Littleton Coin Company "Approval Coins"

Greetings Everyone!

I have been a serious collector and part-time dealer for around 10 years now and I have a massive collection of Morgan Dollars as I'm a die hard "Vamer". I recently seen an ad for Littleton Coin Companies "Coins on Approval" service so I thought I would give it a shot without checking any of their pricing or grading standards. Big Mistake!

I received my first approval selection today and may I say, I think Littleton is a bit in the crazy side...lol... They sent me a 1921-S Morgan that stated on its packaging UNC-60. The real problem is that the coin only Grades AU "Cleaned"...WOW! The kicker is the price. They want me to pay $90 for a cleaned circulated Morgan Dollar! What kind of a scam are they trying to run. The coin is already back in the envelope and marked return to sender immediately!

I don't know if anyone else is purchasing coins from LCC but I recommend that you don't do it! That's crazy!

I just wanted to share my bad experience for the day, and see if anybody knows any good coin approval services? Any suggestions would be greatly appreciated.

 

Log in or Sign up to hide this ad.

From my experience, Littleton puts Unc-60 on any coin that they deem uncirculated. Could you post a picture of the coin in question? It might just be really heavily bag marked. For proof coins, I think they all grade 63.

 

Littleton has been discussed many times here in the past, mostly negative I might add. Here's just a few older threads:

http://www.cointalk.com/t218523/

http://www.cointalk.com/t212482/

 

I have already packaged the coin for return and the wife just left for the store and to drop it off at the PO. I wish I would have taken some pic's. I think everyone would have got a great laugh considering Littleton's grading standards, and $90??? WOW! Thanks for sharing.

 

I think I will send them a letter expressing how I truly feel about their service and how big of a rip-off they are! It seems like they are really trying to hurt our beloved hobby.

 

FWIW, the thread was about Littleton selling coins that they called restored, which means they acknowledged cleaning the coins in the ad. This is different, as the OP is claiming Littleton is attempting to pass off cleaned coins as BU. I still say if you're going to make such a claim, you should have a photo. Otherwise, it could be considered libelous.

 

The consensus here seems to be that Littleton grades coins fairly, or even conservatively, but sells them at very high markups.

 

I understand your points, but if there is one series of coinage I can consider myself an expert in, it would be Morgan Dollars. I can guarantee that this coin was NOT UNC-60 and it was AU cleaned. I know I should have obtained some images to prove my point but I did not think about it at the time because I was a little upset.

I was just seeking a little input from fellow collectors whom may have had a similar experience. I do appreciate the feedback though and next time I post about a grading issue there will be images.

 

Well, according to desertgem, "they do seem to have consistent and honest grading." See post #12 in this thread:

http://www.cointalk.com/t212409/

 

It could have just been an honest mistake in grading consistency as I'm sure they go through hundreds, if not thousands of coins daily but the pricing is just crazy, so therefore I would just prefer to take my business elsewhere. Thanks for the input jloring.

 

And here's a satisfied customer:

http://www.cointalk.com/t140656/

 

Wow! I would say that's a satisfied customer. They are some beauties! Why did they not send me one in a similar condition to those, therefore I could be a satisfied customer to. Thanks for the link to the images jloring, they gave me a smile for the day!

 

This is why i say grading is a waste of money and truely done by a few that think they are god and they have the last word.
Your eyes are as good as theirs use them.
I could only wonder in the hundereds of thousands of dollars that has went through the hands of these grading companys and how many times they were cracked out and regraded to get a better grade than before.
I cant see the need to pay for eyes that cant see any better than my own.
Why is it one thinks his coin is a real au grade when it can change with a few pounds of a hammer with new papers filled out in a new box sent to a different address.
It just screams stupied all the way to the rich grading companys.
They will never get my money not ever.

 

When and if i buy a graded coin from you could you tell me without any hesitation that that the grade and thats the coins worth?
Should i tell you if i cracked it out and it comes back with a lower grade would you pay me back what it lost in value.
If your answer is no then it tells me you are not sure about the coins grade and also i shouldnt buy it.

 

Woody,

The coin was not slabbed. It was a raw coin in a heat sealed piece of plastic with UNC-60 marked on it. "Littleton Coin Company" issued. I understand where you're coming from but I will always be dedicated to NGC. It's just all about personal preference when it comes to TPG.

 

I made the mistake of buying from them numerous times in the past when I was young(er) and stupid(er). The coins I bought from them I now know probably aren't worth more than face value but I have so much more money tied up in them that I just don't want to spend them. Lesson learned.

 

I wouldn't say that. Littleton has been around for more than 60 years and they do a lot of advertising that attracts new young hobbyists into the field and helps to keep the hobby in the public's eye. Many young people get started by answering one of their ads for cent albums or state quarters or something similar. Many do not continue to buy from them because they come to find that there are much less expensive sources around. I don't buy from them either or recommend them to others because of their pricing, but they are up front about what they are charging and I find many of their ads to be entertaining.

 

Thanks for the info. I'm all for supporting young numismatists and keeping our hobby alive.

 

I've known through friends some older people who collected through littleton for 20-30 years, then when they went to sell their collection, they were shocked to find the coins they paid $10-$100 each for retail in the red book for 1/2 to 1/8 of the price they paid.

They prey on the old and the uneducated.

I know some forum members here constantly preach the "caveat emptor" BS about these companies, but my opinion is...anyone who takes advantage of people selling coins way higher over their retail value should be hanged, drawn and quartered.

People often argue, "but it brings people to the hobby". Ya, it might, but you can still sell at a fair price and make money. Some of the biggest coins dealers in the US charge fair prices, and they have no trouble keeping the lights on, no?

 

yea when I first started collecting I fell for Littleton coin companys b.s... ya over pay for everything they have..my set was franklins