Do people actually do this?

lava · February 27, 2013 3:54AM

Do people buy a coin in an NGC slab, for example, do an express submission to PCGS in the hope of a cross, and when it fails return the coin to the seller?

A recent failed cross on the published orders page of a common date morgan, turned around in just a few days, prompted the question.

CoinRaritiesOnline · February 27, 2013 3:55AM

I'm sure some people do.

lkeigwin · February 27, 2013 4:19AM

I did this once. But I discussed it in advance with the seller and he agreed to a return if it didn't cross (it didn't).

I'm sure it happens. But express grading isn't cheap so perhaps doesn't happen much with inexpensive coins.
Lance.

lava · February 27, 2013 5:04AM

The order I viewed is 20682401. It is an 1880-S Morgan. It must be better than a 67 dmpl (in its present holder) to justify the fast submission. I was guessing that if the coin is yours to keep, what is the hurry?

LindeDad · February 27, 2013 5:09AM

Trying to draw conclusions from a one time event can lead one down the wrong path I have found.

johnny9434 · February 27, 2013 5:13AM

i dont understand why someone would do that to begin with. that isint right to the seller that the buyer brought it from. hey, to each our own.

pocketpiececommems · February 27, 2013 5:20AM

I did this once with a raw gold commem. I to had talked in advance with the seller with the understanding that if it didn't grade that I would return it to him in the genuine holder.

renomedphys · February 27, 2013 5:21AM

Every NGC coin I buy is treated as raw, in hopes of a crossover. Lately I have foregone trying to even cross. The last two I had were merely cracked and submitted. Awaiting grades.

edited to add: I really think that making a sale cross contingent is irresponsible, but I certainly understand. I have had discussions of the like with dealers in the past, but in all honesty, if you have to wonder, then it's usually best to just pass.

PerryHall · February 27, 2013 5:27AM

lava---Some people have been known to buy a coin and then try to resell it within the return period. If he can't resell it for a profit, back it goes to the dealer. Of course, you can only do this a few times before this dealer tells you that he no longer wants you as a customer.

dbcoin · February 27, 2013 5:35AM

according to the PCGS stats page, less than 1% of all coin submittals are attempted crosses (1707 in the last 30 days out of 268,572). On avg 40% cross.

ianrussell · February 27, 2013 5:55AM

<< <i>according to the PCGS stats page, less than 1% of all coin submittals are attempted crosses (1707 in the last 30 days out of 268,572). On avg 40% cross. >>

I've seen this 40% stat before - seems higher than what I've experienced over the past quarter.

- Ian

coinbuf · February 27, 2013 7:07AM

Given the kool-aid mentality of many on this board alone I would not be surprised at all.

Do people actually do this?

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