SEGS NOT HONORING GUARANTEE

So it was bought for $5k.

 

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Buying something like this is pretty much the same as "cherrypicking". After all, in cherrypicking you are getting something from a knowledgeable dealer that he should know about, but has overlooked and you are taking advantage of. It also surprises me that C-B-D would be so down on this since he just got some really nice FE cents and did pretty good on a mark-up. Good Luck Ollyoccia!!!

 

I can empathize with you. Although the B.B.B. does not do much these days except send a letter of complaint to the party, you might as well hit them also. This seems like a "Truth In Advertizing" breach also. I don't know for sure but you could hit up whoever is in charge of RICO as they deal in fraud. Just a thought.

 

Maybe file a complaint with the BBB too

 

Make sure you file all complaint, in the state Segs is locate in .

 

You also might want to write Dave Harper, a well balanced letter, that might see print in Numismatic News. Just be careful how you word the letter, pose as a question instead of an angry tirade. Bad publicity will surely get back to them.

 

Here's my two cents: I'd like to see some kind of compensation here. If you purchase a coin certified by a third party to be of a certain grade, you expect it to be of that grade. This is one of the primary functions of this service, right or wrong from a numismatic standpoint.

The way I have come to understand it is that TPG price guides are fairly useless. If the coin books at $19k versus $3k, but you only paid $5k... I think I see where CBD was going with his questioning. What is the true market value of the coin in each grade? What would you have paid for the coin if it has been graded MS64 from the get?

Summary: SEGS needs to back up its guarantee. But I'm not sure writing a $16k check is right, either.

 

I'm sorry I came off as a negative nancy. Not my typical m.o., I admit. So I am sorry for my tone and the snappy nature of my comments. But let me ask this: Wouldn't it be fair of Larry to buy the coin back for $5k, which is what the OP apparently paid? Or is the OP justified in wanting/being able to keep the coin and a $16k check as well?

I also would like to know this. Why did the OP send the coin back for regrade? It was already a gorgeous coin graded 66.

Also, was it worth 19k back when he slabbed it in, say, 2006? What if it was worth $5k back then? Should he be held to payouts according to the market ups and downs? Or the time of grading? Just wondering what you all think about that.

 

You bought it at public auction marked MS66 for 5k. THAT is the FMV before the regrade.

Now it came back MS64 and is worth 4K (I'll take your word for that). Per the terms of the guarantee he owes you $1,000.

But just because a PCGS MS67 -might- sell for 17k is irrelevant.

 

I just read every comment on this thread. I mainly want to follow & see where this goes.
I lean to agree with Chris & BooksB4. There's more to this.

 

Thanks I did file in TN where they are located

 

Thanks for the advice Tommy I will follow up on that avenue as well!!!

 

Thanks Jester that is what I was trying to articulate. 1) Don't grade something if your not qualified to grade it and 2) don't put out a guarantee that your grade will hold up if it is regraded by the same people.

 

Isn't Larry Briggs a member here?

 

...from the looks of the original thread I would see if Doug will split the loss with SEGS

 

All others factors considered, I believe an objective jury could be convinced by the defending counsel that the value of that coin which you purchased (a SEGS MS??) is worth exactly that which was paid for same, but that if it was certified by another firm, the value would/may differ.

Although you would like to believe that all slab grades are equal, I, or you can easily prove otherwise, if the deposed purchase price/value were submitted.

We needn't know the value paid, but since I believe there hasn't yet been an action to establish general value precedents, except in the previously discussed PCI litigation, the value of a specific SEGS graded coin is probably that established by SEGS "comps".

My experience is that your stated differing value, probably can't be properly established to the satisfaction of an impartial panel. I suspect that we aren't that impartial panel, and that you will have difficulty locating same.

I also suspect that if the coin were graded by another TPG, until legal precedents are established for the value of TPG guarantees, the value may be subject to less than that stated/promised/understood?

I believe that the general TPG guarantees have already been established as WORTH LESS.

JMHO

 

Why in the world didn't Larry simply new slab it with MS66? Could have avoided all this chatter. There are tons of Tpg's overgraded out there. If owner wants to cross to top tier tpg, about a zillion of 3rd tier coins do not cross. He rather grade it down than leave it misgraded. Honorable. Guess he thought it was purchased cheaply which is typical for segs slabs.

 

That would be fair for sure. I don't think many if any people would have a problem with that as a resolution.

 

And, legally, that might just end this story, as well as the guarantee.

 

Crack it out and submit it to PCGS.