Heritage returned a PCGS graded coin to me because they think it's overgraded...
MrEureka
Posts: 24,355 ✭✭✭✭✭
Like I said. Consigned a PCGS graded coin. Heritage kicked it back because they graded it lower.
What should I do?
BTW, I submitted the coin to PCGS, and it graded at a level that more or less corresponds to the price I paid at a major auction.
What should I do?
BTW, I submitted the coin to PCGS, and it graded at a level that more or less corresponds to the price I paid at a major auction.
Andy Lustig
Doggedly collecting coins of the Central American Republic.
Visit the Society of US Pattern Collectors at USPatterns.com.
Doggedly collecting coins of the Central American Republic.
Visit the Society of US Pattern Collectors at USPatterns.com.
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OK, fixed that.
As for Aki, the only way he's going to roam like a feral dog is if I leave a few filet mignons out in the yard.
Doggedly collecting coins of the Central American Republic.
Visit the Society of US Pattern Collectors at USPatterns.com.
<< <i>I wish all auction houses would do that as I got a Morgan from the last stacks auction that was overgraded at least a full point by PCGS and I am stuck with it. >>
I feel your pain. I bought a 5K PCGS coin from Herritage that was over graded by at least 2 points and I couldn't return it. Signature auction has a no return policy.
I guess they missed the one I bought. I am glad they are trying to take care of the problem in sending back coins that are overgraded.
<< <i>What should I do with the coin?
- Consign to another auction house.
- Sell it privately with full disclosure about the Heritage thing.
- Sell it privately and disclose nothing.
- Send it back to PCGS. >>
Everyone is different. There are sellers that would disclose the HA thing and there are sellers that won't. What you should do should depend, in part, on the kind of reputation you want to build.
Sell the coin privately. Disclose nothing about the Heritage thing because it's not relevant.
What's the coin? Picture?
Owner/Founder GreatCollections
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The opinion of Heritage would be treated by me as any other opinion, like the slab grade. While thinking about the course to follow, one might seek another opinion such as a sticker firm and the consensus of a board such as this from good photographs. It is assumed your opinion of the grade rendered by PCGS is in agreement of the slab - but you did not actually say that; you implied it with the commensurate value of other items which may or may not be correct. An interesting quandary; your own opinion of the grade based on the merits of the coin is relevant, no?
Best wishes always,
Eric
<< <i>PCGS ... graded at a level that more or less corresponds to the price I paid at a major auction. >>
What does that mean? The specific numbers would help.
Experience the World through Numismatics...it's more than you can imagine.
Experience the World through Numismatics...it's more than you can imagine.
Sounds like a job for the
Bean That Baby or At Least Try
<< <i>never heard of that happening until now >>
The question is theoretical, and based on Sperber's comments about how auction houses should be arbiters of a coin's grade or condition.
The OP obviates the un-workability of her theory.
I bought one coin off a HA FUN auction a couple of years ago. The picture sucked, but I took a chance and the coin was a dog. I sold it with better pictures and lost a few dollars. That's the way it goes...
Sounds like someone may be getting arbitrarily singled out here.
'dude
Worry is the interest you pay on a debt you may not owe.
"Paper money eventually returns to its intrinsic value---zero."----Voltaire
"Everything you say should be true, but not everything true should be said."----Voltaire
<< <i>Can you provide an image of the coin? I didn't realize Heritage was in the business of grading coins, not to mention the many coins I've seen offered in their auctions that, to me, were either overgraded or should've been in problem (improperly cleaned, damaged, etc...) holders, yet offered at the noted problem-free grade.
Sounds like someone may be getting arbitrarily singled out here.
'dude >>
Sounds like a hypothetical question based on a very unlikely scenario.
Worry is the interest you pay on a debt you may not owe.
"Paper money eventually returns to its intrinsic value---zero."----Voltaire
"Everything you say should be true, but not everything true should be said."----Voltaire
I'm in a very deep moral and ethical quandary on this one.
I bought this coin in a(n obviously uninspected) large lot from MrE.
After it no-graded twice at NNCS, I put it in a European auction where I was gratified that it brought strong multiples of what I paid for the entire originating lot.
I was, hard as it might be to believe, able to contain myself when MrE so proudly showed me his score at dinner one night. All the more so because I now believed the coin was overgraded by at least 2 points. And quite chagrined when told he would have happily paid double his actual cost. Last time I don't follow my instincts by failing to set a secret reserve.
