An observation on how dealers handle slabs
GotTheBug
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Today at the Ft. Myers coin show I purchased a coin in a PCGS holder that was pretty scuffed up and it got me to thinking about how dealers are careful or careless about how they handle the coins in their inventory.
A couple of examples of how there are varying levels of professionalism in this regard:
On one hand you have dealers like Gerry Fortin of GFRC who stores his certified coins in protective plastic sleeves. He cares about every aspect of his business right down to the smallest detail and takes the time to remove the sleeves for display and re-sleeve them before putting them back in their boxes. If you buy a coin from him in a marked up holder you can be certain that none of the marks resulted from how they were handled while in his possession.
On the flip side of the coin, I witnessed a cringe-worthy episode of careless handling at this year's Winter FUN show. A customer was interested in a particular Morgan dollar in a dealer's case and asked to see it - a $3,500 item if I remember the sticker correctly. Anyhow, the dealer retrieved the coin and practically Frisbeed it across his cases to the prospective buyer. A nice weighty coin like a silver dollar makes for a lot of clattering as it bounces and skids across a flat surface. There are now a couple of more unnecessary marks on that holder, for sure.
I have seen this type of handling on many occasions but it never fails to make me wince. Once I saw a flung coin go rocketing onto a venue's concrete floor. Ouch! Like fingernails on a blackboard. Toss-inclined dealers - the danged slabs aren't made of Kevlar! A nice clean holder adds to the eye appeal and desirability of a piece, IMHO. Please, handle with care....
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On a couple of occasions, I’ve seen dealers (accidentally?) drop full tubs of raw morgans on the concrete boarse floor. Hundreds of coins went everywhere. Cringe worthy moments.
Completely agree, I am a bit extreme on handling my slabs nicely. There’s a lot of coins that I have passed on because I didn’t want to have to deal with re-holdering.
It is especially sad to see on the vintage holders!
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There are some of those guys at my local show.. total clowns.
It's some kind of passive aggressive, "I'm a big shot" kind of thing obviously.
One old fart treats customers coins that way as well. I've never offered him anything, partly because it'd be a waste of time, partly because it'd be hard not to smack the fool.
I have seen a lot of the same, including dealers throwing gold $20 slabs across 3 tables at each other. One of the coins went bouncing off the table and onto the concrete floor. They both laughed. They were lucky the coin didn't crack open. The dealer just picked it up and wiped off on his shirt then went about his business.
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Why would they care they are selling them and not keeping them like us. To be honest they should care because we work hard for our money and when we spend it we want the best for our money that includes mint as possible slabs.
Collectors witnessing this behaviour should walk away from said dealer (s) and tell them you want my money in the future well respect the item you may be selling me otherwise my money will go somewhere else were it is respected.
As collectors if slabs are damaged ALWAYS offer less for the coin ALWAYS maybe they will get the message. And tell them why you are offering the lower offer. Could not be their fault but they will also pass the message from who they buy. At shows collectors should pass the word around and tell people to stay away from those sellers because they show no respect for us buyers. Maybe just maybe if business starts slowing down maybe they will get the message.
The cardboard slab boxes also create a problem by having the slabs right against each other. The slabs repeatedly being removed and put back in the box causes a massive amount of damage.
I can polish scratches easily enough, so they don't bother me too much. Chips, cracks, and dings are something else though.
My personal opinion is that the way dealers treat slabs reflects on their actual attitude toward the hobby and hobbyists. Some dealers are really fantastic, and have their finger on the pulse of the people actually buying this stuff. I've had some of them run all the way across a big show to tell me they found the coin I'm looking for at another dealer's table. Wow! Other dealers would seemingly be just as happy selling cars, or real estate, or rubber chickens. I'm sure there are exceptions, but to many of them, coins are just "product". Some dealers start out in one camp and slowly migrate to the other.
At a Long Beach show years ago I showed a coin to a dealer in an attempt to sell it. Not only did he decline, he gave me a lengthy diatribe about all of its flaws and problems. All the while he stood there absentmindedly tapping the metal edge of his loupe against the viewing window of the slab, over and over. Look buddy, if you don't want to buy it, just say so. No need to run it down and scratch the slab. I made a mental note to not bother with that guy again, but he died a few months later. Possibly he wasn't entirely well at the time? I dunno.
I’ve seen both of these extreme handling styles and everything in between over the decades. TBH I could care less these days. Slabs are getting end nipped and pliered when I get em home. Such sweet satisfaction and relief after finally dumping the plastic fantastic.
Having fun while switching things up and focusing on a next level PCGS slabbed 1950+ type set, while still looking for great examples for the 7070.
Here is the real bottomline, there are more dealers that appear to dislike their coin inventory than there are that like/respect them
When you eventually sell your coins, have fun getting them reslabbed.
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It is a nuisance when you find a nice coin but the slab is scratched up. That's just extra time I have to take to make the slab pristine. I'm not happy with that for the most part.
I use sleeves for coins stored in boxes. I just received a nice ($3k) early cent with sticker residue scattered about. Another pet peeve of mine. For you dealers out there, an abused holder, including one with a lot of residue, suggests that the coin has been passed around a lot - which doesn't send a positive message. At least for better coins, can't hurt to clean up the holders or reholder in some cases.
