Confused with eBay buyers

I'm new to coin collecting, just started about a month ago. Really enjoying it. I bought the 2017 Red Book and it has been very helpful. I started to buy some Peace dollars and doing fine with the Red Book and prices. But, I don't always find consistency with the Red Book and what people are paying for on eBay. For example a 1925 S Peace dollar sold for $41 on eBay. Now, it has a NCG cert at MS66. The Red Book says it should have sold for $27,500. Am I missing something?

 

Log in or Sign up to hide this ad.

Post a link to the completed auction.

Also, welcome to the forum.

 

Yes, you are. NCG is what's called a "basement slabber"; they put coins in slabs with inflated grades. NCG is particularly obnoxious because they chose their name to look like "NGC", a top-tier grading company. An NGC MS66 1925-S Peace dollar might well be a five-figure coin, but an NCG MS66 is likely a circulated and/or damaged (cleaned, polished) coin. The "winning" bidder at $41 still may have overpaid.

Welcome to CoinTalk!

 

Hey Paul, here is the link.
http://www.ebay.com/itm/322275323354?_trksid=p2055119.m1438.l2649&ssPageName=STRK:MEBIDX:IT

 

Hey JeffB, Ah, so they use their Name to look like NGC, man! That makes sense. Wow, you really got to watch yourself when buying coins. As I said, the Red Book is really helping, now I just have to watch the sellers with both eyes! Thanks for responding.

 

Yeah, what @-jeffB said. NCG just uses the same letters as NGC to confuse people.

 

Hey JeffB and Paul, thank you so much for clearing this up for me.

 

The 25s is a big time coin with a legitimate 66. These basement slabbers float on top of a swamp.

 

Hey Santinidollar, thank you for responding. Like you said, it is a big time dollar with a "legitimate" certification. I had no idea that NCG was a basement slabber, trying to look like NGC. Now I do, thanks to this forum.

 

If you're using the Red Book as a price reference in determining how much to pay, don't. It's not that it's "outdated" as so many claim, but the real problem is where the so-called "values" come from. Since you're new, I respectfully suggest you learn before spending too much money.

Welcome to the forum, sir.

 

Another serious consideration for you, if you're purchasing Peace Dollars, is to better develop your grading skills. The NCG coin is plainly circulated. This should have been immediately apparent, and you'd have figured out on your own that this was a kitchen-table grader. Makes me fear you've been taken on other of your purchases, unless you're sticking to reputable slabbed coins at this early point in your development.

I don't know what to think of this seller. A bunch of PCGS-slabbed Cents, Nickels and Halves, and 18 silver Dollars in third-world slabs.

 

Well, the seller does spell out that his NCG coins should be considered raw. But is it kosher under EBay's rule to display the "grade" in the picture?

 

Also note that every single one of his NCG slabs is MS66 this is a dead giveaway that something is amiss. I mean not even one 65 or 67 to mix it up and try to throw people off. Dumb.

 

The NCG "MS" stands for "Moronic State" meaning, the higher the grade, the more of a moron you would have to be to fall for it and that one is pretty lofty.

 

It's not, but they don't enforce that particular rule very well.

 

@CoinBoyBryan Welcom! I want to echo what BooksB4Coins wrote - don't spend a lot of money until you learn this hobby a bit better. There is a lot to learn and you can easily overspend or make poor purchasing decisions and it would be unfortunate to get a lot of money caught up in something that is just not worth it. So take your time, spend wisely and cautiously, and don't be afraid to ask questions. Good luck!

 

That coin is very expensive in MS 65 grade and it can even go up higher base of the grade or (condition) of the coin. Also with the slab by NGC or PCGS is best to have for this coin.

 

I just saw your link for this coin and it is NOT BU in MS 66 grade. The NCG is NOT NGC. So whoever bought this coin just got rip. Condition of this coin is Not MS (Mint State) or gem BU at all. Like others have said earlier, you will need to get a grading book before getting into buying coins that goes for this price of 25K or even 1K and so on. Most coins are base on condition or (grade) that determine the value of the coin. So the advise by other here will get you more better knowledge and books with description and photo will also help you go a long way. Also patient for yourself will also help you understand what coin collecting is all about. Good luck in coin collecting.

 

That mint mark looks like a "D" to me, maybe a younger member can take a look to confirm.

 

I'm not great on US grading but if that coin counts as MS66 I've got a bridge I can sell you!