What Do You Think TPG's Do With the Coins They Buy Off The Market?

poorguy · April 4, 2007 4:49AM

What do you think that PCGS, NGC, ANACS, ICG, ect do with the coins they buy off the market?

What about the problem coins/counterfeits?

It would be interesting to see an image library of problem coins with descriptions of what their problems are. It would be useful for collectors to learn what to look out for regarding problem coins. Plus, they could publish it and probably do well with the profits from book sales.

I haven't poked around to see if this question has been asked. It was just a random thought I figured I'd throw out there.

Russ · April 4, 2007 4:52AM

I think there's a particular IHC hanging on the wall at PCGS.

Russ, NCNE

TomB · April 4, 2007 4:54AM

I think it's an excellent question.

poorguy · April 4, 2007 4:56AM

<< I think it's an excellent question. >>

I've been curious about this.

On one hand it woud be unethical to put them back out on the market.
On the other hand, it's got to have an effect on the bottom line by hanging onto a truckload of problem coins. They're gonna have to eventually end up somewhere.

ricko · April 4, 2007 4:56AM

I would like to believe they go into a 'learning library' for instructional purposes... Cheers, RickO

poorguy · April 4, 2007 4:59AM

<< I would like to believe they go into a 'learning library' for instructional purposes... Cheers, RickO >>

So would I but my hunch says that isn't likely. If they took photos of the most obvious examples of each type of problem and published it with explainations, they could in-effect soften the blow of buying them back off the market with the profits from a published and retailed version of the compiled information while also doing something positive for the collectors out there.

PerryHall · April 4, 2007 5:00AM

<< On one hand it woud be unethical to put them back out on the market. >>

Unless they are counterfeit, why would it be unethical? I'm sure they just wholesale them raw to a retail dealer. Just because a coin is rejected by a TPGS doesn't mean it should be destroyed.

Cladiator · April 4, 2007 5:02AM

<< 

<< On one hand it woud be unethical to put them back out on the market. >>

Unless they are counterfeit, why would it be unethical? I'm sure they just wholesale them raw to a retail dealer. Just because a coin is rejected by a TPGS doesn't mean it should be destroyed. >>

You obviously haven't had your dose of Koolaid today

foxxze · April 4, 2007 5:04AM

they go into the PCGS employee`s pension fund .........

poorguy · April 4, 2007 5:08AM

<< 

<< On one hand it woud be unethical to put them back out on the market. >>

Unless they are counterfeit, why would it be unethical? I'm sure they just wholesale them raw to a retail dealer. Just because a coin is rejected by a TPGS doesn't mean it should be destroyed. >>

Obviously, if a coin is tooled, repaired, heavily cleaned, artificially toned, ect. It could be put back on the market with a disclosure of the coin's problems. However, just add a touch of human nature and if the right "dealer" is found who will buy these things cheaper than dirt and sell them without disclosure for non-problem money, they get re-circulated back into the market and eventually (they already did it once) find their way back into a TPG holder and back to a point where they are no-longer traded as problem coins.

RYK · April 4, 2007 5:11AM

<< 

<< 

<< On one hand it woud be unethical to put them back out on the market. >>

Unless they are counterfeit, why would it be unethical? I'm sure they just wholesale them raw to a retail dealer. Just because a coin is rejected by a TPGS doesn't mean it should be destroyed. >>

Obviously, if a coin is tooled, repaired, heavily cleaned, artificially toned, ect. It could be put back on the market with a disclosure of the coin's problems. However, just add a touch of human nature and if the right "dealer" is found who will buy these things cheaper than dirt and sell them without disclosure for non-problem money, they get re-circulated back into the market and eventually (they already did it once) find their way back into a TPG holder and back to a point where they are no-longer traded as problem coins. >>

My guess is that most of these coins are not heavily cleaned, tooled, etc., since they got by three graders in the first place. I would guess that the coins that some coins are rehabilitated and resold, and the others are resold as is. I wonder if DH still keeps a certain 1963 proof Lincoln on his desk...

Aegis3 · April 4, 2007 5:30AM

<< 

<< On one hand it woud be unethical to put them back out on the market. >>

Unless they are counterfeit, why would it be unethical? I'm sure they just wholesale them raw to a retail dealer. Just because a coin is rejected by a TPGS doesn't mean it should be destroyed. >>

There are some counterfeits I wouldn't mind being on the market.

