Frustrating day in coin collecting..

I have mixed emotions about slabbing problem coins, however, it does flag those problem coins for the buyer but probably raises the price of them too. PCGS attributes them as "Genuine" and offers a code defining the problem. Going to their Coin Cert verification website will tell you what the issue is which allows you to to make an informed decision as buying or passing on any particular coin.

I bought an ungraded set of $5 Indian head gold a few years before the slabbing of problem coins took effect and sent them to PCGS for grading & slabbing. I got one of the 24 back in a body bag. I didn't see the fine cleaning scratches on that coin at the show - the lighting wasn't good enough to see it. There is a risk factor to buying non-TPG coins.

Coin stores are a dieing breed. There are none in a ten mile radius of me anymore. Other than coin shows, most of my purchases have been online where slabbing (by top-tier TPGs only) offers a greater degree of confidence and the ability to verify the certification number and the dealer's rating.

 

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I try like heck to stay away from problem coins.
If you feel like a perfectionist that's great!! Keep it that way. You'll be happier down the road IMO.

Now if your a set filler or key date person you will probably have to adjust your "perfectionist" attitude a bit for those as they get cost prohibitive sometime.

 

I have nothing much to add here.

The one dealer (coin store) within 25 miles of my house really turned me off to trying. Prices were almost double of what they should be, the slabbed coins looked awful and almost like he had cracked them open and replaced the coins. So as someone who just started really getting into the hobby it was discouraging.

The other places near me want nothing to do with selling, just buying.

I did make a purchase from the "For Sale" section on here and I am very very pleased with what I got. So I hope to utilized that more.

 

The TPG's saw value in slabbing problem coins because they could be certified/guaranteed as genuine and their problems could be documented. I don't see anything wrong with this. It is far better than body bags which were easily lost or often trashed.

I didn't like PCGS's decision to use cryptic codes in lieu of plain wording to describe the problems. I felt it was too much for newer collectors to grasp. It is nice to see PCGS will now spell out the problems along with detail grades. (Yes, it is an option -- you can still ask for just the code or a body bag -- but I am guessing it will become the norm.)

I agree with a lot of the sentiment here. Like everyone else I learned the hard way to stay away from problem coins. Except I've also learned to examine "problem coins" and form my own opinions. Everyone's heard countless stories of BB'd coins getting cleanly slabbed at later dates. Some judgments are borderline, particularly when it comes to color and toning but even improper cleaning.

It is certainly true that anything you are unhappy with today is unlikely to become pleasing later on. Write off the loss to tuition. To not learn from a poor purchase decision is a waste of a perfectly good mistake.
Lance.

 

Oh, and believe me I wasn't saying it to be in any way detrimental. I can appreciate the time and effort that goes with doing the postings in the sections you have done. I've been in and out of the thread section different times.

I really appreciate the things I have learned here on many different levels and I've no doubt that will grow as time passes..

So, thanks for all you and the others that maintain the site and the sections within them!!


I've used Northeast and will again. The site is great, prices are good and they have layaway..

 

I agree. The details grading I think is even worse.

Personally, you can't get me to buy a problem coin.

 

Very good philosophy if you have a choice. In US collecting nothing is so rare that you cannot get a problem free example instead, (a strawberry leaf is the only exception that comes to mind).

Unfortunately in my field that is not an option. I have many coins that most would label "problems" yet are so scarce that I have not seen a "problem free" one in more than a decade looking, and I truly beleive they do not exist.

In short, if problem free examples exist, only buy those as you will be happier long term. The funny thing about this hobby is that you forget about the cost much more easily than you regret buying poor quality. If problem free doesn't exist, then be happy with what is available.

Chris

 

Well I wasn't thinking of just ancients. Other world coins, especially civil war and seige coinage, also are in the same position that "problem free" coins simply do not exist. In those cases, and only those cases, I think a collector collects what he can and be grateful to be able to obtain anything.

For US and world coinage, (and even for a lot of medieval and ancient coins), in most instances, you are always better off spending more for problem free coins since they are available. Examples I could site would be late Roman Constantius bronzes. Those miserable little corroded coins frequently on Ebay will never be worth anything, since they are damaged and tens of thousands of undamaged ones exist. On the other end of the spectrum, even for US coinage I do not believe a "problem free" strawberry leaf exists, this is also true for a few varieties of colonial coinage, in this case even for US coins if no problem free examples exist collect what you are able to. Sogdian coins are like this as well, they are extremely rare in copper problem free do to the soil acidity in that area of the world.

Bottom line, I am simply saying IF problem free coins for an issue are available, its always better to buy those. If they are not, then buy the "problem' coins and don't hold the problem against them.

Hope this was clearer.

Chris