Just more complaining, now Legend has my former 42-p T1 nickel
AllCoinsRule
Posts: 2,445 ✭✭✭✭
I bought this coin a few years ago in an old ms66fs holder on eBay in a no returns auction for about $700. I immediately hated it. There is a naked eye visible hit on the left side of the steps, interrupting them, not a coin I would ever call full steps, and there's also a giant scratch across the bust on the obverse and not terribly great luster. I would never even dream of resubmitting this coin! I soon after got a truly full step one (but also not so great otherwise) and had this one back on eBay for over a year at about $700 with no sale. I finally sent it to GC to get it sold, and lost about $250. Now it's an ms67fs and up for auction with Legend.
Note also Legend calls it PRISTINE. I just have to shake my head. I have long ago lost all respect for Legend's descriptions. Not every coin they sell is just the best most super coin ever. They've called coins fully struck that are clearly not and also they don't look at GC when reciting auction history, and often there is much lower prices there than the last sold high prices that they quote (sometimes for the same exact coin, like the 43-p Walker currently being sold). Please take what I said just as constructive criticism.
https://legendauctions.hibid.com/lot/43537967/5c-1942-type-1--pcgs-ms67-fs?q=1942&cat=0
Comments
From what you have described, I do not see how it could be in a 67 holder.. Legend huh? Well if that don't beat all..
I learned a long time ago - trust your eyes only with the coin in-hand, and never, ever drink the auction kool-aid.
@AllCoinsRule I'm truly sorry for all of your bad luck with the Nickels lately. I know I've had my share. I was wondering if you could tell me of a recent positive coin related story that happened to you lately.
Later, Paul.
sounds like this coin doesn't rule
I think the submitter got very lucky with PCGS
m
Fellas, leave the tight pants to the ladies. If I can count the coins in your pockets you better use them to call a tailor. Stay thirsty my friends......
FS really?
What the heck is happening with..........maybe it has something to do with gradeflation?
Wow! That is a dog for a 67! Edited to add the steps aren't even close to FS unless the bottom step doesn't matter!!
To someone not familiar with the series the 1942 Type 1 is a strike disaster.
All the Gem to Superb Gem look like AU58's at first glance and below Gem in Choice BU they look like AU55's.
Thanks for this info. It seems like grading on these have different rules.
I thought PCGS was tight these days.
Here's a warning parable for coin collectors...
I wonder how it looks in hand. Are there any forum members who will go to lot viewing that are willing to look at it and post about it?
It only needs 5 steps for a FS designation with our hosts. NGC required all 6 prior to 2003 for FS, but discontinued a straight "FS" designation and now offers a "5 FS" and "6 FS" designation.
The steps are fully struck. Few too many hits for me to want it to be a 67. But I could see 66 FS on a good day. I'd prefer it as a 65FS
All comments reflect the opinion of the author, evn when irrefutably accurate.
I used to collect full step nickels many years ago. I may even still have a few. I would not consider your old coin to be full steps because of the interruption of the steps due to the scratch. I never would have bought a nickel with marks in the steps, even the rare ones. The marks elsewhere are another story.
Looking at several on Heritage from past auctions...it looks like there are a lot of 66 and 67 coins with lots of "chatter". I collected war nickels many years ago, but I don't remember this area too well apparently!
Are grade inflation, instability, myopia and plain ole' lying digging deeper into the hobby and eating at its core values? How long until maggots become a swarm of flies?
Here is one for ya, in this same auction, there is an early copper coin that I purchased from a local family that has some issues including a big scratch on the reverse. It was originally holdered at ngc (details graded). I tried it at pcgs was able to get it straight graded, as xf-40. sold it to a national dealer. it is now holdered in a much higher holder, cac'd and now condition census. and will probably bring 5-6x what it sold for prior?
I certainly believe he knows his series, but if I was in that position, I would find it to be hard to be objective if I left that much money on the table.
I put together an FS registry set 12 years ago, so I've been in the trenches with these. IMO, you are being a little tough on the coin. Like it or not, those steps are going to garner a full step designation most of the time. I see a little bridge on the third step, but I'm blowing it up big time on the IPad. I do think it was originally graded correctly at 66fs. Too many hits on obverse to go higher. I would grade it 67 on the reverse and 66 on the obverse for a net grade of 66FS. If I were looking for a 42 in 66FS, I would be ok with this example at a reasonable price. Wouldn't want this Jeff in a 66+ holder, nor in a 67 holder. I do understand your frustration with the gradeflation game.
