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What would you do here?
comma
Posts: 1,514 ✭✭✭
So, I was just browsing ebay looking at a specific coin...it is a very high grade, and pcgs value is lets say $2700 in that grade. The coin on ebay is NGC cac'd and priced buy it now, let's say $1,000.
It's a large ebay coin dealer, and I've checked the numbers a thousand times. It just seems to good to be true.
Should I be weary here? If I've learned anything in life, it's that if something is too good to be true, it almost always is.
This particular coin is a lot of money for me, but it definitely seems like an awesome deal.
Let me know your thoughts on this and what you would do in this situation...sorry that I'm being vague, but if it's true, I want it to be my secret for at least a while
added: Just looked up the cert number at NGC. Listed at $2000 (using numbers from above), and the price hasnt changed in years...ever. Which seems odd to me.
Still seems like a decent deal.
It's a large ebay coin dealer, and I've checked the numbers a thousand times. It just seems to good to be true.
Should I be weary here? If I've learned anything in life, it's that if something is too good to be true, it almost always is.
This particular coin is a lot of money for me, but it definitely seems like an awesome deal.
Let me know your thoughts on this and what you would do in this situation...sorry that I'm being vague, but if it's true, I want it to be my secret for at least a while
added: Just looked up the cert number at NGC. Listed at $2000 (using numbers from above), and the price hasnt changed in years...ever. Which seems odd to me.
Still seems like a decent deal.
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registry set demand, a PCGS graded coin will often sell for multiples of the other services. As many
others on this board have said, if you want a PCGS coin, go out and buy a PCGS coin, not the same
coin in another holder, hoping to cross it.
EAC 6024
It's a very high-grade mid 19th cent. coin
It's weird...I can't find any auction history on it..which would make things easier.
EAC 6024
If you know the series, it is a reputable seller and there is a solid return privilege, I'd say go for it. I doubt anyone posting here can provide any really actionable advice to asist you without knowing more than you probably want to reveal about a current auction.
If you just see $$$ in front of your eyes, and you don't know the market, the series, history, etc, then you are likely to get screwed over in most instances as you are just looking for the next biggest flip.
The folks I see scoring in instances like that are those that spend the time to know what they are doing (TDN and Crypto come to mind when it has been a trade dollar...and there are others for other series.....what their threads/posts here and see the expertise that they have...they are just shooting in the dark and hoping based on a price guide).
I've been told I tolerate fools poorly...that may explain things if I have a problem with you. Current ebay items - Nothing at the moment
Check the value of the next grade lower on the coin as my guess is that its possible that the coin would not cross at grade. The CAC sticker only means that the coin is good for the grade in its present hoilder. If the next lower grade is $800 and it didn't cross over, I'd be stuck with having to sell it plus be out the lost time and grading/shipping fees.
On the other hand, if the seller had a rock solid return policy, I "might" take the chance just to see the coin in hand since photo's don't always show obcious grading anomolies very well. BUT, I also know there's a reason the seller hasn't (or maybe he has) crossed or attemoted to cross the coin into the more valuable slab.
Either way, it's a decision that you are faced with.
The name is LEE!
<< <i>If you know what you are doing, it could be a great deal.
If you just see $$$ in front of your eyes, and you don't know the market, the series, history, etc, then you are likely to get screwed over in most instances as you are just looking for the next biggest flip.
The folks I see scoring in instances like that are those that spend the time to know what they are doing (TDN and Crypto come to mind when it has been a trade dollar...and there are others for other series.....what their threads/posts here and see the expertise that they have...they are just shooting in the dark and hoping based on a price guide). >>
Im buying it for the coin because I want it...not to make money...not sure where you got that.
But if I can get a $3k coin for $1k that I really want, I'd like to, only reason I even brought up the cost side.
I'm starting to spend the time to know what I'm doing by asking here...just curious if the difference between PCGS and NGC is that great (greater than I thought looking at both sites).
The seller's return policy is 3 days with a 9% restocking fee. Just realized that, which is probably a deal breaker for me.
<< <i>Based on the info you've provided, I honestly think it could be a great deal, a horrible one (or anywhere in between).
If you know the series, it is a reputable seller and there is a solid return privilege, I'd say go for it. I doubt anyone posting here can provide any really actionable advice to asist you without knowing more than you probably want to reveal about a current auction. >>
You're very right...
