Ever wonder if ANY of the crack out crowd was ever a serious collector, someone that was not only out to make a fast buck?
There are more than a few, myself included. That doesn't mean that I like the crackout game. It just means that I don't like leaving thousand dollar bills on the table.
Andy Lustig
Doggedly collecting coins of the Central American Republic.
Visit the Society of US Pattern Collectors at USPatterns.com.
<< There doesn't seem anyway to be sure the coin is in the correct holder, until it has been resubmitted enough times so that it is slabbed at a grade that can't be improved upon. >>
The higher grade is not always the "correct" one. And, you'd be surprised at how often coins end up receiving higher grades AFTER someone thinks the grades "can't be improved upon".
<< <i>S'wood was complaining about this in a similar thread but had a few months prior posted another thread about buying a coin to crack and upgrade, thus reaping the monetary reward. bottom line---when you buy to sell, entering your name on Legend's wannabe dealer listing or Stewart Blay's coin-whore list, the focus is on money and not the coins. in that context, how can you legitimately complain about the choices others make, unless you've had an epiphany of sorts and no longer crack for the money?? >>
Keets - please PM me and let me know what on earth you are talking about !!! I don't recall ever writing any such thing. Nor do I recall ever buying a coin to flip it for a profit, although I have sold off parts of my collection at times - sometimes at a loss too !! But the coins were never bought for the purpose of cracking out, upgrading, or flipping for a profit. I have much better things to do than be on any list maintained by Mr. Blay. As for Ms. Sperber, well, she can tell you herself, I am no wannabe.
<< <i>Ever wonder if ANY of the crack out crowd was ever a serious collector, someone that was not only out to make a fast buck?
There are more than a few, myself included. That doesn't mean that I like the crackout game. It just means that I don't like leaving thousand dollar bills on the table. >>
Can't say I blame you, and not just because you're a dealer, and expected to make a living on coins. I'm not going to try and tell you I wouldn't do the same, either, if I had the eye to guarantee such profits. If a coin is truly deserving of a bump, and the corresponding increase in price, I wouldn't expect anyone to leave that on the table. It's just the fact that such insane price differentials exist in the first place, as if this was a reliable science. Premium for quality? Sure, if we're talking $100 for 63, $200 for 64, and $350 for 65 type ranges. But going from $100, to $1000 to $10,000? It's virtually an invitation for all manner of dishonest and unethical practices. Submitting an absolute lock 64 twenty times, playing the odds of an off day by the graders, and finally getting that 65 for the tenfold profit can qualify as unethical in my book. 19 times out of 20 it's a $1000 64, and that one lucky shot makes it a $10K 65?
Sounds like the ultimate definition of BS in my book.
Submitting an absolute lock 64 twenty times, playing the odds of an off day by the graders, and finally getting that 65 for the tenfold profit can qualify as unethical in my book.
Unethical? No. BS? Of course.
BTW, the ultimate blame for this mess lies with the dealers that are too lazy to educate their clients and the clients that are too lazy to learn. If consumers were better educated, there would be less of an incentive to seek maximum assigned grades.
Andy Lustig
Doggedly collecting coins of the Central American Republic.
Visit the Society of US Pattern Collectors at USPatterns.com.
<< <i>Submitting an absolute lock 64 twenty times, playing the odds of an off day by the graders, and finally getting that 65 for the tenfold profit can qualify as unethical in my book.
Unethical? No. BS? Of course.
BTW, the ultimate blame for this mess lies with the dealers that are too lazy to educate their clients and the clients that are too lazy to learn. If consumers were better educated, there would be less of an incentive to seek maximum assigned grades. >>
Bingo!!! Thank you for summing up my whole post in one sentence (apparently I'm long winded tonight )
BTW~ Notice I highlighted can. It becomes unethical to me when said lucky shot 65 is sold for strong money by the person (dealer or otherwise) who did all that submitting. They know it shouldn't be a $10K 65, but it doesn't stop 'em from asking for it (and, unfortunately, getting it all too often).
