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Selling damaged coins (milk spots, scratches, dents, ...)


StevenDS

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I would like to have the opinion of forum members regarding selling coins (not rounds) which are damaged.

As soon as a coin is damaged by milk spots, scratches, dents or something else, should we only expect spot price when selling that coin?

I know there are differences in severity of the damage. I'm not talking about minor scratches or spots. Let's assume severe damage.

Is there a difference for proofs vs BU?

To be concrete, I have a BU QB Lion which showed milk spots. It's the only coin I have with milkspots so far. Knowing the potential risk of further damaging the coin I tried one of the suggested ways to reduce the milk spots. It failed and now the surface is scratched and looking worse than before. Lesson learned.

Upon selling can I expect more than spot price? For a normal BU maple, yes I would expect nothing more than spot. Both does the same apply for a QB Lion which has gathered a decent premium?

What is your experience in selling damaged coins?

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IMHO - any numismatic premium for either BU or proof is gone once damage occurs 

So its down to the base bullion /spot value

This is mainly ( I believe ) because the grading value is "In the eye of the beholder" and most would not want damaged - so OFF to MELT!!!

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The QB's are a little different I feel. I've sold some milk spotted kuggerands at what was close to spot. I think there's such a demand for QB you'd probably be able to sell as a normal bullion coin say compared to a Brittania, but the beast premium I would say is gone. 

Ask yourself who the buyer would be, if it's someone who wants to collect the coin they'll want it in best condition so will pass on it. A stacker may want it for variation so may consider paying normal prices for stacking.

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@StevenDS What method did you use to remove the milk spots?

Always cast your vote - Spoil your ballot slip. Put 'Spoilt Ballot - I do not consent.' These votes are counted. If you do not do this you are consenting to the tyranny. None of them are fit for purpose. 
A tyranny relies on propaganda and force. Once the propaganda fails all that's left is force.

COVID-19 is a cover story for the collapsing economy. Green Energy isn't Green and it isn't Renewable.

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1 hour ago, StevenDS said:

I would like to have the opinion of forum members regarding selling coins (not rounds) which are damaged.

As soon as a coin is damaged by milk spots, scratches, dents or something else, should we only expect spot price when selling that coin?

I know there are differences in severity of the damage. I'm not talking about minor scratches or spots. Let's assume severe damage.

Is there a difference for proofs vs BU?

To be concrete, I have a BU QB Lion which showed milk spots. It's the only coin I have with milkspots so far. Knowing the potential risk of further damaging the coin I tried one of the suggested ways to reduce the milk spots. It failed and now the surface is scratched and looking worse than before. Lesson learned.

Upon selling can I expect more than spot price? For a normal BU maple, yes I would expect nothing more than spot. Both does the same apply for a QB Lion which has gathered a decent premium?

What is your experience in selling damaged coins?

This is exactly what happened to me, with the exact same coin. I used a rubber and made it 10 times worse. I would not expect anything above spot for these types of coins to be honest.

Don't worry mate, you were not the first and you wont be the last who makes that mistake.

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27 minutes ago, Notafront4adragon said:

The QB's are a little different I feel. I've sold some milk spotted kuggerands at what was close to spot. I think there's such a demand for QB you'd probably be able to sell as a normal bullion coin say compared to a Brittania, but the beast premium I would say is gone. 

Ask yourself who the buyer would be, if it's someone who wants to collect the coin they'll want it in best condition so will pass on it. A stacker may want it for variation so may consider paying normal prices for stacking.

Exactly what I was thinking. I agree the QB premium is completely gone. But I was wondering whether it could still be sold at Maple or Brittania BU pricing per oz.

27 minutes ago, sixgun said:

@StevenDS What method did you use to remove the milk spots?

The eraser/rubber method. As seen in BYB video on Krugerrands.

2 minutes ago, nee4891 said:

This is exactly what happened to me, with the exact same coin. I used a rubber and made it 10 times worse. I would not expect anything above spot for these types of coins to be honest.

Don't worry mate, you were not the first and you wont be the last who makes that mistake.

I used the same method indeed. Not a good idea on mirror like finish I guess. Maybe works better on a matte surface like a BU Krugerrand.

 

This is what mine looks like now.

 

2016 Queen's Beasts Lion of England front.jpg

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8 minutes ago, nee4891 said:

I used a rubber 

It's the safest way I believe? 😉

You could try to 'antique' it?  Some folk like it and it may hold its value better that way.

 

Technically, alcohol is a solution..

'It [socialism] poses a growing threat, however unintentional, to the freedom of this country, for there is no freedom where the State totally controls the economy. Personal freedom and economic freedom are indivisible. You can’t have one without the other. You can’t lose one without losing the other.'

"There is no such thing as public money, there is only taxpayers' money"

Let not England forget her precedence of teaching nations how to live.

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10 minutes ago, StevenDS said:

The eraser/rubber method. As seen in BYB video on Krugerrands.

I used the same method indeed. Not a good idea on mirror like finish I guess. Maybe works better on a matte surface like a BU Krugerrand.

i have never removed milk spots from coins so i don't have any direct personal experience.

In the video Cyber Curtain Twitcher did using the soft rubber he looks at the coin under a loupe. The condition of the coin post milk spot removal appeared pretty good.
Certainly if a coin has more than minor milk spots then it is fecked - it is a spot price value coin - so using a soft rubber to remove the milk spots doesn't seem like a major faux pas. 

Perhaps your rubber was too hard. 

 

Always cast your vote - Spoil your ballot slip. Put 'Spoilt Ballot - I do not consent.' These votes are counted. If you do not do this you are consenting to the tyranny. None of them are fit for purpose. 
A tyranny relies on propaganda and force. Once the propaganda fails all that's left is force.

COVID-19 is a cover story for the collapsing economy. Green Energy isn't Green and it isn't Renewable.

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5 minutes ago, Roy said:

It's the safest way I believe? 😉

You could try to 'antique' it?  Some folk like it and it may hold its value better that way.

 

i have some QB's with spots - i have thought about trying a bit of antiquing - if you got good at it the coins might fetch more money than if they didn't have any milk spots.

i would agree, if you have spots it is safer to use a rubber.

Always cast your vote - Spoil your ballot slip. Put 'Spoilt Ballot - I do not consent.' These votes are counted. If you do not do this you are consenting to the tyranny. None of them are fit for purpose. 
A tyranny relies on propaganda and force. Once the propaganda fails all that's left is force.

COVID-19 is a cover story for the collapsing economy. Green Energy isn't Green and it isn't Renewable.

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20 minutes ago, musketsmoke said:

easy remedy sell it to me :) 

 

😂 Well noted your interest at spot price. I assume many others might be interested though at spot price.

I'll try my hand first in a sales topic at Maple or Britannia pricing per ounce. Meaning around €36-40 range for this damaged Lion instead of €32 for spot.

Thinking of doing €40 incl shipping and air tite capsule.

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The 2oz QB are a fantastic series but they do spot a lot, having said that if the spotting is on the obverse(Queens side) it's less of a problem than on the reverse especially Griffin.

I think the odd strapped for cash collector would pay over spot for Griffin & Lion. I've seen some shockers, badly spotted Griffins (MS 69) sell no problem & at a large premium in the US.

Personally I only buy the graded 2oz QBs with no faults but they are not that easy to get even graded without spotting

 

The problem with common sense is, its not that common.

 

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