Never thought I'd do it . . .

Discussion in 'US Coins Forum' started by ToughCOINS, Oct 11, 2019.

  1. ToughCOINS

    ToughCOINS Dealer Member Moderator

    I've sworn up and down that CAC shouldn't be necessary . . . repeatedly.

    Then I had a very selective customer contact me after I listed a rare coin in an NGC holder on my website with a stretch price on it. He indicated that he was building a PCGS Registry set , and would buy that coin at very nearly my stretch price, but only if I crossed it into a PCGS holder and got it CAC'ed.

    I wasn't fond of sending coins to PCGS after a sour experience with them last year, and I've never believed in spending money on getting a green bean sticker, but I really wanted to put that coin with this particular collector.

    After several weeks of deliberation, I finally broke down, crossed the coin with PCGS (along with 3 others, I scored 3 for 4) and submitted it to CAC today. Because shipping expenses seemed obscenely high for a single coin, I picked through my inventory for more coins to submit with it. By the time I'd finished, I had 20 coins in hand.

    Here I am . . . a CAC naysayer, encouraging collectors to set aside their respect for the validator of TPG grades in favor of honing and depending on their own grading skills, and I suddenly go and send 20 coins to the very outfit I've been saying we should do without.

    Yup, I've sold out . . . I'm a hypocrite!

    My list of coins sent? . . .

    H10c 1842-O N40
    10c 1844 N30
    10c 1852-O N45
    10c 1860-S P50
    10c 1875-S A/B N63
    25c 1861-S P40
    25c 1920-D N64
    $1.00 1848 N55
    $1.00 1891-O P64
    $2.50 1878 P64
    $2.50 1914-D N62
    $5.00 1891-CC N62
    $5.00 1909-D N63
    $5.00 1914 N62
    $10.00 1884 P63
    $10.00 1887 P62
    $10.00 1904 P63
    $10.00 1909-S P62
    $20.00 1902 P62
    $20.00 1913 P63

    I'll let you know how they come back.

    - Mike at ToughCOINS (the hypocrite)
     
    jwitten, Walkerfan, ilmcoins and 18 others like this.
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  3. Paddy54

    Paddy54 Well-Known Member

    Shame !!!!!! You sold out......and what the real shame is.......your customer!!!
    As if they had any idea whom they are dealing with as well buying from ....no piece of plastic or sticker would matter....
    Sorry Mike
    My customer would of made their purchase else where....where they truly would need someone to guide them....
     
    Last edited: Oct 11, 2019
  4. green18

    green18 Unknown member Sweet on Commemorative Coins Supporter

    Kool Aid drinker....... devil.gif
     
  5. geekpryde

    geekpryde Husband and Father Moderator

    Serving the needs/desires of your customers is good for business. CAC is a market reality, wether someone likes it or not. I don't see anything wrong with what you did, Your placing a coin in a good home, not "selling out" in my mind. Happy you shared, some dealers would have done the same, never tell, but keep on preaching how they would never submit to CAC.
     
    Mr. Flute, wxcoin, YoloBagels and 5 others like this.
  6. Santinidollar

    Santinidollar Supporter! Supporter

    Hey, if the customer wants it in PCGS plastic with a CAC sticker, what do you suppose the dealer ought to do?
     
  7. Evan8

    Evan8 A Little Off Center

    If you're in any sort of business for yourself, you should allow the customer whatever they want as each and every customer should be viewed as your boss. They pay your bills afterall. As a self employed mechanic, I despise Volkswagen and Audi, but hey a profit is a profit.

    Trust me, atleast with cars, the customer is definitely not always right. But if they are willing to spend money with me and they believe that they are right, who am I to stop them?
     
  8. green18

    green18 Unknown member Sweet on Commemorative Coins Supporter

    Mike was adhering to the wishes of the customer.......the customer is alway right when it comes to business.....
     
  9. physics-fan3.14

    physics-fan3.14 You got any more of them.... prooflikes?

    My position on CAC has softened over the years.

    Originally, my position was "ridiculous ripoff and extremely unnecessary fleecing of the collector community by a self-proclaimed god of numismatics."

    My position has softened to "what a waste of time and money by people who are too lazy to learn to grade for themselves, because that self-proclaimed god of numismatics is not infallible."

