The Top 5 Costly Mistakes Collectors Make When Chasing Unattributed Fivaz-Stanton Varieties (And How to Avoid Them)

We all make mistakes when we start collecting, but some are far more expensive than others. I have seen it time and again: collectors falling into the same traps over and over. The recent discourse surrounding an unattributed Fivaz-Stanton (FS) Variety is a perfect microcosm for the pitfalls that plague modern numismatics—the dangerous intersection of buyer psychology, grading misconceptions, and the relentless pursuit of rarity. Whether you are considering sending a potentially unique coin to a Top Professional Grader (TPG) for attribution, or just browsing the market for a rare variety, knowing these five costly mistakes will save you both money and sanity. Let’s break down the top five traps every collector must navigate.

1. The Illusion of the Slab: Why Trusting Bad Holders Leads to Buying Cleaned Coins

In the world of graded coins, we often treat the slab like a shield, thinking it protects our coin from the ravages of time. This is a dangerous illusion. A pristine holder can mask severe surface damage, and worse, it can conceal coins that have been artificially cleaned. In the forum thread, the coin was housed in a PCGS holder—an immediate red flag for any seasoned numismatist. When evaluating a coin in a holder, you must look beyond the plastic. Is there evidence of cleaning? Look for hairlines, planchet striations, or unnatural smoothness on the fields. If a dealer offers a coin at a steep discount just because it is slabbed, they may be banking on your inability to see the damage through the holder. Worse still, many dealers sell “cleaned” coins under the guise of professional preservation. You cannot verify the internal state of a coin through a holder; you must request the Proof-of-Provenance (PUP) or the raw coin itself. Trusting a bad holder—especially one sold by a dealer who refuses to show the raw state—is the fastest way to end up with a coin stripped of its mint luster and natural patina, ultimately losing its numismatic value.

A PCGS holder looks pristine, but it hides surface damage. Cleaning alters mint luster permanently.

• Actionable Takeaway: Always insist on the raw Proof-of-Provenance (PUP) before paying a premium for a slabbed coin. Never trust the holder; trust the raw state.
• Grading Markers: Look for hairlines on fields, striations on the obverse, or unnatural smoothness on the reverse. These are telltale signs of cleaning.
• Red Flags: Steep discounts for slabbed coins, dealers who refuse to show the raw coin, or holders with questionable edge letters.

2. Confusing Guide Numbers with Slabbed Attributions: The Trap of Overpaying for Common Dates

One of the most pervasive misunderstandings in numismatic collecting is confusing a Cherrypicker’s Guide (CPG) number with a Top Professional Grader (TPG) slab attribution. The forum thread explicitly addresses this confusion: “You say it’s unattributed. If it has an FS number, it’s already been attributed. I’m assuming you got that FS number from the Cherrypicker’s Guide (CPG), correct? Yes. The slab is not attributed with the variety number.” This distinction is crucial. An FS number assigned by the CPG is merely a catalog designation, not a verified certification. When collectors see an “unattributed” variety and jump on the opportunity to buy it, they often overpay based on hope. They think paying a premium for a common date—or a coin lacking the historical significance to command a high grade—might pay off later, when it eventually gets slabbed as a 1/0 or even a 2/0 variety. But paying too much for a common date hoping it transforms into a rare variety is financial suicide.

1. Actionable Takeaway: Do not overpay for an unattributed variety. The cost of slab attribution often exceeds the potential future value of the variety. Calculate the break-even point before purchasing.
2. Grading Markers: Understand the difference between a CPG number (catalog designation) and a TPG slab number (verified certification).
3. Red Flags: Sellers who aggressively push you to buy an “unattributed” variety, claiming it will become a 1/0 pop. If the coin isn’t a major variety, the math rarely works out.

3. Chasing Unverified Varieties: The Perils of Falling for Marketing Hype

The internet is rife with marketing hype, and numismatic communities are no exception. In the forum discussion, enthusiastic members hyped up the “obvious” pick-up point of the Fivaz-Stanton variety. One user stated, “The Pick Up Point is very obvious!” However, as veteran collectors know, “obvious” does not always translate to “significant enough for a Top Professional Grader to recognize the true eye appeal of the variety.” Falling for marketing hype clouds judgment. If a seller claims the variety is obvious, but the only documentation is an image in the Cherrypicker’s Guide, you are being swayed by emotion rather than logic. TPG graders like PCGS and NGC have strict criteria for attributing varieties. They want to see publications in reputable numismatic journals like CoinWorld, CoinWeek, or Wexler’s Coins and Die Varieties. Without this secondary documentation, TPG graders will likely deny the attribution. By chasing unverified varieties based on hype, collectors risk spending their hard-earned money on a coin that will never receive the prestigious FS number on its slab label.

