What was the first coin you ever got a rip on?

lkenefic

...Companion thread to the other one...

My first rip was on my 1908-S IHC graded at F12. It was in a box of 2x2s with many other common dates and priced at $20. It was a good price to begin with but it was also closer to VF and no problems...

Leo

Russ

What is this thing "rip" of which you speak?

Russ, NCNE

100proof1957

i ripped my pants once.

kevinstang

Sometimes you do get a few bargains in those dealer 2X2 discount boxes. I picked up a 31-S Buffalo with nearly full horn, but with some pvc residue on reverse in a 50% off box a while back, price marked on it was an old $7, so I got it for $3.50. Soaked in some acetone when I got it home and it came out pretty nice. Not exactly a rip, but even dealer was suprised it was in there with that price on it.

GoldenEyeNumismatics

I picked up an 1881 MS64 raw DMPL morgan at a show once. The dealer had marked the coin as an 1881 S but it turned out to be an 1881 O.

TheKidCollector1991

Well.
I went to our local flea market and sice I live in Kuwait, most of the sellers are really old travellers.

This particular man is one eye short but has a huge inventory of antiques.

He had a huge world coin pile in a brass bowl, wieghing over 50 kilos!
I looked around shuffled in and out and found 2 Netherland coins, 2 and a half gulden and 3 gulden in a VF state, worth over $400 ea. I paid a measly $20 for the pair of 'em and have checked with pro's and it is original!

Thanks!

TKC!

Whizzard

<< <i>Well.
I went to our local flea market and sice I live in Kuwait, most of the sellers are really old travellers.

This particular man is one eye short but has a huge inventory of antiques.

He had a huge world coin pile in a brass bowl, wieghing over 50 kilos!
I looked around shuffled in and out and found 2 Netherland coins, 2 and a half gulden and 3 gulden in a VF state, worth over $400 ea. I paid a measly $20 for the pair of 'em and have checked with pro's and it is original!

Thanks!

TKC! >>



Sweet. I wouldn't know a gulden from a half gulden!

TheKidCollector1991

Oh and 1s 1824(2 &1/2 gulden) and other is 1868(3 gulden)

Or was it the other way.

Anyways!

TKC!

lkenefic

<< <i>What is this thing "rip" of which you speak?

Russ, NCNE >>



It's been quite a while since I got one...but not THAT long!!

MadMarty

Have I ever told you guys how much I love the little old ladies that run a coin shop! They were snickering that some idiot actually paid ASK for a 1964 proof set!

Shamika

When I was 11 (I'm 40 years old today), a class mate offered me a 2 cent piece dated 1865 that graded XF. The guy wanted $4 so I borrowed the money from my mom when she picked me up from school and gave him his money. The next day, he changed his mind and wanted the coin back.

I still own that coin today.

TheKidCollector1991

Hey, Shamika.

Nice!

What if that same person came to your doorstep asking for ALOT more!

TKC!

cullenbryant

i bought a partial set of standing liberty's off ebay a few weeks ago. Pulled the 1917 type II and 1918 out. Both VF.
turned around and resold the remaining part of the set for just a 4 bucks under what i paid to begin with.

construct

I got a 1903-S dime in AG-03 for 60 cents out of a box of culled Barbers.

arlea1957

Went to a local coin dealer/barber shop while looking I found a 1952 proof franklin in his case. Price was around 5 bucks. Sent it in and just got it back as a pr65.

kranky

Never had one.

Coinhog

I picked up a 2004 1/4 oz proof platinum off of ebay in March of this year for a BIN price of $300. The going price at that time was $1800 and its closer to $2200 now.

Shamika

<< <i>Hey, Shamika.

Nice!

What if that same person came to your doorstep asking for ALOT more! >>


A deal's a deal!

zzzz

Sssshhhhhh ......

I'll let you in on a little secret ....


On a trip to Wuhan in China I picked up litterally millions in Trade Dollars for a song.

I know what your going to say ... they were fake ....

No, I was assured they were not. They were slabbed by china's most reputable TPG service ... Well, I guess it's really the only party grading service (OPG) MTTGS (Mao Tse-Tung Gradng Service)

Yep ... These little babies are my retirement fund ...

jmj3esq

The best I have done is picking up a 1936 Texas Commem that was in a MS65 PCI slab. I paid about $110. It is now in a PCGS MS66 slab and is pictured in my sig line. Not a huge rip, but when and if I sell I will make a good profit.

Michigan

A "whizzed" mercury dime many years ago. "Whizzing" was a once popular (1970s) technique of heavy brushing of the coins surface to make it shine. I don't remember who I bought it from or what I paid
for it. Didn't send it back although I should have.

Michigan

<< <i>A "whizzed" mercury dime many years ago. "Whizzing" was a once popular (1970s) technique of heavy brushing of the coins surface to make it shine. I don't remember who I bought it from or what I paid
for it. Didn't send it back although I should have. >>




Ah, never mind, I thought the question was the other way around.

longtimecollector

a 1921 Half in VG.......
several 1921 P&D Mercs AG-VG........
a 1923-S Standing Quarter........
a 1934-S Peace Dollar in AU.........
over 100 Barber dimes in Fine or better.........
a 1932-S quarter in AU..........
1 1942 ragged edge clip Merc in AU-Unc.........
a 1942 clipped Walker in AU-UNC.........

