Can You Still Find NEWP 1868 5 at Flea Markets and Pawn Shops?

The days of easy finds are mostly gone, but there is still treasure out there if you know exactly what you are looking for. As a professional picker who has spent decades navigating the chaotic, unpredictable landscapes of flea markets and pawn shops, I can tell you firsthand that the thrill of the hunt remains undiminished. Today’s market is flooded with reproductions, sliders, and heavily circulated common dates. Yet, when you zero in on the right items—ones that hold genuine numismatic significance—the returns can be extraordinary. Take, for example, the 1868 $5 Liberty Seated Dollar. Finding a PCGS-certified MS63 specimen of this historically significant coin today is akin to striking gold. But the path to acquiring such a treasure requires more than just luck; it demands sharp eyes, aggressive haggling skills, and a deep understanding of raw coin evaluation.

If you are wondering whether you can still source high-end numismatic inventory at Flea Markets, the answer is a resounding yes—but you have to approach the hunt strategically. Here is my playbook for finding premium items, navigating the pawnbroker relationship, and avoiding the pitfalls of overpaying or getting trapped by counterfeit sliders.

### The Flea Market Reality: Sliders and Sticker Shock

In my experience grading, the most common mistake collectors make at flea markets is assuming that any coin labeled “Uncirculated” or “Mint State” is the real deal. Many of these “MS” coins from this era are sliders—coins that were once circulated but have been polished or naturally smoothed out to pass as uncirculated. When you walk up to a table filled with “MS” Liberty Seated Dollars, you have to be hyper-vigilant.

I always tell buyers to look for the absence of flatness on all surfaces. A true MS coin retains its mint luster and sharp strike details, even if it shows minor handling marks. If a coin looks artificially bright or lacks the natural wear patterns of genuine circulation, it is likely a slider. Haggling in this environment requires a different mindset. You cannot simply accept the first price quoted. You must arm yourself with knowledge of the item’s true retail value and use that as leverage to walk away. “That coin is worth $43,000 retail, but you’re asking $15,000? That’s a steal,” is a phrase that works wonders. But you must also be willing to leave if the pawnbroker refuses to budge, because overpaying for a slider only deprives you of the opportunity to find the genuine article elsewhere.

### Raw Coin Evaluation: The Art of the Pre-Graded Deal

Before you even think about haggling, you must master the art of raw coin evaluation. At flea markets, you rarely see professional grading services like PCGS or NGC. Your only tool is your eyes and your expertise. Evaluating a 1868 $5 Liberty Seated Dollar in its raw state means assessing the metallurgical composition—typically 90% silver—and examining the strike quality.

Look closely at the obverse and reverse. Are the stars sharp and well-defined? Is the motto clear? Even a coin that appears to be MS63 might actually be an MS58 or MS60 if the strike is soft or the surfaces have worn down. Conversely, some circulated coins might retain incredible detail on the high points. You must learn to read the micro-details. Furthermore, you must train yourself to identify “schmutz”—copper corrosion that accumulates on older coins stored in damp bags. In the forum discussion, a user noted dark schmutz on the reverse. While it could be mistaken for old bag damage, professional pickers know that distinguishing between genuine bag marks and active corrosion is critical. Genuine schmutz can sometimes be polished away, but it often leaves behind a distinct, dark patina that differs from the natural toning of the silver. Spotting this early prevents you from accidentally buying a coin that will incur hidden grading fees later.

### The 1868 $5 Liberty Seated Dollar: A Historical Benchmark

To truly appreciate the hunt for a 1868 $5 Liberty Seated Dollar, one must understand its historical context and extreme rarity. The Liberty Seated series was minted from 1846 to 1873, ending with the trade dollar in 1873. The 1868 coin is one of the last years struck before the design was permanently retired.

In absolute terms, the 1868 $5 is incredibly rare. According to numismatic records, there are only two PCGS-graded specimens known to exist, with the finest being a PCGS MS62. Furthermore, numismatic historian Frank Akers notes that there are currently zero known Uncirculated (UNC) specimens. This makes the PCGS MS63 a conditional rarity—a coin that, while not perfectly uncirculated, is vastly more desirable than an MS62. The retail value for an MS63 is currently around $43,000, with CAC (Certified Acceptance Corporation) values ranging from $60,000 to $50,000 depending on the submission outcome.

