The numerous recent threads concerning the problematic grading by TPS got me thinking. I would, perhaps incorrectly, think that if a coin is submitted and returned overgraded, the submitter would not argue the point. However, if an overgraded coin comes on the market and, for whatever reason, you simply must have that coin, do you pass on it without further ado or do you attempt to convince the seller that it's overgraded/overpriced? Similarly, if you attempt to sell one of your coins which was mistakenly overgraded, how do you try to convince buyers that the grading is correct?
Your not suppose to have such thoughts. Only heretics dare question the grading priesthood. Now inflict 39 lashes upon your back!
For dealers, this is where the sight-unseen market works best. If a picture is available, it would be tougher to sell. However, there are plenty of people who just buy what is on the holder, so a dealer could still do well. If I saw a coin that looked overgraded and the price was on par with solid for the grade coins, I would just pass (no reason in contacting the seller for a better price). If I got a better grade than expected (let's say I was thinking MS 64 but received MS 65), I would try to sell it as a high end MS 64 but below what most MS 65 go for (in order to move on from it).
Any coin in my price range is pretty much not a rarity... So I can't really think of a situation where I couldn't justify waiting for the right coin at the right price. If I notice the seller is probably a churner who doesn't really understand the coin is over-graded, I might send an offer. They might come down to a range I'm comfortable with; they will probably stand firm; they will at least have my offer waiting when they get sick of having their money tied up.
I don't care if the number on the label is too high as long as the price is right. I'm very willing to pay premiums for coins with nice eye appeal, for instance. "Eye appeal" is not code for "toning" in this case, although I do like me some rainbow toning. I can only think of one time when I've had to pass on a coin (due to not having the money at the time) that I actually regretted. It was a Seated quarter in an NGC holder (I think MS63), not a rare date at all. The interesting thing about it is that LIBERTY was completely missing from the shield! The area was lustrous, so I thought about it for a second and realized: LIBERTY is incuse on a seated quarter. It's visible down to VG8 and bold down to F12. Conclusion: LIBERTY was filled with grease! And, due to lack of funds at the time, I had to pass on this possibly unique piece. I told the dealer who had it that if he ever gets a chance to buy one like it again, just pay whatever it takes and call me up. I guess the point is that the grade is rarely a factor in me deciding I "must have" a coin. It could be a variety, or a neat error, or gorgeous eye appeal, or whatever. Another MS66 will come along sometime if that's all that's special about the coin. Rarity is more than just mintage. PM me the next time you see a Seated quarter in AU/MS grade completely missing LIBERTY on the shield.
LIBERTY is incuse on the coin, it is RAISED on the die. Grease doesn't fill a raised feature on the die.
