

Whether or not my first Carson City coin purchase was smart, lucky, or overpriced; a badge of honor or a soon-to-be reminder of what not to do – I can live with it. That’s why I set parameters that were reasonable to me. And now I can tell all of you, my C4OA friends – that I am finally, officially one of the gang!



(I’m sure there are lessons to be learned from my first Carson City coin purchase, far more parameters to follow, and diagnostics that I’ve unfortunately not even considered. ALL of your feedback and suggestions are welcome – good or bad. Otherwise, how will I learn?)