Shortgapbob · April 4, 2007 5:36AM

<< I think there's a particular IHC hanging on the wall at PCGS.

Russ, NCNE >>

I'm not always up on all of the stories. Any way you can explain what happened with a particular IHC.

Thanks.

BobGreene · April 4, 2007 5:38AM

My guess is that they end up back on the market through some sort of round-about way.

Longacre · April 4, 2007 5:51AM

Very good question. Are you a shareholder of CU? Perhaps you can bring it up at the shareholders' meeting.

slumlord98 · April 4, 2007 6:11AM

<< I wonder if DH still keeps a certain 1963 proof Lincoln on his desk... >>

I bet he brought that back from the auction and nailed it to the wall as a reminder, with a note saying, 'Next time, you're joining this coin.'

poorguy · April 4, 2007 6:13AM

<< Very good question. Are you a shareholder of CU? Perhaps you can bring it up at the shareholders' meeting. >>

Nah. I'd rather put together a wicked set of patterns, Peace dollars, and early halves with whatever money I would dump into stock.

Russ · April 4, 2007 6:17AM

<< <>

I'm not always up on all of the stories. Any way you can explain what happened with a particular IHC.

Thanks. >>

Sorry, it's Top Secret.

Russ, NCNE

mayor1 · April 4, 2007 6:19AM

I thought they sold them all at farm auctions.

Zoins · April 4, 2007 6:19AM

Now that would be an interesting registry set!

WTCG · April 4, 2007 6:20AM

I believe that the coins are reassigned a new grade if applicable and then consigned to an auction.

seanq · April 4, 2007 6:20AM

<< 

<< I think there's a particular IHC hanging on the wall at PCGS.

Russ, NCNE >>

I'm not always up on all of the stories. Any way you can explain what happened with a particular IHC.

Thanks. >>

IIRC there was a PCGS MS69 Indian Cent, pop 1/0 for the entire series, which grew a fingerprint in the holder. I believe the market value of the coin was in the neighborhood of $50,000.

Whoops, just found the right search string, it was $40,000.

Sean Reynolds

TwoSides2aCoin · April 4, 2007 6:22AM

If I had to buy them, I'd put them in Lucite Figurines shaped like famous numismatists.

Russ · April 4, 2007 6:22AM

Well, I guess it's not Top Secret anymore.

Russ, NCNE

Cladiator · April 4, 2007 6:26AM

I can't believe that fingerprint thread only got 25 replies.

poorguy · April 4, 2007 9:03AM

<< I can't believe that fingerprint thread only got 25 replies. >>

I can. It didn't have "MODERNS" in the title.

BECOKA · April 4, 2007 9:07AM

As far as I can tell they send them back to the owner raw.

I just had a problem coin removed. PCGS offered $850 + the raw coin returned.

In the past for problem coins they have done the same thing, they have never offered to keep the coin.

numisma · April 4, 2007 9:30AM

What Do You Think TPG's Do With the Coins They Buy Off The Market?

eBay

Zoins · April 4, 2007 9:34AM

<< 

<< I can't believe that fingerprint thread only got 25 replies. >>

I can. It didn't have "MODERNS" in the title. >>

It probably has nothing to do with not being a modern because the $46K doctored Gobrecht got 6 pages of replies.

Writersblock · April 5, 2007 11:05AM

Conder101 says:

"What WTCG reported is what I have been told by PCGS. Reslabbed at the appropriate grade or just left raw if they are not grade worthy and then sold off through an auction house. Of course I would imagine that there are some pieces kept for educational purposes."

BAJJERFAN · April 5, 2007 11:48AM

<< My guess is that they end up back on the market through some sort of round-about way. >>

I'd crackem out and make sure that they got submitted raw to a competitor!!

tahoe98 · April 6, 2007 1:23AM

archives!

FPCoins · April 6, 2007 1:39AM

They get rid of problem coins just like everyone else: Teletrade.

Colorfulcoins · April 9, 2007 2:21AM

Perhaps PCGS has a "Wall of Shame" (more like a locked closet), where they keep these skeletons........

What Do You Think TPG's Do With the Coins They Buy Off The Market?

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