What is a true PO01?

[Zoins]

I just wandered over to TMM and ran across braddick's PCGS Franklin auction where he writes the following in the description about his search for a PO01 Ike dollar:

I also searched for the unusual, like a true PO01 Ike dollar, any date, that would holder with PCGS or NGC. I came up wanting although my price quote was $1,500.00 for such a coin. The bounty on even a FA02 was several hundred dollars. I did locate one FA02 that holdered with NGC and it resides in my collection today.

What is a "true PO01" and can someone simply make a PO01 Ike by carrying one around? Is the difficulty in getting someone to actually do that with the risk that it might not slab?

 

Also if it's already a FA02, would it be easy to wear it down to a PO01 or are there risks that it might not slab with more wear?

[Jabba-migration]

Ive got some coins in my set I thought would come out P01 but no luck yet. Yes you can wear a coin all the way down to P01 but it take's a long time, Im sure its even longer with clad. Finding worn out coins is not hard its just hard to find one that has not been cleaned or damaged.

[braddick]

Here's a true PO01:

 

PCGS PO01 Morgan dollar

 

It sold for more than one that is 63 points higher would sell for.

[cpm9ball]

Geez, Pat, I had no idea that someone would pay that much for something like that. Are coins like this in that much demand?

 

Chris

[WoodenJefferson]

This guy turned down 8 offers below the $675 BIN! Holy Smokes! auction for PO 01 IKE

To bad the pics are gone...but you get the idea of how hard it is to get a Ike in this low grade that will still slab.

[Zoins]

This guy turned down 8 offers below the $675 BIN! Holy Smokes! auction for PO 01 IKE

To bad the pics are gone...but you get the idea of how hard it is to get a Ike in this low grade that will still slab.

Good find. It would be great to see some pics.

 

I'm guessing that one risk is that the date and/or mint mark could be worn off.

[WoodenJefferson]

This guy turned down 8 offers below the $675 BIN! Holy Smokes! auction for PO 01 IKE

To bad the pics are gone...but you get the idea of how hard it is to get a Ike in this low grade that will still slab.

Good find. It would be great to see some pics.

 

I'm guessing that one risk is that the date and/or mint mark could be worn off.

 

here's some pics of a 1976 PO 01 linkafied

[braddick]

I wish I'd have seen that PCGS 1976. If I had, I'd own it today, no doubt.

 

I do have an NGC PO01 Ike and also an NGC FA02 Ike. The PR01 is a ghost while the FA02 could have gone AG03 on another day.

 

When I bust out the real coins I'll show you a pair of FA02 ANACS 1964 Kennedies I purchased from Greg and also an AG03 SBA graded by PCGS.

 

My favorites?

A 2000 American Silver Eagle graded PCGS VF20 and a 1986 silver Eagle graded ANACS FA02.

 

I'll see about photographing them tomorrow and posting them on this thread...

[JamminJ]

I'll see about photographing them tomorrow and posting them on this thread...

 

 

I remember that P01 Ike - it was really a cool coin. His head looks like a light bulb.

[robec1347]

My favorites?

A 2000 American Silver Eagle graded PCGS VF20 and a 1986 silver Eagle graded ANACS FA02.

 

What would you have to do in order to get a coin worn down so much in just 6 and 10 years respectively?

 

Edited for spelling.

[MunkyMan95]

My favorites?

A 2000 American Silver Eagle graded PCGS VF20 and a 1986 silver Eagle graded ANACS FA02.

 

What would you have to do in order to get a coin worn down so much in just 6 and 10 years respectfully?

 

Give it to a marathon runner?

[Boom]

Someone that doesn't know how to grade for him or herself and keeps sending in sub par coins thinking they're all that and then some.

[MorganMan]

My favorites?

A 2000 American Silver Eagle graded PCGS VF20 and a 1986 silver Eagle graded ANACS FA02.

 

What would you have to do in order to get a coin worn down so much in just 6 and 10 years respectively?

 

 

Oh No! Don't ask that one. Here we go with AT vs NT, except it will be AW vs NW.

 

(Artificial Wear vs Natural Wear)

 

MM

[MCADSPEC-migration]

I have a 1972 Ike that I have carried everyday since Oct. 1972. The lettering on the obverse, with the exception of BER over Ike's head is all unreadable. About the only thing on the reverse that is visible is the eagle and MER at the tip of the eagle's wing. For 25 years it's been my poor old Ike, but I have never given it a number grade.

[zrlevin]

Cool! Do you have a picture?

 

Welcome to the forums!

[BillJones]

Sheldon's definition of Poor or what he called Basal State -1:

 

"identifiable and unmutilated, but so badly worn that only a portion of the legend or inscription is legible. Enough must remain for positive identificaiton of the variety, although for some varieties this need not necessarily include a readable date."

 

Years ago a collector gave me 4 Draped Bust large cents that had no dates and asked me to date them. Using the Sheldon book, and my general knowledge of how the die work differed from year to year, I was able to date all of them and even give him the Sheldon die variety numbers.

 

You can't always do this, but it's surprising how often you can.

[Zoins]

Sheldon's definition of Poor or what he called Basal State -1:

 

"identifiable and unmutilated, but so badly worn that only a portion of the legend or inscription is legible. Enough must remain for positive identificaiton of the variety, although for some varieties this need not necessarily include a readable date."

 

Years ago a collector gave me 4 Draped Bust large cents that had no dates and asked me to date them. Using the Sheldon book, and my general knowledge of how the die work differed from year to year, I was able to date all of them and even given him the Sheldon die variety numbers.

 

You can't always do this, but it's surprising how often you can.

Thanks for a great response. I've been wondering how some PO01's can be slabbed with no visible date or mint mark.

[Northern Lights Collection]

I've seen a few PO01's this year popping up on the PCGS Low Ball registry. One coin from 1878 8TF was last seen in 1948 when it showed up almost a year ago this past November. All the wear on that coin was done in the first seventy years time if you stop to think about it. Every coin is struck differently and the wear pattern could vary a lot. One coin was carried for over twenty years before it was ever graded a PO01 low ball coin.

With all the technology the grading services have these days a well worn coin with original toning and problem free with no damage surfaces is hard to come by. Some dates and or mints are just to scarce to find in some grades. Someone's junk is another man's treasure only if they don't end up in melt buckets first. I'm always on the lookout for new discoveries myself. -MWH

[Walkerfan]

One ugly , worn-out, over-priced coin due to pressure from the LOWBALL Registry sets.