A lesson in "Buy the Coin, not the Slab"

Has it also been repair. I didn't see any problem with it, but obviously i have no expertise in this area.

Ruben

 

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How can you tell it's been reholdered? The grade is the same. Is it just a different serial number or something?

 

PCGS will reholder a coin for $5 or so......it does not get reviewed for a new grade. The service is for slabs that get scratched up and the owner wants fresh plastic! PCGS will place the same grade on the coin that was in the original holder. I was going to reholder since the slab was scratched up, but decided to not wait and go ahead and sell. (edit - the seller indicates it is in a blue labeled PCGS holder so he must have had it reholdered since PCGS is using a light blue label now)

Ruben - I see nothing in the pictures that indicate anything has changed. What do you see that is new?

Edit - Also, I don't want to imply that the seller is anything less than honorable. I bought my Fugio from him and he has a good reputation.

 

A very good reputation indeed.

 

nonetheless it's a beautiful coin that I would easily pay a problem free price for.

 

Good point! This is exactly what Catbert should have done instead of suffering a $200 loss, he may have broke even or possibly gained some in selling it to PCGS on the Guarantee program.

Too often we see a coin that was graded and slabbed by PCGS or NGC that has some corrosion and we jump to the conclusion, that the corrosion must have been there when it was slabbed. This is not always the case! Many times, a coin is slabbed then after many years the corrosion develops on the coin inside of the slab. This means that the offending source (whether it was/is chemical, environmental or whatever composition) existed on the coin when it was slabbed but it had not yet had time to do it's work (damage). Since PCGS offers a guarantee against this, then we should take them up on the offer when it is appropriate!

On another note, I believe that it would behove TPG's such as PCGS, NGC, ANACS, etc. to invest in developing a wash (rinse) to be used on coins that they are slabbing to rid of any offending agent. Besides this, they should also invest in a protective coating that can be applied to the coin after the wash (rinse) and before slabbing to prevent with at least a high percentage of probability, that no corrosion will develop on the coin after it is slabbed. I know that if I was in the certification and grading business and I offered a guarantee to the owner of the coin, against loss due to degradation of the coin because of corrosion, then I would want something to protect my' business against loss besides good old Insurance!

Just my thoughts, so what do you think!!!???


Frank

 

Such a wash or rinse could destroy the patina of the coin, erasing any originality. While I'm not a fan of corrosion, to apply such a standard for all coins without regard to it's natural surface would be disasterous - sort of like killing a fly with a shotgun.

 

Catbert,

I am sorry that I forgot to clarify what I meant in a wash (rinse) and a protectant! Both of these should be researched and tested extensively to insure that they would not change or effect the color or condition of the coin in any way.


Frank