Options
Story how someone got burned buying coins in 3rd tier slabs
Geoman
Posts: 2,491 ✭✭✭
I was at my local coin club meeting this past week, and I brought a few coins for show-n-tell. The coins I brought were a few of my recent purchases and included two Walker Half Dollars in PCGS MS64. I felt they were nice and solid for the grade. At the end of our meeting, a new comer to our meeting pulled me aside and proudly showed me two of his coins he had just bought. Both were Walkers that were graded by NTC. One was graded MS66 and the other MS67. One was obviuosly cleaned with hairlines through the surface. The other was maybe a 63, but I also thought there was a slight rub and could have been an AU58.
He was so proud of them, and told me he had recently bought them at an auction (the kind of auction where everyone brings their junk to) at the local VFW hall. And was happy that he only paid $250.00 for the pair. Ouch! I tried to tell him that the grades of his two coins may be inflated, but he said "Oh no, these have been graded and put into this plastic container that says that is what they grade." I didn't have the heart, or energy, to sit him down and try to explain to him that his coins were probably worth only 1/5 of what he paid. If he comes back to our next meeting, I think I will try again to explain the differences between grading companies.
He was so proud of them, and told me he had recently bought them at an auction (the kind of auction where everyone brings their junk to) at the local VFW hall. And was happy that he only paid $250.00 for the pair. Ouch! I tried to tell him that the grades of his two coins may be inflated, but he said "Oh no, these have been graded and put into this plastic container that says that is what they grade." I didn't have the heart, or energy, to sit him down and try to explain to him that his coins were probably worth only 1/5 of what he paid. If he comes back to our next meeting, I think I will try again to explain the differences between grading companies.
0
Comments
Been there, done that.
.
CoinsAreFun Toned Silver Eagle Proof Album
.
Gallery Mint Museum, Ron Landis& Joe Rust, The beginnings of the Golden Dollar
.
More CoinsAreFun Pictorials NGC FOR SALE
Box of 20
Only one member quit after I told him he had overpaid on some coins. He showed me two proof Franklins in PCGS PF66 holders (no cam or dcam). Both had milk spots. He had paid $100 each at a large coin show. I told him they go for around $20. He didn't believe me until I sent an email with ebay and teletrade acution results. I tried to be nice about it, but he never came to another coin meeting. Oh well. I can't make everybody happy.
FrederickCoinClub
It's all probably legal, but none of it's ethical.
"Seu cabra da peste,
"Sou Mangueira......."
I should know they make mistakes, I have a beautfully toned MS65 FBL Frankie at home and the toning really brings out the fingerprint on the obverse
<< <i>I was at my local coin club meeting this past week, and I brought a few coins for show-n-tell. The coins I brought were a few of my recent purchases and included two Walker Half Dollars in PCGS MS64. I felt they were nice and solid for the grade. At the end of our meeting, a new comer to our meeting pulled me aside and proudly showed me two of his coins he had just bought. Both were Walkers that were graded by NTC. One was graded MS66 and the other MS67. One was obviuosly cleaned with hairlines through the surface. The other was maybe a 63, but I also thought there was a slight rub and could have been an AU58.
He was so proud of them, and told me he had recently bought them at an auction (the kind of auction where everyone brings their junk to) at the local VFW hall. And was happy that he only paid $250.00 for the pair. Ouch! I tried to tell him that the grades of his two coins may be inflated, but he said "Oh no, these have been graded and put into this plastic container that says that is what they grade." I didn't have the heart, or energy, to sit him down and try to explain to him that his coins were probably worth only 1/5 of what he paid. If he comes back to our next meeting, I think I will try again to explain the differences between grading companies. >>
Have the heart to suggest he join these boards.
I give away money. I collect money.
I don’t love money . I do love the Lord God.
Successful forum transactions: jessewvu, nankraut, tootawl, levinll, mistercoinman, metalsman, adamlaneus, chuckc, fivecents, kingplatinum, jdimmick, waterzooey, moderncoinmart, bige, steelielee,
it's unfortunate when a new collector refuses to listen to someone offering advice, like educating yourself before taking the plunge. hopefully they learned a lesson.
Kinda like an intervention.
<< <i>Maybe have lecture topic on 3rd world slabs at one of the coin club meetings and invite the person in question to attend.
Kinda like an intervention.
This is a very good idea. Or, as a practical learning experience, ask the club to front the re-grade fee and send them to a top tier.
on those because the grading co. is not reputable' Then no one can come back at the dealer with the...you're
trying to rip me off attitude.
Jerry
but I bought my 2 for less than half of what your friend paid
(Just think of city streets clogged with a hundred thousand horses each generating 15 lbs of manure every day...)
Keeper of the VAM Catalog • Professional Coin Imaging • Prime Number Set • World Coins in Early America • British Trade Dollars • Variety Attribution
An authorized PCGS dealer, and a contributor to the Red Book.