ABC Slabs

Jordan, was this a coin auction or just a general collectibles auction? Seems to me serious coin collectors would know the difference between quality TPGs and wannabe and boiler room one person grading companies.

Bob, it would take a lot of time to list them, but I would guess there are 50 to 100 alphabet companies out there, most established solely to sell on eBay. The problem is these junk slabs wind up on the open market such as Jordan described. I'm guessing the fools who bought the bogus slabs on eBay were trying (and succeeded) to unload them off onto other unknowing fools in a venue where the buyers would not be familiar enough with eBay coin sales to be savvy about the junk slabs. The ones who bought will eventually figure it out and either take their losses or try to foist them on yet other unsuspecting victims. And the cycle goes on and on and on... They would never be able to sell them at a larger auction with professional dealers; they'd be laughed off the floor.

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Originally posted by Morgan Fred

Jordan, was this a coin auction or just a general collectibles auction? Seems to me serious coin collectors would know the difference between quality TPGs and wannabe and boiler room one person grading companies.

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This was strictly a coin auction. One would think that any serious collector should know the difference, but they don't. That is why I brought it up at our Coin Club for our next topic to be slabs and grading, followed by a meeting on Keys/Counterfeits. Too many people out there trying to _____ (so many words to choose from, I'll just keep it blank) unknowing people.

As of now, I doubt I will ever slab a coin, unless it has a shot at 65 or higher for a Morgan or something like that.
I have sent a couple coins in to get authenticated (16-D and 09 S VDB), but never to get graded. I am not going to pay for someone else's opinion on the coin. I have my own.
Nor will I ever pay a premium for a coin being in a slab. The ONLY reasons I can see myself going to slab coins in the future is for authentication (as I already mentioned), and just simply protection... when I finally get my 1796 Quarter, I am not going to keep that just in a 2x2... it will probably go into a slab for protection.

Someone I used to deal with felt that since the grading fee was $15, the coin is worth $15 more.
I could not disagree more with that statement.

I'm not saying I will not buy a slabbed coin. I will buy slabs, if it is a good deal on the coin.

I agree with your statement jcook, about people putting faith in the slab. Like you said, it is a very dangerous way of collecting.

Well, there's my thought on slabs... it doesn't seem like I am alone on this one.