Hi, I decided to make this thread because I see so many posts including mine that ask the question, "is this coin worth it?" on eBay or other sites. So, hopefully this thread could serve for any eBay auctions that somebody may be in question about and wants greater clarity from the CT community on. I'll start, 1937-D 3 Legged PCGS F-15 $699 http://cgi.ebay.com/1937-D-PCGS-3-L...5634cceab7&_trksid=p3286.c0.m14#ht_720wt_1165 I think that's a good deal but do you? $699? It's below Gray sheet bid.
But it's NOT PCGS F-15. It's PCGS "genuine." The SELLER is grading it F-15. It's damaged, that's why PCGS wouldn't assign a grade. Read the auction better, then run away. Joe
As has been said, this coin is a problem coin and I would stay away from it. PCGS now places some problem coins in holders with "genuine" on the slab. If you look at the serial number on the slab, you can find out why the coin wasn't graded. The serial is 3982.98/14506694. The 98 in red is the key to the problem. 98 means "Damage - deliberate surface damage, i.e. graffiti, spot(s) removed, etc." according to the PCGS website. Here is the table from their website that shows all the codes for problem coins they use.
I don't like the 3rd leg area. It looks like either the plastic is fuzzy, or some work has been done there. I think the .98 would take it to about 50%, but if removed from the slab and sold as "guaranteed genuine", the RAW price would be higher (if the buyers didn't read this forum). Would that be ethical? A lot of this probably occurs. Jim
Better be careful when asking if something is really a deal in public... if it really is a good deal one of us just may buy it
That certainly sounds like a gross exaggeration. Some coins are rare and valuable enough such that many collectors can only afford "problem" examples. And even for more common (problem) coins, there is always a price at which some buyers wont think they are "too cheap".
I think that is a somewhat popular statement made by Rick Snow. While I think it is true 99% of the time, there certainly some specific coins that are nearly unique that any example collectible. But, other that those coins there is really no "savings" in buying a problem coin. Problem coins are very hard to resell, one is much better buying a considerably lower grade but problem free example even if it costs the same.
I understand the concept/point, and I, myself, don't typically handle problem coins. But, as stated ("There is no price too cheap for a problem coin."), I think it's true about 1% of the time, not 99% of the time. That's because, no matter how lousy a coin (or other type of collectible) at a certain level, there is just about always a price that will attract a buyer. As just one example, if you were offered the 3 Legged Nickel that was the original subject of this thread for $100, would you pass? I sure wouldn't, because I know I could sell it for a lot more than that, problem and all.
It's just a saying. It means one should avoid problem coins unless presented with an incredible (and unrealistic) deal like your $100 example. But, generally speaking, buying a problem coin is a mistake.
I am with Mark on this. I know the saying, but it is like many from high end dealers. Legend and others say the same thing, and I would in their shoes also. But I would buy that coin at $300+ myself with his 7 days return (as the photos are bad). Jim
