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A lesson in "Buy the Coin, not the Slab"
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<p>[QUOTE="Catbert, post: 474096, member: 12718"]Thanks Bruce. After understanding its flaws, I could not in good conscious sell it to anyone I know or to any Coin Talkers. The person I sold it to is a specialist, so he knows what he is getting. When I bought it in April, I paid $1200. After considering consignment or sale, I took his offer of $1000 realizing that it might be tough to sell in this market. I am okay with the hit. He told me that he will retail it for $1499 <img src="styles/default/xenforo/clear.png" class="mceSmilieSprite mceSmilie9" alt=":eek:" unselectable="on" unselectable="on" /> and it will sit until it sells. As for me, I wanted to quickly get rid of it after learning more about its problems.</p><p> </p><p>Even though I thought I'd properly inspected this coin before buying (and yes, I knew about the carbon spot that became bothersome to me later), I did also gain some comfort from the PCGS slab since I am not an early cent collector. I was going the type collecting approach and felt this was a good example of a draped bust cent. </p><p> </p><p>Again, it is very important not to gain much comfort by a top TPG. They are reliable regarding authenticity, but make no guarantees of a quality coin. The lesson truly is focus, focus, focus very carefully on the coin![/QUOTE]</p><p><br /></p>
[QUOTE="Catbert, post: 474096, member: 12718"]Thanks Bruce. After understanding its flaws, I could not in good conscious sell it to anyone I know or to any Coin Talkers. The person I sold it to is a specialist, so he knows what he is getting. When I bought it in April, I paid $1200. After considering consignment or sale, I took his offer of $1000 realizing that it might be tough to sell in this market. I am okay with the hit. He told me that he will retail it for $1499 :eek: and it will sit until it sells. As for me, I wanted to quickly get rid of it after learning more about its problems. Even though I thought I'd properly inspected this coin before buying (and yes, I knew about the carbon spot that became bothersome to me later), I did also gain some comfort from the PCGS slab since I am not an early cent collector. I was going the type collecting approach and felt this was a good example of a draped bust cent. Again, it is very important not to gain much comfort by a top TPG. They are reliable regarding authenticity, but make no guarantees of a quality coin. The lesson truly is focus, focus, focus very carefully on the coin![/QUOTE]
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