Replaced Cents

Replaced Cents - A Rip-off?

by Cecil Starcher #1

What we have here is a piece recently offered on eBay. I direct your attention the condition on the actual encasement. The near perfect finish says to me that the piece has been stored very carefully since it's issue in 1904. If that is the case, one would rightly assume that it would encircle a near perfect red uncirculated 1904 Indian Head Cent. What we have here, in my opinion, is a replacement. Not counting the obvious markers that we know exist on an original strike of this type of piece, there is an ever so slight gap between the cent and the encasement which indicates that the current cent was not the one originally struck. It is my belief that someone along the way removed the original cent, which would be worth more than the VF/EF replacement. If my hypothesis is correct, what value does this piece really enjoy?

Compare the following picture with the one above to understand how the coin melds into the encasement.

Replaced coins are always present in this hobby. I have a hard to find piece in my West Virginia collection where the original cent has been replaced by a same date coin. It will remain with me until I am able to replace the piece with an original strike, then I'll pop the cent and keep the encasement.

What this is leading up too is this: Should ECI attempt to set a value standard for "non-common" encasements with replaced cents - creating a value solely for the encasement sans any coin? If so, what should be considered when establishing guidelines and how should we define "non-common" versus "common?"

I believe that this is problem that needs to be addressed for the good of the hobby. Send you comments HERE to be attached to bottom portion of this article.