How can SGS get away with this?

The auction below ended April 6th.
I'm not sure if I'm reading the PCGS chart right but it appears
that coin is valued at MS 67 for $11,500 from the link below.
Wheres the $800 value in the auction ad come from ?
http://www.pcgs.com/prices/frame.chtml?type=date&filename=lincoln_cent

Auction said:
" 1954 P MS70 LINCOLN WHEAT CENT
The PCGS Price guide has this listed at $800.00 for MS67, and there is not even
a price listed for anything graded higher than that because they are so scarce! "
http://cgi.ebay.com/1954-P-MS70-SGS...ryZ39457QQssPageNameZWDVWQQrdZ1QQcmdZViewItem

 

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Midas, your staples are not straight on your slabs. Please correct that, In all seriousness, Its going to take some time before the SGS saga shakes out. When some poor soul decides to sell his/her MS70 collection and finds out its worth a nice evening our at the local 7-11 for dinner. As Midas has stated anyone can grade coins. How many times have we seen the words "grading is subjective" Do I agree with it? NO.. Would I ever buy an SGS coin? NO... why? because I know reality, as do most of us.. Question is.. how do we pass the word without getting tied up in lawsuits like a few others have when they spoke out against a particular "Grading Service?"

 

lincoln cent

I like the big scratch in front of Lincolns nose on that "ms70" cent!!

 

Good point.They seem to lead a charmed life.
From feedback intimidation to blatantly misleading advertising as noted earlier.
Its hard to believe so many are buying into it and no ones getting any wiser.
I saw some numbers recently that suggested since the onset of the 50 States Quarter
program there are now appx. 1 million or so new coin collectors around the country.
Sooner or later people will be waking up as they gain a little experience
and realize the Mint never made that many MS 70s.
It also appears there are quite a few submitting coins for 'grading'
and reselling them on eBay,more MS 70s for the gullible.
Did a BBB search earlier and got quite a surprise at the number of complaints.
http://www.akron.bbb.org/newsearch2.asp?ComID=02720014000743

 

It did appear that there was some scratchy looking things on either the coin or the enclosure. That could be part of the problem why no one complains. When they receive the coin they can see the minor scratches or marks are in reality on the enclosure and not the coin. However, I may say this but I doubt what I am saying. I agree with Midas. The thing to remember though is although we all complain about such organizations that may overgrade, if we were that organization, we too may do things like that to promote sales. Or are we all pretending we are the only honest ones here? And then again where is it stated that the grades on coins is a law. If one of us, or all of us got together and formed a grading service and decided to start a new grading system, possibly PMS for Perfiect Mint State, what law says we can't. Not sure how the females of this hobby would apreciate that abbreviation though.

 

Hey Honey...I have a perfect mint state coin...you know, a PMS speciman...wanna see it?

Too funny...

Jim M: If you have an issue with my quality control in how my staples are aligned, please email us with the issue and your next "grading" will be free. It may take 120 days, but it will be free (not counting $6.95 for S&H).

 

Or they will walk away from the hobby forever after realizing they've been burnt. SGS is bad for numismatics, period.

 

First pic post for me.If it shows up OK I'll post more of this coin w/more info.
Bought one to see for myself.
SGS MS 70 !
Fingerprints on the left and spots around the date.
Says too big for this forum,try this link,its a free hosting service.

http://www.imageweb.info/viewimage.php?file=/2/cQ274297.jpg

 

LL. those fingerprints are Lincolns himself. Thats why the higher grade!.. Geez, I have to explain everything. : )

MS70 eh.. MINE STINKS? That coin is a spender! Sorry to see you got taken for the SGS ride.

Now my question to you. Did you leave feedback?

 

"those fingerprints are Lincolns himself. Thats why the higher grade!".
Wow, I'll use that line when I find someone to foist it off on !

Yes I left FB and gave him a +.Theres a method to my madness.
In the meantime take peek at the large obverse pic of this MS 65 SGS gem.
I've seen pics of the moon w/less cratering.

"Up for your bidding pleasure, we have:
1900 S LIBERTY HEAD $20 Gold Graded Slabbed MS65 by SGS
THIS IS A STUNNING COIN! TAKE A LOOK AT THE PICS!
THE COIN YOU SEE IS THE ACTUAL COIN THAT YOU ARE GOING TO RECEIVE!
This coin has an amazing listed value of $25,000.00"!

http://cgi.ebay.com/ws/eBayISAPI.dl...search.dll?from=R40&satitle=8408545153+&fvi=1

 

so... did you buy it and give them positive feedback so you could get in on some future class action lawsuit?