Book I'd Like to See - Confessions of a Successful Crackout Artist
msch1man
Posts: 809 ✭✭✭✭
The current thread (https://forums.collectors.com/discussion/1002104/1805-quarter-eagle-in-pcgs-62) on an 1805 QE that was bought in an MS-61 holder a couple months ago and apparently cracked out, most likely processed in some way, upgraded to an MS-62+ holder, and finally re-sold for about 42k more got me to thinking, I'd love to talk to the guy that did this. I'd like to know EXACTLY what was done to this coin (and what all gets done to other crackout coins in search of an upgrade). I'd like to know how many times they have to submit a cracked out coin in search of an upgrade (and what sorts of strategies they have for submitting and re-submitting). I'd like to know how often they hit a home run like this and for every home run, how many misses there are. What sort of costs/profits are really made, best venues for buying/selling, etc, etc.
To be clear, I don't like the crackout game, don't participate in it myself, and wish it didn't exist because I do think it hurts the hobby, but I understand why it exists and know there are people that make a lot of money doing it. I think I'd be a little (or maybe a lot) disheartened reading about all of it, but I think a sort of "tell all" book would be wildly fascinating. I know it'll never get written, but wouldn't you want to read it and find out the real details of this 'dark' side of the hobby (or is it just me)?
Comments
Sad to ruin that coin. Maybe it could have gotten the upgrade without the dip, but probably not. I liked much better original.
Newish collector here. I am confused and I followed the other thread about this coin. So basically someone bought the original the dipped it (Dipped in what exactly?). The general consensus across the board is that the owner ruined the coin. How is it that the coin did not get some kind of details grade but most people view it as ruined? I liked the original more because it had a dirtier look to it being 200+ years old it is to be expected. Why is dipping the coin and thus ruining it to some people, not met with the same ire as lets say cleaning the coin?
A government accident left me a former man, a potato. That photo on my profile is a low resolution selfie. I like coins.
It was not really ruined, just the original look is gone. Cleaning sometimes means using an abrasive or going further than just a dip. Short answer.
You will never find out what they think To them coins are nothing more then a means to make money. They obviously do not care about you or the coin. Just money, that it is it.
Sadly, these guys are some of the absolute best graders on the planet. Its funny to watch them at major show watch each other. And they LOVE to buy each others coins that do not work.
Agreed. They remain successful because they don't advertise.
@msch1man...Do some experimentation on junk coins....you can learn a lot from this process... and it will help you when you evaluate coins for purchase. Cheers, RickO
This but would add they not only are some of the best graders but also exsperts in understanding the different market standards and how the TPGs interpret and apply them. Not necessarily the same things
11.5$ Southern Dollars, The little “Big Easy” set
There was a few tell all articles out there. About folks saying oh the market wants colored coins will give you color coins, oh, now you want white ones? We’ll give you white coin’s, etc.
I would think there is more going on with coins than just cracking them out and sending them in again. I’m sure many, many get worked for whatever reason before being resubmitted. I can’t imagine that just cracking and resubmitting hoping gradeflation working in your favor would payoff every time.
There would be hits and misses, like gambling, you only hear of the legendary big payout, never the cost to play or what that really adds up to.
Just looking at the pop reports shows there are lots of winners. Just like poker, you get some people who win more than others in that game of chance.
11.5$ Southern Dollars, The little “Big Easy” set