Canada 1966 Small Bead Dollar - Wrong designation by NGC of a key- and well known mint error !
YQQ
Posts: 3,277 ✭✭✭✭✭
Recently I was high bidder at an auction. The coin is NGC labelled as a Large Bead 1966 Canada $, which would make it the very regular 1966 Dollar with a mintage of 5,579,714. Of this number, it rumored that about 250 or so are Small Beads.
The Small beads dollar is a major mint error, is very scarce and is on the wish list of most Canada collectors.
I recognized the difference on the auction catalog images and won the auction.
the Large and small beads are determined by the obv being Small beads.
After I had the coin in hand, I contacted NGC , just to receive a very "snotty" answer from a lady in their customer service dept.
It suggested to send it back to them and if I was correct, they will redo it.
Do they really think I will go through the customs (Canada-USA-Canada) formalities and considerable expenses, just to have them correct their mistake, mostly at my expense?
Needless to say, that was not the answer I expected.
Every Canadian collector will recognize the mistake.
My idea is this: I have the coin x-graded, perhaps by our host, and or maybe ICCS in Canada without having the coin removed from the slab. Each x-grade cert would mention the previous TPG's grade, designation and numbers.
Could be an interesting experiment.
So, my question to you guys is this: what would you do in a situation like this?
here is an image of the slab.
Comments
@YQQ I feel for you buddy.
Since you don't wish to return the coin to NGC to fix, I'd crack it out and let the Canadian or another service holer it.
This may seem like a big deal to you but in the real world, it is a silly mistake and is considered a (CYA) mechanical error. IMHO, there is no need for an advanced numismatist as you are to even post this nonsense asking for advice. You must already know what you are going to do as you have ruled out one choice!
Look. The coin is a very important variety. Additionally, when we pay for slabbing, we all expect the major TPGS to know everything about everything. You would think they should have caught this one but guess what - I'll bet 90% of the members reading this don't have a clue what to look for on your coin. Furthermore, most of the coins we receive that the dealer or collector thinks are small beads are not! I personally don't even look for this variety when we get a few rolls of these coins for grading unless the submitter asks for attribution! Mea Culpa.
Nice Cherrypick. Knowledge pays off again.
Wow, thats great. Mind to know what is the cost you getting it via auction?? Since this small beads could be worth some big money. I suggest you spend a little but to get a proper label is still the best solution and get it with PCGS. If you intend to sell for future.
And it is lucky that you get it from auction which everyone miss out this variety. Even NGC. Its your lucky day when you found it. Nothing to blame. It is lucky for the mistake and it is belong to you now.
Maybe if you do not intend to sell. Leave it as it is. Atleast you can always remember the readin why you get it and prove to others. There is a lucky coin waiting for everyone out there. Just like the way you got this. The way i got my US 50c 1921s.
Agreed as insider2 said. No point request NGC responsible to bear the cost.
Final suggestion. Leave it as it is. Do not change holder but just extea label on top will do.
Regards, Tymes
To questions I would ask myself.
-Does the benefits outweigh the costs?
-If it does not cross or does not authenticate to what I’m looking for can I suffer the costs?
If I can answer “yes” to both with no reservations, I go for it, but one iota of doubt shuts the wallet closed.
Basically all comes down to $$.
Ok, Thanks for all your comments.
I know everyone means well.
the coin is authentic, there is NO daubt about it.
also, the TPG's graders must have been out to a party the night before.
Pricing???, well, lets just say that IT was an absolute bargain because of the TPG's screw up.. The coin was advertised as a Large Bead 1966 dollar. Because of that, hardly anyone looked at it, and would probably not know the difference anyway. I would like to guess, it is one of the most desirable Canadian silver dollars. Except the 1911.
However, I was prepared to pay about 1/2 of market value.
what will I do with this coin??
Might simply sell it as is or whatever. if the right offer comes around... why not. I am not married to it.
Not sure yet, as it is definitely way outside my collection interest which is QV-Canada.
This is actually my second Small beads. Long story behind it and I will post that story in the next few days, unless the flu which is trying to attack me, takes over.
It is a once in a lifetime story which involves 3 rare Canadian coins, just like this purchase did.
so, thanks guys and gals, stay tuned for more interesting coin stories soon, but only if you like. ( one of them involves an international police investigation) I do not wish to bore you... so if you do not want to read it, say so and my 2 finger typers stay motionless.
Dear friend, if had set to sell it in future. The best solution is to spend little to get the label right. Since it is NGC. Its good that send to PCGS. Most collector now these day like PCGS. As i noted in Asia countries. Hong Kong, Malaysia, etc
Good to know @tymestms. Thank you.