"Why Was That Coin Sent Into PCGS? Part II
braddick
Posts: 24,152 ✭✭✭✭✭
8
braddick
Posts: 24,152 ✭✭✭✭✭
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Wow is that like eleven cents total value. The truview photographer must have been stressed out wanting the perfect shot.
Pocket change True-Views!
Personally I think the value is much higher. I know I just got at least $11.00 worth of entertainment from reading this thread!
I always love finding these on CoinFacts or eBay. I suspect that sometimes it's because of sentimental value, but people do crazy things...
Young Numismatist
I could see it for maybe a grading set, but other than that doesn’t make any sense.
My YouTube Channel
Those are from newbie lurkers that are afraid to ask a few questions here. They know after they argue with the forum that their coins are special. Then take the advice of forum members send them in and get the results they still don’t believe and never to be hear from
Just a thought
Martin
While standing in line to submit coins to PCGS at the Baltimore spring 2022 show I struck up a conversation with a man behind me who had a handful of circulated common date wheat cents he wanted to submit for grading. He said he tried to get them auctioned and the Heritage folks sent him to the PCGS table because they wanted the coins slabbed. Being a Lincoln cent guy, I tried to explain to him why he should NOT submit them even showing him the uncirculated specimens I had in my submission and explain to him the simple math that it’s going to cost a lot more to get them in plastic then they are worth. You know sure as heck when he got to the PCGS table beside me they never said a thing, just took his coins, and money and graded them I assume. I could never get him to tell me if he had watched too many YouTube videos on rare coins or someone else had convinced him they were worth a lot because they were “old”.
Now having said that – if you look at my showcase sets you will find plenty of low-grade graded Lincoln cents. That’s because they are unattributed varieties not recognized in the CPG and thus not recognized by PCGS. I do this because I am not planning to sell them but for storage, organization and inventory I get them graded and, in the hopes, someday they are recognized.
So that’s just two examples on how low grade coins end up graded and I am sure there are plenty more…
WS
Some consecutive S/N's, maybe same individual submitted them.
End Systemic Elitism - It Takes All Of Us
Here's two "Why Was That Coin Sent Into PCGS?" coins from my collection. They were already graded when I bought them. I bought them because I liked the way they look,
Should PCGS tell people not to submit their coins for grading?
I'm just wondering how many of us might not be that far off from the very first coin we ever submitted. I know I was pretty close to those. But I used the ANACS special which was much cheaper!
Under those circumstances, at a show, I think it would be the proper thing to do. Especially when it seems PCGS has more work than it can accomplish in a reasonable time.
Okay. What if they still want to submit their coins?
Let them do so. Their choice if done with full knowledge that it is not economically sound. People do dumb things with their money every day.
You can lead a horse to water but you can't make it drink. (Don't remember who first said this - not me)
Okay. So what do you do about people who want to get common date Morgans graded? It's not like they're rare and if you're worried about PCGS having more work than it can accomplish in a reasonable time, maybe those should be discouraged, too?
If they are low grade common date Morgans, I would discourage submission and explain why. If the owner insists on doing so knowing that it is not a wise decision, he should be able to get them slabbed.
So PCGS should have people to evaluate submissions and tell submitters they shouldn't get their coins graded? Kind of like pre-grading?
The only time I submitted at a show PCGS had a second table with someone (David Hall?) who would offer an opinion (only when asked, of course) on the merits of submission. He said my coin had a 25% chance of crossing. It didn't.
Well the stimulus money had to go somewhere. Either that or maybe they were "rare" CoinStar finds.
Both sides of the street.
There are many slabbed coins that would make one ask 'why?' The reasons could be personal, or because of lack of knowledge.... I would give advice/information if asked, but if someone wanted a coin slabbed anyway, well, their coin, their money. Cheers, RickO
"What's good for the goose is good for the gander".
Considering the cost of education these days, not so bad....Personally I have a hard nosed business attitude toward grading, if I'm not going to add value I'm not going to try.
The grading services used to say there were coins too ugly or defective to grade, that seems to have gone by the wayside.