I’m sure this consigner is thrilled with this thread
m
Fellas, leave the tight pants to the ladies. If I can count the coins in your pockets you better use them to call a tailor. Stay thirsty my friends......
It is what it is Mark.
If that was a Mercury Dime it would be LUCKY to get a 61!
Here is the officially unofficial Legend response you all were waiting for: "Yawn"
Someone will buy it for the points....not for coin.
I'm sure we'll all get some "Special" brow beating shortly.
Is that suppose to scare us.
I agree that it should have waited until after the sale.
Followed by "you haven't seen it in hand" or similar language...
.
Does CAC not sticker Jeffersons?
July 14, 2018 5:09PM
Great transactions with oih82w8, JasonGaming, Moose1913.
It does the proofs up through 1942 and some of the earlier major DDOs. That's it. I sort of envy some of the modern collectors on that front. There is no sticker madness to contend with as I don't think QA has the market dominance that CAC does for classics.
Show us the coin! CAC does not change their standards so if it has a sticker, you got screwed on your submission.
wow, interesting...
Not exactly so. JA admitted that he tightened at one point to consider eye appeal more for high graded coins that had thick toning and was more demanding of luster. @Tradedollarnut also mentioned he thought CAC was loosening. I haven't paid that much attention to it to be honest.
OP pointed out the coin was a $500-$700 valued coin in MS66FS a few years ago (when he bought and sold). Was a $10,000 MS67FS at one time in the distant past. Then, only a $2100 coin a couple years ago when Heritage sold the pop 7. Perhaps consignor to that auction netted $1,800 or $1,900. Now, Legend is selling the pop 9 coin. It might fetch $1,500 -$2,000. I just paid under $300 for a different date Jeff in 67FS that once fetched $3200 in that grade.
So, it is obvious the price direction on these coins is mostly South, especially as pops rise. As the pop on this coin rises further, OP might be in fine shape grabbing the $500 he sold the MS66FS at way back when. The 67FS might not be worth a whole lot more. Not to mention the grading fees to upgrade these. What if submitter went from 66FS to 66+FS to 67FS in multiple submission attempts at $65 a pop? Maybe he has $200-$300 in grading fees in the coin for a total cost of closer to $800. Maybe he nets $1300 or $1400 in the Legend sale ... who knows.
Just as easy to make $500 or $600 on a 2018-S Block Island quarter. Much ado about nothing here. Lol. And, by the way, look at the quality of the Heritage coin sold (that pop 7). Right in line with the Legend coin?
As always, just my 2 cents. Wondercoin.
Whats with the date being photoshopped ?
Steve
The only constant is change.
Heraclitus
Someone else has made more money on coins previously owned by nearly everyone on this board.
For peace of mind, just let it go.
If I were Legend, I'd ask PCGS to shut it down. Not because of the discussion over the appropriate coin grade, but because of the initial rant about Legend descriptions.
I wonder if the OP, when he sold either of the two he disliked, described it as a piece of dreck that no one should want to own.
All comments reflect the opinion of the author, evn when irrefutably accurate.
A short memory is a blessing.
I don't even try to follow anything I sell. I did accidentally follow a unique coin, but only because it had 3 owners in one day. I bought a coin for $700 last year, flipped it for $2500. The guy who bought it, ON THE SAME DAY, flipped it for $3000. The new buyer immediately listed it in his inventory for $10,000. The only reason I knew this is that it happened in a matter of hours. I also don't care if he got $10k or ended up bailing at $3k. Not my coin, not my problem anymore.
All comments reflect the opinion of the author, evn when irrefutably accurate.
Yup. That is the game with the plastic. And anyone who has a registry set really shouldn't hate the game.
It's the Peter Principle applied to coins: all coins rise to one grade above reasonable for condition.
All comments reflect the opinion of the author, evn when irrefutably accurate.
That's a proper attitude. It's someone else's coin now and let it go. Besides sure sounds like jmlanzaf focused on the next deal and that coin brought; He and others quite a nice profit and quickly too.
Life is too short watch it all play out and learn how you can benefit too.
As Chris Rock would say "But, I understand"