Grader called and set up a sale.

Can we repeat rumors?

Rumor has it....

A local collector was called by a grader wanting to know if a gold coin being graded was for sale.

The grader set up a purchase and the collector flew in on a private jet to purchase the coin.

The sale price was far far far in excess of any published sale of this coin variety.

I want to be next.

 

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The grader is not supposed to know who the coin belongs to. Also, your scenario sounds off. The coin owner flys to buy his own coin? Or a different collector is contacted. I can see that maybe the coin grading service management contacts the owner to offer to buy, but that is a big red flag and a no no in appraisals when the appraiser offers to buy the item it is a conflict of interest.

 

This type of scenario occurs more than you would think. A friend of
mine purchased a collection of late 1890's thru early 1920's proof
and mint state coins. A few proof sets from these years along with
a few dozen mint state coins. Mainly silver. Most graded very high
and several were "top pop". Before he had the coins back in his
possession, he received several calls from leading dealers wanting
to buy some or all of the collection. He showed me several of
the pieces when they returned and they were truly amazing.

 

Sounds iffy to me.

My main question is - How did the " potential buyer " know the coin was sent to be graded ?

That information had to come from someone

 

It may not have been the grader. I should have said, someone in the company.

As observed millions of times: Insider information and trading can make a person wealthy. Where there is money, there will be indiscretions.

I think I am more jealous than offended. As I get older, I get less judgmental.

 

Not saying that there aren't some ethically questionable aspects to this scenario, but when it comes to TPGs, this doesn't represent the type of thing that concerns me all that much.

Assuming that they aren't being pushy, obnoxious, or predatory (trying to under-pay), then putting potential sellers in touch with potential buyers is relatively harmless, and might even be appreciated by some customers. I'd assume that the TPGs would have policies against this kind of thing for the purpose of avoiding conflicts of interest issues, but if one of their employees goes rouge on the policies then that is their problem, not mine.

Ethical issues with TPGs that are of concern to me, of course, would be instances where the grading process itself were influenced. If coins are intentionally under-graded, over-graded, damaged, misattributed, etc for nefarious purposes, then we really have a problem. But, I doubt that is the type of thing that is happening here.

 

I would be VERY CAREFUL making those accusations based on "rumor has it".

Not saying it can't happen, doesn't happen, won't happen, but what your posting should have more than rumor as your source. Otherwise it has no more validity than any other "sour grapes" post

 

Two words>>>>" Ed Woods" I heard rumors that since the Queen passed,and Truss resigned that the crown called Ed back into service. We tracked him to Malta where he been keeping late hours, with a certain well known cheese mogul. You know Ed he's a caso eating fool.

 

https://www.google.com/url?sa=t&sou...Q3yx6BAgWEAI&usg=AOvVaw25-NQzha63v-NpZClSotL-

 

Rumors are just that, rumors

 

"A lot of people are saying..."

 

I can't figure out who sold what to whom and who offered what to when and who flew from here to there. Thread is gibberish.

 

I'm sure it did happen back then as the graders were dealers. I dont believe for a second that its still happening today especially not with the more corporate owners of both PCGS and NGC.

Also just really think about the story. For someone to fly in on a private plane to purchase a coin youre looking at a minimum of 5k or more round trip as even the cheapest cost over $1300 an hour and most are over 3k or more an hour. Flying isnt really something where the cheapest is the best either lol, but the turboprop planes are cheaper than the jet engines. That would mean this has to be some coin of not only significant value but rarity as well that couldnt be found elsewhere. Then apparently they massively overpaid for. Not to mention that unless the "grader" was getting a finders fee why would they even bother.

I'm not buying it

 

You're betting against stupidly rich people spending stupid money to get something they want. That's not a bet I usually want to make.

 

More so betting against the fact that said rumor starter wouldnt have had such a coin in the first place. Or the fact that such an action potentially exposes companies owned by corporate investors to liability. Or the fact that what would the grader get out of it, whats the finders fee?

Nothing about the story adds up. I could make up a million different rumors. Burden of proof is on the wild rumor to prove it happened, not the other way around

 

No argument there.