I called another NJ dealer for advice on what to do. He told me that MrE had shown him the coin at dinner one night and when MrE went to the bathroom the other dealer had dropped it in his wine, which MrE had paid for. He then had Aki lick off the wine. Apparently only a very subtle change occurred and this misadventure was not detected. But now this dealer now feels that he is owed for the value added. I told him that he was not. A case could not be made that the coin was artificially toned because the subtle color change was not intentional.
Quandary : If I drop a coin in my wine and Aki licks it off, my action will be intentional and his will not. If I then score in yet another European auction, is Aki entitled to half the profit and/or do I have to split my share with the dealer who "discovered" this process. And if I used the same winery but a different year?
So far Aki is perfectly happy with Tandoori Chicken.
The obvious answer to the poll is "Ebay".
Send it to another auction house or sell it privately...and disclose nothing since there is nothing to disclose unless you want to tell them that everyone has an a-hole.
Looking for Top Pop Mercury Dime Varieties & High Grade Mercury Dime Toners.
Let me ask this question: If you bought the coin at auction, and then received it, would you be happy or unhappy?
Do unto others as you would have others do unto you.
TD
Coin Rarities Online
siliconvalleycoins.com
<< <i>This sort of problem could be avoided by having each of your coins pre-screened by 3 friends prior to consigning them to auction. >>
If any of those friends are dealers, would this mean them getting "first shot" at my coins?
<< <i>This sort of problem could be avoided by having each of your coins pre-screened by 3 friends prior to consigning them to auction. >>
Let me add…
This sort of problem could be avoided by having each of your coins pre-screened by 3 friends who work at Heritage prior to consigning them to auction.
"Everything is on its way to somewhere. Everything." - George Malley, Phenomenon
http://www.american-legacy-coins.com
If you believe that the coin is overgraded, return it to PCGS. Your professional opinion is as valid as Heritage or PCGS.
I firmly believe in numismatics as the world's greatest hobby, but recognize that this is a luxury and without collectors, we can all spend/melt our collections/inventories.
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PIX PLEASE !!!!!!!!!
Bob
<< <i>
<< <i>I wish all auction houses would do that as I got a Morgan from the last stacks auction that was overgraded at least a full point by PCGS and I am stuck with it. >>
I feel your pain. I bought a 5K PCGS coin from Herritage that was over graded by at least 2 points and I couldn't return it. Signature auction has a no return policy.
I guess they missed the one I bought. I am glad they are trying to take care of the problem in sending back coins that are overgraded. >>
It does seem like this policy may be aimed at addressing issues like this. Without something like this review or a return policy, the buyer has no recourse which may be holding back coin prices.
<< <i>Have you tried consigning a TPG under graded coin to HA? Maybe their response would be the same and we would all know that auction houses ethically look after the welfare of both sellers and buyers, as we all know that auction houses don't exclude themselves as bidders.
Doesn't Heritage typically suggest that undergraded coins be sent in for grade review or cracked out and resubmitted? I'm pretty sure that Jim Halperin and some others at Heritage are pretty good graders, so if a coin is misgraded, they'd probably know it. Also, putting an undergraded coin in auction with the hopes of the house buying it for a song is chancey at best, since some others will likely see it too and bid accordingly.
BTW, this really did happen to me. It was last year, but now seemed like the right time for the thread.
As for posting details of the coin, I'll consider that after I sell the coin.
Doggedly collecting coins of the Central American Republic.
Visit the Society of US Pattern Collectors at USPatterns.com.
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Does Stacks Bowers ever do this too?
I give away money. I collect money.
I don’t love money . I do love the Lord God.
Worry is the interest you pay on a debt you may not owe.
"Paper money eventually returns to its intrinsic value---zero."----Voltaire
"Everything you say should be true, but not everything true should be said."----Voltaire
edited to add: Maybe it was NGC 66, sold it pretty quickly, and, like Harry Chapin, "I stuffed the bill in my shirt" and drove on.
BTW, having been around for almost 35 years, I believe JH is the best US grader ever
that isn't the case.
<< <i>
BTW, having been around for almost 35 years, I believe JH is the best US grader ever
Andy, you know what to do with any PCGS coin that you feel is over graded. But it's entertaining to read the responses!
There is one slight difference between the opinion of PCGS and that of others - PCGS guarantees their opinion.
Edited to add: BTW - anyone finding over graded, misattributed, doctored, or any kind of problem coin in a PCGS holder is doing PCGS a favor if they send it back to us. You have to realize that we think of all PCGS certified coins as our inventory.