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$1000.00 PCGS ms65 coins for only $500??? What's the catch?

newportnewport Posts: 256
in U.S. Coin Forum
How do coin clubs that sell PCGS coins for 50% Off retail work. "If it sounds to good to be true...." Whats the deal?image

Comments

  • Wolf359Wolf359 Posts: 7,656 ✭✭✭
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  • newportnewport Posts: 256
    G&F Coin Galleries of Philadelphia Page 13 of CoinAge mag.
  • RussRuss Posts: 48,514 ✭✭✭
    Because the retail price they're quoting bears no resemblance to reality.

    Russ, NCNE
    eBay consignment sales | | Collectibles from Resco CCC
  • itsnotjustmeitsnotjustme Posts: 8,777 ✭✭✭
    Retail is the key word... that mean marked way up.
    Give Blood (Red Bags) & Platelets (Yellow Bags)!
  • JJacksJJacks Posts: 759 ✭

    Because the retail price they're quoting bears no resemblance to reality.

    I don't know anything about this company, but I imagine Russ is probably right. It would be interesting to give them a call and ask how they prove to you that the coins are worth double what you pay for them, and if they could give you any examples? Of course, do this all with a sense of humor, and not planning to get sold on it!

    Also, I wonder if you would just get alot of undesirable dates/mm's etc coins with ugly toning, whatever. But, as I said, I don't know anything about this company. It would be interesting to hear from someone who tried this coin club before if we could find someone.

    JJacks
    Always buying music cards of artists I like! PSA or raw! Esp want PSA 10s 1991 Musicards Marx, Elton, Bryan Adams, etc. And 92/93 Country Gold AJ, Clint Black, Tim McGraw PSA 10s
  • foodudefoodude Posts: 3,568 ✭✭✭
    Because the retail price they're quoting bears no resemblance to reality.

    So the net result is: no bargain. ... there is no Santa Clause in
    the coin collecting worldimage
    Greg Allen Coins, LLC Show Schedule: https://forums.collectors.com/discussion/573044/our-show-schedule-updated-10-2-16 Authorized dealer for NGC, PCGS, CAC, and QA. Member of PNG, RTT (Founding Platinum Member), FUN, MSNS, and NCBA (formerly ICTA); Life Member of ANA and CSNS. NCBA Board member. "GA3" on CCE.
  • RussRuss Posts: 48,514 ✭✭✭


    << <i>there is no Santa Clause in
    the coin collecting world >>



    Yes there is. He sold me these proof sets cheap:

    image

    And, after grading, they became quite expensive. image

    Russ, NCNE
    eBay consignment sales | | Collectibles from Resco CCC
  • foodudefoodude Posts: 3,568 ✭✭✭
    Yes there is

    Let's live in Russ's worldimage
    Greg Allen Coins, LLC Show Schedule: https://forums.collectors.com/discussion/573044/our-show-schedule-updated-10-2-16 Authorized dealer for NGC, PCGS, CAC, and QA. Member of PNG, RTT (Founding Platinum Member), FUN, MSNS, and NCBA (formerly ICTA); Life Member of ANA and CSNS. NCBA Board member. "GA3" on CCE.
  • LincolnCentManLincolnCentMan Posts: 5,347 ✭✭✭✭
    Well, if "retail" is the equivilant to Home Shopping network prices... it is my ever so humble opinion that you're going to get ripped a new one!

    Bottom line, dont buy something if you dont know what it is.

    David
    Lincolncentman Toned Lincolns
  • XpipedreamRXpipedreamR Posts: 8,059 ✭✭
    If they're PCGS coins, they might be using CU price guide prices as comparison. The values listed there are generally considered to be full-blown retail prices (read: high).

    So if the coins they were selling are real dogs, I could easily see the price being half of "retail" price.
  • RittenhouseRittenhouse Posts: 565 ✭✭✭
    OK, here's how it works. Buy low-end for the grade, mistakes, raw then slab selling the low-end & mistakes (real & hi end go elsewhere). Use a high retail value - CU prices & HSN help substantiate. Knock 50% off the inflated price, and BINGO! How do I know? I've sold coins to these markets.
  • dorkkarldorkkarl Posts: 12,691 ✭✭✭
    g&f has had the same scheme for 30 years - way before slabs.

    K S
  • cladkingcladking Posts: 28,630 ✭✭✭✭✭
    Slabs that have kicked around on the market for a long time and don't have a buyer
    are generally housing dull, lifeless or otherwise problem coins. These companies pro-
    vide a service removing this stuff from the market. The end buyers will usually find that
    the coins will be very difficult to sell and then at a steep discount to bid.

    These can make good coins for trading and the like but you may be able to negotiate
    better deals on your own. Most will be generic stuff in the grades right above the drop
    in price; mostly things that were hot in 1989 like morgans, obsolete type, and walkers.
    Tempus fugit.
  • RittenhouseRittenhouse Posts: 565 ✭✭✭


    << <i>g&f has had the same scheme for 30 years - way before slabs. K S >>



    Don't know if it's been 30, but they've been around at least 20. Very strong buyers, good check, straight deals.

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