The Bad Penny that Keeps Turning Up?

logger7

I've had coins and notes that I paid too much on, probably the dealer I got it from doesn't want it back. What do you do?

Even if you sell it on ebay at a loss you may have an unhappy buyer.

Elcontador

As long as you do full disclosure on the coin re its pluses and minuses, it's not your problem when someone else buys it from you.

roadrunner

@logger7 said:
I've had coins and notes that I paid too much on, probably the dealer I got it from doesn't want it back. What do you do?

Even if you sell it on ebay at a loss you may have an unhappy buyer.

On coins like that where I made a mistake on or couldn't get a actual TPG grade, I wholesaled them out for losses to other dealers with full disclosure. I'd prefer not to pawn that stuff on other collectors, even with full disclosure.

One time I picked 3 ANACS coins out of a major auction around 2003-2004. On trying to cross the coins all 3 came back as altered surfaces or AT. What a let down. They were decent looking coins too. I showed those coins to Jim Halperin and he liked them. Bought all 3. I was happy to move on at a 5% loss. One of those "mistakes" was an ANACS AU55 1866 quarter with FULL luster and no rub....it had the usual horrendous weak struck centers. ANACS blew it on the grade....I blew it on the AT. Sold that for a $200 profit rather than the $500-$1,000 gain I was figuring on. Another time I cracked out a mark free MS64 $10 Lib looking for an upgrade. It came back BB'd twice for altered surfaces. Shipped it off to major auction raw to dispose of it as even with full disclosure no gold dealer wanted to buy it for anything but weak MS63 money. None could tell me what was wrong with it. The auction house resubmitted it on their own and got a MS66. So that $800 loss turned into a $2500 profit for me after the auction.

How one disposes of "losers" makes a huge difference. Not all are losers despite how biased we might be. Our loser coin could be the next guy's winner.

ricko

@roadrunner.... There seem to be a fair amount of cases such as you describe... submit, BB, sell, someone else submits... BINGO!! Winner..... Just further supports the subjectivity of grading..... Cheers, RickO

Shortgapbob

On the Altered Surfaces, sometimes a TPG will see "haze" on a Morgan Dollar and fear that it was intentionally applied to cover a wipe/problem.

While this can be true, sometimes the haze is natural from storage. I had the same coin come back AS/94 one time and graded well the second time without touching it.