What do y'all think of my new $6700 "Business Strike" (cough cough) Washington?

I won’t argue to the contrary.

 

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LoL how could you Alan ....they are....and even us who are a tad bit smarter can be taken.... I'm a firm believer in karma.... and the golden rule.

 

I agree as well. However, authorized dealers, and those that join organizations that have pledges of fair honest dealings should be kicked out for scamming people.

 

Are you a people?

 

It does make me wonder how the dealer got it and wound up with a seemingly super valuable piece that is really worth $25. Would a dealer have paid like 6K for it, or did they send a proof coin in for grading and did a happy dance when it came back MS? Odd. You would think a dealer would know the esoterica that make or break a coins value when there is that much difference?

 

The story is, I bought it from a collector who submitted it thru a Coin Shop/Dealer. Then the collector flipped it to me for 1/3 the retail price. I returned the coin to that collector. It is out for delivery today but he says he likely won't get it since he has to sign for it and he works Mon-Fri at a law firm.
Now, we can speculate all we want about whether the Coin Shop sent it as a business strike or the collector did. Or whether the shop sold it to the collector as a mechanical error and the collector represented it online as a true business strike... etc. There are a hundred possible scenarios, which is why NGC would chalk it up as a mechanical error and wash their hands of responsibility. But in the end, all I can hope for is my money back and for NGC to kill the cert number, then for the coin to be removed from the market.

 

And he will likely never receive it...why would he want a mechanical error?

 

Well...

 

On-line cert was updated.

 

Good. Now hopefully I'll get a refund and not get stiffed for $2250. (Although, PayPal and my credit card should have my back on this if it comes to that).

 

That’s a little cynical.

 

Recieved my refund today, though it won't credit to my card for 3 to 5 business days. I am relieved that I got my money back and that the cert was deactivated. Thanks @Jack D. Young ! Hopefully this coin will not be traded as a business strike on the market ever again.

 

Awesome news, glad to hear it

 

Congrats! Good to hear.

 

Mechanical Error

was it rejected by a vending machine ?

 

Glad it worked out OK for you; hopefully if it is attempted to be sold again the potential buyer will take the time to check the on-line cert 1st...

 

I have seen this happen several times with NGC in the past with common proof coins in MS holders and vice versa. Sometimes it happens to more than one coin on the same submission! Everyone makes mistakes, but NGC seems to do this a lot more than the other services. It needs to get its act together and hire new quality control staff.

 

If the piece could be entered on the NGC registry as an MS-68, there would be some collector out there who would pay a premium for it. It wouldn't be $6,700, but I bet you could get up to $1,000.

Some collectors are absolutely obsessed with getting to be #1 on the registries, especially the PCGS registry. They will pay huge premiums, especially if it is “the finest known” with no equals, (actually graded) coin.

In 2003, Heritage sold this 1963 Proof cent for $39,100. It was the only piece graded PR-70, Deep Cameo. As you can see from the photo, it had some spots and toning marks, and looks like it fell show of the "perfect" PR-70 grade.

In the mean time the coin was pictured in COINage. By then it had more spots judging from the photos. Heritage put it up again, and this time the bidders had it up to over $40,000! The piece got a lot of attention on the PCGS blog, most of it negative. Finally Heritage withdrew the piece from sale and PCGS bought it in to avoid further embarrassment.

Judge for yourself if you think that this coin is still a PR-70.

 

Now, that's not a very nice name to call @C-B-D!

 

I've been called worse.