Or it could be from a mass dropoff from places like shopathome or other semi-unstraight dealers such as that.
I think I heard that if they submit a large quantity of coins or something, they will just assign them BU for some reason. But not entirely sure. I guess to save time? I don't know, someone else I guess can give you better info than me, but that is all I got. Phoenix
if your a dealer you can submit coins in bulk (mostly 100 coin minimum) where they will prescreen the coins and give a bu grade at a set price and not charge for coins that do not meet the bu grade and get returned un-slabbed as long as a certain % meet the bu grade.
Ah. Thanks for the info guys. I dont see what good something like this would do. Why on earth would anyone want to purchase a slab that just says BU on it?
Basically because they don't know any better. The hucksters on TV sell these things by the trainload.
Yea I saw the coin vault dude (my idol) explaining that on the George Washington error coins, they Had NGC slab them in bu so they would be easier to get rid of or sell. Instead of having one price for 63s another for 64s and another for 65s and so on, they can just lump them all together and sell them at one price. Supposedly this way you will avoid getting ripped off by someone else as they are certified as authentic. Also they are much cheaper for them to get them in a bu label than getting a numerical grade for each coin from the slabbing companies. They can take what they save and pass this saving on to you. sooooooo... funny... The coins shows are kind of interesting to watch. Hopefully these people that buy from them will start looking around and find that they can get the same thing for about half of what they sell their collectibles for. It is truly amazing to me with the Internet and the number of reputable coin dealer and also the mint, that these people are still able to sell these coins by the tons.
This is why..... FRAUD Basically with all the fraud on these GW dollars with the smooth rim.. this is just a cheap way to have them authenticated as a real and genuine smooth rim... verses the famous "buffy" or dremel job.... Personally just seeing it as a BU and slabbed by a major grader like this instills confidence in me as a private buyer who is buying coins sight unseen and is FAR superior than a raw coin with this easily duplicated error.... We all know to buy the coin not the holder but I think time will prove that with this partiicular error, authentication is a MUST even if simply "BU" and acknowleding the missing lettering speaks volumes to us folks who routinely buy coins online from unknown dealers and private individuals... If the grade itself matters to you, you can always resend it in and pay for actual grading while knowing upfront that your coin is authentic and won't come back bodybagged!!! Just my 2 cents and my humble opinion!!
I agree with Dak on that point about the george washington error coin. Unless ones gets them in a roll they opened themselves, certified is the only way to get these error coins . I decided to roll the dice and actually purchased one in a NGC 64 label for under $100. With all the fake Georges out there, I would never buy one uncertified. I have seen these certified coins sell for 2 , 3 and even 4 times what I paid for mine lately even after a lot of the hype has settled down. Will it ever be worth what I paid for it? who knows. It is a very good chance these coins will be selling for half of what i paid for it by this summer. But you know, I will have a error George as ugly as I think the thing is. lol
