Your thoughts on overdipped coins
Prethen
Posts: 3,452 ✭✭✭
Yep, dummy me. I bought yet another overdipped coin. I even knew it before I took it out of the stapled 2X2 voiding the return policy. The fact is I needed the coin to fill a hole (1859 3CS in AU+, this is a tough year for me to find) and the detail on the coin was great. I was a little surprised the dealer didn't tell me it appeared that the luster was dipped out. He knows I'm really picky about problem coins. I guess he was more careful about the detail description than semantics on luster.
Okay, go ahead tell me I'm a fool for opening it up and not returning it. I paid $134 for it as an AU55. I have a feeling it'll be a few years before I can easily recover the value, but what the heck, I've been looking for awhile for the coin. I guess if I find a better specimen down the line, I'll replace this one and sell it.
The "Kick Me" sign is lit up...go for it!
Okay, go ahead tell me I'm a fool for opening it up and not returning it. I paid $134 for it as an AU55. I have a feeling it'll be a few years before I can easily recover the value, but what the heck, I've been looking for awhile for the coin. I guess if I find a better specimen down the line, I'll replace this one and sell it.
The "Kick Me" sign is lit up...go for it!
0
Comments
the con is so small?
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<< <i>I was a little surprised the dealer didn't tell me it appeared that the luster was dipped out. He knows I'm really picky about problem coins. I guess he was more careful about the detail description than semantics on luster. >>
1. The dealer has it in his case. He doesn't have to say it is dipped but should write it on the holder.
2. Did you ask him?
3. You are a dealer. Fair game for anything and you need to know your stuff. Detecting cleaned and altered coins should be your #1 priority before you start buying/selling more coins.
Cameron Kiefer
<< <i>
1. The dealer has it in his case. He doesn't have to say it is dipped but should write it on the holder.
2. Did you ask him?
3. You are a dealer. Fair game for anything and you need to know your stuff. Detecting cleaned and altered coins should be your #1 priority before you start buying/selling more coins.
Cameron Kiefer >>
Ouch! Yep, Cameron; that's the kinda kick I deserved. Since this is for my personal collection, I was a bit forgiving, maybe too forgiving. I neglected to ask him about its luster which I normally do when someone claims the coin is AU, especially Choice AU. It wasn't on the holder. The fact is, I hate returning coins unless something is a bit more aggregious which I didn't believe was the case with this coin.
The coin definitely looks close to BU with very slight wear, so technically the grade is accurate but market-wise I'm guessing it wouldn't price above AU50 normally.
K S
You don't have to grill the dealer to death with questions but if it looks odd or kinda cleaned it can't hurt to see what he says. Lots of dealers will answer questions about their coins truthfully. Dealers ask each other questions all the time but it is the way you ask the question that helps. Example:
There was a MS seated quarter in NGC MS-63 another dealer was looking at. He asked the selling dealer if he tried sending it in to PCGS. The dealer said no. That was the truth. He bought and walked away. Then the seller dealer said to me: "I haven't tried it at PCGS because I resubmitted it to NGC twice and got a MS-62 and MS-63. hahaha......."
Lesson: The buying dealer should have asked "did you try re-submitting it at any of the services" and selling dealer would have told him. He even told me he would have told him the extra info.
Cameron Kiefer
<< <i>i say, RELAX. at that price, your gonna be just fine. what's important here, a couple of bucks? or the question of whether you actually LIKE the coin or not?
K S >>
That's a great question. Let's just say, about two years ago, before I knew what overdipped meant, I would say this coin was just a wee bit short of perfect (it has a couple of nicks that I've seen on many a 3CS). Now, it's one of those things where you wonder, I am in love with what everyone else would pass on? For the moment, it's a keeper and the best 1859 3CS in less than MS60 I've seen in awhile.
And, this is important to me as a dealer as well. How does the public react to such items in general? Do they really care or is it just a few of us with our noses in the air?
You absolute, ignorant twit! How in the world could someone who supposedly "collects" three-cent silvers make such a stupid, amateurish, dumb-as-he11 mistake? What were you thinking, you moron! Geez, I am embarrassed to that you call yourself a collector. Forget that, I am embarrased to be part of the same species. You are obviously one of those fly-by-night, flea market, wannabe dealers who thinks just because they read the Red Book that they are an expert! You get what you deserve, you punk. The seller is probably laughing all the way to the bank and preparing another series of "choice AU" pieces for you! And you even knew it was over-dipped before you opened the holder . . . what an idiot!
There, was that what you were looking for in a comment!
Of course, I am just kidding! Don't beat yourself up, it happens to everybody . . . and yes, even to dealers.
Just keep your eyes open for another nice 1859 . . . it will come and in the meantime that pesky whole has been filled!