Many people know very little about coins. Some of them have read about the high prices obtained for various graded coins, but don’t understand that condition can have a huge impact on value. So they get their pocket-change graded, hoping for a miraculous windfall.
And then there are the many damaged coins whose owners mistakenly believe (or at least hope) are valuable errors.
Every week, I and some of my co-workers receive dozens of inquiries, asking about the value of coins. On more than a few occasions, the customer has ended up submitting them, even after being told that that they don’t merit the cost of grading.
Mark Feld* of Heritage Auctions*Unless otherwise noted, my posts here represent my personal opinions.
Like some newbies here that think they see and insist it's a real mint error, people probably believe by submitting a coin (any coin) would dramatically increase it's value.
Many years ago, I put together a date/mintmark set of Buffalo Nickels in PCGS AU-58. The toughest coins to find were the common dates in the 1930's. Although they were only worth a couple of bucks at the time, I had to pay multiples of what they were worth because nobody (for obvious reasons since they were only worth a couple of bucks) sent them in to PCGS.
Complete Set of Chopmarked Trade Dollars
Carson City Silver Dollars Complete 1870-1893http://www.pcgs.com/setregistry/showcase.aspx?sc=2722"
UPDATE:
Here's one of my very first submissions years ago, which was pretty much useless!! 👎🏻
Having PCGS try to stop people from submitting worthless coins because it’s a bad idea / waste of money is like the corner store trying to stop people from buying cigarettes because it’s a bad idea / waste of money. The business provides a service, free will determines if someone does it or not.
Can’t you tell they are all rare doubled die errors. 😝
A: The year they spend more on their library than their coin collection.
A numismatist is judged more on the content of their library than the content of their cabinet.
YES!
When that is the honorable thing to do.
When I was at ANACS we received a package with about $500 in POSTAGE on it and we all witnessed the opening of it. Turned out to be a common variety 1823 half but the submission form said 1823-O and the declared value was $500,000. I spent a week trying to convince her to send us a letter officially changing the value to $100 so that we could refund her almost $1,000 in fees and postage. She refused, so we cashed her check and certified her coin. But at least I tried.
One time at the coin shop an attorney came in with an “estate” that he had had slabbed before asking for values, because he had read somewhere that that was the way to do it. Just a handful of junk silver and wheat cents.
That deserves a few more thumbs up!! 👍🏻 👍🏻 👍🏻 👍🏻
I wonder if any of those coins are in a slab with a label showing a provenance of Ex. Walmart Parking Lot.
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
How can PCGS properly decide which coins to grade and which to decline unless they know why the submitter wants them slabbed? And then, there are those who collect lowball grades- will they just have to collect something else from now on? I suppose PCGS could require a written explanation of why each coin is being submitted in order to determine whether or not the submitter will be allowed to have his coins graded/slabbed but I'm not seeing this as something that will speed up either the preparation of submissions or of grading.
So much for personal responsibility.
The PCGS employees that receive submissions at coin shows are not professional coin graders. They are most likely clerical persons and it's unlikely they are even serious coin collectors.
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
They don't even look at the coins except to insure the correct number are there. If they were expected to inspect and evaluate the coins, the line to submit would be four hours long.
I see a new business opportunity. PCGS can now, for a fee of course, review your submission to see if your coins are slab worthy. Then once they are deemed slab worthy, they get graded. Then you can send to CAC to find out if your graded coin was indeed slab worthy.
Starting to get ridiculous in here.
You go to buy a new car. The dealership asks you how you got there. You point to your car in the parking lot and they tell you it's a perfectly good car so they won't sell you a new one. You know- in your best interest.
If they slab the car, I'll buy it! 😂 🤣
Think about this.
There are literally thousands upon thousands of graded ASE. A bullion coin. Yes a coin that is supposed to be worth it’s silver value. Not only are they graded, people pay extra for fancy labels.
So how does it surprise anyone that g6 Washington quarters are graded.
My current registry sets:
20th Century Type Set
Virtual DANSCO 7070
Slabbed IHC set - Missing the Anacs Slabbed coins
Not applicable. Regardless of intention, they are (now) collected by date and even provenance in lieu of mintmark. 1867-S half eagles were also supposed to be (only) worth bullion value.