After getting an XF-40 grade on his 55-D $5, what should RYK do next? Pres Review cancelled!

RYK · November 3, 2005 1:03AM

My inclination would to be to put the coin away and forget about it, as the coin fits very nicely in appearance for my choice VF to AU-58 Dahlonega $5 date set. Others have offered advice to me both private and publicly. If there is strong forum sentiment, I might be inclined for some experimentation (no, not that kind, Russ

).

coinguy1 · November 3, 2005 1:14AM

I voted #5 - send it to NGC.

Normally, I wouldn't care about such matters. However, in this particular case, right or wrong, I think the PCGS grade is silly.

MikeInFL · November 3, 2005 1:15AM

You really got shafted on that one.

I say crack it out and send it in again.

However, I wonder if they will 'remember' the coin as I can't imagine they see that many of those.

Therefore, I voted crack it and send to NGC. Everyone knows they are much easier on gold....Mike

MikeInFL · November 3, 2005 1:16AM

<< I voted #5 - send it to NGC.

Normally, I wouldn't care about such matters. However, in this particular case, right or wrong, I think the PCGS grade is silly. >>

This is really getting annoying. You and I virtually always agree.

coinguy1 · November 3, 2005 1:18AM

<< This is really getting annoying. You and I virtually always agree.

>>

Do not.

jabba · November 3, 2005 1:19AM

Its a nice coin, forget the plastic!

Merc · November 3, 2005 1:22AM

Just keep it as is. You only need to have it regraded and possibly upgraded when it comes time to sell.

ChuckC · November 3, 2005 1:24AM

spend it

FatMan · November 3, 2005 1:32AM

Sell it to me at XF greysheet bid.

I'd just put it away. You know what it is and when the time comes to sell you can get it addressed at that time. When you sell your collection send them all in for grading. Fact is, if PCGS gets a large collection they call in an expert (JD). Sending one or two gets graded by the grader of the day.

291fifth · November 3, 2005 1:37AM

This coin will sell on its own merits, regardless of the plastic. Think of the plastic as an authentication guarantee. Don't waste any more money on new plastic.

robertpr · November 3, 2005 1:37AM

How about if you go out and create your own grading system for southern gold?

Seriously, I agree with the grade given the photos presented. I think the PCGS grade was spot-on. If you truely believe the coin deserves a higher grade, however, crack it out and send it to NGC to see what they say.

mtnman · November 3, 2005 1:45AM

Send it to Mr. Hall and ask him to grade it. No way is that coin an EF40. IMHO

Coinhusker1 · November 3, 2005 1:47AM

<< Just keep it as is. You only need to have it regraded and possibly upgraded when it comes time to sell. >>

I agree, for the most part. If you plan to keep it, why be in a hurry to get it into the "right" holder?

However, with a coin that valuable, it might be preferable to have it in the "right" holder in case the unexpected happens. However, there are likely numerous higher priority "to-dos" for estate planning than getting the coin collection in the "right" holders.

keets · November 3, 2005 1:51AM

i guess it might be helpful to have a link or picture of the coin so those of us outside the circle of trust™ knew what you were talking about.

Barry · November 3, 2005 1:53AM

<< Just keep it as is. You only need to have it regraded and possibly upgraded when it comes time to sell. >>

Russ · November 3, 2005 1:58AM

I'm not sure what you should do, but I'm shocked to learn that PCGS would hose a submitter.

Russ, NCNE

PerryHall · November 3, 2005 1:59AM

I think RYK should have a giveaway.

RYK · November 3, 2005 2:01AM

Would my recent experience justify the purchase of a Consolation Coin™?

I have just the coin in mind.

Sell it to me at XF greysheet bid

FatMan, you know that any circulated Dahlonega coin that does not trade wholesale 20% over bid is not worth even looking at.

How about if you go out and create your own grading system for southern gold?

