SEGS NOT HONORING GUARANTEE

OK CBD I see you are a bit confused or maybe you work for SEGS? The issue is SEGS has a regrade Guarantee that includes "All SEGS Coins Are Guaranteed". You cannot post a guarantee and not honor it end of story.

 

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I wonder if you won it for $4k, and instead of trying to get $1k from him, you're trying to parlay this into a windfall for yourself. I'm feeling less and less bad for you by the second.

 

Now, thanks to some tough questions from @C-B-D , this is getting very interesting.

A coin that "books" for $$,$$$ sells for $,$$$ due to (?):

1. Not major grading service slab.
2. Coin is overgraded. (Now we know it was).
3. Buyer got a steal and paid wayyyyy under the grade on the label.

...and the buyer wants "book" value because he UNDERPAID for a $19,000 coin?

I have heard of dealers looking for overgraded slabs to return to the TPGS to get reimbursed for the actual difference in grade - I've actually seen this tried several times with no luck.

Only question in my mind is what made you send it back to SEGS? Probably not for an upgrade - right? Perhaps you knew it was not an MS-66 and saw a potential downgrade + cash?

In any case, we cannot fault you or your motives. Hope it works out for you.

 

I feel like BooksB4... skeptic because something smells fishy here. I dont agree with SEGS grading 99.9% of the time, but Larry Briggs has done a lot for the hobby in terms of a lifetime of research.

 

While I agree with your post, unfortunately, this has NOTHING to do with the OP's case.

 

To me what SEGS is saying is SEGS LLC will guarantee their grade. They may have NO RELATIONSHIP at all with SEGS Inc. and only bought the assets. Is the LLC only bought the assets of the corp, then of course they do have any legal liability to honor any corp debt.

Maybe SEGS should be clearer on their website, but I believe legally they are correct. Fiat is not responsible for any old Chrysler liabilities, even though they put the name of the new Chrysler company under a Chrysler LLC name.

 

Hi insider I actually posted the coin here for an opinion and most agreed it was an MS66 or MS65. To play it safe I sent it back to SEGS because of the Guarantee. Did not expect it to come back as an MS64 and didn't expect SEGS to say forget our Guarantee on all SEGS coins. SEGS had the coin for a month and a half. I figured something was up they should have called me I would have been willing to work with them. Even when it was finally shipped out I call to ask the grade and they said it wasn't available. Now I know why. Bottom line is you cant publish a guarantee and not honor it. The business world doesn't work that way.

 

If this is true, I think you were treated very unfairly. While I will never agree with grading guarantees - GO GET 'EM DOG!

 

Expecting someone to honor their "guarantee" is hardly extortion. What he paid is irrelevant to whether or not they should honor what they advertise. Yes the coin was never worth 19k in a SEGS holder but the amount of the payout isn't what is in question, it is the complete lack of a payout if the story is true.

Working from the basis that this is a true story (if not this is a whole lot to do about nothing) if they want to have exclusions to their "guarantee" they need to be laid out not marketed as a blanket protection that is really only if they feel like it. PCGS and NGC clearly state their exclusions, ANACS clearly states theirs only applies to the yellow holders since the other holders were different companies ect. Exclusions are standard practice that everyone accepts when they are upfront about them. I am looking at the SEGS "guarantee" on their own website right now, not one exclusion based on when it was graded is listed and it even has it's own page on the site. http://www.segsgrading.com/Content/Guarantee

Even if the OP isn't happy with it, if they paid out a SEGS value for the coin as opposed to the 19k or whatever PCGS coins bring no one would have any problem with SEGS doing that as that would be a market value.

 

So.... you're coming around to the dark side.

See.... if it smells, looks, and feels like BS, it usually is, and it isn't such a horrible thing to say so. Perhaps this forum, instead of all the hand-holding and kumbaya-singing, would be a better place of people cared more about telling it like it is than turning a blind eye to nonsense. Just my humble, "manufacturered outrage" foolish, and "problem" opinion, of course....



After finding the other thread, it's pretty clear what we have here, and that's another individual new/newer to this hobby who thinks they can waltz in and smack a grand slam simply because, well, they want to. Now let's see.... coin in SEGS plastic doesn't sell for PCGS money; no surprise there, yet someone assumes all grading is equal buys it hoping to score. Am I getting warm or burning up?

This isn't to say I don't feel bad for the OP, especially if the advice given here had anything to do with her unfortunate decision, but sometimes the truth hurts, and that pain is what we learn from.

 

Interested to see where this goes.

 

Larry Briggs has not changed, regardless of what he calls his business entity. He was SEGS back then, and he's SEGS now.

This is an unexpectedly ugly and intolerant side of you which is a surprise to discover. I thought better of you.

 

If I'm wrong I'll be the first to apologize. Got a funny feeling about this from the get-go.

 

The opinions you receive here are worth exactly what you paid for the.... NOTHING. This isn't to say they're wrong, or that the individuals sharing them don't know what they're talking about, but you MUST remember it's NOT their money, and that it's all too easy to spend someone else's. This is why, particularly when one is willing to gamble in the range you have, you need to know what you're doing. A huge percentage of those involved in this hobby are angling for a deal, and many are very experienced, so if you're not willing to learn first, you're at an instant disadvantage that will almost certainly ensure you lose more often than win. The hobby isn't populated by idiots, with endless funds to burn, completely willing to overlook such opportunity. Do you suppose this "$19k" coin was just overlooked, or that no one was willing to invest a little time and money for such a would-be significant return? Think about it....

This isn't to say what SEGS is pulling is right, at least from the evidence thus far presented, but the big issue here is your immense mistake in valuing the coin.

 

Just commenting to get alerts on this thread. Mighty interesting one.

 

Following this one too

 

For those wondering:

https://www.cointalk.com/threads/need-help-grading.279102/

And

http://www.propertyroom.com/l/rare-1910-10-indian-us-gold-coin-segs-graded-ms66/10660162

 

I hope you follow this through and legally force his hand. Another reason to stick with the top3 and never use them to slab your coins. Hell, centsles would probably give you better customer service. Nail him!

 

Husbands a CPA bro

Thanks Cascade I will follow thru. I truly relied on SEGS guarantee before purchasing the coin. You cant falsely advertise a Guarantee. I filed complaints with the Tennessee Attorney General, TN Department of Consumer Affairs, and the NCA (Numismatic Consumer Alliance). If anyone knows of another department I should file a complaint with please let me know....Thanks

 

Thanks Dave I respect your opinion I am still in disbelief that the coin came back an MS64 and Larry is skirting his guarantee.