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Bad News for Dad......

don129don129 Posts: 562 ✭✭✭
in U.S. Coin Forum
Back in 1980 when I was 15 years old, my Dad somehow got involved with a coin dealer who recommended & sold him two half dimes @ $40 each as an investment. I just sent them in for grading knowing they weren't exactly the most pristine coins in the world. Results:

Line # Item # Cert # PCGS No. CoinDate Denomination Variety Country Grade
1 1 16650000 4311 1837 H10C No Stars, Large Date US Genuine (98 - Damage or Tooling)
2 1 16650001 4351 1853 H10C No Arrows US Genuine (98 - Damage or Tooling)

30 years later.... the truth is found. I wonder who the dealer was?
Successful BSTs with doubleeagle07, adriana, barrytrot, Bochiman, Dabigkahuna, Modern Coin Mart, oilstates2003, terburn88, THEGENERAL, treybenedict

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    kryptonitecomicskryptonitecomics Posts: 9,185 ✭
    I think I know but I won't post it for fear of being banned but they start with the letter "L" image
    Kryptonitecomics Ebay Auctions
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    MrEurekaMrEureka Posts: 24,784 ✭✭✭✭✭
    In 1980, "investment grade" half dimes were four figure coins. And your father paid $40 each.
    Andy Lustig

    Doggedly collecting coins of the Central American Republic.
    Visit the Society of US Pattern Collectors at USPatterns.com.
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    SmittysSmittys Posts: 9,877 ✭✭✭✭✭
    What "grade" were they suppose to be.
    40.00 in 1980 wasn't that much money for "investment grade coins"
    https://www.ebay.com/str/christyscoins
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    don129don129 Posts: 562 ✭✭✭
    Take it easy there guys. "Investment" in this case means that the dealer unloaded these coins to someone (my Dad) who had no knowledge of coins or grading and took the dealers word for the fact that it was a great "investment". Rare, old, etc..... graded VF20.

    Obviously my Dad did not get the book before the coin.... and the dealer saw a pigeon walk into his store and unloaded his junk on him.
    Successful BSTs with doubleeagle07, adriana, barrytrot, Bochiman, Dabigkahuna, Modern Coin Mart, oilstates2003, terburn88, THEGENERAL, treybenedict
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    AhrensdadAhrensdad Posts: 2,583 ✭✭✭
    cheap lesson.
    Successful BST Transactions with: WTCG, Ikenefic, Twincam, InternetJunky, bestday, 1twobits, Geoman x4, Blackhawk, Robb, nederveit, mesquite, sinin1, CommemDude, Gerard, sebrown, Guitarwes, Commoncents05, tychojoe, adriana, SeaEagleCoins, ndgoflo, stone, vikingdude, golfer72, kameo, Scotty1418, Tdec1000, Sportsmoderator1 and many others.


    Please visit my website Millcitynumismatics.com
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    MidLifeCrisisMidLifeCrisis Posts: 10,617 ✭✭✭✭✭


    << <i>cheap lesson. >>


    I agree.

    This sux...but it could have been far worse.
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    shorecollshorecoll Posts: 5,447 ✭✭✭✭✭
    Yeah, they could have been the 4-figure versions that Eureka mentioned.
    ANA-LM, NBS, EAC
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    LindeDadLindeDad Posts: 18,766 ✭✭✭✭✭
    About the same time I bought a slabbed coin for about a hundred dollars. That thing got the bag for tooling also when sent to our hosts, 1914 Half dollar with a removed mint mark.

    I think many have run into the doctor once too many times.
    My Current project....https://www.pcgs.com/setregistry/mysetregistry/album/160794
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    lcoopielcoopie Posts: 8,875 ✭✭✭✭✭
    can you put up a photo so we can see what is going on?
    LCoopie = Les
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    gecko109gecko109 Posts: 8,231 ✭


    << <i>About the same time I bought a slabbed coin for about a hundred dollars. That thing got the bag for tooling also when sent to our hosts, 1914 Half dollar with a removed mint mark.

    I think many have run into the doctor once too many times. >>




    Who was slabbing coins in 1980?
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    gsaguygsaguy Posts: 2,425 ✭


    << <i>

    << <i>About the same time I bought a slabbed coin for about a hundred dollars. That thing got the bag for tooling also when sent to our hosts, 1914 Half dollar with a removed mint mark.