I think that you meant this in jest, but I actually think you are on to something. Why have the guy who is in between two 1000 coin bags of state quarters evaluate your coin when it can be done by someone who is experienced in handling (buying, selling, collecting, market-making, etc.) southern gold do the grading. It would be interesting to explore the possibility of setting up a grading service that combines the PhotoSeal and grading into one product. That way, you can have your coin encapulated by NGC or PCGS (whichever holder you prefer best) for authenticity and protection and graded by a southern gold specialist. The SGS grade would emphasize originality and consider the strike characteristics of each coin, something guy staring down a 1000 coin bag of state quarters does not have the time, experience, or inclination to do.

This coin will sell on its own merits, regardless of the plastic.

Agree. At the Heritage 2005 FUN sale it sold for strong XF-45 money.

However, with a coin that valuable, it might be preferable to have it in the "right" holder in case the unexpected happens.

I am 40, healthy, and am not planning on checking out soon...but if I do, my wife knows who to call to handle the collection. I have two friends that I know will take good care of her in disposing of the collection. The coins will not end up at the local coin shop.

RYK · November 3, 2005 2:03AM

Oops! Sorry, Keets. I meant to link the other thread (still on the first page): Link to thread with photo of 55-D and comparison coins. And, BTW, you are in the Circle of Trust™.

and

keets · November 3, 2005 2:03AM

i found the other thread with the picture and i'm as shocked as Russ.................but for a different reason. so many want to emplore us not to try and grade by a picture, yet many are willing to lambaste PCGS in this case, grading from a picture. certainly a few guesses have been by members who saw the coin, but isn't it possible they could be wrong and it really is only an XF40?? weak strike aside, the picture seems to show a coin with quite a bit going on at the rims which seems evidence of circulation and not strike weakness.

i'll add that it was posted by someone in the know that NGC doesn't typically consider the "third edge" when assigning a grade while PCGS does. it's also interesting to consider that with a coin in the holder as this one was, there was no way to assess the rims and with the new picture service, the coin is shown raw which affords better viewing of the rims.

Russ · November 3, 2005 2:07AM

<< The SGS grade would emphasize originality and consider the strike characteristics of each coin >>

I don't think it'd be a good idea to use "SGS".

<< my wife knows who to call...I have two friends that I know will take good care of her >>

Russ, NCNE

messydesk · November 3, 2005 2:29AM

Keep it in your collection, and worry about what the plastic says only when it's time to sell it.

ER · November 3, 2005 2:39AM

Crack it out and put it in your Dansco.

tradedollarnut · November 3, 2005 3:43AM

I would show it to a couple of dealers who handle those coins for their firsthand opinion. If they believe the coin is extremely undergraded, then I would crack it and send it to NGC.

I personally prefer to keep my coins in PCGS plastic for my viewing pleasure [since the plastic is thinner and optically clearer], but I think it would bother me too much to have a coin that is more than one grade level undergraded.

mercurydimeguy · November 3, 2005 3:55AM

I would keep a pulse on how grading is going and depending on the grading environment I'd crack and send to NGC. It will be in a higher graded holder. If the collector doesn't care about the holder, then he/she shouldn't care if it's in a higher graded holder, right?

But at some point a buyer of this coin would care what grade holder it's in -- we can debate this point also, but I'm in the camp that believes a majority of (not all) buyers would care and would pay more for a higher graded holder.

coinlieutenant · November 3, 2005 1:02PM

Robert,

You know what I think you should do with it.

Keets,
I have to disagree with you on the wear...the coin is weakly struck but not that badly, but there is not a whole bunch of wear either....look at the eagles wings!!
Also, I would disagree that NGC doesnt grade the "third edge" of the coin...I have found NGC to be much harder on rim problems that PCGS.

Case in point:
Bought 1881 2.5$ in a PCGS AU55 holder...I thought it had a shot at 61.
Cracked and sent to NGC...Bodybag
Resent to NGC...Bodybag
Sent to PCGS...AU58

The coin had a small rim file, that was it.

1jester · November 3, 2005 5:21PM

I said it before, and I'll say it again: crack it out and send it in to a professional grading service (NGC); you were hosed on this coin.

RYK · November 3, 2005 11:22PM

It's probably throwing good money after bad, but while the coin was still physically at PCGS, I had it submitted for Presidential Review.

MikeInFL · November 4, 2005 12:47AM

Does this mean its being reviewed as we speak, or it already has?...Mike

RYK · November 4, 2005 12:51AM

Does this mean its being reviewed as we speak, or it already has?...

