When in doubt over insure. But he would have at least gotten back what he insured for which should have been what he paid at least
I'm not sure on details, I heard it at a local coin show a couple of years ago . I do know, he couldn't pay his customers back all their losses ..
Not that I like to talk bad about the deceased but if you're a PCGS dealer you should 1) know how to grade 2) know how to value coins.
This was in 1995 or 1996. I bought a 1911 sandblasted Proof 64 NGC 2.5 IND for 21K from a dealer friend of mine.I immediately asked him to crack it out of the NGC slab and then about a month later I took the coin to Long Beach show and did the $100 PCGS walk through service and the coin came back PR65. I don't crack coins often unless I am 90% sure that it'll come back a higher grade. This was my last upgrade from a PR64 to a PR66.
That's exactly right. PCGS and NGC both try to do their due diligence in screening applicants before authorizing them as PCGS / NGC dealers. References are required from 3 existing authorized dealers, and certain financial requirements must be met. Presumably, this dealer should have had a decent sense for how the coins would grade, but I'll say this . . . I've been absolutely dumbfounded by grades assigned to some "uncirculated" early gold that I've seen, so I could understand if that's what the dealer had submitted. I also think both PCGS and NGC could easily flag submissions when the value of the graded package far exceeds the declared value (this would be an easy figure to arrive at, based on a little bit of programming).
I actually submitted both of the coins above in the economy grade as I thought they were higher AU coins which would make them less than the $300 max value for econmy grading and they didn't contact me asking me to pay the additional $12 for the coins grading above the $300 level. Same thing on my last submission as well, had a 1857 H10C that I bought for $60 as an AU, came back MS64. I'm sure if the coins were $1,000+ then they probably would have called. That or they felt bad that they had these coins for 2 months so they let it slide
early gold from point to point can jump thousand of dollars, example, 1853, 20 dollar double eagle . Need I say more .......
I was actually thinking of earlier gold than that. I can recall seeing more than just a few Draped Bust $10 Gold Eagles which I'd have graded AU55, yet were housed in ms63 holders or better. In that series you could be talking a $50k difference per coin.
Yeah I know how subjective gold can be. I just bought a 79-s $20 with a semi pl reverse at 58 it's $1900 at 61 it's $4750 at 62 it's 13k at 63 it's 35k. And I think it's in the 62-3 range and I bought it raw for $1650
That's what it sounds like to me. I'm glad I don't have money to send coins in. I would think there would be a flat fee, but it might change depending on when you want it back. It looks like grading companies want a piece of the profit though (even if it's one percent), and that may have something to do with gradeflation in my opinion. Older holdered coins coming back in for grading is good business
While not exactly the same type of coin I was writing about the other day, the link below shows another great example of the same situation . . . a 1797 No Stars Quarter Eagle in NGC MS63 that I would never give the time of day at the money that grade brings. http://www.ebay.com/itm/1796-No-Sta...975737?hash=item28198717f9:g:Nw0AAOSwzJ5XT1ES If a customer wanted to submit that coin through my office, I'd have bet my hair (admittedly not much to give) that it would come back UNC Details, Obverse Cleaned or perhaps AU58. The spread between AU58 and MS63 is a cool half million dollars!!! I guess that tells you not to submit your tough coins through ToughCOINS, huh? It's very humbling to think I'm so far off the mark . . .
How on earth did that harshly cleaned au ever grade 63. I could never get a straight grade on it. Tho it's a rare one its appeal due to the surfaces is very low
I haven't picked it up and may not for a couple weeks depending on my schedule bought it at an auction in western nh along with a couple other non coin items. I phone bid after previewing a few days before so I wasn't there to get the stuff. And it's a nearly 3 hour ride so I'll try to include it with other business I have in that direction or another sale they have