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Here We Go Again

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  • WAYNEASWAYNEAS Posts: 6,716 ✭✭✭✭✭
    edited November 10, 2024 5:26PM

    So this is my proposal.
    The auction house requires that all coins being consigned to them by sellers must be free from all registries sets.
    Failure to do so will result in the seller’s commissions being reduced by say 3 percent. This money will be held up front and in escrow for 30 days.
    This will allow a buyer to inform the auction house that they could not re-register their purchased coin into their desired registry.
    The auction house would then notify the lister that this fee has been removed and forfeited from their account for failure to allow direct ownership and transferral of the coin’s ownership.
    I believe that this will force the consigners to pass this loss onto who ever sold them the coin originally.
    It would be an add on requirement from the seller to the “buyer”.
    As they say Crap rolls down hill.
    It might take a bit of time for this to work but eventually someone other then the final buyer will have to do the requests and leg work from the grading companies to make sure these coins are free and clear from registry sets.
    Let me know what you think.
    Wayne

    Kennedys are my quest...

  • winestevenwinesteven Posts: 4,519 ✭✭✭✭✭
    edited November 10, 2024 5:35PM

    I don’t like it. Too much of an accounting burden on the auction houses, and then the auction houses create bad will with their customers. The auction houses are not causing this problem, so this burden should not be put on their shoulders. Only wishful thinking makes them the White Night riding in on their horse to save us innocents from the real villains- the selfish collectors and PCGS who continues to choose to not enforce THEIR own rules!

    Steve

    A day without fine wine and working on your coin collection is like a day without sunshine!!!

    My collecting “Pride & Joy” is my PCGS Registry Dansco 7070 Set:
    https://www.pcgs.com/setregistry/type-sets/design-type-sets/complete-dansco-7070-modified-type-set-1796-date/publishedset/213996
  • oldsmagnetoldsmagnet Posts: 122 ✭✭✭

    A lot of the auction house clients wouldn't have a clue about the registry sets, as they'd be the ones liquidating a deceased loved one's assets, etc -- Granny ain't got a clue what PCGS is... Auction houses already work hand in hand with all or most of the grading companies to assess values, etc. It should take very little effort for them to work out an arrangement with all the TPG's, when they're taking their pictures to inventory and list their coins, set up a subroutine to automatically send one front and one back picture into whatever company the slab belongs to, saying "we're in possession of this coin now, begin the removal process if applicable" -- and the three day wait starts then. By the time it actually goes to auction, it's been clear for a month. It should, at least in theory, be a simple change to implement, and I suspect many already do. Of course, the root problem still applies, if PCGS doesn't bother to actually release it... Actively following up on verification WOULD be a bit of extra work, so that part's understandable... But that should hopefully be the exception rather than the rule...

    As for collectors and registry members who refuse to remove their own stuff when it sells --- yeah, we're in complete agreement there - no sympathy at all when PCGS does what they'd actually do what they say they're supposed to do...

  • RonaldDayRonaldDay Posts: 99 ✭✭✭

    @winesteven said:

    @oldsmagnet said:

    It's not laziness, it's a business decision, and i don't disagree with that decision. The fault lies with both the collector and with PCGS!
    Steve

    This discussion has me wondering what an auction house's responsibility is to verify ownership. I've never seen any barrier to selling stolen coins at any auction house. Checking a registry seems like a pretty low bar. I know I've questioned sales on ebay when there was a registry conflict.

  • RonaldDayRonaldDay Posts: 99 ✭✭✭

    @Copperindian said:
    @RonaldDay: good post! I think your 1-4’s are exceptions rather than the rule, but they certainly do happen (JMO, #4 might happen more often than any of us realize; a point well made that didn’t occur to me).
    Bottom line is if one wants to participate in Registry these occurrences come with the territory. Going in, few if any of us were aware of this. As @winesteven has often stated, Registry enforcement of their rules would improve the situation. I agree.

    I don't know, we gotta lotta old collectors here ;0)

  • WaterSportWaterSport Posts: 6,777 ✭✭✭✭✭

    Do the auction house even ASK if the coins have been deleted ? GC does not.

    WS

    Proud recipient of the coveted PCGS Forum "You Suck" Award Thursday July 19, 2007 11:33 PM and December 30th, 2011 at 8:50 PM.
  • CopperindianCopperindian Posts: 1,465 ✭✭✭✭✭

    @WaterSport said:
    Do the auction house even ASK if the coins have been deleted ? GC does not.

    WS

    I don’t believe any of them do.

