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 Replies: 17 / Views: 2,077 |
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New Member
United States
48 Posts |
Just got back from my local coin shop. I'm a relativley new collector and wanted some input. The owner said he would not be interested in any coin that wasn't graded by PCGS. He said that NGC and the rest of the grading services weren't worthy of his time or money. Anyone else run into this "degrading" (excuse the pun) of the other services?
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Pillar of the Community
United States
1173 Posts |
While I started collecting forty years ago, I was an inactive collector for many years. As such, I'm not nearly so expert as many on this board. I will say, though, that the tried and true method of collecting, when purchasing coins, is to buy the coin, not the slab (when talking about TPG coins). I would extend that to "buy the coin, not what the dealer has graded it." I wouldn't hesitate to buy a coin that I liked, regardless of the TPG involved unless there was evidence of that TPG being involved in illegal or unethical shennanigans. But...I wouldn't just take anyone's word for the grade or quality of the coin. Just my 2 cents worth. |
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Pillar of the Community
United States
2600 Posts |
NGC, too? I guess I can understand some of the others, but not the big three. Even coins graded by some of the outer space TPGs are worth looking at, just expect them to be grade higher than what they really are. Still, a coin graded MS-65 by "Joe Bob's Grading Service" might only be a MS-60 but it is still a nice coin. Or, were you asking him to accept the coin at the slab grade?
Jim
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Pillar of the Community
United States
7123 Posts |
Show me a coin in a top three slab and I will show you an overpriced coin !!
I guess some of the coin dealers are like sports fans and there just isn't another team besides theirs !!
I guess what I'm trying to say is check out some other dealers !
Metalman
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Valued Member
United States
98 Posts |
I would wholeheartedly agree with what hunter 20ga stated,i.e.
buy the coin, not the slabber.
That dealer surely in my opinion has some self doubt about himself.
I would forget it, chalk it up to experience and move on to another
dealer.
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Valued Member
United States
112 Posts |
averyb2 did you buy any coins from that dealer?
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Pillar of the Community
United States
1840 Posts |
Maybe he only sees a quick turn-around of his inventory with PCGS. Remember, his main concern is moving the coins.
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Pillar of the Community
United States
830 Posts |
Sounds rather elitist to me. Great coins, properly graded (more or less!) can be found in slabs from PCGS, NGC and ANACS.
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New Member
 United States
48 Posts |
As a follow-upI already have coins by NGC which are very nice. And yes, I buy the coin not the grader. The local dealer is entitled to his opinion and I'm entitled to go elsewhere. Ain't the free-enterprise system great! I love this country! 
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Forum Mom
 United States
5877 Posts |
My initial impression is that this dealer is not able to grade for himself and counts on PCGS to grade for him. If he only purchases PCGS-graded coins, then he will save himself the grading expenses.
While PCGS-graded coins are still fetching more money than the other grading companies, the others are catching up. I have seen some NGC-graded coins sell for more than identical PCGS coins.
I could be wrong about his motivation, but I can't see any other reason for a dealer to limit himself that way. Personally, as a dealer, I prefer to sell raw coins, but I am comfortable with my grading skills. If I were you, I'd go to another dealer.
For the record, NGC, ANACS, and ICG are also respected grading companies. I still look at the coin rather than the slab even on these, though.
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Pillar of the Community
United States
834 Posts |
I would find another dealer, sounds to me like he does not want repeat costumers just get it while he can. A good dealer will do everything he can to keep you as a repeat costumer even sell below market value to keep you, at least that is the way it seems to me.
Bruce.
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Pillar of the Community
United States
6381 Posts |
Interesting thread!
I see one other possible motivation for this attitude, and it's not very nice. The dealer can denigrate any non-PCGS coin that is offered to him and try to convince the prospective seller that it's not worth much. A knowledgeable seller would probably seek a second opinion but a novice might be intimidated by this tactic and end up selling their coin for a fraction of its true value. Of course, I could be wrong!
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Pillar of the Community
United States
717 Posts |
I think the guy is paranoid & not confident in his grading abilities. Granted, re-sale is much easier, but still, look at the downside - imagine the coins & the customers he passes up & misses out on.
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Pillar of the Community
United States
830 Posts |
quote:
For the record, NGC, ANACS, and ICG are also respected grading companies.
Quite true. I forgot ICG  |
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Valued Member
United States
159 Posts |
Find another dealer. "Buy the coin not the grade" is an old truism because, well, its true. Unfortunately many coin dealers like to overgrade they coins they sell and undergrade the coins they buy. Some dealers love to offer a small fraction of a coins worth to the uneducated. They call this "stealing a coin" or "buying it right". If you find a good dealer, treat him like an honest mechanic, and send your business his way.
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Pillar of the Community
United States
2703 Posts |
Unfortunately, I suspect tmor is right on. I've overheard dealers bragging at shows, using those expressions. He is setting you up to low-ball you on anything you bring in. "Oh, its not in a PCGS holder... you know you're killing me, you're really killing me, I'm going to lose money, but for you, just as a favor for you, I'll take it off your hands 10% of its true worth. Just because I like ya kid."
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Replies: 17 / Views: 2,077 |
Posted 04/12/2007 1:12 pm
