Coin Grading Companies (TPG's) to Stay Away From...

Well I don't think he should quit collecting Morgans...but he needs to know that the less he knows about them the most likely he is to mess up big time.
Don't discourage him but tell him about this forum...and maybe point him to the books on Morgan Dollars and Grading...he will need both of them and more.
I would suggest looking for the ANA Guide to Grading and for the book on Morgan dollars there is one written by a Q David Bowers that I hear is good.

The more he learns...the better he will be able to tell what one is worth him time and money to buy....

Speedy

 

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Had him send some scans. Not the best or what I requested, but what the heck. I think for these three coins he spent maybe 120 bucks. With the coins in hand I actually like the third ungraded coin the best.

 

From the scans (Scans don't show luster on coins) the coin from NTC seems overgraded....maybe MS63/4...not bad as some coins I've seen from NTC are overgraded more than that....and I'm only looking at photos too...the coins in hand might look better--that is why I suggest a grading guide.

Speedy

 

I tried talking him into buying a book strictly on Morgans, but he said he could buy a coin for they price they wanted. He has a couple of grading books - one is the ANA guide to help him. And I certainly do not have enough experience to argue over the MS63/64 - but with the coins in hand I just like the details better on the third coin the best. I can not say it has any more mint luster, but I just think it looks better. So far I think he has done pretty good - now if he will just remember to search completed autions and other sites before bidding.

 

Shhhhh...

I just upgraded my tamper resistant staple inventory along with rolls of gold tape. Unfortunately...I still am waiting for my first submission. :rolling: I might have to chuck it all and just start breaking open bank rolls. I could always list them on eBay as MS70 certified by the KING of all Grading Services.

 

he must be a "hard nut to crack" (NOTE-I'm not calling him a nut...that is just a saying)
Tell him next time he says that...that you talked to someone (me) that used to think the same way...untill I learned a importain thing...what is worth more...knowledge to make the right deal....or a coin that might be junk?
The thing that is worth the most is knowledge...it is priceless...it is worth every cent and more...it is worth more than coins.
If he still won't then that is a good idea for a B-Day gift!!!

Speedy

 

Hey Mark,
You should recommend him to get the red book on silver morgan dollars by david bowers. Great book IMO.

 

Speedy,

The reason Dealers use PCI and SEGS to slab coins is because they are cheap, the return time is quick and they are more likely to get a higher grade on the coin than other TPG's. It's all money and the quicker they can get the coin back and sell it for a profit is the key! Let's say a Dealer purchases a $1,000 bag of Morgan's for $10,000 (could be more or less depending who they buy it from) and finds 375 BU coins worth grading and slabbing. The Dealer sends the coins in for grading and pays $1,900 total for the service with shipping and they all come back as MS-65. The Dealer now has $11,900 tied up in the coins but sells the 375 Morgans for $30 to $50 at an average of $40 each (in reality they will probably sell them at much higher prices but I am just using this as an example). They also sell the remaining 625 coins for $12 each in his/her Coin Shop for a realized resale of $22,500 and all of the coins are sold in 60 days or less. Now, $10,600 profit in 2 months on just one transaction out of many is not bad in anyone's book but the Dealer's actual return on the coins will more than likely be much higher.

Yes, you can get some great deals if you know grading and purchase wisely when buying coins in the PCI, SEGS and several other grading services holders! The main thing to remember is, if you ever want to profit from the purchase or purchases, then you will need to have the coins regraded and slabbed by a respectable Grading Service or break them out and sell them raw.


Frank

 

Great idea - planned on taking him to the local coin shop. At that time I will suprise him and get one of the books on morgans they have.

 

If you don't know how to grade then don't spend large sums on coins until you can grade. Even from the top tier companies. Your risk may be lower with the top tier but there is still an unacceptabe risk. And there are plenty of grading errors out there in the top tier slabs too. So again, don't spend big money if you don't know how to grade, and even then don't buy without a return priviledge so that you can see the coin in hand before finalizing the deal.