Env. damage Indian cent

RevDrBlimber · July 9, 2012 2:10AM

http://www.greatcollections.com/Coin/60889/1864-Indian-Cent-L-on-Ribbon-PCGS-Genuine-AU-Details

I bought this coin raw from a dealer who said it was the planchet that was abnormal, not a coin that had become damaged in time. What are my best options on this coin since I paid the dealer full AU50 money for it, plus the certification, etc.?

SamByrd · July 9, 2012 2:33AM

it all depends on the deal The dealer had the opinion that the problem was mint made while PCGS does not. If you agreed before hand that it is guaranteed as problem free your good and would slab as such. If no such agreement was made you may be stuck. Most folks will work with you but expect to share a lot of the loss if the dealers makes an accommodation. This coin would of been a good one to get the boards opinion on prior to purchase as there are a few experts on this series here. Hopefully this works out.

The dealer may take the coin back but may not make you whole on the deal, most dealer will compromise within reason.

michiganboy · July 9, 2012 2:33AM

Are you talking about the obverse? It looks kinda rough indeed, I would of just passed on something that looks like that. As far as what can you do, did you sell it already on great collections? In that instance your probably SOL, you could of returned it if you still had it with most reputable dealers. Did you have it graded of did GC? If your not sure about something just buying coins and then sending them out for resale is a losing proposition if you ask me.

crypto79 · July 9, 2012 2:41AM

Disagree with your dealer. That is classic copper pitting and your coin most likely spent some time in the ground.

TPRC · July 9, 2012 2:55AM

Lick your wounds and move on.

thecoinlook · July 9, 2012 3:57AM

Slabbing fee would be all on you. Do not expect the dealer to pay even a dime of that. Hopefully the dealer would accept a return on this item, but nothing is certain. But with him telling you the coin is problem free, he should have some sort of responsibility here.

Defective planchets do happen, but the darkness on this coin would definitely make me think otherwise.

lcoopie · July 9, 2012 10:05AM

no options as I see it

tightbudget · July 9, 2012 10:15AM

<< <i>Disagree with your dealer. That is classic copper pitting and your coin most likely spent some time in the ground. >>

Your best option would be to find a different dealer in the future and unfortunately, just take as much money as you can get for the coin. I don't think you'll ever be able to get full AU money for that coin.

RevDrBlimber · July 10, 2012 12:55AM

Thanks for the feedback on this item. I never expect certification expenses to be rebated, and according to the law as soon as a coin is snapped out of the dealer's flip all bets are off. I have made money from the dealer I bought it from in the past. He is one of those who is not connected to the larger coin market with the exception of his little shop and a few associates, so he is not that rigorous when it comes to analysis of unique pieces.

MICHAELDIXON · July 10, 2012 1:31AM

My advice is to start the auction at one cent and let the market determine what it is worth. The coin has environmental damage, and in my opinion, has been cleaned and retoned in order to try to hide it. The damage, etc is very clear. If you try to recover your money by setting the auction price high ($260-AU Bid), you are going to be stuck with the coin for a long, long time. Chalk it up as a learning experience and put the money you receive from this coin into something problem free. As TPRC said: "Lick your wounds and move on."

RevDrBlimber · July 10, 2012 2:10AM

Thanks for the advice. I have done that before with problem lots and they go very low. I wish we could get to the source of who is causing the problems.

MICHAELDIXON · July 10, 2012 2:44AM

I wish we could get to the source of who is causing the problems. I think nature is the source of this problem. In my opinion, it was buried.

TPRC · July 10, 2012 3:11AM

Here is another option. Hang onto it for a while as a painful reminder of what not to do. I have done that myself with fake gold and with environmentally damaged coins. It hurts and you instinct is to get rid of your mistakes (out of sight, out of mind) but we learn best from our mistakes.
Also, in future, when someone makes a comment such as the one that induced you to buy the coin, as them if they will agree to take it back if it does not slab at PCGS as a "no problem" coin. Don't fuss with the opinion of grade, as this is more subject to varying opinion. If they will not agree and you still buy, then you know more clearly where you stand.

RevDrBlimber · July 10, 2012 6:52AM

I saw the dealer today and did not bring up the issue with him since I did not have the coin in hand. My thoughts on these learning experiences is that we all should be learning and the dealer I bought this from is wealthy with well into the six figures in profits over the years. I have done $10K -$20K in business with him in recent times so I don't think it will be a problem. He could just buy it back at what he paid. Let's say that is $150, so I lose the difference and the grading fee. A number of part-time dealers in my Connecticut club have lost out by buying at an auction where the coins turn out to have significant problems that only come up when sent to the grading services. And the dealer who sells always makes an excuse, "grading is subjective", blah, blah, blah... There may be grey areas but in this case it is black and white.

Env. damage Indian cent

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