Comments
There are more than a few, myself included. That doesn't mean that I like the crackout game. It just means that I don't like leaving thousand dollar bills on the table.
Doggedly collecting coins of the Central American Republic.
Visit the Society of US Pattern Collectors at USPatterns.com.
The higher grade is not always the "correct" one. And, you'd be surprised at how often coins end up receiving higher grades AFTER someone thinks the grades "can't be improved upon".
I guess I didn't insert enough smileys
My posts viewed
since 8/1/6
<< <i>S'wood was complaining about this in a similar thread but had a few months prior posted another thread about buying a coin to crack and upgrade, thus reaping the monetary reward. bottom line---when you buy to sell, entering your name on Legend's wannabe dealer listing or Stewart Blay's coin-whore list, the focus is on money and not the coins. in that context, how can you legitimately complain about the choices others make, unless you've had an epiphany of sorts and no longer crack for the money?? >>
Keets - please PM me and let me know what on earth you are talking about !!! I don't recall ever writing any such thing. Nor do I recall ever buying a coin to flip it for a profit, although I have sold off parts of my collection at times - sometimes at a loss too !! But the coins were never bought for the purpose of cracking out, upgrading, or flipping for a profit. I have much better things to do than be on any list maintained by Mr. Blay. As for Ms. Sperber, well, she can tell you herself, I am no wannabe.
Sunnywood
Sunnywood's Rainbow-Toned Morgans (Retired)
Sunnywood's Barber Quarters (Retired)
<< <i>Ever wonder if ANY of the crack out crowd was ever a serious collector, someone that was not only out to make a fast buck?
There are more than a few, myself included. That doesn't mean that I like the crackout game. It just means that I don't like leaving thousand dollar bills on the table. >>
Can't say I blame you, and not just because you're a dealer, and expected to make a living on coins. I'm not going to try and tell you I wouldn't do the same, either, if I had the eye to guarantee such profits. If a coin is truly deserving of a bump, and the corresponding increase in price, I wouldn't expect anyone to leave that on the table. It's just the fact that such insane price differentials exist in the first place, as if this was a reliable science. Premium for quality? Sure, if we're talking $100 for 63, $200 for 64, and $350 for 65 type ranges. But going from $100, to $1000 to $10,000? It's virtually an invitation for all manner of dishonest and unethical practices. Submitting an absolute lock 64 twenty times, playing the odds of an off day by the graders, and finally getting that 65 for the tenfold profit can qualify as unethical in my book. 19 times out of 20 it's a $1000 64, and that one lucky shot makes it a $10K 65?
Sounds like the ultimate definition of BS in my book.
Unethical? No. BS? Of course.
BTW, the ultimate blame for this mess lies with the dealers that are too lazy to educate their clients and the clients that are too lazy to learn. If consumers were better educated, there would be less of an incentive to seek maximum assigned grades.
Doggedly collecting coins of the Central American Republic.
Visit the Society of US Pattern Collectors at USPatterns.com.
<< <i>Submitting an absolute lock 64 twenty times, playing the odds of an off day by the graders, and finally getting that 65 for the tenfold profit can qualify as unethical in my book.
Unethical? No. BS? Of course.
BTW, the ultimate blame for this mess lies with the dealers that are too lazy to educate their clients and the clients that are too lazy to learn. If consumers were better educated, there would be less of an incentive to seek maximum assigned grades. >>
Bingo!!! Thank you for summing up my whole post in one sentence (apparently I'm long winded tonight
BTW~ Notice I highlighted can. It becomes unethical to me when said lucky shot 65 is sold for strong money by the person (dealer or otherwise) who did all that submitting. They know it shouldn't be a $10K 65, but it doesn't stop 'em from asking for it (and, unfortunately, getting it all too often).
my apologies for the misunderstanding and what may have seemed like a terse reply.