You see a coin in Auction that you believe is HUGELY misattributed. Do you...?
renomedphys
Posts: 3,613 ✭✭✭✭✭
A. Post it on the forum and let the masses decide, potentially souring the sale price if it IS legit.
B. Let it ride.
C. Quietly let the auction house know right away before I can confirm in-hand at the show.
D. Wait till I get there and point it out when I have it right there.
The attribution in question carries about a 100x premium over the regular variety, so naturally any buyer, even at a so-called bargain, would be massively under water if it indeed turns out to be misattributed. They could always force PCGS to buy the coin back.
I'm just like 99% sure based on the photos that I'm right.
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Bid to win it. I assume you are talking about an auction house that deals in coins. They should know. My local coin dealer I would probably tell. Hard to say not knowing the details. Just sounds like cherry-picking to me.
Nothing
Am at auctions to buy material I picked out can buy right / get super deal. Beyond that don’t have time or give a hoot.
If beyond a doubt it is in error, then post it here for advice. If not 100%, you are right, it could trash the sale and be wrong, therefore I would contact the seller and advise your opinion. As you say, the auction house could always get PCGS to buy it back, as could the buyer. Assumedly. Never had that option nor know anyone who has.
Jim
When a man who is honestly mistaken hears the truth, he will either quit being mistaken or cease to be honest....Abraham Lincoln
Patriotism is supporting your country all the time, and your government when it deserves it.....Mark Twain
If its in a major auction house, just let them know. Most of the auction houses will check it out and pull the item if it is incorrectly attributed.
If you have proof, notify the auction house and the grading service. Enlist additional experts if you can. This happened with Legend about 10 years ago on an 1878 Rev of 79 Morgan $1 our hosts had in a PR61 holder but was the wrong die pair to be a proof. It was being sold as one coin in a complete set of proof Morgans. Both Legend and PCGS were contacted to let them know. PCGS verified it was wrong, Legend pulled the lot, and I think PCGS bought it, probably for what the consignor originally paid. The quicker a mistake like that is resolved, the happier everyone is.
Keeper of the VAM Catalog • Professional Coin Imaging • Prime Number Set • World Coins in Early America • British Trade Dollars • Variety Attribution
Happened once to me back in the "raw" days. 09VDB that was a proof and missed by the (major) auction house. During the live auction I waited to pounce, did not mention it to anyone and hoped my diagnosis was correct. Sadly for me I had company - after the bids got realistic the auctioneer looked up and said "hey is this a proof?" and we all laughed.
I would recommend letting the auction house know ASAP because mistakes like this can cause trouble for more people in the future. It is a quick fix in the early stages, but a huge hairball later on.
Edit: I suppose I am confused on this specific scenario. Does the correct attribution add or subtract value from the coin as it is now listed? If the coin is worth 100x more, then it is a cherrypicking opportunity and I believe it is fair game. If it is worth 100x less, then you have an obligation to let the auction house know.
"But seek ye first the kingdom of God and His righteousness and all these things shall be added unto you" Matthew 6:33. Young fellow suffering from Bust Half fever.
BHNC #AN-10
JRCS #1606
I’ve bid on coins in two different instances where after I bid, I realized the attribution on the holder was wrong. I brought it to their attention and the auction house fixed it both times.
BHNC #248 … 130 and counting.
Well ya can't be a sleuth and go public.
Twelve times this year I've found significant mistakes concerning
attribution of said coins. These are coins in the area that I collect.
I send the AH the info so that they can correct the description. It
means more money for the consigner and the AH. Only twice have
I been thanked. About half of the time they do nothing.
Misattributed.
Scan the label on the app and you'll be convinced it's worth twice as much as it should be.
Buy the coin, not the holder. Some misattributed coins need fixing (not the coin). Others are obvious. I guess the seller should be informed and so on down the line. Disclosure is paramount.
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Not my problem and I am not going to make it my problem. Sadly it is above my pay grade.
Experience the World through Numismatics...it's more than you can imagine.
Is that truly the reverse of that "$10" coin holder, um the five dollar coin? Even the meat sack typing at my computer would notice that and not bid on it unless I was inebriated, which is not a good condition for engaging in auctions.
Good heavens, they even have a TrueView of the blunder.
Recently saw an 1866 Proof Seated Dollar Motto in a No Motto holder (2 known). Big oops!
"But seek ye first the kingdom of God and His righteousness and all these things shall be added unto you" Matthew 6:33. Young fellow suffering from Bust Half fever.
BHNC #AN-10
JRCS #1606
Slade, Yeah I thought about listing this one on eBay that I just got back..... as a rare error, even
. Instead, It's just going to take another trip back to our host. Oh well. We make mistakes.
My dream has been to get a really bad looking counterfeit coin actually slabbed with a code 90 on it.
One of my primary foci during 1960s to 1980s was misattributed coins, both at auction and at the bourse. If the coin was priced low, I just bought it. If the coin was not for me and the seller was a friend, I'd tip him off.
Okay, just to be clear, I believe that if the coin were correctly attributed, it’s worth about $100. The holder it’s in says it’s worth like $20k
Empty Nest Collection
Matt’s Mattes
I have a $4k coin in a ~$50k holder. Checked with the expert to confirm/deny validity then had the cert cancelled.
Wasn't in an auction but the expert is with an auction house. I don't think it would have slipped by.
Chopmarked Trade Dollar Registry Set --- US & World Gold Showcase --- World Chopmark Showcase
Good luck with getting the issue resolved. The AH should pull the lot but the TPG will say it is a mechanical error and will offer to fix the label for free. Getting 19K from the TPG for its error...forget about it.
This lot at SB seems mis-attributed or mis-identified. My friend knows the seller. The seller has no idea why the lot sold for so high. If it was attributed correctly it might go even higher but who knows.