bought a sovereign...

mashisback

Not sure if this the correct place to post, but I recently bought a large collection of coins, I haven't received them yet.

I purchased mainly because I spotted a 1823 sovereign in with this lot. I am 80% sure it is real, will get it looked at when I receive the coins.

I know its not a half sovereign, so its either a sov or a double sov.
Limited knowledge as you can tell (I didn't want to ask too many questions about this specific coin as it would have increases the cost of the lot)

My question is, I am aware that the scrap value is £190 plus, or double if double sovereign.
This specific coin in good condition is worth a lot more. But, although the condition is reasonable, it has a hole drilled through the top, presumable to wear as neckless?
Does this dramatically reduce the collectable value of the coin? if there wasn't a hole, I would grade the condition as 'fine'.

any ideas on value and the above question?

Thanks in advance!

srcandas

mashisback wrote: »

My question is, I am aware that the scrap value is £190 plus, or double if double sovereign.
This specific coin in good condition is worth a lot more. But, although the condition is reasonable, it has a hole drilled through the top, presumable to wear as neckless?
Does this dramatically reduce the collectable value of the coin? if there wasn't a hole, I would grade the condition as 'fine'.

any ideas on value and the above question?

Thanks in advance!

I'm not an expert but due to family possessions have had a look at this.

As you say the scrap value is what it is by weight (remember the hole will have reduced it's weight.

To a coin collector the hole makes it most undesirable. A slightly used coin will lose more than half it's value over a mint condition.

You could of course put a chain through it and sell as a piece of jewelry at auction but you'd have to be lucky.

If I was you I'd assume scrap value (I think it is 22 carat) and be happy.

Do get back and tell us what you find in the collection

sabretoothtigger

I thought it was illegal to damage legal tender

ColdIron

From a bullion point of view it makes little difference, from a numismatic one it makes all the difference in the world

It seems the 1823 issue is sought quite after so it's a shame that someone chose to put a hole through this one rather than one from a different year

shaun_from_Africa

sabretoothtigger wrote: »

I thought it was illegal to damage legal tender

There is a law to cover the defacing of banknotes, (currency and banknotes act 1928)

12 Penalty for defacing bank notes.
If any person prints or stamps, or by any like means impresses, on any bank note any words, letters or figures, he shall, in respect of each offence, be liable on summary conviction to a penalty not exceeding [F1level 1 on the standard scale].

but there is no longer any legislation in force to cover coins.

mashisback

Thanks All for your replies

srcandas wrote: »

I'm not an expert but due to family possessions have had a look at this.

As you say the scrap value is what it is by weight (remember the hole will have reduced it's weight.

To a coin collector the hole makes it most undesirable. A slightly used coin will lose more than half it's value over a mint condition.

You could of course put a chain through it and sell as a piece of jewelry at auction but you'd have to be lucky.

If I was you I'd assume scrap value (I think it is 22 carat) and be happy.

Do get back and tell us what you find in the collection

I had a feeling this would be the case, I think it will be an Ebay Job as I am confident the minimum it will sell for is Scrap value, maybe someone... or hopefully two or more people decide they would prefer this desired coin with a hole in... then not have one at all. I have seen this coin in the same condition excluding the hole on sale for £1300... so fingers crossed. I am happy with £200+ any more will be a bonus.

I will keep you up to date with the findings in this lot, I have only seen pics of 50% of it, this one coin was enough to make it 'worth the gamble', it was an inherited collection, and includes 25 KG of un-cleaned, unsorted and unsearched metal detector finds, that a chunk looked like medals etc. This was on top of about 300 fine+ condition collected coins in folders, I do know a lot of these are coins worth from nothing to £25, but description was from someone who knows as little as I, and most other non collectors/ novice collectors would know.

Although as stated above, it was a gamble, I got it for £575, so if I can get £200+ back on the 1 coin, I will be shocked if I don't end up quids in.

I am new to collecting myself, trying to build something to pass on to my little one when he is older, so wont be selling all. but will be interesting either way

mashisback

sabretoothtigger wrote: »

I thought it was illegal to damage legal tender

I assume... even if this was still the case, it wouldn't be frowned upon for a 200 year old coin?

mashisback

ColdIron wrote: »

From a bullion point of view it makes little difference, from a numismatic one it makes all the difference in the world

It seems the 1823 issue is sought quite after so it's a shame that someone chose to put a hole through this one rather than one from a different year

Thanks for reply, this is what I gathered from my limited research, definitely a shame, was quietly hoping that the hole could be overlooked but knew deep down this would be the case.
As a novice collector myself, I have no desire to keep this coin due to the hold, so I guess a bigger collector would feel more strongly about not wanting to collect it

Thanks again

shaun_from_Africa

There is definitely no law that states damaging or defacing UK legal tender coinage is illegal.
http://www.thepennypress.com/
There are plenty of these machines in locations all over the UK.

jimjames

mashisback wrote: »

I assume... even if this was still the case, it wouldn't be frowned upon for a 200 year old coin?

If the coin was 1823 then it "clearly" happened prior to the 1927 law if anyone ever asked