• Actionable Takeaway: Demand documented provenance. If a variety is only listed in the CPG, do not assume it is significant enough for a TPG attribution.
• Grading Markers: Check Variety Vista and Wexler’s Coins and Die Varieties. If the variety is absent, the likelihood of TPG acceptance drops significantly.
• Red Flags: “Obvious” pick-up points, single-source documentation, sellers who cannot provide large, clear images of the Proof-of-Provenance (PUP).

4. Misjudging the Market: When Grade Value Trumps Variety Value

Misjudging the market is another costly trap. In the forum thread, the user asks about the potential value of getting the variety recognized by a TPG’er, mentioning the possibility of a “pop 1/0.” This highlights a critical mistake: misjudging the balance between grade value and variety value. A high-grade slab (like MS-65 or MS-66) commands a premium for its mint condition, but a “pop” designation (like 1/0 or 2/0) only holds value if the variety itself is historically significant. Many collectors spend exorbitant amounts of money to reholder a coin, upgrading its grade in hopes of getting a better variety attribution. However, as the forum notes, “I think you can get a PCGS slab reholdered with the same grade and also have the variety added (although last time I tried that they didn’t attribute the variety).” Paying for reholdering fees, slab fees, and the seller’s markup to chase a rare variety is often a losing proposition. If the variety isn’t a major variety, the grade premium alone may not justify the astronomical costs.

1. Actionable Takeaway: Do not spend your life savings on grade upgrades or reholdering fees. Only pursue variety attributions if you have solid, documented proof and a realistic understanding of the market.
2. Grading Markers: Understand the difference between a high-grade slab and a high-pop variety. A 1/0 pop is only valuable if the variety is unique and scarce.
3. Red Flags: Making payments on a coin to flip it (as seen in the thread where the user “made payments on it”), indicating they believe it will appreciate significantly in value.

5. The Myth of the “Obvious” Pick-Up Point

Finally, the forum discussion touches on a fundamental truth in numismatics: what feels “obvious” to a novice is often missed by experts. The user claims the pick-up point is very obvious, but the TPG graders apparently do not believe it is significant enough for an FS number. Believing your subjective observation of a “pick-up point” equates to objective numismatic significance is a dangerous fallacy. To secure an FS number, you need more than just your eyes on the coin. You need a second opinion, preferably from another variety attribution service, and you need to provide large, clear images of the Proof-of-Provenance (PUP) to back up your claim. Relying on personal intuition rather than established numismatic consensus is the quintessential beginner mistake.

• Actionable Takeaway: Seek out a second opinion from another variety attribution service before submitting to a TPG grader.
• Grading Markers: Provide large, clear images of the PUP. Documentation is the armor you need against skepticism.
• Red Flags: Believing a “pick-up point” is obvious without consulting multiple experts or published literature.

Conclusion: The Patience and Precision Required for Numismatic Success

The ongoing debate surrounding the unattributed Fivaz-Stanton (FS) Variety perfectly encapsulates the core challenges of modern numismatic collecting. It serves as a reminder that the pursuit of rarity is fraught with peril. Buying cleaned coins, overpaying for common dates, trusting bad holders, falling for marketing hype, and misjudging the market are the five most costly mistakes a collector can make. They drain wallets, destroy trust, and lead to frustration. The Fivaz-Stanton series, and the specific FS variety in question, represents a fascinating frontier in American numismatics. Historically, these coins hold a certain intrigue, bridging the gap between standard circulation and specialized varieties. However, until that elusive FS number is officially recognized and documented by Top Professional Grader services, the coin remains in a liminal space—valued neither purely as a common date nor as a verified rare variety. As a veteran hobbyist, I can tell you that patience and precision are your greatest assets. Do not let the siren song of the “unattributed variety” distract you from sound investment principles. Verify the raw state of the coin, demand documented provenance, calculate your costs carefully, and never let marketing hype override logic. The numismatic world rewards those who look beyond the slab, challenge the obvious, and respect the rigorous standards required for true attribution. By avoiding these five traps, you protect both your capital and your passion for the hobby.

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