This is really unbelieveable. I am top bidder at $70 on ebay for a 1924-S S$1 NCGS MS66. I collect peace dollars and I thought it was too good to be true but the seller has 100% feedback! I only collect slabbed PCGS or NGC coins but I thought, what the heck, how can I go wrong. If I win the bid I will either be a happy camper or see what is going on out there in the coin world and take it as a lesson learned. There is still 75 minutes left in the auction so I could be out bid. Good deal or bad deal?
This is likely a bad deal. Unfortunately, NCGS is one of those poor quality grading services that rediculously overgrades coins. The coin is likely AU to very low end MS (maybe a 62 if you are lucky) and will likely be cleaned. If you can retract you bid, I would probably do it.
It is worth it to me to see the (as WC Fields would say) chicanery first hand. I know the points to look for on peace dollars and if it is dipped or cleaned with a brillo pad then I just want to see what the heck is going on.
I can guarantee that you have no idea how specific grading are. Perhaps it is the fastest to learn it from the hard way, that is to spend good money before you learn it's a fatal mistake.
Dang it , I've got another bidder. Still 12 minutes left but this is for Mothers Day. She already has a 64 NGC, maybe I can trade her back? Just kidding.
Not necessarily. All you actually know is that you were outbid by at least $1, the standard EBay bidding increment for bids between $25 and $99.99. The way automatic bidding works, even if the winner had bid $500, the final price would have been exactly one bid increment higher than your next best bid. The only exception to that rule occurs when someone else's maximum bid is above the current price, and you enter a bid sufficiently above the current price, but less than one increment above that hidden bid. In that situation it is possible to lose by 1¢. A couple of years ago my snipe - $355.17 - was placed 2 seconds earlier than someone else's $355 snipe. I won. If the timing had been reversed, my bid would have been rejected for being less than $5 above the current bid, and I would have lost.
look at it this way .. you didnt lose by $1, you were able to save your money on a coin that was likely to be less that what it was presented as.. thefore someone else allowed you to save your money and a hard earned lesson .. now you still have your money for a different purchase nothing bad about that...
NCGS is almost as bad as SGS.....I would be really cautious with any coins slabbed by them, I wouldn't buy one unless I have inspected it, and if they slab it as 66 then is way more likely to be a 60-63. You were lucky that you didn't win it....
ALWAYSLOST, I did the exact same thing with a Franklin half I was bidding on. The coin was graded MS-68 by a TPG called GEC. The coin looked OK in the auction pictures, and I thought "what the heck".....even if the coin looks half way decent, I'll get a bargain.....right? WRONG!!! When I got the coin, it was so butchered.... scratches, scrapes....looked like he took a brillo pad to the coin....like someone said here before. It was definitely a lesson learned. I will not buy any coins from these fly-by-night TPG. Good luck!! swick