Lane
See http://www.doubledimes.com for a free online reference for US twenty-cent pieces
<< <i>And, this is important to me as a dealer as well. How does the public react to such items in general? Do they really care or is it just a few of us with our noses in the air? >>
Thats why the grading services are so popular today.....because of overgrading and problem, cleaned and counterfeit coins.
Cameron Kiefer
<< <i>You said it was ok to kick so I did. Sorry.
Then the seller dealer said to me: "I haven't tried it at PCGS because I resubmitted it to NGC twice and got a MS-62 and MS-63. hahaha......."
Lesson: The buying dealer should have asked "did you try re-submitting it at any of the services" and selling dealer would have told him. He even told me he would have told him the extra info.
Cameron Kiefer >>
No problem, I asked for it and I really appreciate people's candid opinions on the subject which is why I gave the green light that I did. I remember asking a dealer about a particular 1870 PF 2-cent raw he had for sale as PF65RB. I was merely curious about it since I already have two nice ones in PF64RB. I didn't care much for the toning on the coin and I wouldn't give him better than 63RB money for it if I was still looking for that coin. He noted that he broke the coin out of a 64RB holder and sent it in twice and it came back 64RB both times (from either PCGS or NGC, I forget). Okay...the coin is really 64RB, but he's trying to upsell it for an upgrade he believes it should but won't get. That's one dealer I know to be very careful of. I remember taking a look at some of his other overgraded coins. That's exactly the type of dealer I DON'T want to be like, hence why I'm asking these type of questions. Thanks.
<< <i>Okay . . . you asked for it!
You absolute, ignorant twit! How in the world could someone who supposedly "collects" three-cent nickels make such a stupid, amateurish, dumb-as-he11 mistake? What were you thinking, you moron! Geez, I am embarrassed to that you call yourself a collector. Forget that, I am embarrased to be part of the same species. You are obviously one of those fly-by-night, flea market, wannabe dealers who thinks just because they read the Red Book that they are an expert! You get what you deserve, you punk. The seller is probably laughing all the way to the bank and preparing another series of "choice AU" pieces for you! And you even knew it was over-dipped before you opened the holder . . . what an idiot!
>>
I've just doused myself in gasoline.....now where's a match....
<< <i>I've just doused myself in gasoline.....now where's a match.... >>
Easy there . . . back away from the flame . . . it'll be okay . . . it's just a trime, it's not like a double-dime!
Lane
See http://www.doubledimes.com for a free online reference for US twenty-cent pieces
<< <i>
<< <i>I've just doused myself in gasoline.....now where's a match.... >>
Easy there . . . back away from the flame . . . it'll be okay . . . it's just a trime, it's not like a double-dime!
Lane >>
Funny you should say that! That was the first coin (1875S 20-cent piece) that I "discovered" of my "immaculate" coins in my type set that had its luster virtually dipped out in total. It has AU58 details but nearly totally flat grey color. I showed the coin around I got my first lesson in the meaning of overdipped. My second lesson was a 1925S California commemorative 50-cent I paid MS63 money for only do discover it's luster was completely dipped out. I made that discovery on my own (only to be confirmed by others) when I noticed that the coin's color didn't look right when compared to all my other 50-cent types.
Oops, that wasn't gasoline I poured on myself; that was acetone. Well, at least I'll be "clean" now!
<< <i><< i say, RELAX. at that price, your gonna be just fine. what's important here, a couple of bucks? or the question of whether you actually LIKE the coin or not?
K S >>
That's a great question. Let's just say, about two years ago, before I knew what overdipped meant, I would say this coin was just a wee bit short of perfect (it has a couple of nicks that I've seen on many a 3CS). Now, it's one of those things where you wonder, I am in love with what everyone else would pass on? For the moment, it's a keeper and the best 1859 3CS in less than MS60 I've seen in awhile.
And, this is important to me as a dealer as well. How does the public react to such items in general? Do they really care or is it just a few of us with our noses in the air? >>
the PUBLIC is composed of individuals who will act individually. those who only know plastic will pass on the coin regardless, so you might as well just ignore them. some of those who buy COINS will give it a chance, & sooner or later, your bound to find someone who likes it as much as you do.
i'd say, stop being paranoid, accept the coin for what is, & go on - your doing just fine!!!
K S
<< <i>
i'd say, stop being paranoid, accept the coin for what is, & go on - your doing just fine!!!
K S >>
Point well taken. Thanks.
<< <i>
<< <i>
i'd say, stop being paranoid, accept the coin for what is, & go on - your doing just fine!!!
K S >>
Point well taken. Thanks. >>
It is a good point, but as a dealer it will be harder to sell the cleaned coins. If you buy a lot of cleaned coins dealers will start to sell you all their junk and you won't make money unless you buy them dirt cheap.
Cameron Kiefer