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Have you ever sold an ungraded coin to a dealer that neither you or the dealer were sure of it's aut

BLUEJAYWAYBLUEJAYWAY Posts: 8,013 ✭✭✭✭✭
edited March 9, 2024 9:06AM in U.S. Coin Forum

Both sides agreeing to the transaction with no strings with both sides unsure of the coins authenticity.

Successful transactions:Tookybandit. "Everyone is equal, some are more equal than others".

Comments

  • BLUEJAYWAYBLUEJAYWAY Posts: 8,013 ✭✭✭✭✭

    @BryceM said:
    I once tried to buy some known counterfeits from a well-known national dealer to use in a presentation my local club. IIRC, he sent me five for a modest sum.

    After I posted them here, several people commented that they might be genuine. I sent them in to our host. I think three straight-graded as MS coins and two got details BU grades. Well, they sure weren't very useful for my presentation. Eventually I sold them for a few hundred bucks. Maybe I should have given them back to the dealer for the cost of grading. I dunno. It's one of the weirdest things that's happened to me in this hobby.

    So even the experts, on occasion, are duped.

    Successful transactions:Tookybandit. "Everyone is equal, some are more equal than others".
  • BryceMBryceM Posts: 11,729 ✭✭✭✭✭
    edited March 8, 2024 9:15PM

    @BLUEJAYWAY said:

    @BryceM said:
    I once tried to buy some known counterfeits from a well-known national dealer to use in a presentation my local club. IIRC, he sent me five for a modest sum.

    After I posted them here, several people commented that they might be genuine. I sent them in to our host. I think three straight-graded as MS coins and two got details BU grades. Well, they sure weren't very useful for my presentation. Eventually I sold them for a few hundred bucks. Maybe I should have given them back to the dealer for the cost of grading. I dunno. It's one of the weirdest things that's happened to me in this hobby.

    So even the experts, on occasion, are duped.

    Maybe not duped. Maybe he felt that the cost/benefit decision to have them graded wasn't worth it. If you buy an estate that contains a few dozen albums, you have to pick your winners somewhat efficiently.

  • OwnerofawheatiehordeOwnerofawheatiehorde Posts: 1,512 ✭✭✭✭✭

    @BryceM said:
    I once tried to buy some known counterfeits from a well-known national dealer to use in a presentation my local club. IIRC, he sent me five for a modest sum.

    After I posted them here, several people commented that they might be genuine. I sent them in to our host. I think three straight-graded as MS coins and two got details BU grades. Well, they sure weren't very useful for my presentation. Eventually I sold them for a few hundred bucks. Maybe I should have given them back to the dealer for the cost of grading. I dunno. It's one of the weirdest things that's happened to me in this hobby.

    Do you have pictures of them?

    Type collector, mainly into Seated. Young Numismatist. Good BST transactions with: mirabela, OKCC, MICHAELDIXON

  • TennesseeDaveTennesseeDave Posts: 4,740 ✭✭✭✭✭

    @lermish said:

    @TennesseeDave said:
    Yes, several years ago I traded a raw 1873-P Trade dollar in AU condition to a dealer at the Knoxville coin show that Pcgs had returned to me as Authenticity Unverifiable. I told the dealer what Pcgs said, and he looked at it and thought it was genuine, as did I or I would not have submitted it in the first place. I got about $250 worth of coins for it. Here are pics of the Trade $.

    Definitely a counterfeit 73-P...because it's a 73-S ;)

    My mistake, it was a 73-S

    Trade $'s
  • BryceMBryceM Posts: 11,729 ✭✭✭✭✭

    @Ownerofawheatiehorde said:

    @BryceM said:
    I once tried to buy some known counterfeits from a well-known national dealer to use in a presentation my local club. IIRC, he sent me five for a modest sum.

    After I posted them here, several people commented that they might be genuine. I sent them in to our host. I think three straight-graded as MS coins and two got details BU grades. Well, they sure weren't very useful for my presentation. Eventually I sold them for a few hundred bucks. Maybe I should have given them back to the dealer for the cost of grading. I dunno. It's one of the weirdest things that's happened to me in this hobby.

    Do you have pictures of them?

    Nope. It was a long time ago. You might be able to find the thread, but the photos might not still be there.

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