Junk silver has been VERY kind to me

And through the years, I've picked up 2 "No S" proof sets at regular set prices !!!!!!!

Coindexter

I'm still standing in front of the goal and waiting to score.

BillJones

Back in 1961 I purchased an 1875 twenty cent piece in Fine as part of the first group of coins I even bought has a YN from a dealer. The price was $20 and it seemed to me that the coin was worth more than that from day I purchased it. A litttle later I got $30 in trade for it on an upgrade of the same coin. And yes I could have sold the piece for a $5 profit almost as soon as I purchased it.

$5 might not sound like much, in 1961, that purchased 17 gallons of gas!

Coxe

Somewhere around 1970 I got an 1876 20 cent piece (AU) at the market in change from their quarter tray. When the cashier realized it was different, she gave me an extra nickel to make up for the short fall.

Leiana

<< <i>Somewhere around 1970 I got an 1876 20 cent piece (AU) at the market in change from their quarter tray. When the cashier realized it was different, she gave me an extra nickel to make up for the short fall. >>



DANG! That's the best rip I've heard. Do you still have it?

-Amanda

Cladiator

<< <i> ...that purchased 17 gallons of gas! >>

Dear God!!!

Coxe

<< <i>

<< <i>Somewhere around 1970 I got an 1876 20 cent piece (AU) at the market in change from their quarter tray. When the cashier realized it was different, she gave me an extra nickel to make up for the short fall. >>



DANG! That's the best rip I've heard. Do you still have it?

-Amanda >>



Nope. Stolen along with the rest of my collection years later.

saintguru

I will NEVER tell. After all, the dealers like me.

Leiana

<< <i>

<< <i>

<< <i>Somewhere around 1970 I got an 1876 20 cent piece (AU) at the market in change from their quarter tray. When the cashier realized it was different, she gave me an extra nickel to make up for the short fall. >>



DANG! That's the best rip I've heard. Do you still have it?

-Amanda >>



Nope. Stolen along with the rest of my collection years later. >>



That's awful. I'm sorry to hear that.

-Amanda

slipgate

At Baltimore last year I got a PCGS slabbed 1895-O in a solid XF45 for $800. Not much of a rip, but the dealer didn't check grey sheet before selling it and would have asked $100 more or so.

lkenefic

slipgate... I would consider that something of a rip but then again, the amount of money we're dealing with isn't all that fantastic a sum. My "rip" was on a $50 coin [at the time] that I basically got for half price. If I consider some of the coins I purchased over 30 years ago and still have in my collection, I think I managed rips on my 1930-S and 31-S Buffalo nickels [both in XF condition].

But this brings up a more ethical question for collectors....when does a rip cross the line and become theft...or does it? If you find a 1910-S Lincoln in well circulated condition in a junk bin do you keep your mouth shut and pay the 50 cents for it or do you tell the proprietor of the shop? Would this change if the coin was a 1931-S? or how about a 1909-S VDB or 1914-D?

Leo

MadMarty

<< <i>I will NEVER tell. After all, the dealers like me. >>

Laura says you are very satisfying!!

MadMarty

I picked up a toned 1962-P Frankie for $7 from a dealer at a local show about 3 years ago. Sent it to PCGS and got a MS66FBL on it. You look up the price.

USCGCraig

First, my rip was a raw 1937-D Texas Half I bought as an UNC for $120. Sent it in and got a PCGS MS67. SWEET. Bought this from the same coin shop I use to work at part-time. I also ripped a raw 1976-S 40% Ike from a special mint set and received a MS68 from PCGS that was nice.

Having said that, we've had 38-D halves cherried out of our junk silver as well as BU roosies. Quite a few VAMs went out the door as well. You just don't have the time to look through everything. Proof and Mint sets get cursorary looks to ensure they aren't junk.

KoinDawg

I have to say, this post presents an enigma. We all hate to hear about a dealer ripping collectors but somehow it's okay for collectors to rip dealers or other collectors? I may be of a minority but I really don't like people bragging about who or what they ripped. It says that collectors have no more ethics or integrity that the dealers they seem to hate.

REALGATOR

A few years back on Ebay the ad read: Grant in PCGS plastic holder - MS61. No picture but seller had perfect feedback rating. Starting bid $120. I was the only bidder.

5 days later:

I receive a 1922 $1 Grant gold commemorative in a green PCGS slab. MS61.

He shoots, he scores and the crowd goes wild!

OKbustchaser

<< <i>But this brings up a more ethical question for collectors....when does a rip cross the line and become theft...or does it? If you find a 1910-S Lincoln in well circulated condition in a junk bin do you keep your mouth shut and pay the 50 cents for it or do you tell the proprietor of the shop? Would this change if the coin was a 1931-S? or how about a 1909-S VDB or 1914-D?

Leo >>



Where is the line? The same place you think that the dealer ripped you off if the situation were reversed. If it is stealing when a dealer buys that 1914-D from the proverbial widow as a common then it is stealing when you pull it out of his junk bin where he accidentally put it.