    “The thrill of the hunt never gets old”

    PCGS Registry: Screaming Eagles
    Copperindian

    Retired sets: Soaring Eagles
    Copperindian

  • alaura22alaura22 Posts: 3,187 ✭✭✭✭✭

    Here's my take on this:
    When I purchase a property I pay a title company to do a search and guarantee that I get a clear title
    I believe that the auction companies should do the same, pass on a coin that is title free. When I pay 10%-20% buyers fee to them I expect to get a coin that is free and clear. I don't want to be reliant on the TPG company to have to it when I become the owner.
    JMO

  • lermishlermish Posts: 2,912 ✭✭✭✭✭

    @alaura22 said:
    Here's my take on this:
    When I purchase a property I pay a title company to do a search and guarantee that I get a clear title
    I believe that the auction companies should do the same, pass on a coin that is title free. When I pay 10%-20% buyers fee to them I expect to get a coin that is free and clear. I don't want to be reliant on the TPG company to have to it when I become the owner.
    JMO

    When you buy a house, there is only one county recorder and you are paying the title company expressly to change the title. They're not equivalent.

    Which auction houses should update the registries? Which registries should be updated? Who at PCGS (and maybe the others, I don't know) will be doing all this set removal? They can't even handle our other current complaints, removing thousands upon thousands of other coins seems like a stretch. Who at the auction houses is processing all of these requests? Why would the auction houses spend resources to do the job of the registries' operations department? How many of these coins being purchased are intended for registry use rather than non-participants or dealer resale?

    My take (as someone who is extremely impatient) is to just be patient for a few days. And, whether one wants to be patient or not, any request for the auction houses to take action on registries is pissing in the wind.

  • RonaldDayRonaldDay Posts: 99 ✭✭✭

    My take (as someone who is extremely impatient) is to just be patient for a few days. And, whether one wants to be patient or not, any request for the auction houses to take action on registries is pissing in the wind.

    I don't know about others, but one of the reasons I have my coins slabbed and in the registries is a type of insurance. If my coins are stolen eventually (the better, more expensive coins) will find their way back here. With the True View, even if they are cracked out and resubmitted they can be identified. The marks on the coin acting as fingerprints.

    Auction houses have a vested interest in not selling stolen merchandise, and while most of the registry issues are among the issues I outlined in a previous post, theft is certainly one of the possibilities when a coin is not removed from a set.

  • alaura22alaura22 Posts: 3,187 ✭✭✭✭✭

    A title company primarily researches a property's ownership history to verify the legal title is clear, ensuring the seller has the right to transfer ownership to the buyer.

  • lermishlermish Posts: 2,912 ✭✭✭✭✭

    @alaura22 said:
    A title company primarily researches a property's ownership history to verify the legal title is clear, ensuring the seller has the right to transfer ownership to the buyer.

    Right. Exactly what I said also.

    My point still stands that searching public records at one county recorder is NOT the same as searching many different, potentially not public registries, run by for-profit companies.

    So, no matter how bold you want to make it it's not a good analogy.

  • oldsmagnetoldsmagnet Posts: 122 ✭✭✭

    Whereas, buying from a professional realtor, you'll have full confidence that you're buying a property that's free of ALL liens and encumbrances, with all easements discovered and disclosed. You're paying that extra commission to make sure whatever surprises you may find down the road are few and far between.

    If a professional seller (coin dealer, auction house, etc) is doing ANY due diligence at all, they'll take the time to go to the grading company's website and VERIFY that the cert number is legitimate, and not fake. And for PCGS at least (don't know about the others) it'll say RIGHT ON THAT PAGE that this coin is in a user's private registry. Ignoring it at that point is nothing short of pure laziness and incompetence. Yes, I said it, and yes, that's a hill I will die on. And to be fair, I'm mainly targeting auction houses who deal primarily in coins, not some mom-and-pop places that usually sell cattle and tractors, and happen to stumble across an estate with a couple collectables.

    Again, as a buyer, (assuming they list the cert numbers) we can look up the same information - and for the most part I'm sure we do -- it's just standard due-diligence. We too can see that it's already registered, before putting in a bid, or committing to a sale. And the amount of work to clear it is minimal, but it sends a quick and clear signal that the seller is not thorough, and is cutting corners. And if it's a seller who claims to be a professional in the coin industry, there's no excuse for them to be unaware of it. None.

