slab label errors
derryb
Posts: 37,194 ✭✭✭✭✭
Should the TPGs offer a premium/reward for the return of mislabeled coins to be corrected and returned to the owner?
I personally believe that the more label errors I see, the less I think of that TPGs quality control.
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I once sent in a rare DDR Shield Nickel to a grading service (which I will not name) and they informed me (with a picture) of the grade it received along with the attribution, which was incorrect. I had to call them on the phone to let them know what the proper Fletcher number was. They corrected it, but jeeze, that shouldn’t happen in the first place. If they can’t get the attribution correct, what else can’t they get right? It certainly made me think twice about sending in another coin to them to get graded and attributed.
When I see slab errors for sale specifically notating the error/mistake and the seller increases the price because it’s “rare”, it makes me never want to do business with that person. I look at it like why are you trying to pass along your problem to me? Contact the grading company and get slab corrected.
Kinda like this guy that posts here with this error. Why sell me your problem?
https://www.ebay.com/itm/165582814320
Somewhat infuriating
Not a label error. He's claiming it is a grading error, but he is way off on calling the coin GEM uncirc. when PCGS called it a 40.
As that is my listing, I can include the following information:
I was surprised this was "graded" out at XF40. As circulated 1950-D Jefferson, nickels are scarcer- surprisingly, than their uncirculated counterparts. I had been on the hunt for these worn rather than mint state.
This one is fully lustrous without any indication of wear (the TrueView is below).
I started this coin out at 99c with no reserve- thus, no "price was increased" or attempt to pass it on to the next collector.
Some collectors may find it interesting; others certainly will not. Thus the actual auction format.
peacockcoins
~$10 coin available for $400.
https://www.ebay.com/itm/304562732550
EDITED TO ADD: after seeing the true view (above) I tend to agree that it is not a 40, simply a weak die.
So if that nickel is “mislabeled”, then why not get it fixed before selling it? If you think that coin is vastly under graded, PCGS will fix a significant mechanical error mistake like this for free. Makes life easier on everyone if people who submit to the grading companies help and do their part to assist in fixing unintentional label mistakes. Maybe it’s just me, but why would anyone want to buy a “problem”?
"Maybe it's just me, but why would anyone want to buy a "problem"?"
Not just you; many collectors would have no interest in purchasing such a coin. It'll be interesting how this auction ends and if there are possibly a few collectors who would find it interesting.
To directly answer your concern, this coin's value isn't significant in higher mint state grades to warrant the efforts or hassle of sending it back in and having it fixed, in my opinion.
For what it is worth: If this was the other way around, say it was labeled as an MS65 yet was clearly a circulated XF40, I would follow your advice and have PCGS fix it.
As the "coin" is worth more (mint state) than the "label" (XF40), I chose not to do so.
peacockcoins
Slightly off-topic, yet does explain my logic with the above.
I'd add that I have always enjoyed purchasing unusual and sometimes odd coins.
It often doesn't work out for me when I go to sell it down the road.
One example is spending hundreds on a PCGS lowball Kennedy half dollar when most collectors would only offer spot.
Another more recent example, I purchased a PR69 1974-S PCGS Clad Ike for about $20. I thought it was cool as there were only about 100 graded without a CAMEO or DEEP CAMEO designation. There are over 24,000 graded with those designations. As is generally the case, I am alone in thinking that it is a neat coin as it languishes at .99c with free postage when it comes time to sell it.
It is what makes this a fun and exciting hobby. What is interesting to me may not be of a single interest to you (and vice versa).
peacockcoins
Not to belabor this point, but if you were looking for circulated worn examples of the 50-d, and you submitted this coin and got a circulated grade of 40, why is it mislabeled? Wasn’t this what you were hoping to achieve?
I have several slabs with label errors that show the wrong grade.
Worry is the interest you pay on a debt you may not owe.
"Paper money eventually returns to its intrinsic value---zero."----Voltaire
"Everything you say should be true, but not everything true should be said."----Voltaire
A disagreement with assigned grade is not a label error.
The OP is talking about errors with the label not the grade.
Did you see the winky emoji?
Worry is the interest you pay on a debt you may not owe.
"Paper money eventually returns to its intrinsic value---zero."----Voltaire
"Everything you say should be true, but not everything true should be said."----Voltaire
Perhaps I wasn't clear. I didn't submit this one myself. (The original submitter doesn't have to be the single subject returning a coin to PCGS.)
I was searching for circulated PCGS examples and came upon this coin.
Upon receiving it, I discovered PCGS's mistake.
peacockcoins
A side note…an interesting phenomenon with the 50-D Jeff’s….i always have one or two MS Full step examples in my case for 12-15$ and cannot sell them but can easily sell any circulated (the more wear the better) examples for 20-25…
Here is my only mechanical error. The error is obvious, and it has never been worth the hassle to send it in to get re-holdered. However, I did cherrypick it years ago, when I bought it. The seller had it listed as the no rays variety, and I guess no one else noticed because it sold in that price range.
There is a MS58 up for auction at GC. Interesting mistake.
Successful BST with drddm, BustDMs, Pnies20, lkeigwin, pursuitofliberty, Bullsitter, felinfoel, SPalladino
$5 Type Set https://www.pcgs.com/setregistry/u-s-coins/type-sets/half-eagle-type-set-circulation-strikes-1795-1929/album/344192
CBH Set https://www.pcgs.com/setregistry/everyman-collections/everyman-half-dollars/everyman-capped-bust-half-dollars-1807-1839/album/345572
I have a 1921-D Morgan that is labeled as a 21-P