BillJones

<< <i>

<< <i> ...that purchased 17 gallons of gas! >>

Dear God!!! >>



Yep, gasoline was 28 or 29 cents a gallon back then, including 8 to 10 cents a gallon for road taxes.

Coxe

<< <i>I have to say, this post presents an enigma. We all hate to hear about a dealer ripping collectors but somehow it's okay for collectors to rip dealers or other collectors? I may be of a minority but I really don't like people bragging about who or what they ripped. It says that collectors have no more ethics or integrity that the dealers they seem to hate. >>



All circulation coins start at face value. People try to incrementally make money along the way with them. The seller who got "ripped" is among them. The rip is making significantly more, in theory, than the seller did. There is nothing particularly unethical and certainly not illegal (as theft would be) to be the one to raise the bar on a coin.

lkenefic

<< <i>Where is the line? The same place you think that the dealer ripped you off if the situation were reversed. If it is stealing when a dealer buys that 1914-D from the proverbial widow as a common then it is stealing when you pull it out of his junk bin where he accidentally put it. >>



I started this thread as a "sister" thread to the other one about getting ripped off by a dealer. For every instance where someone gets a "rip", someone else is getting ripped off regardless on which side of the counter you're standing. At the time I purchased my 1908-S IHC, I didn't realise exactly how great a deal I was getting . I had one of those "duhh" moments a few months later when I had Redbook in hand and I was actually learning how to grade these things that I realised what a deal I found. Admittedly, when I figured out that I really got something of a rip, I wasn't beating the guys door down to hand him more money.

I think the "Do unto others..." axiom should probably apply here.

Leo

USCGCraig

I look at it like this. If a dealer puts a coin out at a certain price, to me that dealer has used his/hers vast experience and knowledge to grade and assign a price to this coin they would be happy to get. If you happen to be able to grade a certain series better then the dealer and are able to get a "rip", then bully for you. Should I reimburse the dealer I bought my Texas half from about $600? No way. Because he darn well won't reimburse me for coins I might not have graded as well as him (i.e. in the same transaction I picked up a 1935 Boone that PCGS states was cleaned. The dealer did not imply the coin was cleaned nor did he say it was. That was my perogative).

lkenefic

Craig...I see what you mean. I'm thinking about a recent thread that Amanda started about a 3 Cent Silver in her type set. The range of responses she got to her "Guess the Grade" thread were just astounding [VG8 to AU...if memory serves]. If I happened by my local shop and saw her coin in a 2x2 graded as VG8 and priced as such, I'd probably raise an eyebrow before opening up my wallet , but I wouldn't haggle with the dealer to pay him more. However, if I saw the same coin in a raw bin with a bunch of other silver, I'd probably let him know.

Leo

ANACONDA

I bought a raw Morgan at a coin shop in Austin for $75. PCGS graded it 67. This was back in 1986, I believe. I sold it for over $1,000.

KoinDawg

Then maybe it's just the semantics being used. It would be more palatable if a person bragged about the best "treasure found buried in a pile of 2x2". Proudly proclaiming it as a "rip" sounds like a thief to me.

BlindedByEgo

I bought an XF 1864 L on ribbon IHC for $0.45 from a classmate in 7th grade. This was 1974, so the statute of limitations has run out. It was the only coin that my dad needed for the circulated IHC book except for the 1877 and the unattainable 1856 FE.

I used to buy a lot of coins in school for lunch money, but I always felt that the IHC was my best "rip".

100proof1957

50 D Jeff in PCGS 66 FS from a (brick and mortar) DEALERS case for 65 bucks

Russ

<< <i>Went to a local coin dealer/barber shop while looking I found a 1952 proof franklin in his case. Price was around 5 bucks. >>



I need a haircut.

Russ, NCNE

lordmarcovan

Not "a" coin, but four hundred coins.

rec78

About 1980 i plucked a 1773 virginia half penny out of a dealer's foriegn junk box for Ten cents. I still have it. It is about VF




But this brings up a more ethical question for collectors....when does a rip cross the line and become theft...or does it? If you find a 1910-S Lincoln in well circulated condition in a junk bin do you keep your mouth shut and pay the 50 cents for it or do you tell the proprietor of the shop? Would this change if the coin was a 1931-S? or how about a 1909-S VDB or 1914-D?

Should not matter-- if you pay the dealer what he wants for the coin it is not theft. Don't forget that all seeming rips may not be rips at all--a dealer may intentionally sell a counterfiet or altered coin at a seemingly bargain price to the unsuspecting. It's like finding good VAM's or varieties at type coin prices. If the dealer wants to sell them at type coin prices that is up to him. I seriously doubt if anyone will offer more.
I believe that this is called "Cherrypicking". Today's terminology is "look what i just cherried"-not "look what i just ripped"--
Same way at auctions--auctions are fair game and nearly everyone is looking for a bargain. I bought a box of Mexican coins once at a local auction for $5.00 that i guess only i looked through--There was 1/2 Oz. gold coin in the box. The seller did not know it was there and niether did the auctioneer or anyone else only i looked through the box.
JMHO. Bob