Great Southern Coin (GSC) joke of the day

I buy raw coins about as often as I buy graded ones. There's nothing wrong with buying a raw coin if you learn about what you're buying first. Honestly, with all of the fake slabs out there, I'd say that you're better off learning how to grade and spot problem coins even if you only would buy a slab.

 

Log in or Sign up to hide this ad.

Nothing wrong with raw coins. Definitely something dangerous in getting expensive key coins that are raw. Sorry, but I would not risk it--get it from a reliable dealer who will back it up, and get the key coin certified.

 

This. Those sellers greatest asset is the ego of people that think they know better than everyone else.

Agreed. However there is a difference between buying in person and buying online. Grading from internet pictures is a skill on it's own learning how to adjust the image in your head from how it was taken and whether it was a scan or real picture ect. We see time and time again people coming to concrete grading decisions from picture issues not coin issues. A lot of people have trouble spotting the changes the picture caused to occur on the coin. Someone whose really good with a camera could make you think a coin was anywhere from a 62-67ish and probably even convince you it could be a cam or dcam proof even though its ms if they were setting things up in various ways.

 

For the brand new collector who wants to buy some coins with value -- not necessarily key dates, either -- PCGS/NGC slabs are a good idea. Since the topic of cleaned coins and damaged coins started this thread, there are scores of sellers who peddle those as "brilliant uncirculated." A lot of money can be spent assembling a collection of cleaned coins that although might shine, have a totally compromised value.

 

All I can say is once again--put sensibility before ego. About 5 years ago, I got my current 1893s Morgan. I waited until there was the FUN show in Orlando, and went to one of the most reputable dealers in the country. I looked at his selection--he had a few 1893s coins---I picked the one I liked, and bought it directly in person. For my 1893cc, it was slightly more difficult--I made a trip up to Virginia Beach to a most reliable dealer, and bought it in person. Considering what I spent on the coin, it was well worth it, and both of them were certified. To me, if you're going to go to the expense of getting high priced coins, take the time to do it right, and check one's ego at the door.

 

CDN bid is $2400 in 64. I'll bet $500 bucks that this coin had already been to PCGS/NGC and back

 

That's a no brainer but the question is... How many times

 

At least twice

 

Actually regarding the Prada bag and Ray Bans this type of removal occurs because manufacturers want to eliminate competitionfrom secondary markets. They used claim a copyright or trademark violation but now call everything they don't like a fake and the e-commerce platform has no real way to know who is telling the truth. It's hard for the small retail seller to defend in these situations. But understand this has nothing to do with fakes and everything to do with big brands wanting to keep your used or gray market good from competing with the goods being sold by their authorized dealers. A few years ago the Supreme Court put this issue (we hoped) to bed in a case called Wiley v. Kirtsaeng. Kirtsaeng was a Thai grad student going to school in the US. His parents were sending him legitimate textbooks that the publisher was making overseas and, using flimsier paper and binding, selling for a lower cost then US students paid for the same content. He then sold these textbooks online in competition with the publisher Wiley. Wiley, none to happy with competition from their own product sued kirtsaeng claiming a copyright act violation. The copyright act, which forbids copies, has various exceptions. For instance the creator can make copies. Also there's fair use which is why museums can display works they may not own. The First Sale Doctrine is the one that keeps e-commerce alive. It says if a good has gone through a legitimate first sale then the manufacturers rights are extinguished (they got paid) and the good can be resold, lent, given away. This is why you can donate stuff to Goodwill or books to the library without violating the copyright act. Manufacturers HATE the first sale doctrine. Wiley tried to argue that FSD did not apply to goods made overseas or intended for the foreign markets. Breyer rightful pointed out what a bizarre impact this would have - we already make enough stuff overseas because of lower labor costs now we are going to actually give manufacturers copyright protection for moving stuff to Mexico?!? The court ruled for Kirtsaeng saying it doesn't matter where in the world something is made, if it went through a legitimate first sale it is freely alienable. So now the only way a manufacturer can get something pulled is by claiming its "fake" as that clearly violates the law. Next time that happens to you know Ray Ban is violating your rights. Sorry for the long winded response but I spend a lot time working on this and it pisses me off when people are just trying to sell an unwanted good only to get smacked down by these big rights holders.

 

@Andrew5 - deep breath. Use paragraphs. Completely irrelevant to the subject at hand which is GSC.

They've built a very successful sales engine by carefully keeping within the eBay rules. They have photographs (taken so as to make the item look it's 'best', but photograps) and they cheerfully accept returns and negative feedback knowing that the vast number of uninformed positives keeps the % high enough.

 

I stopped buying raw coins a long time ago. Too difficult to resell and often disappointing when submitted (although not always). Some dealers who sell raw coins will tell you why a coin would not grade-if you ask! Others try to take pics that actually highlight a coins "flaws" so buyers will be more likely to be pleased rather than disappointed. I like that!

 

When buying raw you do have to ask "why"? But that's very coin specific.

For example, circulated 3 cent silvers are rare slabbed because the value proposition isn't there... most of them in XF are worth 70-200$ and so not worth spending $10 to slab.

Now if you are looking at a $1,000 coin... unless it is the classic LOM selling off his collection of 50 years because none of the grandkids are interested, then you do have to wonder why somebody didn't spend $20 to have it slabbed. Or did they and it came back cleaned so they cracked it out. ESPECIALLY coins that have been through the dealer circuit.

Sad, but that's the truth...

 

I bought this raw at long beach for only $50. Seller must've thought it was AT being a 21. I knew better. I knew that this $50 coin was one of, if not THE, best known toned 1921. What I didn't know at the time was that it's a killer vam too. I was too busy scrutinizing the color than looking for the vam. If not the best toned 21 it is for sure the best known thornhead vam. My point, while not on the "cleaned" topic, is that the seller thought it was messed with and I knew better turning my measly $50 into 4-figures

 

I have purchased several coins from them and every one I sent to NGC for grading came back with a higher grade than I thought the coin deserved (No complaints about that). The only thing I dislike about GSC is that several coins I had bid on where I was the high bidder and it would have been a good deal for me, they took the coin down before the close of bidding and a BS (to me) reason was given. So I lost out on several coins I really wanted.

 

The coin didn't go as high as they wanted so they nuked the auction by stating they listed incorrect info. It's a pretty common thing when sellers don't get close to what they expect to get.

 

The only thing a buyer can really do in a situation like that is take their business -- and money -- elsewhere. I don't give a seller more than one chance to screw me.

 

I always question this sellers coins, but like with any seller there is an opportunity sometimes to score nice raw coins at a cheap price. What few auctions I have tried with this seller I lost which was fine with me. Never hurts to search the raw auctions for cherry picks - especially if you know what you are doing or getting into.