I need some help on PCGS Slabbed proof cents

I recently bought a coin from Teletrade. 1962 Lincoln cent PCGS PF-68 DCAM

I received the coin today.

There is a spot on the reverse. It was there in the picture if you know it was there, but it was glaringly obvious in hand. Be that as it may, I examined the coin and the spot is green verdigris. Doesn't this exclude this coin from a PF-68 DCAM grade from PCGS? and won't PCGS honor their guarantee on this coin?

Here's the Teletrade pic:

http://teletrade.com/coins/lot.asp?auction=3139&lot=1248&imagetype=j2

Opinions? Anyone?

 

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http://www.coincommunity.com/forum/topic.asp?TOPIC_ID=96559 gives a discussion of verdigris spots on a PCGS coin. The solution for that one is at the bottom of the page, comments by CoinsKelly Posted 08/26/2011 2:25 pm. Don't know how this specifically will apply to your issue, but read the thread and see if it gives you something to work with.

 

Return it.

http://www.teletrade.com/coins/help/howtobuy.asp#returns

 

I am guessing you're talking about the spot on the steps. It may not be green in the photo but it is pretty obvious nonetheless. See the orange aura around it? It's alive and growing.

If it's possible to return it, I would.

If you can't return it you can send it to PCGS for a free "spot review". If the spot can be removed and the coin saved, PCGS will do just that.

Based on what I see the spot has already caused irreparable surface damage. In that case PCGS's guarantee will kick in. They will offer a choice: a payout and they keep the coin, or a partial payout and the coin returned in a lower grade holder with the spot stabilized. The payout will be more along the lines of wholesale, not retail.

It will always be an eyesore, unfortunately.
Lance.

 

90% of Teletrade appears to be a dumping ground for problem coins.

 

I think you nailed it. To me that spot is a bulls eye on the steps. Return it if you can.

Not sure teletrade is a dumping ground, but I am very careful on it. Same with DLRC since their pictures are not as good as heritage.

 

they charge me to return it, tho, right?

I mean, I can't believe that a corroded coin would be acceptable to PCGS as PF-68 or anything other than a net grade, but yet I have to lose money on it?

 

Yep.....and I can see the spot, the verdigris has accelerated the toning in the area around it (provided feed materials). Neither PCGS nor NCS could remove that without damage....the speck of verdigris could be carefully conserved however. Nonetheless, this is a return coin...why bother with PCGS guarantees and such. You'll find another some day.

 

Mike unfortunately yes, As I suppose for the reason to keep people from doing it to many times.

[FONT=geneva,arial] A return handling fee will be deducted from any refund for a returned lot calculated as follows: Five Dollars ($5.00) plus five percent (5%) of winning bids equaling Two Hundred Dollars ($200.00) or less[/FONT]. So $10.50 + shipping.

 

Mike, I would then request from Teletrade (in this instance) that they reimburse you for your expenses of returning the coin, and list the reasons, in that they should have known that any coin, slabbed or not of that grade --- should not have that spot and ring around it, or they should have called a buyer's attention to it, so the buyer would be aware of it prior to purchasing.

 

That is a shame to see a spot like that on this type of graded coin. I agree, I would contact Teletrade and see if they will offer to pick up some of the cost of returning it ..

 

I'll try to isolate the spot in a picture so that you guys can see it. IMHO it's one thing to have a carbon spot years after the coin is slabbed, but the spot on this coin is bright green (like the Statue of Liberty green) in that spot and that Teletrade allowed this coin into an auction is disappointing to me.

They (Teletrade) photographed the coin up close! There's no way that someone didn't see it. The coin obviously needs to go back to PCGS, but this should have been done by the consignor or at the very least, Teletrade should have refused the coin and advised them as such. Their lack of quality control affects their own reputation as well.

 

It probably turned in the holder. From that slab type it could have been in there as long as six years.

No matter what you are probably going to lose money on this purchase. If you send it back you're out $10.50 + shipping. If you send it to PCGS your out the shipping and insurance one way at least and then if they buy it back, what is their idea of the wholesale value of a PF-68 DCAM 1962 cent? Probably not close to $110.

 

update:

I called Teletrade today first thing and spoke with a gentleman in Customer Service. To their credit he offered me ALL of my money back including the cost to ship it back without any argument at all. Very professional and very accommodating. I couldn't have asked for more from them and I wouldn't hesitate to buy from them again.

 

Perfect. I would have guessed that. I'm not crazy about the coins I see on Teletrade generally, but I have always felt the company was very customer-oriented.

I glad it worked out so well!
Lance.

 

yay!

 

Now that is truly superior customer service. Very refreshing to hear.

 

also rare nowadays, conder. Like I said, I wouldn't hesitate buying from them again or recommending them to a friend

 

Yes, good to hear about good customer service today. It is also good of you to post about it as a follow up. I dislike when someone just complains and you never here if they got resolution from the firm or not. TYVM for posting a followup on Teletrades response for us.