More people should do this

Discussion in 'Coin Chat' started by Numismat, Jan 28, 2016.

  1. Numismat

    Numismat World coin enthusiast

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  3. cpm9ball

    cpm9ball CANNOT RE-MEMBER

    With a $10K price tag? Really?

    Chris
     
  4. Numismat

    Numismat World coin enthusiast

    It's obviously not meant to be purchased
     
    paddyman98 likes this.
  5. kaosleeroy108

    kaosleeroy108 The Mahayana Tea Shop & hobby center

    OK thanks for the red flag warnings.. This is why u do not buy raw coins
     
  6. Treashunt

    Treashunt The Other Frank

  7. paddyman98

    paddyman98 I'm a professional expert in specializing! Supporter

    o_O.. There are fake slabbed coins out there also. You need to know what to look for before you purchase.
     
    Numismat and aubade21 like this.
  8. Quant.Geek

    Quant.Geek Well-Known Member

    And there are legitimate slabs that have fake coins in them as well :rolleyes:. For instance, the following coin was graded by NGC, but it is a known fake. The slab is not fake though, so clearly a mistake by NGC...

    20110701_1840GoaRupeeLabel.jpg

    20110701_1840GoaRupeeObv.jpg
     
    Numismat likes this.
  9. kaosleeroy108

    kaosleeroy108 The Mahayana Tea Shop & hobby center

    I agree and I say go do research on the coins , learn to grade , determine counterfeit s, and examine coins yourself
     
    paddyman98 likes this.
  10. kaosleeroy108

    kaosleeroy108 The Mahayana Tea Shop & hobby center

    Ngc owes you$$$%
     
  11. Quant.Geek

    Quant.Geek Well-Known Member

    It is not my coin, but this is an example of the sloppiness of NGC. This is similar to the various credit agencies who rated various mortgages and securities that they didn't understand during the credit crisis. Simply, don't grade coins that you are not familiar with...
     
    Insider and kaosleeroy108 like this.
  12. Numismat

    Numismat World coin enthusiast

    One of several types of high quality fakes of Portuguese-India silver coins that have come on the market in the past 4-5 years.
     
  13. kaosleeroy108

    kaosleeroy108 The Mahayana Tea Shop & hobby center

    I agree
     
  14. Insider

    Insider Talent on loan from...

    Please let me defend the current TPGS ... Just a little.

    First: Understand that they produce a product. They better get it "right" or they will loose credibility. AFAIK they do correct their errors.

    Now, here is the problem. I have read/heard about in seminars and know about actual cases (I lived in DC) that in the 1970's it was common for the folks at ANACS in DC to hold some difficult coins they were not familiar with for several months while going to museums/coin shows/consultants to learn about the coin in question.

    Since 1986, to the best of my knowledge, I have never read/heard about any of the TPGS actually doing that type of personal research. They just send coins to consultants and take their word! In the old days, ANACS was burned on at least 2 occasions by relying on a consultant. That may be the case here.

    Today, a TPGS is expected to get the coins out fast. They have well-known
    ex-dealers on staff and a group of qualified professional consultants. In the quest for speed and perhaps even complacency mistakes are made.

    You, me, and every dealer and collector out here monitor the TPGS products. Some of you have more experience/knowledge than anyone used by the TPGS. IMO, when a possible error is detected, the coin should be returned to the TPGS for re-exam. I have taken the liberty to alert Rick Montgomery about the questionable slab in this thread.

    Now...Thanks Quaint.Geek for posting this image. I'm saving it in my Possible C/F file until I can move it to my C/F file. Please let us know if the coin is returned to NGC and the final disposition.
     
  15. Insider

    Insider Talent on loan from...

    VERY WELL SAID!
     
  16. Quant.Geek

    Quant.Geek Well-Known Member

    AFAIK, the coin was not returned to NGC as the owner wanted to keep it for reference. This isn't the first coin that fell into this category. There have been others where the collector kept the coin for reference.
     
  17. Insider

    Insider Talent on loan from...

    IMO, If he sent it back for review, he could cut a deal such as: Crack it out, TPGS gets to learn something (if a fake) and destroy the label. TPGS returns coin and gives customer credit for _____ free submissions. Every one :joyful::joyful::joyful::joyful: customer gets reference coin, thanks from TPGS, plus saves some future $$$$.

    Just thinking...That's what I should do.
     
  18. iPen

    iPen Well-Known Member

  19. Numismat

    Numismat World coin enthusiast

    I think you may have completely misunderstood what is happening here.
     
    Insider likes this.
  20. iPen

    iPen Well-Known Member

    No I understand... he's informing us all and it's not meant to be purchased...

    ...if someone actually pays him $10K, it'd be like a reward for doing a public good, or an amazing kudos to him for doing that...
     
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