Ebay sellers.... they'll do anything for a buck
MACGE1
Posts: 269 ✭✭✭
I bought this coin from this seller together some other state quarters. I took one look at it and can immediately tell that it's a Satin Finish mistakenly placed in a Business strike holder (worth about $20). No big deal, I simply messaged him to say that it was a mistake and I even offered to send it to NGC myself for them to correct it. He apologized and said to send it back to him after which he would take care of it. Sure enough it goes right back up there in the same holder to be bought by some unsuspecting collector.
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Gotta ask.. if you can immediately tell what it is, why did you buy it, since they have good clear pictures?
It also has a large number of hits around the rims which make me question its grade.
Tell NGC - I think when the cert # is entered they can put a message like "contact us" or something to that effect.
I bought several other coins from him which were OK, so I figured that perhaps the lighting was off. In my experience satin finishes will sometimes appear as business strikes and Vice versa in a photo.
Guess is that NGC will call it a mechanical and he will be out $1000 or so. Not a hit one would take off of one opinion.
*If I am understanding the situation correctly.
What am I missing? $1500 for a 2005P MS quarter??? Please enlighten me.... Cheers, RickO
The seller does not appear to have made the coin and likely bought it as a business strike possibly paying hundreds of dollars to even $1000 to buy it.
Not wanting to waste time and possibly lose money through ngc they just relist it.
Alternatively they believe you are wrong and since 3 graders at ngc saw it and must have thought business strike.
From what I have heard, getting grades reviewed/changed for something like this could take weeks. Many people who own such mistakes might prefer to kick the can down the road instead of getting involved right away and thereby having to have to deal with the mess that this creates
I'm with Ricko, what's up here?
bob
BTW, here's where he got the coin.
https://coins.ha.com/itm/statehood-quarters/2005-p-25c-california-ms69-ngc-ngc-census-3-0-pcgs-population-0-0-/a/131652-27261.s?hdnJumpToLot=1x=0&y=0
The only reason I didn't buy the coin from the auction is because I thought the auction was on 2 days later. This seller bought a bunch of state quarters out of the sale for way too little. I bought them from him for about double what he paid a few weeks later.
I am really flummoxed as to why someone would pay over a grand for a so-called ms69 statehood quarter. I see the point where a true ms69 non-sms quarter might be worth a premium over a satin-finish one but this seems ultra excessive. The coin should be returned post-haste to the seller if he’s got a decent return time. Good Grief!!! For this money you could get a nice 1937 brilliant proof buffalo nickel in proof-66 or so. Which would you rather look at, the proof buff or the statehood quarter???
a.k.a "The BUFFINATOR"
OK I missed the fact that this coin was returned, but is now out there awaiting some other sucker to buy it. The grading services all make mistakes, as many of us know about the so-called 1909vdb matte proof Lincoln that pcgs
mistakenly slabbed recently. And two years ago I purchased an ngc 1918-d buffalo nickel in a good-04 slab that turned out to be a 1918/7-d. This was maybe a labeling error?? Getting back to this quarter, the seller probably pair next to nothing for it and is just trying to make a killing, which I guess is just good ole American capitalism. He can always claim that the is relying on ngc to provide correct grading and attribution.
a.k.a "The BUFFINATOR"
Even if it was MS70, the price is ludicrous....Cheers, RickO
I wouldn't call $446.50 'next to nothing' (assuming he is the one who bought it out of that auction directly vs. another who then sold it to him--perhaps realizing a mistake???), though 100% markup does seem strong (unless he bought it at a steal price level).
I've owned mis-labeled coins from both TPG...and have gotten them corrected for free (by dropping them off at a show and thus no shipping fees on my part). But, no pricey problems--the only one that had a discrepancy was bought/sold as the correct date. In fact, I have one on the way back to me right now from NGC. I dropped it off in Baltimore and it has been sitting in a DC postal facility since the 19th. So, if not for the USPS it would have been back to me already. Not too slow...and it was an oddball coin that needed a bit of a look -- though it was ultimately an easy fix (it was slabbed a proof, but was a trial piece and MS technically).
Anyway, I too have bought from this seller (pre-Meiji Japanese) and found them to be easy to deal with in 'best offer' neogtiations and honest in their materials. It does seem to be a bit of a busier operation and another option would be the coin was returned and then re-listed by someone who was out of the loop re: slabbing issue.
For those knowledgeable then a couple messages via eBay/real life politely pointing out the diagnostics would probably be effective vs. a single opinion. With the Heritage sale I'm guessing NGC would stand behind this one on price etc. And perhaps the 'great price' he got was because others recognized the mis-labeling...
Someone paid $10k for the first PCGS graded MS70 cent a decade ago. Valuations are in the minds of the top two bidders.
@Coinstartled ... I agree.... and also say that the price for the MS70 cent was ludicrous.... Because someone pays the price, does not make it sensible..... Cheers, RickO
If you guys think that $1,000 for a pop 1/0 state quarter is ridiculous then check this coin that I bought. Which BTW would have been knocking on $20k in a Pcgs holder
https://coins.ha.com/itm/a/1251-9530.s
That auction had a whole collection of state quarters, some of which went cheap IMO.
Just saying I dont think that is close to ms69. Ms68 yes. No +
Which has now been down graded to MS-69 and worth 90 dollars ...
Surgeon General's Warning: Purchasing highest grade modern ULTRA-COMMON coins may be hazardous to your wallet.
I showed this coin to Wondercoin (who happens to know a little about Washington questions) and he said that it's the nicest Pennsylvania quarter he's ever seen. Although from the pictures he thought I was overpaying, in hand he agreed that she's a beauty. I'd happily buy any other 1999 state quarter that looks like that for the same price.
those 3 marks on the reverse plus the gash on the far head. I see that its significantly nicer than any of the ms68's that have sold. seems to me that they were all overgraded.
Just saying..
Getting back to the original reason for the post.
Someone is gonna get hosed on that quarter. And in all likelihood it will end up being the one with the least knowledge on these modern coins, but money burning a hole in their pocket.
Morals come into question in times like this; Integrity, and character (or lack thereof.)
Insert witicism here. [ xxx ]
Regarding the PA quarter, if you have the "guts" you put up $7k and try for the MS68+ at PCGS. If you get it, "the sky is the limit" on the pop 1/0 1999 business strike state quarter. Two or three registry sets would "kill" for the coin! If you end up with only an MS68 at PCGS, you probably have a $3,000-$4,000 coin. But, you probably simply keep it in the pop 1/0 NGC MS69 holder anyway to reduce the downside risk even more. There was an underbidder at about $6,500. So, one is probably risking $500-$1000 on the downside to probably make a whole lot more on the upside if the coin "downgrades" to MS68+ at PCGS (or upgrades depending on how you view it).
It is a killer PA by the way. That said, Justin grades the coin only MS68. Until PCGS accepts it for an MS68+ (and who knows if and when they ever will), Justin is probably right.
Just my two cents.
Wondercoin