    Someone mentioned the whole "well, just go somewhere else then" -- as if the pop-one coins show up on so many different places... Many times there's no choice. An impression is made, and there's no changing that. But, I got a flyer in the mail last week from an auction house wanting MY coins to sell (which, I have no plans to engage) -- But if and when I were to ever seek out an auction house's services to thin down my holdings, do you think I'll choose one who has wowed me in the past? Or one that has proven they'll cut whatever corners they can get away with? That's a choice I DO have. And you can bet I'm NOT going to choose the one with reps who have the "That's not my effing job" attitudes.

  • There is another issue to consider. At least I think it’s additional. It probably has been mentioned before. This is where someone puts a coin into the registry when they don’t own it having seen it advertised. I can avoid this when selling privately as I currently don’t list the cert reference when selling on eBay (but if asked I will share to buyers who are clearly serious) as a buyer recently asked me to release a coin when I had already done so at the point it was listed. I don’t know who put that coin in their set as it was listed as private and not within a published set. Bizarre and not clear why they would have done thst as nothing to gain from a private/non published set. But it meant I had a bit of back and forth with the new owner before they could get the coin released by PCGS. Luckily I could share an App screen shot that clearly shows the coin had been set as ‘sold’. I also messaged PCGS to share the information but I didn’t get a response……

    Currently looking for Proof Half Sovereigns…….

  • WAYNEASWAYNEAS Posts: 6,716 ✭✭✭✭✭

    Another reason why I surely miss my go to person Paulina.
    She knew that I do not sell coins and that coins listed in my inventory are accompanied with pictures.
    When I was asked to remove a coin from my set, she would see that I still owned it and then request the person who was requesting me to remove it from my set to send her a picture of both sides lol. When they did so, they would find out that the cert number that they entered was wrong and did not match my coin's cert number.
    If they could not produce a picture of both sides of the coin, their request was denied.
    When at all possible, I will purchase a coin that has the NFC chip.
    Removes all issues especialy from those that put coins into their set without owning them.
    I have found many times that people will list coins from a seller's listing by using the cert shown.
    This happens a lot with modern coins. I have asked sellers why a coin is already in a registry set and they reply that it should not be as they submitted the coins directly to PCGS and have not registered them and the coin that I will be receiving will contain cert# XXXXXXXX as shown in the auction.
    Trolls with fake sets.
    Wayne

    Kennedys are my quest...

  • alaura22alaura22 Posts: 3,187 ✭✭✭✭✭

    I have found that many dealers registry the coin just so nobody can registry the coin until it is sold

  • TomBTomB Posts: 21,239 ✭✭✭✭✭

    @alaura22 said:
    I have found that many dealers registry the coin just so nobody can registry the coin until it is sold

    When I was doing the who circuit on a full-time basis I would also register any coin in my inventory into a private collection so that no one could go onto my site and snag the cert number to place into a bogus set.

    Thomas Bush Numismatics & Numismatic Photography

    In honor of the memory of Cpl. Michael E. Thompson

    image
  • CatbertCatbert Posts: 7,161 ✭✭✭✭✭

    How many registry sets should be searched? We have PCGS, NGC, CACG, My Collect and surely others I don't know about. So the auction companies should be responsible for checking all these places to determine if "ownership" is free and clear? Totally unreasonable, IMO.

    Seated Half Society member #38
    "Got a flaming heart, can't get my fill"
  • WAYNEASWAYNEAS Posts: 6,716 ✭✭✭✭✭

    @alaura22 said:
    I have found that many dealers registry the coin just so nobody can registry the coin until it is sold

    @TomB said:

    When I was doing the who circuit on a full-time basis I would also register any coin in my inventory into a private collection so that no one could go onto my site and snag the cert number to place into a bogus set.

    This is very true for many sellers but not for those who buy in bulk from the mint and submit in mass to Pcgs.
    Registring 50 coins is one thing, registring hundreds and thousands is another.
    Many of these modern mass Pcgs submittals will have sequential cert numbers so it is very easy for someone to add a coin not owned into their set.
    For you non modern collectors, 😉😉 Mike and Tom LOL, coins that you seek are mostly not modern and most likely few in number, so when you run into not being able to add the coin into your set, you have. to play the game.
    From all the conscientious replys here, auction houses will not address these issues and Pcgs will not enforce their rules.
    So we play or go away!
    Wayne

    Kennedys are my quest...

  • alaura22alaura22 Posts: 3,187 ✭✭✭✭✭

    @Catbert said:
    How many registry sets should be searched? We have PCGS, NGC, CACG, My Collect and surely others I don't know about. So the auction companies should be responsible for checking all these places to determine if "ownership" is free and clear? Totally unreasonable, IMO.

    How about this for the auction companies to add to the submission form
    NOTICE:
    When you submit coins for auction YOU MUST remove them from any and all registry sets before we will list the coins for auction.