However, the forum thread highlights a fascinating controversy regarding the “Fairmont” designation. Some circulated 1868 $5 Liberty Seated Dollars from Fairmont, West Virginia, possess a unique surface preservation that collectors call the “Fairmont look.” These coins circulated heavily but maintained remarkable detail. The debate in the forum centered on whether the coin in question possessed this characteristic. Because Fairmont auctions officially began in June 2018, any coin graded before that time cannot carry the official Fairmont designation, regardless of its physical characteristics. The professionals in the forum ultimately agreed that while the coin looked exceptional, it lacked the distinct, proprietary surface preservation of the official Fairmont coins. Understanding these nuances separates amateur collectors from true professionals.

### Navigating the CAC Grading Bottleneck

Let us address the elephant in the room: the cost of professional grading. In the forum, a user mentioned spending $400 to get their opinion on a coin. This is a staggering expense for a collector hunting at a flea market. To put this into perspective, the standard CAC grading fee is actually $150, but there is a 15% discount applied if the coin fails to receive a sticker. This means if your MS63 slips to an MS62 or lower, you save roughly $60 on the fee. However, if you submit it and it stickers at MS63, you pay the full $150 (or $400 if you included other coins in the submission).

As a picker, I view grading as a necessary gamble. There is a phenomenon known as “green beaning,” where high-dollar coins submitted for grading get turned down by the graders. Sometimes, a coin that looks perfect to the naked eye might be rejected due to subtle die cracks or planchet anomalies that the grader misses. I have seen it happen time and again: a collector spends thousands of dollars on grading fees, only to watch their high-value coin get rejected. The key takeaway here is that while grading can boost value through cross-matching (especially for a POP 1/0 like the 1868 $5, where fewer than 100 are known), it carries a massive financial risk. Always factor the grading fee into your budget and never spend more than you can afford to lose.

### Haggling and Sourcing: Building Relationships with Pawn Brokers

Finding a PCGS MS63 1868 $5 Liberty Seated Dollar at a pawn shop requires more than just walking up to the counter. You need to build a relationship with the pawnbroker. These vendors are not just middlemen; they are merchants who understand the psychology of collectors.

When you approach a pawnbroker, do not just point at a coin and demand a price. Instead, start by asking questions about the coin’s history. Have they found it recently? What era was it pulled from? By engaging them in conversation, you establish credibility. A pawnbroker who trusts you is more likely to negotiate aggressively, knowing you have the expertise to walk away if they try to lowball you. Haggling should be a back-and-forth process. Start by offering a price based on your maximum willingness to pay, and then counter with a slight reduction. Use phrases like, “I know it’s worth $43,000 retail, but I’ll give you $25,000 for it right now, and I’ll add the $150 grading fee myself if you let me submit it.” This gives the pawnbroker an incentive to sell quickly, as they avoid the hassle of a potential failed submission.

Furthermore, always ask to see the coin “in hand.” A lot of times, coins displayed under harsh lighting or in poorly ventilated spaces have been damaged by the environment. Professional pickers know that the way a coin sits in a holder can drastically alter its perceived value. If a pawnbroker is reluctant to let you handle the coin, walk away. It is better to find the coin elsewhere than to pay a premium for a damaged specimen.

### Conclusion: The Enduring Value of the Hunt

The hunt for a rare 1868 $5 Liberty Seated Dollar at a flea market or pawn shop is a testament to the enduring value of numismatic collecting. While the days of walking out of a market with a guaranteed $50,000 CAC-sticker coin are largely in the past, the thrill of the chase remains. By mastering raw coin evaluation—spotting mint luster, identifying genuine bag damage, and recognizing sliders—you can separate the wheat from the chaff. By understanding the historical scarcity of the 1868 date and the nuances of the Fairmont designation, you position yourself to recognize the true gems among the clutter. And by building relationships with pawn brokers and negotiating with confidence, you ensure that the treasures you find are not only authentic but also fairly valued. The next time you step into a flea market, remember: the treasure is there, but it requires a professional picker’s eye to uncover it.

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