It is being reviewed. I will post the results to this thread when the review is complete.

When I get the coin back, it is going back to the safety deposit box in whatever plastic it ends up. When it is time to sell the coin, I will review the circumstances for this coin (and the rest) with a Dahlonega specialist.

Coinosaurus · November 4, 2005 2:04AM

It's a good coin, forget what the holder says.

Reslab before selling only, or send it in if you have a freebie.

Good luck on the presidential review!

BlindedByEgo · November 4, 2005 3:19AM

It's a beautiful coin, and it stands on it's own merits... Leave it in the plastic, crack out and either resubmit or sell raw if you ever must.

RYK · November 4, 2005 3:52AM

Leave it in the plastic, crack out and either resubmit or sell raw if you ever must.

I agree with the first two options, but reying to sell it raw is a definite no-no. Most potential buyers would assume that it is a problem coin and not investigate further.

fc · November 4, 2005 3:57AM

i think the coin will get xf45-au50 after the review.
i wish you the best RYK. that is a heck of a coin.

RYK · November 4, 2005 4:37AM

i think the coin will get xf45-au50 after the review.
i wish you the best RYK. that is a heck of a coin.

fc, thanks for the well wishes, but I am pretty pessimistic.

fc · November 7, 2005 11:19AM

ttt for ryk to share the news? think for 100 bucks or what not
the presidential review would be faster.

fc · November 9, 2005 6:50AM

?? waiting for results. thanks.

RYK · November 9, 2005 6:51AM

?? waiting for results.

Me, too. It takes 15-20 days per the website. I doubt that the grade will change. Presidential review is $20.

RYK · November 9, 2005 6:57AM

I personally prefer to keep my coins in PCGS plastic for my viewing pleasure [since the plastic is thinner and optically clearer], but I think it would bother me too much to have a coin that is more than one grade level undergraded.

I think it would bother me too much to have a coin that is more than one grade level undergraded.

That is a good point, TDN, and a very good argument for sending the coin to NGC.

tradedollarnut · November 9, 2005 7:17AM

and a very good argument for sending the coin to NGC.

I would only do that after getting a couple of dealer opinions. We collectors miss too many problems - it may simply have been net graded for something we can't see but stands out to a professional.

coinkat · November 9, 2005 11:13AM

Be happy that you own a nice example of a tough coin...

Nocerino18 · November 9, 2005 11:27AM

What if something god forbid happened to you. Nobody would know it isn't an XF-40. I agree with Coinguy, crack it and send it to NGC

UncleWiggly · November 9, 2005 11:31AM

Put it in a parking meter in Philadelphia.

Jerry

Barry · November 9, 2005 12:09PM

<< Put it in a parking meter in Philadelphia. >>

RYK · November 9, 2005 12:41PM

Put it in a parking meter in Philadelphia.

Someone has been paying attention.

Longacre · November 9, 2005 12:53PM

Sell to Longacre for strong XF-40 money.

pharmer · November 9, 2005 1:43PM

He should thank his lucky stars that he's in a position to own an old, worn piece of metal like that. Oh, and he should stop referring to himself in the third person. Unless he's in the NBA, then that's OK

fc · November 11, 2005 3:06PM

I am going to guess the pres review results in XF-45. if it does not,
i should not consider sending coins in to be graded yet.

mercurydimeguy · November 11, 2005 3:44PM

<< ?? waiting for results.

Me, too. It takes 15-20 days per the website. I doubt that the grade will change. Presidential review is $20. >>

Well, perhaps in the past Presidential reviews were, well....anyway, there's a new Sheriff in town, I hear

Perhaps now IS a good time to send in for Presidential review??

fc · November 20, 2005 7:37AM

tt

jdcheers · November 21, 2005 12:06PM

I too believe this coin will come back XF-45, which was my guess in the original thread. It is really an AU detail coin that nets XF-45 b/c of the rims. Nice coin, but without a doubt you can't put it on par with a similar coin with clean rims, such as the 59 you posted. Agree?

After getting an XF-40 grade on his 55-D $5, what should RYK do next? Pres Review cancelled!

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