Oh the horror! I just saw some Gem Uncirculated MS67 Morgans on Coinbug. http://www.coinbug.com/ViewItem.aspx?i=3586 Read the auction and looks like the typical SGS selling approach. Thankfully it's not Abon at least. Excuse me while I hurl. clembo
While on the subject of Coin Bug- has anyone else noticed some coins are way overpriced? Not any of you guys I'll add. But to me it kind of defeats the desired intent. That is a fair trading venue for all collectors including new and young. It looks like some sellers are using it as a dumping ground and a high priced one at that.
Believe me this one hurt Jack. I've seen a few other ridiculous listings on Coinbug as well and never with pictures. Having been in contact with Jerry (coinbug) in the past I believe we discussed this possibility. It was just a matter of time before garbage sellers started to appear. Hey, it's free! Jerry is not a "coin geek" like us so how is he to decide? It could get touchy. People could email him and say "this seller is a ripoff" but then it could also become a "this guy will cut into my chances of selling" things. Legit sellers could get hurt this way. It's going to take some work. I just sold some coins to a guy from Alaska as I told you. There are many good sellers on Coinbug and I referred him to a few. At least at this point the community is small enough that many of the sellers have come to know one another. I've sold to DJP and Phoenix. I have also recommended them to a few of my buyers as honest people as well as a few other members. I'd love to see it continue that way you know. I don't have it but the seller so and so does and he's a good guy. That's thw way it should work but as it grows so will the problems. clembo
Yes Victor and it's inevitable. Actually I listed an item pretty high last night. Course I accept offers as well and have accepted a few. Hell, one was under bid. Honesly listed high on the item last night because I thought it was cool and have no idea what the original cost was. Boss gave it to me on "consignment". I'm rambling though. Some sellers will see it as a dumping ground I'm afraid and as I stated earlier I've seen some outlandish listings. Hope the "seasoned" sellers and buyers can help keep it in check. clembo
After reading the start of the thread, I though this seller was trying to dump a coin he unwittingly got stuck with. After reading the auction and seeing the numismedia and pcgs priceguid links I changed my mind. He is trying to suck someone in. What I don't understand is the the price isn't completely out of line if it is truely uncirculated.
Is SGS one of those "third-world" certification agencies? There's a few sellers on eBay who constantly have coins slabbed by such companies, and it's ridiculous. If this is anything similar, then the coin is probably not even a 63.
Ha! dd: I was giving them the benefit of the doubt, but you're absolutely right. It's one more reason I only buy raw coins.
There are good slabbing companies out there. SGS IS NOT one of them. Like Phoenix said maybe AU58. The owner of the company that owns the company looks for "clean cheek" AU coins on the dealer networks. These will often become MS65 or higher coins in an SGS slab. Deceitful thieves that prey on the uneducated.
This is a bummer when you see stuff like SGS showing up, but I have been expecting to see it before long. And the best approach Ive come up with so far, is give everyone a link to CoinTalk. Lately, Ive been selling alot of coin on CoinBug, things have really started to pick up lately. Ive ran into people who really seem to know their stuff, and Ive ran into alot of people who are clearly new collectors. And Ive been referring everyone to CoinTalk.
Clembo - what exactly does "clean cheek" mean? Are you talking about those dark dirty spots that form on the high fields of coins? (Especially silver). If that's what it is, then I know exactly what you mean :thumb:
