Expert: Bruce Goldstein - 2/12/2008

Question
Bruce,

I have what I believe could be a proof Isabella quarter, 1893.
It certainly is detailed, virtually perfect condition, with a bright luster.

1)  Can you say how I could determine if this is a proof coin, rather than just a BU, other than getting an expert opinion from a service?

2)  If I seek 'expertizing' to justify a proof rating, what would you expect that might cost, and who would you recommend?

3)  If it is a proof, what would you say is the value of the coin:  both estimated auction price for a sale, and dealer price?

4)  Tho the detailing appears (to my non-expert eye) to be perfect, there is a very small red/ruby 'stain' over one of the letters on the coin.  Does that compromise the value, and by how much.

Thank you.

- Roy

Answer
If it's a Proof, it's a very scarce coin.  Only about 400 were minted.  You want to discern if the coin has been polished or otherwise harshly cleaned to remove any doubt of mishandling to create a Proof look.  If you look at the surfaces and tilt the coin around, are there a bunch of hairlines/scratches going in parallel lines or in all sorts of directions.  If you look under magnification, do you see that the coin looks buffed in any mechanical way (otherwise known as whizzed or wire buffed).  If you still think it looks like a Proof and the devices (details) are squared with the fields (a sharp delineation between device and field) and the edge of the coin appears mirrored and/or sharp and proof-like, then absolutely send it in to one of the major grading services (PCGS/NGC).  The cost depends on the level of service you choose and the turn around time you want; probably between $50-$100.  You will be able to get much better resale if it's slabbed and not raw for a coin like that.

Proof prices are really tough to estimate.  The last Heritage auction sale of a PF63 went for about $4000.  It totally depends on the grade and the current market.  I'm guessing a PF63 could be worth more than that today.  Your best way to sell the coin, in my opinion, to get the most money would be through an auction house like Heritage/Stacks etc. as this type of scarce coin might garner a lot of attention.

The "stain" might be nothing more than a little bit of toning which shouldn't affect the value if it isn't too distracting.  DO NOT try cleaning or handling the surfaces of the coin in any way.  The services might note a problem and return the coin if that area is truly an issue.