Not really, all the comments about "Everything he grades is 70" is hyperbole. He has always used the other MS grades and sometimes even circulated grades. But he does use the 70 A WHOLE LOT.
He may use other grades as I don't know this person and my only dealings with them were the 6 presidential coins. To be honest I was really sloppy and didn't even know they were all graded the same. I know a cameo should be perfection and not of them were perfect. That being said, the price I paid was reasonable for the coins I received so I have no complaint about being ripped off or anything. I'm just confused why this person/company doesn't attempt to do a much better job at grading. I mean I am no professional grader, but I can read how to grade a coin and do at least a fair job giving the coin a correct grade. Any coin with a little mark on the obverse is not going to be an MS70. I think they would still sell their coins and be able to improve their reputation if they graded honestly. Their prices aren't bad in most cases so why not take the next step and grade them properly? If they were to grade an MS60 as an MS62 because they are working quickly that would be okay because they aren't charging for the higher grades. It simply doesn't make sense to me.
My experience was my own fault by not checking who was grading the coins. I looked at the coins and they appeared to be nice unc mint issues. When you are looking at photos and not the real deal it is often difficult to get the complete picture as to grade. When I received the coins there were some minor markings like they came out of a roll which is most likely the case. I think the guy buys rolls and then breaks open the rolls, slabs them with all the same grade and sells them. In my case he put sets of the P, S and D together at around $4 each. In the Red book they are listed at $8 each. Even with the slight imperfections I'm sure they could be resold for the $4 plus shipping. So I didn't lose anything in that respect. However, I don't understand why the guy doesn't do a better job of grading the coins. I'm not sure I would call it a scam, it is more greed where buys think they are getting a fantastic deal on a fantastic coin. In the case of Presidential dollars there are no good deals. In fifty years the dollars will not be worth much more than they are now in my opinion. It is one of those issues you have to really enjoy what you purchased and not buy as an investment. I have the two Grover Cleveland issues in nice unc condition and I"m happy with that. They aren't MS70, but I don't really care about that other than the grading is crap. I also have two 1893 Cleveland Colombian Expo commemorative medals which do have investment value and in 50 years should be worth considerably more than they are today.
So in order to make people think they are getting this "fantastic deal on a fantastic coin", he is intentionally trying to deceiving by placing sub-par coins in a slab-like holder labeled as being superb gems for the sole reason of bringing the highest profit. This, by definition, this is a scam. http://dictionary.reference.com/browse/scam The reason is both obvious and simple: money. Were the coins graded to accepted standards, how many people would be conned into thinking them a deal? The "deal mentality" is rampant in this hobby. On this very board we regularly see people focus more on what they believe is a "deal" than on the coins themselves, and the problem goes well beyond bottom feeder slabs. This is the reason why there are sellers who crack detail-graded dreck to sell raw; when honestly labeled, such coins usually sell at strong discounts, but once removed they can fluffed into being something they are not. Another casualty of the deal mentality is buyers who blindly put all faith into the top TPGs. While this is generally the safest option out there for those who do not know any better, the reality is there are plenty of overgraded and questionably graded coins out there that, after a game of hot potato, often end up in the hands of those who focused more on the price than the coin. The point with this is that there is very good reason for such deception... it pays. With knowledgeable and/or experienced collectors being the usual exception, it is almost always harder to sell an honestly graded/described coin than one that has been fluffed up, and as long as there are so-called collectors out there who care more about cost than quality, these games will continue.
Unfortunately, you probably hit the nail on the head. I have to strongly agree with you that even the best graders make mistakes and over grade or whatever because I see many coins in PCGS slabs that are over graded imho. I collect two cent pieces and I only look for EF to AU and above coins and I often find AU55 graded coins that I would consider closer to EF40/45. I've learned in a short time being on this board that you MUST buy the coin and not the slab. In the case of the Presidentials I wasn't looking for the very best coins and frankly didn't even notice they were graded MS70 on the slabs. I looked at the coins only and they were satisfactory for the price. I could have purchased them cheaper, but it was nice to buy them in a set and all slabbed. That being said, after the purchase when I received the coins I knew something was going on that was more like a scam than a legit deal. I also purchased a legitimately graded Presidential for around the same money which to me is a more satisfying purchase because at least it is properly graded. Either way, if anyone is buy Presidential coins and thinking that these will be valuable one day they are in for big disappointment.
