Time for a great numismatic purge?
cameonut2011
Posts: 10,436 ✭✭✭✭✭
There are many series that are notorious for having doctored coins that are in TPG straight graded plastic. With the large surge in bullion prices, is it time to purge the dreck or retreads and send them to the melting pot? Maybe CAC, Legend, etc., should give it some serious thought. We could also throw in overgraded lower grade generics and really clean up the market.
P.S. I’m not joking or being sarcastic. I’m being serious. It could help clean up years of abuses that dealers like Laura have (rightfully) complained about.
1
Comments
Why? What is wrong with having lower grade or doctored material still available in the market?
"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
There is a surplus for most generics so the coins wouldn’t be missed. Most of the doctored coins will stay in their plastic coffins where they will dupe future collectors. Now the inflated premium from the alteration is absorbed by spot. It is no secret that rampant doctoring has hurt the rare coin market. The holder of the coffin coin is able to come out okay and the problem pieces can satisfy the bullion market. It’s a win-win.
To be clear, I am not talking about truly rare or scarce items which have premiums that would not fall within the target group. Think of all the altered surfaces and cleaned generic double eagles. Ditto for common date silver coinage.
I want all the AG 1901-s quarters to get melted and make it a true rarity.
The “purge” will occur with or without wishes, dreams or expectations.
It is in process.
Good luck. Silver would need to surpass $20k/oz to break even.
Even if you cull out the current lower-end coins, there will still be a new lower-end group of remaining coins.
Who’s going to pay for the purge? Learn how to grade and look at coins. Don’t spend above risk limit.
Those buying refined gold at $4500 an ounce.
How about the TPG's offering a buy back program Ha ! This program could include a replacement option.
There are customers for most any old coin at the right level. I am not in favor of the mass destruction old coins. Once they are gone, they are gone. I don’t think that anyone is qualified enough to determine which pieces should be destroyed.
When I was shopping for a 1796 No Stars Quarter Eagle, I spotted a few pieces which had problems that were in straight grade holders. I am not ready to warm up the melting pot for them, however.
Yea, verily.
Over the years I have purchased “junk” coins in regard for their absolute rarity, and I have no interest in doctoring them to get them slabbed.
Someone may claim they should be destroyed so as to prevent them from being doctored in order to fool a future buyer. I don’t buy the argument against potential future abuse over current legitimate use.
I think doing so would be an injustice to the entry level collector who couldn't afford the others. My real concern is on the dealers cashing in their bargain bins to free up inventory now that silver is almost $80 dollars.
Purge would be nice.
Yes. I hope silver spikes high enough that all of the colorized/enameled and artificially toned coins make it to the melting pot.
I don’t think there’s going to be much of a purge of slabbed silver, but maybe generic gold.
I have and am considering selling off some raw silver that was once a numismatic treasure to me (based on my teenage budget and $4 silver in the 90s)
Slabbed or not, most ASEs have no numismatic premium in 69 and many have none in 70.
All comments reflect the opinion of the author, even when irrefutably accurate.
True. I forget people slab ASEs. I was thinking circulating coins and/or their proof variants.
Impossible to execute, but a nice thought.