2008 w se

cpm9ball · Jul 20, 2010

Numismatist47 said: ↑

Go check the online auction sites like eBay. A vast majority of sellers with MS/PR-70 anything bought a bunch in quantity, sent them in, and were lucky enough to have a certain percentage of what they sent in for grading and slabbing come back with 70 after MS or PR. They're tripling fair market values on their investement.

Look, I've said all along that anyone buying PF70 "anything" with the idea that they will make a big profit by selling them is in for a real reality check.

I suppose all of those sellers told you that they bought huge lots from the Mint and submitted them for grading. How do you know that they aren't some of the suckers who fell for the same pipe dream?

I can find PR-70 SEs for under, and at $50 price, compared to $150-$200, which I see being asked online.

So, if you can find them for $50, what's to prevent others from doing the same thing? That kind of shoots holes into the idea of selling them for big profits, doesn't it?

The point of the matter is simply this: A proof is a proof and a MS-70 is still MS-70 and is still the same coin before it was submitted for grading and slabbing.

Sorry, but this is irrelevant to the discussion.

I don't submit coins to TPG's because I'm not looking for a quick turnaround for a profit.

If you've read the Red Book: A Guide Book of Morgan Silver Dollars, by Q. David Bowers; you're paying for someone else's opinion on the grade of your coin, and you can submit that same coin to 3 other TPG's and may get the same grade or differing grade. No matter which happens, you're still paying for an opinion. He lists an example of a Barry Cutler, at one time legal council for the FTC, who conducted a symposium at an ANA Convention regarding certified coins. He conducted an experiment by taking a group of 1908 Double Eagles, placing masking tape over the TPG label so as to hide the grade of each coin. On the tape, randomly, each coin was lettered. Several leading numismatists were given the chance to test their grading skills, and the results were that each one, had a different grade opinion from the other, as well as differing from the TPGs grade on the label.

Mr. Cutler's point was to show that grading is not only inconsistant, but only the opinion of the individual doing the grading.

You're comparing apples to oranges, but this has nothing to do with whether or not someone should buy PF70 "anything" anyway. Besides, the technologies available at the time when Morgans and 1908 Double Eagles were produced was totally different. Compared to today, they may as well have been made on a different planet.
Click to expand...

Chris

Log in or Sign up to hide this ad.

Numismatist47 · Jul 20, 2010

Actually Chris, they've bought large lots from secondary sources, ie dealers or other private sellers, coin shows, auctions, estate sales, some from the mint directly but not a lot. I know a guy in Albion, NY that buys large lots of different moderns, more UNC, than PR, and sends them in for grading. Out of 20 coins he submits, he gets a MS-70 graded return on about 1/4. He turns around and lists them on craigslist for 3.5x FMV.

Log in or Sign up

2008 w se

cpm9ball CANNOT RE-MEMBER

Guest User Guest

Numismatist47 New Member

Share This Page

Log in or Sign up

2008 w se

cpm9ball CANNOT RE-MEMBER

Guest User Guest

Numismatist47 New Member

Share This Page

Useful Searches