  • WAYNEASWAYNEAS Posts: 6,716 ✭✭✭✭✭

    @alaura22 said:

    @Catbert said:
    How many registry sets should be searched? We have PCGS, NGC, CACG, My Collect and surely others I don't know about. So the auction companies should be responsible for checking all these places to determine if "ownership" is free and clear? Totally unreasonable, IMO.

    How about this for the auction companies to add to the submission form
    NOTICE:
    When you submit coins for auction YOU MUST remove them from any and all registry sets before we will list the coins for auction.

    And what is the penalty for failure to do so?
    I am afraid that we can not do anything to get these companies to comply or address our issues.
    We are just cogs in a wheel.
    The wheel will continue to turn with or without us. 😠
    Wayne

    Kennedys are my quest...

  • oldsmagnetoldsmagnet Posts: 122 ✭✭✭

    How many registry sets should be searched? We have PCGS, NGC, CACG

    Whichever registry the cert belongs to. NGC coins, check the NGC registry. PCGS, check the PCGS registry. Only makes sense to check the registries that have the power to remove their own coin.

    How about this for the auction companies to add to the submission form
    NOTICE: When you submit coins for auction YOU MUST remove them

    So often, auction houses are listing coins/sets from people who are deceased. Expecting Granny to know what a registry is, and further understand how to navigate any of it, that's a big ask, especially for someone who's still grieving over the loss of a loved one.

    When at all possible, I will purchase a coin that has the NFC chip.

    That only helps for people who add coins using the Set Registry app, which, when it first came out had limited functionality and only half the stuff worked right.... and it's gone downhill dramatically since then. The ONLY thing I use it for is taking pictures. The camera UI is utter garbage (at least on my phone) but it saves a few steps during the upload process.

    auction houses will not address these issues and Pcgs will not enforce their rules
    The wheel will continue to turn with or without us. 😠

    All too true - although more accurately, the wheel will just continue to grind, squeal, and throw sparks LOL.

  • CatbertCatbert Posts: 7,161 ✭✭✭✭✭

    @oldsmagnet said:

    How many registry sets should be searched? We have PCGS, NGC, CACG

    Whichever registry the cert belongs to. NGC coins, check the NGC registry. PCGS, check the PCGS registry. Only makes sense to check the registries that have the power to remove their own coin.

    So, how would an auction company check the PCGS site for a PCGS certification to learn that the owner's registry of that coin resides at CACG? You clearly don't understand how difficult this would be. It's not as black and white as you're making it.

    Seated Half Society member #38
    "Got a flaming heart, can't get my fill"
  • oldsmagnetoldsmagnet Posts: 122 ✭✭✭

    So, how would an auction company check the PCGS site for a PCGS certification to learn that the owner's registry of that coin resides at CACG? You clearly don't understand how difficult this would be. It's not as black and white as you're making it.

    Did I stutter? If it's a PCGS coin, send it to PCGS. Period. PCGS has no power to change anything at other registries that use their coins. If it's an NGC slab, send it to NGC. You gotta go to their sites to check their authenticity anyway -- or at least they damn well BETTER be. Regardless, it's all moot because nobody at PCGS seems to care anyway. What I want to know is, what auction house YOU are shilling for, so I can avoid it in the future.

  • CopperindianCopperindian Posts: 1,465 ✭✭✭✭✭

    Latest purchase & AGAIN I’m going through this BS. Removal request ignored by “owner”. I know I’m at least the second owner since he sold it way back who knows when? The drill is beyond tiresome - time/dated pics obv & rev after waiting 3 biz days, submit to Registry & wait for them to release it whenever they get around to it (usually another 1-2 days).
    Let’s see - Thanksgiving holiday delay along with it. Looking at 12/2 at best.
    PCGS: ENFORCE YOUR RULES! PLEASE!!!!!!!

    “The thrill of the hunt never gets old”

    PCGS Registry: Screaming Eagles
    Copperindian

    Retired sets: Soaring Eagles
    Copperindian

  • TomBTomB Posts: 21,239 ✭✭✭✭✭

    @Copperindian I'm just shaking my head; you've got some bad luck!

    Thomas Bush Numismatics & Numismatic Photography

    In honor of the memory of Cpl. Michael E. Thompson

    image
  • CopperindianCopperindian Posts: 1,465 ✭✭✭✭✭

    @TomB: maybe I’m buying from “bad” sellers!

    “The thrill of the hunt never gets old”

    PCGS Registry: Screaming Eagles
    Copperindian

    Retired sets: Soaring Eagles
    Copperindian

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