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Certification Without Slabbing?

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trout1105's Avatar
Australia
7096 Posts
 Posted 02/23/2014  01:22 am  Show Profile   Bookmark this reply Add trout1105 to your friends list Get a Link to this Reply
I had a look at the website and noticed that it is graded PR66.
Neither PCGS nor NGC have a coin graded that high, NGC PR64br and PCGS has yet to grade a 1949 coin.
If this truly is a PR66 coin its value would probably be closer to 70k and not $22.500 ( a PR63RB is listed at 28k on bluesheet)
I know of Andrews reputation and have talked to him at the ANDA show last year in Perth, He is a likeable and honest bloke.
THAT is why I an so surprised that this coin hasn't been graded and slabbed and PR66 is a HUGE call on this type of coin.
To me the coin does have a cleaned look ( that mark on the chin especially) OR it could be due to "Cabinet friction"
Anyway this coin should be slabbed to defer any doubts about it, 22k is a lot of money to spend on a raw coin without provenance as far as I am concerned
Valued Member
jimjamtwo's Avatar
Australia
117 Posts
 Posted 02/23/2014  01:30 am  Show Profile   Bookmark this reply Add jimjamtwo to your friends list Get a Link to this Reply
trout1105, I suppose these are other issues. The relevant issue is that these coins are proofs. The early (pre-commercial) proofs look very different from those that followed and cannot be judged by the same standards. I would suggest that they were routinely polished as part of the production process then in use. How they should be graded and priced are matters that I haven't actually looked into myself, so I read what you write with interest.
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basebal21's Avatar
13014 Posts
 Posted 02/23/2014  01:37 am  Show Profile   Bookmark this reply Add basebal21 to your friends list Get a Link to this Reply

Quote:
Anyway this coin should be slabbed to defer any doubts about it, 22k is a lot of money to spend on a raw coin without provenance as far as I am concerned


I couldnt agree more with that. Thats a ton of money to take someones word for it. Especially if theyre making the call of it being the finest known which would triple the value authenticated.

I dont have a clue if its a proof or not but I completely agree its kind of a red flag hes apparently leaving 10s of thousands on the table with what hes calling it and what its priced at.
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trout1105's Avatar
Australia
7096 Posts
 Posted 02/23/2014  01:39 am  Show Profile   Bookmark this reply Add trout1105 to your friends list Get a Link to this Reply
Going back 50 years I imagine that giving a coin a rub with a cloth was an acceptable practice .
There were only 16 of these minted so they ARE a rare and valuable coin But that doesn't mean that at some time this hasn't had a "touch up".
I'm waiting for neileffendi to chime in on this
Valued Member
jimjamtwo's Avatar
Australia
117 Posts
 Posted 02/23/2014  02:17 am  Show Profile   Bookmark this reply Add jimjamtwo to your friends list Get a Link to this Reply
basebal21, what I would suggest, without having researched the issue, is that the price is based on rarity rather more than the grade. If more examples were to come to light, no doubt the price would start going down.

trout1105, given the coin's rarity, how many potential buyers would be put off by the possibility (likelihood?) that it's had a 'touch up' at some stage? If I could afford those coins, I'd certainly buy them regardless.
Edited by jimjamtwo
02/23/2014 06:32 am
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trout1105's Avatar
Australia
7096 Posts
 Posted 02/23/2014  02:32 am  Show Profile   Bookmark this reply Add trout1105 to your friends list Get a Link to this Reply

Quote:
how many potential buyers would be put off by the possibility (likelihood?) that it's had a 'touch up' at some stage? If I could afford those coins, I'd certainly buy them regardless.


In todays market I would say just about every buyer that didn't have the ability to look at this coin "in Hand" and make a qualified judgment on it would Baulk at buying this "Unseen" as a raw coin over the internet.