    There are some really nice coins with CAC stickers, but unfortunately they trade at stupid premiums. There are also quite a few dogs with CAC stickers which also trade at stupid premiums because stupid people don't know how to grade for themselves and only buy PCGS-CAC coins because they're stupid.

    I'm not sure I've conveyed my feelings adequately on this topic....
     
  10. Mkman123

    Mkman123 Well-Known Member

    I'm so glad I left the US coin market and went into world coins. The whole cac and pcgs only talk soured my taste. In world coins I don't hear too much of requiring a sticker and/or pcgs is better than NGC. I can enjoy my world crowns and thai coins and collect both pcgs or ngc thai/world crowns though more of my coins are NGC because NGC has graded more world coins and its easier accessible.
     
  11. thomas mozzillo

    thomas mozzillo Well-Known Member

    You have!
     
  12. Paddy54

    Paddy54 Well-Known Member

    You know there was a time in my retail career I would of agreed.....now after 50 plus years ......that's a full crock!
    The customer is telling someone who they have done business prior with....I don't trust you......go tell your surgeon that......go tell your stock broker ....that.....and see how far that gets you.
    Money or power makes nothing right! Education, the willingness to learn ,and sharing the knowlege learned.
    And after 50 plus years dealing with the public educating them worked far better than giving in to them an instant win.....that later be used against you.
    Oh so n so said ....... pcgs and cac and my investment is safe!:rolleyes:
     
    green18, John Skelton and wxcoin like this.
  13. PlanoSteve

    PlanoSteve Well-Known Member

    So you're saying there's hope for me? :smuggrin::p:joyful:

    ..but this:

    You done right! :happy:;)
     
    baseball21 likes this.
  14. Mainebill

    Mainebill Bethany Danielle

    As a dealer I find pcgs cac coins by far the easiest to sell and if they’re particularly eye appealing even easier to sell. I always see a bit of resistance on ngc holders and now their registry don’t take pcgs coins I see no reason to submit to them other than a second resort for coins that don’t go at pcgs
     
    imrich and baseball21 like this.
  15. cpm9ball

    cpm9ball CANNOT RE-MEMBER

    I guess the old saying, "Buy the coin, not the slab." is now meaningless.

    Chris
     
    352sdeer, wxcoin and Paddy54 like this.
  16. Eduard

    Eduard Supporter**

    Absolutely unforgivable!

    edited to add: but I understand why you had to do it.
     
    Last edited: Oct 12, 2019
  17. Johndoe2000$

    Johndoe2000$ Well-Known Member

    Resistance was futile. You have been assimilated.
    You are now a drone of the CAC empire. :wideyed:
     
  18. C-B-D

    C-B-D Well-Known Member

    Prepare to be frustrated by CAC. I appreciate that they can help me sell coins quickly and for more money, but they are just as inconsistent as the TPG's with what passes and what doesn't. In my experience, anyway. A buddy of mine recently sent in 40 coins to CAC and only 7 stickered. I think the average is 60% get stickered across the board. I'm under that for my lifetime, but I did recently get 8 out of 9 on an order, so that was nice.
    20191012_073706.jpg
     
  19. Collecting Nut

    Collecting Nut Borderline Hoarder

    Now Mike, you're just providing good customer service and taking advantage of prices to lower your costs. A sound and wise business decision to me.
     
  20. baseball21

    baseball21 Well-Known Member

    No the customer is being smart. While a name dealer may be able to sell an NGC coin for a premium price today, the collector almost certainly wouldn't be able to. That means if he wanted to sell he would either have to take a hit, cross and sticker themselves, or sell it back to the dealer they got it from and hope they got a premium sell back price as well.

    The PCGS CAC combo gives the customer the best chance of protecting the money they put into the coin.

    For generic things like common date common grade Morgans it will be, same with mid grade commens, common Mercs, essentially the less expensive stuff.

    Seated, Bust, Early gold, gem Saints as just some examples it's no where near 60%.

    Someone's own personal rate is just dependent on their own eye and skills. Anyone getting 60% or more when you're submitting across various series is doing a lot better than most people do.
     
  21. baseball21

    baseball21 Well-Known Member

    He's never claimed to be that.
     
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