“How much is it worth?” Far-and-away that’s the most frequent question I’ve been asked about collectibles over the years. A close second would be, “Does condition really make a big difference?” The first question is difficult to answer without close examination and comparative pricing. The second is easy – condition makes all the difference in the world.
For example, vintage cars. A classic, 1934 Ford Model 730 Deluxe Sedan cost just $600 new. Today, a nicely restored one goes for around $40,000. A beautifully preserved/impeccable one would sell for upwards of $80,000. Conversely, an old one with holes in it might only bring a few hundred dollars. That is, unless, it was the one riddled with bullet holes in which outlaws Bonnie and Clyde died. That one is in the multi-million dollar range....
The defining terms for many collectibles used to be “Good,” “Very Fine,” “Excellent,” etc. Those proved too vague so numbered grading systems were created. Coins were the first. Instituted decades ago, the grading scale ranges from “1” for borderline garbage to “70” being pure perfection. Coins above the grade of a ”60” are considered “MS” meaning “Mint State.”
Around 10 years ago, rare stamps were given their own grading scale ranging from 1 to 100. So too for rare currency, baseball cards and others. For a fee, recognized services apply grades to items submitted to them. For coins, if a collector feels a graded item is particularly fabulous, it can then be submitted to a secondary grading service which may (or may not) put a special seal of endorsement on the encased coin. That seal can bolster the value even more.
Good examples are the Walking Liberty half dollars minted between 1916 and 1947. A few older readers might recall actually getting one in change when they were young. In the early 1960s, those coins sometimes mixed in when the Kennedy and Franklin half dollars were still used in trade.
The early dates of the Walking Liberty half dollars are rare in top condition. Some have prices between $5,000 and $25,000. A few high-grade rare dates soar to as much as $40,000.
Comparatively speaking, a 1946 Walking Liberty half dollar isn’t rare. Over 12 million were struck. Most hobbyists have them in their collections. Circulated examples trade for around $30. In the numerical MS-65 condition, a 1946 half is worth about $65. In MS-66, just one grade higher, it rises to $100. One more tiny number higher, MS-67, multiplies the value seven-fold to $700. After that, most price guides don’t list grades above that. There just aren’t many found.
Recently, one turned up. A 1946 Walking Liberty half-dollar graded just one eensie number higher in MS-68 condition crossed the auction block. It also achieved that secondary grading sticker. The graders thought this common date coin was very special. So did some deep-pocket collectors.
If the 700 percent jump in price for the MS-66 to MS-67 were to be applied, this MS-68 coin should be worth 7X more or upwards of $5,000. Nope. At auction, the price for that common-date 1946 Walking Liberty half dollar was a mind-boggling $149,062. It set the record for the highest price ever paid for a Walking Liberty half – even the rarer dates.
So, yes. Condition makes all the difference in the world. Even more contemporary items in top grade are bringing top prices. In that same half dollar club, a 1950 Franklin half in Proof-68 just sold for over $48,000. A contemporary 1964 Kennedy half dollar in MS-66 grade went for over $1,600. Price guides list that same Kennedy half in MS-66 condition for a mere $50. So, you never know.
How about those silver bullion coins we constantly see ads for? For those too, condition is key. A few of those have achieved the ultimate grade of MS-70 from the numismatically recognized grading service NGC and PCGS.
Several of those one-dollar Silver Eagle coins minted as recently as 1996 and 2000 in MS-70 grade sold for over $3,500 each. One, from 1999 in the same MS-70 grade, just brought $14,400.
Each of those American Eagle one-dollar coins were purchased from the US Mint for around $50. When they arrived in the mail, if they looked good enough, the buyers sent them in for grading.
Here’s the kicker. There are still unopened rolls of vintage US coins hiding in drawers, safe deposit boxes and similar stashes. Some in impeccable condition just waiting to be found and graded. Good luck!
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