    I think many have run into the doctor once too many times. >>




    Who was slabbing coins in 1980? >>



    image
    image
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    ziggy29ziggy29 Posts: 18,669 ✭✭✭
    Everyone's "tuition" should be so low.
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    LindeDadLindeDad Posts: 18,766 ✭✭✭✭✭
    It was a lot later date than 1980 and it was one the first companys to slab coins that nobody wants to mention the name of for fear of law suits.
    What I ment was that there is no total protection in the hobby.

    My Current project....https://www.pcgs.com/setregistry/mysetregistry/album/160794
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    COALPORTERCOALPORTER Posts: 2,900 ✭✭


    << <i>In 1980, "investment grade" half dimes were four figure coins. >>



    How much are they now?
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    braddickbraddick Posts: 25,192 ✭✭✭✭✭
    To be fair, you or someone else believed they were good enough to send in.
    What makes you not trust it is possible the dealer misses the same problems
    you did?
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    TwoSides2aCoinTwoSides2aCoin Posts: 45,225 ✭✭✭✭✭
    Just imagine if you could have them in genuine "drink coasters".
    That might make pappy happy.

    image coaster , or a image coaster ...
    or even a Mountain Dew coaster for Perry Hall.
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    dbldie55dbldie55 Posts: 7,753 ✭✭✭✭✭
    I am still wondering what the bad news is.
    Collector and Researcher of Liberty Head Nickels. ANA LM-6053
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    COALPORTERCOALPORTER Posts: 2,900 ✭✭
    Damaged OR tooled? Let's not be so commited to one idea now!! image
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    QuarternutQuarternut Posts: 1,481 ✭✭✭
    I'm sure that they still might be worth $40, however now you have more invested in them due to sending them in to have them graded.

    Lower grade coins, unless they are a rarity, are never worth having slabbed IMO.

    Although they might not have been the great "investment" touted by the dealer who sold them, they are far from worthless, unlike some other investments can be.

    If you can post a picture of them I am sure that we can give you a reasonable idea what they are worth.

    QN

    Go to Early United States Coins - to order the New "Early United States Half Dollar Vol. 1 / 1794-1807" book or the 1st new Bust Quarter book!

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    ConstantineConstantine Posts: 2,369 ✭✭✭

    30 years later.... the truth is found. I wonder who the dealer was? >>



    Maybe the truth would now be known to the dealer too?
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    keetskeets Posts: 25,351 ✭✭✭✭✭
    Dad should have kept records.
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    ElcontadorElcontador Posts: 7,743 ✭✭✭✭✭
    In the pre-slab era, this sort of thing was quite common. I remember going to auctions that had poor lighting, trying to distinguish between a nice coin on which I should bid, various numismatic abortions, and literally, everything in between.
    "Vou invadir o Nordeste,
    "Seu cabra da peste,
    "Sou Mangueira......."
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    rickoricko Posts: 98,724 ✭✭✭✭✭
    Sorry to hear this, but it is an experience that many, many collectors or neophyte investors experience when they have no knowledge of numismatics. This was a relatively inexpensive lesson, albeit still painful. No one likes to be 'conned'. Cheers, RickO
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    PerryHallPerryHall Posts: 47,772 ✭✭✭✭✭


    << <i>I think I know but I won't post it for fear of being banned but they start with the letter "L" image >>



    I wouldn't attempt to guess since there are literally thousands of part time and full time coin dealers out there selling cleaned or overgraded coins. Check out eBay, flea markets, B&M coin shops, etc.

    Worry is the interest you pay on a debt you may not owe.
    "Paper money eventually returns to its intrinsic value---zero."----Voltaire
    "Everything you say should be true, but not everything true should be said."----Voltaire

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    TomBTomB Posts: 23,206 ✭✭✭✭✭


    << <i>I think I know but I won't post it for fear of being banned but they start with the letter "L" image >>


    I don't think that is either a fair or responsible comment to make.
    Thomas Bush Numismatics & Numismatic Photography

    In honor of the memory of Cpl. Michael E. Thompson

    image
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    gsa1fangsa1fan Posts: 5,566 ✭✭✭


    << <i>

    << <i>

    << <i>About the same time I bought a slabbed coin for about a hundred dollars. That thing got the bag for tooling also when sent to our hosts, 1914 Half dollar with a removed mint mark.

    I think many have run into the doctor once too many times. >>




    Who was slabbing coins in 1980? >>



    image >>



    Aww original beauty's!imageimage
    Avid collector of GSA's.

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