A Tale of Two Slabs by Oreville
oreville
Posts: 12,144 ✭✭✭✭✭
On Saturday November 14th, I met a very experienced coin collector who had something different to show me. He had three slabs of which he brought one of them to show me. They were in his collection for over 15 years.
He had a 1934 Texas Commemorative in an old NGC fatty slab graded MS-66. It looked gorgeous with beautiful natural toning. Of course, I was looking at it in the very dimly lit front lobby of the convention center since we were not allowed to use the tables reserved for eating.
I looked it over and immediately noticed that it was a hybrid NGC slab. It had the NGC 2 slab with the gold foil on the INSIDE of the slab yet the label was not the all white label (first generation label) and had the 2nd generation label with the scales not used until almost a year later.
The seller was asking $350 to which I readily agreed since it was a very special slab I had never seen before in over 20 years. It was impossible to exist. He said he had two more of them.
As I kept looking at it and showing it to several dealers, I kept playing with the edges to make sure it was tight and it seemed to be. It had no imperfections but I was so amazed that I had never seen one of these before.
I showed it to several dealers including Dave Wnuck, Julian, Angel Dee and all joked that this was a specialist's dream slab. No dealer including me really studied the coin up to this point. Why bother? It was all about the slab and not the coin.
Finally I showed it to Rick Snow who studied the coin and commented that this coin looked a bit overgraded to say the least. I then pulled out my glass to finally sit down and look at the coin when Rick bellowed out "look!" I turned around and saw that Rick in trying to pick up the slab had picked up only half of the slab.
I was stunned. Then looking at the coin I realized it was a beautiful AU-58 coin in a MS-66 holder. I then decided to defer further research on this slab until I got home since I had only a few hours at Baltimore to buy and sell coins. I promised Rick I would let him know the results of my closer look. I am sure he already knew. LOL.
I got home and checked the NGC serial number. It was way out of whack with the numbering sequence and such slab could not possibly have existed. I checked the seam of the slab and saw no glue, no evidence of cracking, nothing. I then looked on the inside of the seam and then saw what I was looking for. Incredibly well done opening of the slab and replacing it with the outer front shell of another slab.
My hypothesis:
In another slab there was a 1934 Texas commem graded NGC MS-66 that was carefully cracked out and resubmitted. The shell and label from such MS-66 Texas commem was used for the AU-58 Texas commem that I have and was carefully resealed. The two outer shells do not exactly match in that one of them is missing the moulding dot that is present on all of the old NGC shells.
The seller was told of my situation and investigated his other two slabs. They were also switched. THIS SWITCHING HAPPENED PROBABLY 20 YEARS AGO WHEN THE VALUE OF THE MS-66 TEXAS COMMEM WAS MUCH HIGHER THAN IT IS TODAY. He immediately agreed to refund my money or give me the difference in the value of the AU-58 and MS-66.
Keeping such a slab would be a very interesting thing to keep in a collection to show future collectors of what can happen to slabs. I wonder if NGC and PCGS has slabs they can show the public of obvious tampering efforts that some do to fool the public? It would be quite educational.
It also serves as a warning that in my pursuit for the holy grail of rare slabs that I have to be more on my guard on making sure the coin matches the holder's grade. This seems obvious to most. However, when collecting the packaging, the coin is actually secondary to the slab. But even when an ultra rare slab is found with NO coin in it, one has to be careful of possible slab tampering.
He had a 1934 Texas Commemorative in an old NGC fatty slab graded MS-66. It looked gorgeous with beautiful natural toning. Of course, I was looking at it in the very dimly lit front lobby of the convention center since we were not allowed to use the tables reserved for eating.
I looked it over and immediately noticed that it was a hybrid NGC slab. It had the NGC 2 slab with the gold foil on the INSIDE of the slab yet the label was not the all white label (first generation label) and had the 2nd generation label with the scales not used until almost a year later.
The seller was asking $350 to which I readily agreed since it was a very special slab I had never seen before in over 20 years. It was impossible to exist. He said he had two more of them.
As I kept looking at it and showing it to several dealers, I kept playing with the edges to make sure it was tight and it seemed to be. It had no imperfections but I was so amazed that I had never seen one of these before.
I showed it to several dealers including Dave Wnuck, Julian, Angel Dee and all joked that this was a specialist's dream slab. No dealer including me really studied the coin up to this point. Why bother? It was all about the slab and not the coin.
Finally I showed it to Rick Snow who studied the coin and commented that this coin looked a bit overgraded to say the least. I then pulled out my glass to finally sit down and look at the coin when Rick bellowed out "look!" I turned around and saw that Rick in trying to pick up the slab had picked up only half of the slab.
I was stunned. Then looking at the coin I realized it was a beautiful AU-58 coin in a MS-66 holder. I then decided to defer further research on this slab until I got home since I had only a few hours at Baltimore to buy and sell coins. I promised Rick I would let him know the results of my closer look. I am sure he already knew. LOL.
I got home and checked the NGC serial number. It was way out of whack with the numbering sequence and such slab could not possibly have existed. I checked the seam of the slab and saw no glue, no evidence of cracking, nothing. I then looked on the inside of the seam and then saw what I was looking for. Incredibly well done opening of the slab and replacing it with the outer front shell of another slab.
My hypothesis:
In another slab there was a 1934 Texas commem graded NGC MS-66 that was carefully cracked out and resubmitted. The shell and label from such MS-66 Texas commem was used for the AU-58 Texas commem that I have and was carefully resealed. The two outer shells do not exactly match in that one of them is missing the moulding dot that is present on all of the old NGC shells.
The seller was told of my situation and investigated his other two slabs. They were also switched. THIS SWITCHING HAPPENED PROBABLY 20 YEARS AGO WHEN THE VALUE OF THE MS-66 TEXAS COMMEM WAS MUCH HIGHER THAN IT IS TODAY. He immediately agreed to refund my money or give me the difference in the value of the AU-58 and MS-66.
Keeping such a slab would be a very interesting thing to keep in a collection to show future collectors of what can happen to slabs. I wonder if NGC and PCGS has slabs they can show the public of obvious tampering efforts that some do to fool the public? It would be quite educational.
It also serves as a warning that in my pursuit for the holy grail of rare slabs that I have to be more on my guard on making sure the coin matches the holder's grade. This seems obvious to most. However, when collecting the packaging, the coin is actually secondary to the slab. But even when an ultra rare slab is found with NO coin in it, one has to be careful of possible slab tampering.
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Comments
Didn't wanna get me no trade
Never want to be like papa
Working for the boss every night and day
--"Happy", by the Rolling Stones (1972)
<< <i>wowwwww. >>
Well said.
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Then again, if it came apart that easily...
this hobby has so many sharks in it.
Larry L.
<< <i>I want to reiterate that this was a very old switcheroo back in the 1989-1993 era or so. >>
I think I was young enough back then to not be held in suspicion now... phew
That's certainly an interesting story. Now we know that yellow labels and extremely rare slabs blind you from seeing coins
john
(PS -- Just Kidding...)
Stuart
Collect 18th & 19th Century US Type Coins, Silver Dollars, $20 Gold Double Eagles and World Crowns & Talers with High Eye Appeal
"Luck is what happens when Preparation meets Opportunity"
it a tasty slab of BBQ Ribs.
Camelot