eBay seller's money-making scheme that his PCGS 1915-S Lincoln is "way undergraded"

Numiscent · 02-18-2009, 12:01 PM

Here's something funny, but also a little nauseating to me. I have noticed for some time that eBay seller fastservicequality4u makes money by selling PCGS graded Lincolns and stating they are all way undergraded, with statements like (paraphrasing) "Why is this coin not a 65?" "Are they on drugs?" "Way to go PCGS, you managed to screw someone over again" and "PCGS SUCKS!"

I'm not sure if it's just good salesmanship, or maybe dishonesty. I always chalked it up to be merely a clever model for a sales pitch, but now I am in a unique situation that makes me think maybe he is being unethical. I'd like to hear what others think about it.

In December I had this PCGS 1915-S MS64 RB Lincoln Cent for sale. It is about 70% red, but obviously not borderline full red, and obviously not a borderline 65 with the scattered small amounts of carbon. Bascially, it's about as 64 RB as 64 RB gets. My original pictures of it are below.

This gentleman bought the 1915-S from me for $2700. It seemed fair given the current market values I have been witnessing since the bailout plan was announced and the stock market took a dive.

Now he has the coin for sale on eBay and is claiming the coin should grade both RED and MS65! The pictures are just unclear enough to possibly take his word for it, which I imagine at least two people will do, which is all that is needed to make the auction skyrocket. I don't think he adjusted the color to make the coin look more red than it is though. Basically he leaves it up to the buyer to decide if they want to take his word for it that the coin is better than the grade.

What do you think about this? Is it wrong or am I just envious?

Here is a link to his auction: 1915-S Lincoln Cent ( PCGS ) MS64RB (UNDER GRADED) GEM

My pictures of the coin:

rlm's cents · 02-18-2009, 12:33 PM

Real nice coin. I wish you had given it to me. Now back to reality.

You have heard of car salesmen? Will, he is one. It is not a good way to sell by my standards, bu t I see nothing that is illegal. It may be pushing the limits of ethicality, but that's about it.

Personally, if all his rant did anything to my bidding it would be to reduce what I would bid. Further, this statement;

Quote:

THIS IS AN ABSOLUTE AUCTION, AND ALL SALES ARE CONSIDERED FINAL.

would assure that the only reason I would bid was because it was a super bargain. I am guessing that most of the members here feel similarly.

Do you really think this is a successful strategy for the long run? My guess is that your strategy will keep you in business long after his is done and gone.

Numiscent · 02-18-2009, 12:46 PM

Quote:

Originally Posted by rlm's cents

Do you really think this is a successful strategy for the long run? My guess is that your strategy will keep you in business long after his is done and gone.

I actually do think this strategy works for him, because of the revolving customer base within the eBay venue. Not only that, but I bet the people who win the auctions are not disappointed, but convinced they have a PQ coin and think that it was their ow judgment, not his sales pitch, that caused them to bid 50% higher than the PCGS price guide value.

Please don't misread my original post to ask if there is anything illegal going on. I am more or less wondering if it's just getting to me because it's a coin that I sold to him, or if others do feel it does stink to purposely state an average 64 RB should grade 65 RD just to get extra money. He is entitled to his opinion, but is it really his opinion over and over?

CamaroDMD · 03-31-2009, 07:49 PM

Quote:

Originally Posted by rlm's cents

Personally, if all his rant did anything to my bidding it would be to reduce what I would bid. Further, this statement;

would assure that the only reason I would bid was because it was a super bargain. I am guessing that most of the members here feel similarly.

I agree. When someone says "All Sales are Final" I read it as "I don't stand behind my product." I won't bid, that simple. I don't care how good of a deal.

Jim M · 02-18-2009, 12:56 PM

his auction descriptions remind me of the commercial with the guy in Washington running around in his Green leotards with the question marks all over it ranting about getting free money from the government.

Funny how all of his coins are undergraded by PCGS. Also like he he blast another ebay seller for selling PCGS Slabs that are OVER graded.

rlm's cents · 02-18-2009, 01:34 PM

Looking into its history, I believe that you underrated and underpriced this coin. The last 2 on Heritage (7 & 9 /08) went for $3200 and they are not more red than yours and look to be less red.

Aside from that, I still believe your strategy will win in the long run. Yes, there is a niche for the car salesman, but you build a customer base while he tears them down. There are not that many people out there buying $3000 Lincolns. It will eventually come home to roost.

Arizona Jack · 02-18-2009, 02:11 PM

Before I even opened this thread, I knew what seller you were refering to

FarmerB · 02-18-2009, 02:47 PM

SO far he is loosing. Current bid is 2300
And I checked out his pics versus yours - Looks color shifted to me

rlm's cents · 02-18-2009, 04:56 PM

Quote:

Originally Posted by FarmerB

SO far he is loosing. Current bid is 2300
And I checked out his pics versus yours - Looks color shifted to me

Now $2400, but it is a 10 day listing with 6 days left

Numiscent · 02-18-2009, 06:11 PM

I bet it will sell for at least $3500 if he can get two people to think the coin is much nicer than the grade indicates. You know what, good for him if he can. It's not the most honorable thing to do, but its certainly not the least. Anyone who bids a premium is responsible for their own decisions, despite any sort of false advertisement, err I mean seller opinion. If someone wants to trust his word over PCGS's, than they better accept the no return policy and possibility that it is just all talk.

rlm's cents · 03-31-2009, 04:06 AM

Quote:

Originally Posted by Numiscent

I bet it will sell for at least $3500 if he can get two people to think the coin is much nicer than the grade indicates. You know what, good for him if he can. It's not the most honorable thing to do, but its certainly not the least. Anyone who bids a premium is responsible for their own decisions, despite any sort of false advertisement, err I mean seller opinion. If someone wants to trust his word over PCGS's, than they better accept the no return policy and possibility that it is just all talk.

BTW, it went for $2801. Your guesstimate of the market ($2700) sounds like it was pretty close to me. My guess is that he lost money on this deal.

**zaneman** · 02-18-2009, 02:55 PM

From the seller "If this coin was sent in TO ANY OTHER GRADING COMP. it would NEVER come back less than " RED " & 95 + % IT WOULD BE MS 65"

So if there is a 95% chance that NGC would grade this coin 5 red, he should send it in. Even in an NGC 5 red holder it would easily sell for 7k.