There is precious little care as evidenced by two recent purchases of mine (this past week), the slabs were scratched and abused. I do remember the sellers that package the slabs in those little zip lock bags, not a one of those have had any significant or even noticeable damage on the slab. I find this more noticeable on NGC slabs than PCGS slabs, but that may be because I have nearly 350 NGC and just over 100 PCGS slabs.
I have to agree with @jayPem. Seems a bit of a big shot “this super expensive coin is no big deal to me”. mindset.
I do think it is harder for dealers who do shows to maintain the level of care many collectors prefer because as posted above, most transport in cardboard double row boxes. Show after show of removing and replacing slabs rubbing together will scratch and chip holders.
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Agree that NGC slabs seem to fare worse, at least those without the "scratch resistant" option. May be the design.
Hope it’s okay to share an on topic(ish) but different hobby story here. My true passion is in collecting Hot Wheels, particularly original Redlines. Just like coins, condition is everything and being in original packaging adds huge value.
There’s a group of these big shots that gather at the national conventions to rip open old, original packaged cars for the same “no big deal to me” mentality.
The apparent leader of the gang is a horribly obnoxious loudmouth that always has to be the center of attention. Several years back he ripped open a rare color car that was worth about 2k at that time. As a loose car it was worth maybe $500.
That wasn’t enough d*** swinging for him though so he decided to wow us all with a grand finale, he put the car on the floor and stomped on it. His screams really spoiled the show though. The moron had broken several bones in his foot 😂. I’ve never been one to laugh at others misfortunes but I gotta tell y’all I nearly peed my pants seeing him rolling on the floor whimpering like a little girl. Couldn’t have happened to a more deserving person. And Jeff, if you ever happen to read this, you’re still an idiot.
I’ll be dead then. I’m pretty sure I won’t care.
Having fun while switching things up and focusing on a next level PCGS slabbed 1950+ type set, while still looking for great examples for the 7070.
The ones that bug me were the ones who put stickers over the holograms especially, on older holders like Fatties that would damage said hologram when removed.
11.5$ Southern Dollars, The little “Big Easy” set
Seems a plastic slab grading service is in order.
We'd need another service to check the grading of the slab grading service, then apply their certified slab review review sticker
I was looking in a dealers showcase while he was eating a grilled cheese or something greasy. He saw my box and asked if I had anything to sell. I reluctantly said yes so he wiped the grease off his hand on his shirt and held his hand out wanting to see my coins. I said no way you have grease all over your hands I’ll come back but they were sold before I got back there.
I started putting all of my slabbed coins into small plastics bags to keep them from getting scratched up. Not that I am doing much with them, but the added layer of protection does make me feel better.
K
When i buy a slabbed coin, condition of the slab is one determining factor of my purchase. Also keep in mind that TPG's don't have to reholder any patricular coin you wish. NGC will evaluate the coin to make sure it meets the grade on the label.
Seems like plastic slab sleeves would substantially reduce this problem. Yes, it would take time.
I agree, but it can be time consuming. I do my best to put old holders, samples etc in plastic sleeves. I also try to clean off old stickers, auction tape residue etc as soon as possible. The stickers I use for my cost code are easily removable. But the goal is to move inventory, so spending a bunch of time prepping slabs for the long haul in your inventory is not usually top priority.
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Buy the coin not the holder, Yes, but psychologically a battered holder will kill a sale for me at times.
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While I might factor into my price if truly damaged on a collectible holder, I have always viewed a the holder doing what it was designed to do. So many classics with a staple mark or fiddled with by hands that only held them once shortly. Think of all the coins saved from that fate over the last 40 years. Overall slabs are quite durable but trading hands dozens of time puts wear and tear on the best of us
11.5$ Southern Dollars, The little “Big Easy” set
Valid point! I enjoy a well-cared for slab, am willing to accept some flaws up to a point, but do have a small handful that are destined to be reholdered. There's no one-size-fits-all solution for me, just depends on the individual slab and coin.
How about protection from the burger drippings?
I went to the Bessemer, AL show once and some guy there had dripped mayo/ketchup on a couple of slabs and just wiped them with a finger and tossed them back in the case.
I've also seen potential buyers manhandle a dealer's slabs as well. I feel that the buyer owes the dealer a bit of common courtesy as well by not mishandling items.
I am a dealer with over 800 certified coins.
I buy coins already slabbed as well as send in raw coins to be slabbed.
All of coins are stored in protective PCGS / NGC boxes so the slabs do not touch each other.
I am extremely careful with my slabbed coins to not scratch them.
Unfortunately, because I buy already slabbed coins, some of the slabs that come in are scratched and there is not much I can do about that.
Most of the coins that have been shipped to me recently have been in sleeves. It doesn't seem practical to put one's inventory in sleeves, and the sleeve can obscure the coin. However, when shipping or when a slab changes hands, putting it in a protective sleeve is a nice move.
Thank God most dealers have some common sense along with a personality. I've run into a few dealers who eat their food like a pig and drip grease or sauce onto slabs whilst burping like a sow but most of them behave in a normal manner.
A badly scuffed up older slab is an indication that the coin has been "whored around the bourse" and is likely dreck.
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I have a few that are a bit scuffed up. I did try to polish them up a bit but that's not to easy. It takes many attempts back and fourth. I think it's worth it when it's a decent coin.
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