Why you should never sell a coin for a penny
relayer
Posts: 10,570 ✭
I recently sold 2001-P's Kennedys from a roll at different times during the week to see when the highest price would be (Monday 1PM).
Two of the 4 people who paid 1c b1tched about the quality of the coins. One guy just sent an email saying he won't be leaving feedback, but the other took some convincing it wasn't a scam to rip him for a penny.
Hello. I received coin today. I dont really consider it based on your description in your ebay listing. It looks more in a circulated state and not BU like you said it was. Read your description and you'll understand what I mean. John
Hello John,
In 2001 the US Mint produced a few million Kennedy halves at both the Denver and Philadelphia mints. Because there is very little consumer demand for half dollars the mint did not release the Philadelphia minted halves for that year. Instead they stored them in bags. A few months ago they started selling bags to collectors, and opened up some bags and also sold smaller quantities in rolls.
You can read about it at the mint site here:
http://catalog.usmint.gov/wcs/wcs_command/0,,cginame_a=ProductDisplay&querystring=prnbr;5A4+prmenbr;1000+cgnbr;7013+parentCategory;,00.html
Collector coins are graded on a scale from 1-70, with grades 60-70 are called mint state or MS. All MS coins are uncirculated. A MS70 coin is a perfect coin, fully struck and as struck, without imperfections under 5x magnification.
During the minting process, the coins are in a big tub that funnel into bags that the mint then distributes to banks for circulation into the economy. During this process the coins bang into each other and get dings in then from being hit by other coins. These are known as "bag marks". Larger coins, like the old Morgan Dollars, or Kennedy's get more of these bag marks, not only because there is more surface area on the coin, but the coins banging into it are also heavier.
There are two parts to the design of a coin. The "fields" are the flat surface and the "devices" are the design of the coin, such as the portrait, date and lettering. Bag marks will appear on both the fields and devices.
The less bag marks on a coin, the higher it will grade. Professional Coin Grading Service (PCGS) shows the highest they have graded is MS67 (there are no PCGS coins graded MS68,MS69, or MS70). You can see the prices here, showing an MS67 for $75, MS66 for $25 and MS65 for $10
http://www.pcgs.com/prices/frame.chtml?type=date&filename=kennedy_half_mod
Most all of the millions of coins produced by the mint have imperfections, but these are caused by the manufacturing process and not from circulation. These are not proof coins where the minting process is done for quality, but business strikes mass produced for quantity, not collector quality. That is why a MS67 coin is worth $50 than a MS66, because it is rarer to find in better conditions.
Regards,
Doug
Doug,
Per your ebay listing...
"Well I bought a set. Since the 2001-P's were never circulated, I opened this roll. Using cotton gloves I removed each one from the roll and put it in a coin flip. I put them into piles : Gem BU+, Gem BU, Ch BU, and BU. "
That is why I question the condition of the coin. You didn't mention anything about the coins being in a bag.
John
Well that's true I didn't explain the entire minting process to everyone and just picked up where the mint sold them to the public.
I do have a no questions asked return policy, so you can send the coin back for a refund.
Since I see you only paid 1 cent for the coin, I'll refund the $1.50 S/H charge as well.
You can return the coin to:
<>
Regards,
Doug
Well how about you send me another coin in better condition and I'll paypal you the 0.50?
I'm afraid I don't have any more. I only had the one roll and they are all gone.
I sent you a PayPal for $1.51 and you can keep the coin with my compliments.
Ok thanks. Sorry for the problem with the coin. Take care.
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Russ, NCNE
Un-freakin-real.
Great transactions with oih82w8, JasonGaming, Moose1913.
You were far more patient with both of these "simple" people than I would have been.
When we are planning for posterity, we ought to remember that virtue is not hereditary.
Thomas Paine
I had a guy come in the shop on Monday to sell some coins that he received as a tip (he's a taxi driver). They were all foreign junk (some tip, huh?). I bought the coins at the currect exchange rate plus a bit more, just because I felt sorry for him. Here's where it gets good: he showed me a Lincoln cent in terrible shape. Had glue residue on it and was corroded and mangled. You've seen this type of coin before (been buried or ran over or something). He was upset about how he tried to spend it at the gas station and they wouldn't take it because it was dirty. I told him to just keep trying and someone would take it. He was certain that nobody would ever take it. I told him to just throw it away. That's when he got upset. He said, "this is worth a penny, why would anyone throw it away?" I stated that we just wasted a dollar talking about it! Then I offered to buy it......and he refused.
How does this relate to relayer's thread? Well, it is always fascinating to me how much work it can be to buy or sell a $1 coin with certain people. The lengths that some people will go for a state quarter boggles my mind. The buyer of relayer's coin is a perfect example.
Relayer, was Monday at 1 PM the highest price for the 01-P halves??
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is there anybody here that will send an email for 1.50 total ?
(even though i just did it !,paid 4.30 shipping w/ins and it comes first class and no ins for .83,that tweaks me)
but really !
i want an MS69 cent for a 1.51 ?
jeez.
Proof
Giant A-Hole
Liberty: Parent of Science & Industry
This was in 1980 or 79 when they were lined out the door and the coins were circs.
Guy INSISTED the Frankie was worth more.
Dlr. said "no"....cust sed "yes".....etc. ad nauseam.
Finally dlr bought coin.
While cust still in store, dlr walked to sidewalk and threw Frankie over building across street.
There are some great phrases that say something to the effect of "it is the will of Allah." You really can't argue with that answer!
I have never done business on E-Bay. The more I hear about it, the more convinced I am that I have made the correct decision.
"Seu cabra da peste,
"Sou Mangueira......."