ABONCON got me! what to do now?

Hi,

Before learning about aboncom from this forum I ordered a 1879 P SGS graded "MS-66" morgan

now, I paid about $100 and the book value in MS65 is 1200.

I still havent recieved it yet, but even if it grades down to a 64 I will still have a good deal.

The question is how many grades should one subtract from an SGS graded coin?

Do they ever get it right? Has anyone recieved a coin from them that was graded accurately?

SHOULD I REMOVE IT AND SEND IT IN TO A REPUTABLE GRADER IF I THINK THE GRADING MAY HAVE BEEN CLOSE?

 

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It's hard to say how many grades it will go down. I would suspect the coin is probably an ms-63, and if it is a 64, it's probably not worth getting slabbed, since you already paid 100 for the coin. SGS is a horrible grading service.

 

SGS grades and sells the coins himself.When you get the coin grade it yourself and see if its worth what you paid.

 

I'll keep everyone posted.

 

Of course they do - no one is perfect. Don't forget, a stopped clock gives the right time twice a day.

 

SO.. the question is: Do they grade purposely higher on everything or is their margin of error just that much higher in either direction???

 

i paid several Kennedy's ( almost $5) with the SGS slab and even the grade is DC-70 OR MS-70, the real grade value will be PR-69 for some of them and the rest will be MS-65 / 66 so i think is it fair purchase but if you think that you have to pay the fees for a real certification , your purchase will become a truly unfair purchase!!!!!
i wanted to put them on ebay but i feel bad for the futures buyers !!!!!! so....
see you son

 

It's probably AU, and you're out your money. They may have a return policy.

So, you knew the coin was $1200 in MS-65, but they were willing to sell you a "MS-66" for $100. Did you think you were just getting a super-bargain?

Consider your losses to be the cost of tuition.

 

They do overgrade I think, but a lot of people don't give them the time of day not even bothering to look at their coins. So once in a while you can buy a lot of coin for a small price. You must be very careful and have knowledge about the coin before you buy. Coins are llike anything else: "If sounds too good to be true, it probably is". But, if you like the coin for your collection great. If you bought to help fund your retirement, read the sentence again in quotation marks. I'm sure everyone here has made some purchases they wish they hadn't.

 

No way I will every agree with SGS becoming real - they are a joke and will always be a joke. They can't become real after cheating people out of money for years. They are a self slabbing opportunists looking to take advantage of anyone they can. Now - that does not mean you might not find one(out of a 1000) of their 70's that would actually grade at a top tier company - and then anywhere from xf to a low MS.

As for the original bank wrapped roll? How do you know something was not done to the coin before it made it into this roll? I have had a couple of coins bb'ed for questionable color - yes I disagree with PCGS, but I would still always prefer PCGS/NGC/ANACs over any of the others. As far as I am concerned - "You paid for their opinion, they gave it. Now you do not like it because they did not agree with your opinion." Great - if the coin is original send it to another service - or save some time just send it to SGS to get a 70.

 

How do you have papers to prove you took a coin out of an original roll? Even if you did you could have done anything to the coin between the time you took it from the roll and when you sent it in. (I'm not saying you did, just that it is possible.) The grading service has no way of knowing what the prior history of a coin is. All they can do is look at the coin in front of them and evaluate it based on their experience from viewing thousands of coins before. If they think it looks like other coins that they believe were artificially colored, they will say it is artificially colored. They can't KNOW it is, but they CAN believe it is.

 

How many?

All of them.

Sorry about your experience.

 

If you do decide to crack it out and submit to a real company later; just make sure it wasn't altered, doctored, or messed with.

 

Guys, this thread is over 2 1/2 years old. Another ancient thread bumped by a new member in his first post.

 

That's kind of what I was thinking.

 

Did anybody welcome the new guy aboard? Okay, I will. Welcome to the forum EnergyRecru. This is the place to explore and learn......

 

I don't feel that SGS will ever become real...and I wouldn't touch an 1881-S Morgan they graded let alone and 1893-S. I don't trust their ability to ensure that a rare coin such as an 1893-S is in fact authentic.

 

Yeah - but energyecru renewed it with something like SGS is becoming real. I did not want the last post in the thread to have that - some unsuspecting newbie my take it as real. Not sure where is post went, but I noticed it was gone.

 

You're right, his post has disappeared. How does one completely delete his own post or can only a moderator do that?