At $22,500 if you are not 100% certain of the grade and authenticity of a coin it is time to "Walk Away as far as I am concerned
Valued Member
Australia
243 Posts
 Posted 02/23/2014  06:55 am  Show Profile   Bookmark this reply Add enoilgam to your friends list Get a Link to this Reply
There are many dealers who would sell a coin like that raw - at any Noble auction there are heaps of coins sold for excessive amounts without being slabbed. If you are buying it from a reputable dealer, I don't see why it would need a TPG seal of approval (especially from companies which aren't specialists in Australian coinage).
Pillar of the Community
Australia
852 Posts
 Posted 02/23/2014  08:02 am  Show Profile   Bookmark this reply Add nealeffendi to your friends list Get a Link to this Reply
Why put a load on my shoulders Trout?
I can't see those coins being PR66. Look at emus 1945P. It looks magnificent and doesn't have the issues of these proofs. Still only rated PR64.
There are dealers who would sell those coins raw, but you have to ask yourself that old expression Que Bono?(for the Neanderthals out there it means To Whose Benefit?).Basebal21 has it right, why would a dealer do himself out of tens of thousands of dollars for the sake of saving on slabbing. The prices they are on offer for seem reasonable for their condition.
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jimjamtwo's Avatar
Australia
117 Posts
 Posted 02/23/2014  3:33 pm  Show Profile   Bookmark this reply Add jimjamtwo to your friends list Get a Link to this Reply
Maybe it's for aesthetic reasons. I wouldn't like to see these beautiful coins trapped inside a stupid plastic box. Perhaps he (Crellin) knows that prospective buyers wouldn't want that either.
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basebal21's Avatar
13014 Posts
 Posted 02/23/2014  5:34 pm  Show Profile   Bookmark this reply Add basebal21 to your friends list Get a Link to this Reply
Most buyers like their 5 figure coins to be authenticated and protected in a slab. These are the exact type of coins that the unbiased 3rd party appraisal was designed for. There seems to be a disconnect between the grade being given and how its priced as well. I suspect that their opinion of the grade would change if you were trying to sell it to them or it was someone elses coins.

But actually theres another huge red flag here. I went to their website you linked and they have a section for PCGS graded coins they sell. So the question becomes why has this one not been sent when they clearly use the TPG services? It may very well be a proof but theres a reason why these are being sold raw while they have 12 pages of PCGS coins being sold many of which cost several thousand dollars.

It wouldnt be the first time someone with a high reputation like that sold a coin raw instead of what the slab would say knowing they could get more to line their pockets a while immediately placing the buyer under water with a price they could never hope to recover in the near future. Id be far more likely to buy the their buyers like raw coins angle if they didnt have 100s of slabbed coins and a PCGS section on their website as well as a PCGS filter on their searches.
Valued Member
jimjamtwo's Avatar
Australia
117 Posts
 Posted 02/23/2014  6:06 pm  Show Profile   Bookmark this reply Add jimjamtwo to your friends list Get a Link to this Reply
Could it be that the PCGS doesn't know enough about the early (i.e., pre-commercial) proofs to be in a position to authenticate them?
Edited by jimjamtwo
02/23/2014 6:07 pm
Pillar of the Community
Australia
852 Posts
 Posted 02/23/2014  6:10 pm  Show Profile   Bookmark this reply Add nealeffendi to your friends list Get a Link to this Reply
jimjamtwo, most major sellers with a strong online sales position want to attract as many potential buyers as possible. Perhaps a few old timers would be repelled by slabs, but even those guys could do a Trout BC (before conversion to slabs) and crack them out when they buy them.
Other collectors, and investors in particular would appreciate having a grade confirmed.
If Andrew was an old school dealer and didn't slab any coin then it would make sense that he didn't slab this coin. But he isn't old, he slabs lots of coins and most tellingly he didn't use the term Gem Proof that non slabbers use but PR66, a term only yanks and slabbers use.
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jimjamtwo's Avatar
Australia
117 Posts
 Posted 02/23/2014  6:51 pm  Show Profile   Bookmark this reply Add jimjamtwo to your friends list Get a Link to this Reply
nealeffendi, what you write shows that there is a mystery here, but it didn't address my point!
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trout1105's Avatar
Australia
7096 Posts
 Posted 02/23/2014  6:57 pm  Show Profile   Bookmark this reply Add trout1105 to your friends list Get a Link to this Reply

Quote:
I recently acquired an Australian 1952 proof or specimen penny. I would like to have the coin certified, but I do not want it slabbed. (I like being able to hold it in my hands rather than look at it through plastic.) Is it possible to do this?


The ONLY way this will happen is if you send the coin off to NGC/PCGS.
They will grade and attribute it and SLAB it, It is entirely up to you if you want to crack it out of the slab when you get it back

You have to realize tho if you crack the coin out of the slab ALL provenance is lost
Valued Member
jimjamtwo's Avatar
Australia
117 Posts
 Posted 02/23/2014  7:11 pm  Show Profile   Bookmark this reply Add jimjamtwo to your friends list Get a Link to this Reply
I suppose my original question was designed to ask whether you can simply get a certificate for a coin, the way you can with stamps (which, no matter how valuable they are, don't get 'slabbed'.)
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