And ya, it's really hard to ask a question like this when you don't want/can't post a link
Thanks guys!
I agree with CCU here, that it could be anything from a great buy to a horrible buy. Without seeing the coin and asking the experts in that area, it is hard to give an exact answer to your question. What I would say though is doing research, like using the Heritage archives and price guides, and working with a reputable dealer are steps in the right direction for getting good value for coins purchased for your collection.
As another though, most of the time if it looks to good to be true, it probably is! I would assume there are not many large dealers out there that are selling $3000 coins for $1000 (just for example). If there were, I have a feeling they would not be in business for very long.
I do agree with you that his 9% restocking fee could be a deal breaker if you are not at least 85-90% sure you will be keeping the coin.
The coins that I have purchased primarily because I perceive them to be a great deal, usually end up disappointing me and often are sold for a loss.
If you know this market, you know why the coin is priced the way it is. How many people have already looked at the coin and passed? What do you know that they do not?
good deals come along but a good deal from a sharp dealer is usually only a good deal for the DEALER.
<< <i>I would ask myself if I am buying the coin because it is a great deal or if it is because I really like/need/want the coin. If there is any hesitation when you answer the question, pass. >>
Why pass? Both sound like good reasons to buy a coin.
Worry is the interest you pay on a debt you may not owe.
Hey comma, after you buy the coin, THEN post a picture
of it here so everyone can tell you why you shouldn't
have bought it.
~
"America suffers today from too much pluribus and not enough unum.".....Arthur Schlesinger Jr.
<< <i>
<< <i>I would ask myself if I am buying the coin because it is a great deal or if it is because I really like/need/want the coin. If there is any hesitation when you answer the question, pass. >>
Why pass? Both sound like good reasons to buy a coin. >>
Read the next sentence of my reply.
<< <i>As always, if a person has to ask for advice, that person is often in over their heads. >>
Good quote.
As for the NGC issue, you need to grow up as a collector. I'm saying this for you own good. I have many NGC graded coins in my collection, and I have very proud of them. Among them are an 1834, crosslet 4 Capped Bust $5 gold in MS-61. This is a very rare type with fewer than 40 pieces known for this 1834 dated coin. Another is a beautiful 1795 Draped Bust, Small Eagle dollar in AU-53. More recently I purchased 1908 with motto $10 gold in MS-66, and an 1887 Three Dollar gold in MS-64. All of these coins are very nice, and here's a little secret. They were less expensive then their PCGS counterparts, and they, with the exceptoin of 1834 $5 gold, are just as nice.
The 1834 $5 gold was a special case. I got it at auction for less than AU bid, and the coin is a very solid AU-55+ piece (My grade).
I don't play the crossover game, so I can't advise you on that. But I can tell you that if the coin meets your standards for the grade, you should never be afraid of buying an NGC graded coin.
In honor of the memory of Cpl. Michael E. Thompson
I'd already prepared this response and copied it..., so take it for what it's worth, <---comma
What would YOU do here ?
EYE will use the best judgement after LQQKing twice before crossing (by crossing, I mean my hand to my wallet), to any coin that doesn't APPEAL to me, despite the holder it currently is in . In my case, the holder has no bearing, since my hope is to find the best coins outside of the holders and get them "in".
Don't follow me, I might be on the wrong side of this hobby while on that side of THE counter.
But when your resource for a coin is only eBay, take what you can get when you can get it for a value that you find will bring you contentment (which may or may not be a good investment).
I have some "CLASSIC" examples of unsound investment practices.
If a dealer has a restocking fee, I won't do business with him. That goes for most any business.
A now bankrupt chain store charged me a restocking fee on an item that would not work in my stero system PERIOD. I told them I'd never do business with them again. A short time later I spent a few thousand on a new system. They were totally out of the running to sell me anything because they had charged me a $5 restrocking fee. Very stupid on their part.
<< <i>Im buying it for the coin because I want it...not to make money...not sure where you got that.
But if I can get a $3k coin for $1k that I really want, I'd like to, only reason I even brought up the cost side. >>
Those two statements contradict each other since the "market" value of the coin "can" depends upon the slab its in.
IMO, the dealer isn't selling a $3k coin for $1k. The dealer is selling a $1k coin for $1k and given the 9% restocking fee it sounds like he knows it, by adding that fee, to keep you from returning it.
The name is LEE!
Joe.