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Raw Coins Sold With PCGS Labels

itsnotjustmeitsnotjustme Posts: 8,777 ✭✭✭
in U.S. Coin Forum
I've noticed an increasing number of auction for coins that come with the label of the PCGS slab they were reportedly cracked out of. I understand many of these may be legitimate--collectors who display or store their collection a certain way may buy a slabbed coin then crack it out. But in many cases I wonder...

This auction says they repeatedly tried for AU58 upgrades from AU55. Unless they went from a 55 to a 53, why crack it out when it returned 55 again? The seller clearly realizes the little number on the holder will make a difference in what the same coin will bring. 1799 $10 Gold

I've seen this on many less expensive coins as well and wonder if many of our scam artists are getting into this tact.
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Comments

  • dorkkarldorkkarl Posts: 12,691 ✭✭✭
    i've kept every single label from coins i cracked out, but when all is said & done, treat EVERY coins as raw, whether in a slab, w/ a slab label, or not, & you'll do fine

    K S
  • nwcsnwcs Posts: 13,386 ✭✭✭
    In this scenario, treat it as raw and assume that the label is for another coin. I've seen many times on ebay where the label doesn't go with the coin. You can tell by the coin's appearance that it is in worse shape than what the label would indicate.
    Blog and Pics
  • agentjim007agentjim007 Posts: 6,256 ✭
    I have a chain cent that I bought out of a Superior auction that came with a NGC PR1 label. Since NGC has only graded 2 chain cents 01 thru 03 I figure if it wasn't the correct coin atleast I have a very rare NGC label
  • FatManFatMan Posts: 8,977 ✭
    image This is buying the label, not the coin. These auctions raise a red flag with me. Although it may be legitimate, It is meaningless and most likely deception.
  • ERER Posts: 7,345 ✭
    I smell a fish.
  • Conder101Conder101 Posts: 10,536 ✭
    Reminds me of the late 70's early 80's when dealers were buying and selling ANACS certificates, no coins just the certificates. Got a coin you want to sell? Spread the word around that you need an appropriate certificate and one would turn up.
  • CarlWohlforthCarlWohlforth Posts: 11,074 ✭
    A slab has some value. The label alone has no legitimate value. At least if the coin is still in the slab the guarantee is good.
    Carl's Coins website w/ links to Carl's auctions
  • Dog97Dog97 Posts: 7,874 ✭✭✭
    I think that if I were going to sell an $8K coin I would spend $25 and send it in for the 3rd time. Maybe he didn't like the turnaround times? image But anyway the coin is what it is and that is a raw coin and that means it could be cleaned, damaged or not really even be a coin. Like I say in the crackout & crossover threads, when it's out of the slab all bets are off & you're on your own.
    Change that we can believe in is that change which is 90% silver.
  • ohbabyohbaby Posts: 768
    Totally deceptive! Auction title is misstated and 1st image is misrepresented. Would you trust this seller? Apparently one person does or is it a shill?!
    icasualties.org
    image
  • topstuftopstuf Posts: 14,803 ✭✭✭✭✭
    Naah.....it's....REAL! Can't tell you how many collections I used to get in the shop in Danscos with slab labels PASTED or TAPED to the page.

    I finally stopped asking "What on God's green earth did you do THAT for?"
  • jomjom Posts: 3,437 ✭✭✭✭✭


    << <i>This is buying the label, not the coin. >>



    Really? How is this any different than many Registry Set users? lol



    << <i>But anyway the coin is what it is and that is a raw coin and that means it could be cleaned, damaged or not really even be a coin. >>



    True but it could be IN a holder and still have the same problems. So what's the difference?



    << <i>I finally stopped asking "What on God's green earth did you do THAT for?" >>



    Maybe God didn't intend to have coins entombed in plastic. image

    Fact is no matter what label or slab or holder the coin is in you still need to SEE it to determine whether you like it and want to pay the price.

    jom
  • RussRuss Posts: 48,514 ✭✭✭


    << <i>Payment for this incredible goldpiece must be made via certified bank check. >>



    Now, why doesn't that surprise me.

    Russ, NCNE
    eBay consignment sales | | Collectibles from Resco CCC
  • topstuftopstuf Posts: 14,803 ✭✭✭✭✭
    A fortune awaits the inventor of coin-sized cardboard disks that say "My REAL coin is in a slab."


    EXCEPT....


    Coin collectors are notoriously cheaper than a Gypsy rag-picker.

    "You want a buck a hundred for CARDBOARD DISKS?"

    image
  • jomjom Posts: 3,437 ✭✭✭✭✭


    << <i>Now, why doesn't that surprise me. >>



    You're right, it shouldn't. Since the coin is worth roughly $10,000 would YOU except a personal check from an Ebay buyer?

    jom
  • RussRuss Posts: 48,514 ✭✭✭


    << <i>Since the coin is worth roughly $10,000 would YOU except a personal check from an Ebay buyer? >>



    No reason not to. Just wait for clearance, then ship. I accept large checks quite frequently in my regular business.

    Besides, is it a $10,000 coin? All we have are pictures of a coin in a slab. Why has the seller not provided pictures of the coin cracked out? For all we know, he could have trashed the coin the last time he cracked it out. Why would the seller not spend the measly grading fee one more time so it is back in the holder?

    This auction is a huge sucker bet.

    Russ, NCNE

    eBay consignment sales | | Collectibles from Resco CCC
  • jomjom Posts: 3,437 ✭✭✭✭✭


    << <i>This auction is a huge sucker bet >>



    Why? As long as there is a return privilege there shouldn't be a problem. Assuming the guy has a good track record I don't see a problem.

    Also, if the picture out of the holder is a problem, just ask the guy to provide you one. Big deal.

    As to the coin itself, if you can't evaluate the coin ITSELF (without the slab crutch) you probably shouldn't be buying it in the first place.

    jom
  • rwhiterwhite Posts: 326 ✭
    Why? As long as there is a return privilege there shouldn't be a problem

    But what if he decides not to honor the return privilege?!? All he would get is a negative FB...

    too risky for me.


    edit to fix my bad spelling
    -Ryan-
  • jomjom Posts: 3,437 ✭✭✭✭✭


    << <i>But what if he decides not to honor the return privilege?!? All he would get is a negative FB... >>



    That can happen with any deal on Ebay and has nothing to do with whether the coin for sale was slabbed or not.

    jom
  • jdimmickjdimmick Posts: 9,660 ✭✭✭✭✭
    I have known several collectors who will only purchase coins that have been slabbed for their collections. Only then to break them out and putt them in folders, capital plastic holders, etc. However, if I was intrested in a coin that was supposedly slabbed previously, I would still consider it as being RAW as far as I was concerned. And base my decision on the coin itself, as you should anyway.

    A lot of things can still happen like mishandling, etc (Not counting the scammers)
  • clackamasclackamas Posts: 5,615 ✭
    Unless from a friend its a raw coin as far as I am concerned. I saw a 35-S Lincoln for sale about 6 months ago on ebay with the "label" From the photo I was thininking there was little chance the coin would go 66RD again. The coin sold for $40 and I did not buy it.


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