Expert: Dan Moore - 5/21/2008

Question
QUESTION: I have an 1879 Indian Head Penny. The coin is is in great condition, but it has a couple of small chips out of the rim on one side of the coin. It has very little to no wear on both sides. The date is easily seen without being magnified. Could you tell me if it would be better to sell it at auction or should I except any offer and run like hell?

ANSWER: Graeme,

With the rim nicks, most collectors will pass at any price.  Therefore, take any offer of $10 or more and run.

:)

Dan


---------- FOLLOW-UP ----------

QUESTION: Thank-you Dan for your honesty with my 1879 Indian head coin.
My next question is... I also have 20 coins in sequence from 1890 to 1909 Indian head pennies, all in great condition, no chips or scratches. Should I sell them as a set or individual?
Should I sell at auction or private? and finally what could I expect as a price?

Answer
With the exception of the 1894 and the 1909, all the rest of the dates are the most common dates, and are only going to be worth a dollar or two UNLESS they look like they have almost NO visible wear.  With just light wear (Extra Fine grade), they are worth $5 to $7 apiece.  With just the lightest touch of rub (Almost Uncirculated grade), they are worth $13 to $17 apiece.

The 1894, with light wear is worth about $35 -- almost uncirculated is worth about $45

The 1909, with light wear is worth about $15 -- almost uncirculated is worth about $22

Whether you sell them at auction, or to a dealer, will probably net you about the same amount of money -- once you take into consideration the time, effort and fees involved with selling them at auction and shipping them to the buyers.  If you do sell at auction, make sure you include nice large magnified pictures of both sides of the coins, and you may want to consider grouping several coins together as a lot to help minimize the fees.

I hope this helps,

Dan