How the "Wonder Coin" got away
nugget369
Posts: 56
A little over a year ago I was in the market for a Spectacular Saint. My financial position then and to this day, unfortunately is not that of a high roller so I limited my search to a coin graded no higher than MS66. It didn't take me long searching through all the on line inventories to come across The "Wonder Coin". This specimen was up for sale by one of the PCGS authorized dealers and it's description went something like this " 1923-D Saint MS66 PCGS. Razor sharp strike with beautful color, a true Wonder Coin, one of the finest examples I have ever seen". This bold description caught my attention, however so did the asking price of $ 3950. MS66 Saints were selling retail for no more than $ 2500. When I asked him about the asking price being so high he told me that he believed this coin will one day be in a MS67. He also stated that he sent the coin in to NGC three times but each time it came back a 66, then he gave PCGS a try and they also returned it a 66. Bottom line, the coin is not a 67 however after viewing the scans I was in agreement that this was an ultra spectacular coin. I subsequently made him an offer of $ 3300 which he accepted, but on the pretence that he would give the coin one more shot to make a 67 at
the upcomming Florida show and he had another customer in line who only wanted a 67. So feeling confident about my chances I mailed him a check a couple of weeks before the show and waited. Two days after the show he told me that the coin upgraded to 67 and he sold it to the other customer. He asked me what to do with the check and said "just throw it away". For the record, I checked the PCGS population report four months after the fact and the number had not increased. Is this a reputable way to do business?
the upcomming Florida show and he had another customer in line who only wanted a 67. So feeling confident about my chances I mailed him a check a couple of weeks before the show and waited. Two days after the show he told me that the coin upgraded to 67 and he sold it to the other customer. He asked me what to do with the check and said "just throw it away". For the record, I checked the PCGS population report four months after the fact and the number had not increased. Is this a reputable way to do business?
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Comments
It's not very often that I buy $3900 coins, but it has happened before, and it on the chance it happens again, I would like to know I'm not dealing with a scumbag.
Cameron Kiefer
Believe me, you can go through any number of different coins in the same grade (Saints included) and eventually find a very nice coin for at most a modest premium over listed prices. 50% premiums would require a coin to be almost a sure shot to upgrade. And those cases the owners rarely are going to bail early w/o trying a number of times for upgrade.
Just because the Saint you talked about came back MS66 several times doesn't mean IT IS NOT A 67 candidate. To the contrary, if it keeps coming back 66, that implies the coin is very very nice for the grade and likely very PQ at a minimum. A no brainer 66. That usually means to me a 66+. And such coins oftentimes eventually find a weak spot at the grading companies and come back 67.
My definition of a PQ or shot coin is just that: it keeps coming back the same grade from both services. Even decent coins for the grade occasionally come back the lower grade. That's why they aren't PQ to begin with.
roadrunner
New collectors, please educate yourself before spending money on coins; there are people who believe that using numismatic knowledge to rip the naïve is what this hobby is all about.
I think it's a good thing that you saved your money on this one. You'll find other wonder coins for cheaper if you keep looking.
However, I do own two pop zero PCGS coins...
The point being, of course, that you can't assume that the pop reports are 100% accurate in any way.
Doggedly collecting coins of the Central American Republic.
Visit the Society of US Pattern Collectors at USPatterns.com.
Hmmmm.