I just purchased 2 coins and I think I was scamed

I just purchased a 1888-P MS-67 Morgan $1 coin I was told it could be worth $10,500. However, it was certified through Midwest Grading Services. I have tried to google this company and can not find them. I have also purchased a MS-67 1879-P Morgan Silver Dollar certified through NES numismatic evaluation service. The site looked a little plain and new. Here are the pictures of my coins. I was told the coin was worth $45,000. Thank you for your help!

 

Log in or Sign up to hide this ad.

how much did you pay for the coins? me personally i would never buy a graded coin that was not graded by NGC or PCGS. the coins arent bad looking but not an MS67 by a long shot. hope you didnt pay those values that you were told they were worth:headbang::headbang::headbang:

 

So the only important thing is what you paid for them. I hope it's nothing near those prices you were quoted! and if so can you still return them? They'd only be worth those prices if someone paid that much anyway.

 

Ouch...who gave you those values? Those coins are nowhere near MS 67. Buy PCGS or NGC graded coins and you MIGHT make out okay. I don't know what you paid, but if it sounds too good to be true...it probably is. Good luck with your future purchases! Ask for our input BEFORE you buy and we can help you to steer clear of bad deals.

 

No I can not return them

I paid only $200 for them. I went to a government auction for the first time, and I clearly know nothing about what I got myself into. When I got home I started to do a little research on the coins. I am usually extremely cautious when it comes to purchasing things but I figured it would be legit coming from a government auction.

 

Where did the 'values' come from?

 

NES is mentioned in the link below.
http://search.reviews.ebay.com/NES_Coins-Paper-Money_W0QQucatZ11116QQuqtZg

Actually, you got off much cheaper than many who come with NES , SGS, etc. self graded coins where people can buy the slabs and make their own labels, saying whatever they wish. Hope to see you develop an interest in these coins. Welcome to the forum!

Jim

 

I agree. Personally, I wouldn't have paid half of that fo the coins but live and learn. At least it wasn't thousands.

 

They were next to the coins being auctioned showing the PCGS value for them. So for future reference what about coins with no certification that have flaws? I was told that those coins could be worth 10X the max value. Is that even true? This new coin collecting thing sounds like it could be something I could get into but I know it would have to come with a lot of research

 

Numismedia (Morgan Dollars NumisMedia Price Guide-MS61-MS70) is a good price guide, that can give you an idea of the value. But, the grade is everything, and both NES MGS are not reputable graders, so their grade can not be trusted.

As a beginning collector stay away from raw coins, and stick with coins graded by the major companies (PCGS, NGC).

Btw, if you can, post some more pics of the back of the 1888 P (there's a chance it's an interesting Morgan dollar variety).

 

Here are 3 pictures of the back sorry they are a little blurry. Let me know if these pic's work for you. Thanks for your help!

 

Unfortunately CT has a 250kb limit on all photos, so it auto shrunk all your pics. You can use any photo hosting site (Photobucket, any site like that), to post larger pics, just upload them to the site, and link them from there.

 

Here is the link. I also have two other coins on there that I would like to purchase but I do not know if it is worth it. Plus they both have errors and I know nothing about that. http://s285.photobucket.com/albums/ll48/stephanie_82_h/Coins/

 

It's impossible to grade from those photos, but one thing is clear - it could be a lot worse. For one thing, $200 isn't the end of the world. For another, the coins don't look too bad. Hard to say.

One other thing is clear - NGC and PCGS are the most reliable grading services around. NES means nothing. Avoid 'em.

 

Can you post up images of the other two coins ?

 

They're in this thread 1928-S Silver Peace w/error is it worth investing in? - CoinTalk

 

The 2nd one (1879) looks decent. If it's MS63 (which it might be), it greysheets around $50. Not too shabby.

 

http://s285.photobucket.com/albums/ll48/stephanie_82_h/Coins/

 

You would do yourself a world of good if you would buy (and read) R.S. Yeoman's "United States Coins" AKA the Redbook.

 

You'll hear it a lot from those of us in CoinTalk: "Buy the book before you buy the coin". Basically, you need to get some general knowledge about coins in order to first find out what you'd like to collect and then the various aspects of collecting coins. Stay with the quality graders (PCGS, NGC and ANACS). It takes a lot of practice and observation techniques in order to grade a coin. Of course, all grading is subjective, but there are guidelines to go by and experience plays a good part in all of this.

So, Welcome to CoinTalk. You'll learn a lot here.

Bruce