Anyone submit a coin for grading or authentication, and got an offer to buy coin?

2ltdjorn

I have some old coins from error coins magazine my granddad sent in that returned with an offer to purchase. Was curious if others had this experience?

learningcoins

I would think it to be a conflict of interest for them to be trying to buy your coins?

logger7

I know a dealer who sent in the rare steel cent to NGC to be graded and heard that it sent ripples through the dealer market with interested parties making large offers. So much for disinterested authentication and grading practices.

HCumberdale

I too have seen this happen. Not going to say which company, but it also raised a lot of red flags for me.

In the grading companies' defense, the people working there can be passionate collectors too. I understand the drive to secure certain pieces, and perhaps the offer was figured after noticing the coin, already graded. I might forgive them in that circumstance.

In one case I've seen, the TPG made it clear they had an individual who wanted to buy the coin before they even graded it. I was floored.

mannie gray

I've sent "discovery" pieces (varieties, DDOs, RPMs, etc.) to be listed (not to TPGs) and had offers made.
I know that's not the same thing but where there is money to be made, deals to (possibly) broker, $$$$$$ is the key.
Always has been, always will be.

roadrunner

@HCumberdale said:

In one case I've seen, the TPG made it clear they had an individual who wanted to buy the coin before they even graded it. I was floored.

Not that unusual. I recall a top level national dealer back in 1988-1989 who wasn't the world's best grader. He would routinely make strong offers on raw choice/gem type coins depending on whether they came back 64, 65 or 66. All he cared about was the final grade. And each of those grade offers was in line with the current price guides. He was very successful, and is still around today.

2ltdjorn

I not, my grandfather has... have you?

MFeld

@logger7 said:
I know a dealer who sent in the rare steel cent to NGC to be graded and heard that it sent ripples through the dealer market with interested parties making large offers. So much for disinterested authentication and grading practices.

I’d like to hear the other side(s) of the story before passing judgment. For example, did the dealer tell anyone else about the coin?

jabba

You talking sent to a dealer to Submit or an offer directly from the grading service?

ricko

That sounds weird.... An offer from the grading service? Or some other type of authenticating group? Cheers, RickO

jmski52

I would think that confidentiality should be important to any grading company.

BAJJERFAN

@jmski52 said:
I would think that confidentiality should be important to any grading company.

It's not like they broadcast everyones' submissions by name. Frankly, I'd feel honored to get an offer from JA or smoeone at a TPG.

Has anyone ever sent in coins and included a note soliciting offers?

messydesk

Did the offer come from a dealer who sent them in for your grandfather? I don't see anything wrong with that, and it was probably standard practice back in the day when collectors didn't have direct access to some grading companies.

TwoSides2aCoin

Yes. Upon submission of a Cheerios Sacagawea years ago. I was made a very generous offer (2 actually ) .

MilkmanDan

Not quite the same, but I had someone from Heritage reach out with an offer for a coin I had just won.

I never saw the coin in hand since he handled it all before it shipped, instead I ended up with a personal check written to me for the difference between the auction price and his offer. I didn’t mind.

logger7

@MFeld said:

@logger7 said:
I know a dealer who sent in the rare steel cent to NGC to be graded and heard that it sent ripples through the dealer market with interested parties making large offers. So much for disinterested authentication and grading practices.

I’d like to hear the other side(s) of the story before passing judgment. For example, did the dealer tell anyone else about the coin?

I will have to talk to the dealer; probably it was determined to be genuine in short order with stepped up certification fees and the word got out quickly on a real rarity.

oih82w8

I have had an offer to purchase AFTER they were attributed.

Elcontador

A well known crack out offered to buy a Capped Bust dime I was submitting for grading through my contact at a large numismatic entity. I said 'no.' I have sent in the coin on three different occasions, and it is still in the same grade as it was when I first bought it.