Buying / Bidding blind is a process for disaster.
DesertLizard
Posts: 702 ✭
My opinions are just that, VERY opinionated but I hope others can learn from my experience as I have learned alot from this group.
I just spent the afternoon going through a wholesale dealer's inventory of all kinds of material.
-While there several other dealer's came in to gossip and bad mouth their customers and other dealers. Kind of tacky as I was sitting right there. They continued to joke about cleaned coins from the lesser slabbing houses, selling over graded raw coins on Teletrade / Ebay / Yahoo, cracking out PCGS/ NGC coins to place them into 2x higher grade slabs from the other slabbers. Very disturbing.
-As I flipped through box after box of coins I noticed a pattern. SEGS, ACG, PCI, etc. are in no way comparable to NGC / PCGS in 90%+ of the slabs I looked at. There is a clear difference even to my non dealer 60yr+ old eyes. For a dealer to say otherwise is a total lie, just like when dealers say they don't believe a coin is cleaned. Believe me, if you handle enough coins you notice things in a very very short period of time. Cleaning is one of them.
-In the boxes were also non slabbed coins. An opportunity you say? Just say no to raw coins! 99% of them had a problem. Haze, spotting, cleaned, hairline, damaged, etc. I asked the dealer who bought those kinds of coins and he claimed guys who sell mail order and online. Hmmmm, I think I may have purchased a few of those!
For reference let me point out I was examining pre-1930 US copper, silver and gold. Mostly F## and above, I looked at about 200-300 coins in about 3 hours. A great educational experience and exhausting one.
My conclusions: 1] Never buy raw, 2] Never buy sight unseen, 3] Work with a reputable dealer, 4] Avoid non PCGS or NGC slabs, 5] Dealers are in business to make a living, not give you a bargain, if it's too good to be true it probably is!! Help your dealer make a living and he will help you avoid costly mistakes!
I just spent the afternoon going through a wholesale dealer's inventory of all kinds of material.
-While there several other dealer's came in to gossip and bad mouth their customers and other dealers. Kind of tacky as I was sitting right there. They continued to joke about cleaned coins from the lesser slabbing houses, selling over graded raw coins on Teletrade / Ebay / Yahoo, cracking out PCGS/ NGC coins to place them into 2x higher grade slabs from the other slabbers. Very disturbing.
-As I flipped through box after box of coins I noticed a pattern. SEGS, ACG, PCI, etc. are in no way comparable to NGC / PCGS in 90%+ of the slabs I looked at. There is a clear difference even to my non dealer 60yr+ old eyes. For a dealer to say otherwise is a total lie, just like when dealers say they don't believe a coin is cleaned. Believe me, if you handle enough coins you notice things in a very very short period of time. Cleaning is one of them.
-In the boxes were also non slabbed coins. An opportunity you say? Just say no to raw coins! 99% of them had a problem. Haze, spotting, cleaned, hairline, damaged, etc. I asked the dealer who bought those kinds of coins and he claimed guys who sell mail order and online. Hmmmm, I think I may have purchased a few of those!
For reference let me point out I was examining pre-1930 US copper, silver and gold. Mostly F## and above, I looked at about 200-300 coins in about 3 hours. A great educational experience and exhausting one.
My conclusions: 1] Never buy raw, 2] Never buy sight unseen, 3] Work with a reputable dealer, 4] Avoid non PCGS or NGC slabs, 5] Dealers are in business to make a living, not give you a bargain, if it's too good to be true it probably is!! Help your dealer make a living and he will help you avoid costly mistakes!
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Comments
Here that Dealer taught you more in one afternoon, unknowingly(!), than you could spend on your own researching.
It is also why Problem Free, completely Original coins are scarce (some are downright RARE) and worth seeking out.
For every tray of wonderful, untouched, blemish free coins (slabs or 2X2's) there are hundreds of double row boxes of problem junk.
peacockcoins
Thanks for sharing your overheard conversation!
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Gary
P.S. I bought a raw coin two weeks ago from a dealer that I know. I was looking for a nice 1892CC Morgan and Gus(the dealer) told me to look at one he had put back. It is a 63/65 and possibly PL. Gus told me to get it certified at PCGS and if it did not go 63, then I was to bring it back and he would refund my purchase price plus PCGS expenses. god, I like this dealer!!