banks now doing it...wouldnt this be great for coin dealers
ScarsdaleCoin
Posts: 5,223 ✭✭✭✭✭
when you take a home mortgage now with a bank for a house, they have you sign a slip of paper to cover them for errors, omissions...basically it says that if the bank made a mistake you will help them in correct their error....
I can see it now in the coin biz....
Coin Dealer: Hi Rich....remember that coin I sold you last week at Long Beach pcgs MS64 that you cracked and it came back MS65....well that was our error you owe us $ 17,894 difference in upgrade....
I can see it now in the coin biz....
Coin Dealer: Hi Rich....remember that coin I sold you last week at Long Beach pcgs MS64 that you cracked and it came back MS65....well that was our error you owe us $ 17,894 difference in upgrade....
Jon Lerner - Scarsdale Coin - www.CoinHelp.com
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Comments
J
siliconvalleycoins.com
this is the same issue i've complained about before: pcgs *& ngc, anacs, icg) has a 50% guarantee, where they guarantee against overgrading, but not undergrading, which is just as potentially damaging (financially).
K S
<< <i>How could you make a mistake? >>
'
Because you sold a 64 coins that upgraded to a 65. Its hypothetical.
Cameron Kiefer
<< <i>when you take a home mortgage now with a bank for a house, they have you sign a slip of paper to cover them for errors, omissions...basically it says that if the bank made a mistake you will help them in correct their error....
I can see it now in the coin biz....
Coin Dealer: Hi Rich....remember that coin I sold you last week at Long Beach pcgs MS64 that you cracked and it came back MS65....well that was our error you owe us $ 17,894 difference in upgrade.... >>
Hahahahaha!
Tom
Coin's for sale/trade.
Tom Pilitowski
US Rare Coin Investments
800-624-1870
C'mon Karl, the same ol weak argument. Being potentially damaged is not the same as being actually damaged. You know grading is not exact or black and white and if there is any doubt about a coin's grade anyone with half a brain will give a coin a lower grade esp. if big dollars are involved. It only makes good business sense and if you were running the show you would probably do it the same way.
<< <i>when you take a home mortgage now with a bank for a house, they have you sign a slip of paper to cover them for errors, omissions...basically it says that if the bank made a mistake you will help them in correct their error........ >>
I don't think this would save the banks from violations of the Truth-In-Lending-Act (or TILA).
I pay over $400/month for errors and omissions insurance to cover me against lawsuits should someone not accept my recomendations and later try to say I never made any recommendations. Or of course, I fail to make proper recommendations and they later sue as a result.
<< <i>C'mon Karl, the same ol weak argument. Being potentially damaged is not the same as being actually damaged. You know grading is not exact or black and white and if there is any doubt a coin's grade anyone with half a brain will give a coin a lower grade esp. if big dollars are involved. >>
huh? yes, i said potentially, but it IS damaging financially, & it DOES HAPPEN.
your right, i know that grading is subjective, but those who blindly & stupidly put 100% faith in plastic co's DO NOT know this. if i inherit granny's collection & get it slabed at ngc, then dump the collection to a dealer at greysheet, then the dealer immediately gets 10 coins upgraded for a $10,000 profit, that means I GOT SCREWED FOR $10,000.
this is not a hypothetical armchair theory, IT HAPPENS.
..... unless you actually think plastic co's never undergrade coins.
<< <i> It only makes good business sense and if you were running the show you would probably do it the same way. >>
if $$$ was all that mattered, then you can't beat the plastic model. ie getting people to believe they are 100% covered by 50% gurantee, you better believe that's good business sense.
K S