The Coin Depot , MS 1/4 Eagles $239

Karp

There is another seller by the name of Jules Karp out of New York city, NY. The prices for US Gold Coins are tempting. They say their grading is based on 48 years experience. Has anyone bought from them?

 

Log in or Sign up to hide this ad.

Excuse my ignorance, but what is the CAC sticker?

 

Do you have a website? If the gold Is close to melt it might be worth looking into regardless of condition.

 

This is the latest gimmick. It's a company [John Albanese} that looks at your slabbed and graded coins, then for a fee-puts a small egg shaped sticker right on the slab. I'm sure others will chime in. It is a controversial subject.

 

Thanks Vicktor,I remember a thread about that now that you mention it. I didn't recognize the initials.

 

CAC = (Certified Acceptance Corporation)

Basically it's grading the grader.
Coins that are well above average for the grade on the holder can get a CAC sticker indicating the quality.
An MS-64 that's really MS-64-plus (but not quite MS-65-minus. Let's say MS-64.8)
Oh, and there's a fee for this service (Surprise!)

 

They do not support a website. However I have called them for a price sheet before. Call 1-800-836-6226 and usually a real person answers.
Ask them to mail you a price sheet and they will.

 

Currently, only "the select few" elite can submit coins to CAC.

In contrast, anyone can submit to TPGs. Granted, PCGS requires you to "join up", but that's just a fee, not a closed club.

 

Yep. Only selected dealers can submit directly. In Texas (population 18 million), there are four anointed dealers.

 

What would happen if when they send you an AU coin that is supposed to be PQ UNC , if you demanded they send you a PQ UNC coin like adverdised and if they didn,t you report them to the magazine . Then tell the magazine they are'nt living up to their end of the bargain and you will only settle for what is advertised , if enough people did this maybe they would have to live up to their responsabilities and quit ripping off the average collector .
rzage:smile

 

Sad but true. The mags depend on the big multipage sellers for ad revenue, and look the other way. Scratchus backus mutualis.

 

lol

 

I was on Facts teletype for many years and dealt with many of the full page advertisers in leading Coin mags. Without naming names I can personally attest to many of the dealers constantly pounding out "Buy" messages for slider AU silver dollars and gold coins. Dozens of messages a day. Another dealer and myself here in Saginaw Michigan used to discuss the fact that their ads NEVER offered AU coins. It was always Gem BU or PQ BU coins they were offering. Sad state of affairs.

Buyers beware as most posts above this have said. Quality coins cost quality money....period. There is no Santa Clause hiding in those ads.

 

Thanks, Jerry, for that insight into the workings of the coin market. This thread is certainly worth a bump after a year, as I don't believe anything has changed during that time.

 

I think it has gotten worse , not only are they selling sliders as PQ Unc. people like Paul Sims are selling doctored coins willingly or not .
rzage

 

The only thing I've bought from Coin Depot was a modern bullion gold piece, so there was no grading issue involved and I was satisfied. But I have refrained from buying anything from them (or any other dealer) where the stated grades are not standard MS terms and backed by a TPG. When I read a coin described as "Brilliant Uncirculated", it's totally meaningless; it reminds me of the outdated grading terms existing eons ago when I was young.

 

I have bought from L&C but I usually avoid those big CoinWorld advertisers.

 

Here's an ad I just spotted in Numismatic News from the coin depo, and I know it's too good to be true but damn that's a good deal:

It says:
$2 1/2 Classic Gold Coins
~ Choose your Grade ~
Dated in the 1830's, these excellent early gold coins are offered at great pricse!
VF/XF .... $499.00
XF/AU .... $679.00
Borderline Unc .... $1,099.00

Just to put this in perspective, if the coin is truly uncirculated these go for 3 to 4 grand or more.

I bought a really nice coin (AU53/NGC/CAC) from a very reputable dealer for $1200. And this is a good price! I got a good deal ,but less than $1,100 for a borderline uncirculated (higher grade than mine) is insane. It's obviously too good to be true.

if anyone else has actually bought from the coin depot, I'd be interested in hearing