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If you paid the right price for a coin, but it was overgraded by PCGS...
dan1ecu
Posts: 1,573
Would it bother you to have a holder that said "MS65" when you knew the coin was really a 64? Even if you paid 64 money for it, would you want it in the right holder?
How about if the coin's holder was inaccurate on the low side? If you paid 65 money for a holder that said "MS64," would you try to get it into a 65 holder?
Let's say that you don't plan to sell the coins any time soon...
Dan
How about if the coin's holder was inaccurate on the low side? If you paid 65 money for a holder that said "MS64," would you try to get it into a 65 holder?
Let's say that you don't plan to sell the coins any time soon...
Dan
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money and it turned out to be a consensus AU58 among board members.
and here i thought i was getting a deal eh?
Chris
My Collection of Old Holders
Never a slave to one plastic brand will I ever be.
But if you bought them cheap enough there is usually a buyer out there somewhere. Overgrade PCGS generic grade brings all the money as to generic common date Morgans. It's more about the plastic than the coin. There are more than enough buyers who just want the label that help to keep those markets up.
roadrunner
<< <i>Would it bother you to have a holder that said "MS65" when you knew the coin was really a 64? Even if you paid 64 money for it, would you want it in the right holder? >>
This is exactly the game a lot of eBay sellers play. Buy an overgraded Coin for a big discount and then sell it to a person via eBay who can't grade for nothing - like me.
This brings nothing but a negative connotation to TPG slabs. But as long as certain firms continue to reap the profits, I'm sure nothing will change.
<< <i>How about if the coin's holder was inaccurate on the low side? If you paid 65 money for a holder that said "MS64," would you try to get it into a 65 holder? >>
This is the other side of the game for eBay sellers. Find an undergraded Coin that will upgrade, crack it out and then sell the upgraded Coin on eBay. Or just claim a Coin to be undergraded and sucker some fool into paying a strong price for it. This is especially true if you can find a lot of "rattlers" or "Old Green Holders".
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<< <i>Would it bother you to have a holder that said "MS65" when you knew the coin was really a 64? Even if you paid 64 money for it, would you want it in the right holder? >>
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In this case, you should try the so-called PCGS grade guaranty. You might get it reholdered as a 64 and get a few bucks too, but I doubt it.
<< <i>If you don't plan on selling the coin, why does the grade on the plastic matter? >>
Almost my thought to the point, but I would rather just take the coin out of the holder. The grade written on a holder doesn't matter to me at all...I still don't like the holders.
The Lincoln cent store:
http://www.lincolncent.com
My numismatic art work:
http://www.cdaughtrey.com
USAF veteran, 1986-1996 :: support our troops - the American way.
would not bother me in the least...................................................................
would you want it in the right numbered holder? no.........................................
How about if the coin's holder was inaccurate on the low side? If you paid 65 money for a holder that said "MS64," would you try to get it into a 65 holder? maybe..................................................... eventually
<< <i>The "catch" to using the PCGS Grade Guaranty is, I believe it costs $25 to find out if they agree with you that a coin's overgraded. If they don't agree, you're out the $25. >>
Thank you for saying that. I've wanted to say it but sometimes I'm just a little chicken.
How much revenue is generated by all this overgrading/undergrading/resubmitting?
<< <i>The "catch" to using the PCGS Grade Guaranty is, I believe it costs $25 to find out if they agree with you that a coin's overgraded. If they don't agree, you're out the $25. >>
What a traversy! Who else charges to invoke a guaranty and serves as judge & jury as to whether they made a mistake?
<< <i>Would it bother you to have a holder that said "MS65" when you knew the coin was really a 64? Even if you paid 64 money for it, would you want it in the right holder?
How about if the coin's holder was inaccurate on the low side? If you paid 65 money for a holder that said "MS64," would you try to get it into a 65 holder?
Let's say that you don't plan to sell the coins any time soon...
Dan >>
Situation #1 is ideal but rarely happens. I have the coin at a good price. I can probably sell it on Ebay for much more than I paid for it. I have the option of sending it in for review and the possibility of getting my money back and keeping the coin.
Situation #2 is tougher. I have to be extra sure that my assessment is correct. From photos this is especially difficult. If the coin is in dealer inventory, odds go down. If a coin can be upgraded for a profit, and several dealers have had a shot at it, odds of me getting it and upgrading are not good. Several dealers have already said pass, plus all their customers. If the coin is being sold by the original submitter, the odds are better.
The big assumption is that me, the buyer can grade consistently and accurately--a dangerous assumption. It takes the average collector several years to become consistent at grading. The classic advanced newbie mistake is overconfidence in their own ability, or the ability of the grading companies. Both are equally dangerous, though I believe that these days, many more expensive mistakes are made on certified coins than raw ones.
<< <i>If you don't plan on selling the coin, why does the grade on the plastic matter? >>
ditto
<< <i>Who else charges to invoke a guaranty and serves as judge & jury as to whether they made a mistake? >>
I have to agree that this practice has always bothered me. Oh well...
I try and agree with the grade before I purchase any coin.....