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 Replies: 13 / Views: 1,870 |
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New Member
United States
24 Posts |
When my dad passed away a few years ago, I found a 1908 $20 gold St. Gaudens Double Eagle in his belongings. I have no idea when or from whom it was purchased but it was still in a beat up old cardboard flip. I took it to a reputable local coin dealer in hopes of having it sent in for certification and grading. The dealer removed the coin from the old flip and inspected it. He told me it had "damage issues" and wouldn't be worth my time or expense to submit it. He said it wouldn't get a number grade but would come back "details". I just held on to it until a month ago when I happened to be in another different local coin shop. I was talking to the manager there about my previous experience so he inspected my coin also. His opinion was the same as the first dealer that it wouldn't be worth the time and expense to submit it for certification since it would come back as "details". At a recent coin show there was an ANACS rep there so I decided to submit my coin to them anyway if for nothing else to have it capsulized for safe storage. A couple of weeks later I got the coin back from them and much to my delight and surprise it had received a grade of MS62. MS62 isn't a great grade but it aint bad for a 105 year old coin either especially one which seemed to be doomed to a "details" death. Moral of the story: don't believe everything you hear from so called "coin experts"(or anyone else for that matter)   |
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Pillar of the Community
United Arab Emirates
557 Posts |
Nice coin and even better decision.
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Pillar of the Community
Canada
3167 Posts |
Nice! Congrats! You made a good choice.
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Pillar of the Community
United States
4337 Posts |
Quote:
Moral of the story: don't believe everything you hear from so called "coin experts"(or anyone else for that matter) Grading is VERY subjective. There are those who have handled and been exposed to so many coins over the decades that they can get pretty close to assigning what a TPG would. In your case, taking your story at face value, you had two dealers who thought they saw something on the coin that would have warranted a details grade. Did they say what they saw? I don't see a thing based on the pics you've posted that would indicate something was wrong with the coin that would have raised red flags for a dealer. Did either one make an offer for the coin at the time they told you what they did? lastly, just because ANACS assigned a grade does not mean that is what the coin is graded at. You could send that to PCGS or NGC and they could give it an MS61 or an MS63. Like I said, grading is VERY subjective. |
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Bedrock of the Community
United States
17884 Posts |
Quote:
Moral of the story: don't believe everything you hear from so called "coin experts"(or anyone else for that matter)
And that includes the TPG's |
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New Member
 United States
24 Posts |
@dsfreeworld, To answer your questions, the first dealer I took it to who removed it from the old cardboard flip told me that some of the cellophane from the flip had rubbed off on to the coin due to improper handling over the years hence it would only get a details grade. The second dealer who looked at it told me there was some "damage" on the reverse. He didn't elaborate and I didn't ask for further clarification. I wasn't in the selling market for the coin and neither of them made me an offer. I understand that grading is a subjective process and just because it got a MS 62 grade from ANACS doesn't mean it would get the same from another TPG. I guess I don't understand though how there could be such a large discrepancy between the details evaluation by the dealers and the actual ANACS MS 62 grade. |
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Pillar of the Community
United States
4337 Posts |
I would have guessed they made an offer and tried to soften you up by telling you "dont waste your time slabbing, just sell to me!"
unfortunately, that happens a lot in this hobby
at the end of the day your Dad had a good eye and made a nice investment a long time ago. Now the coin is well preserved and can be passed as a family heirloom. Unless the money is ever truly needed, I would pass this along the chain for generations to come. Nice piece of personal family history in the form of historic Americana.
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Pillar of the Community
United States
1812 Posts |
I just posted a youtube link on the Omega man counterfeit thread, it is from 2001 and shows NGC grading a genuine 1907 High Relief Saint Gauldens, with three expert graders each grading it different, then conclude it's a MS65.
Also is information on the famous Omega counterfeit.
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Bedrock of the Community
United States
11951 Posts |
IMO TPG's in recent years have gone to, what they call market grading. With market grading they are more forgiving for hits and rubs, from bags and rolls. Dealers have to be cautious when buying coins, if they do pay more for a coin, send it in to be graded and it comes back details, the they could lose money. Most good dealer do not make a lot of money on common gold coins. This is a very nice looking coin and a very interesting story. I do have to say, based on the pictures provided, I do see a unusual looking mark on the reverse at the top of the sun. If in hand that mark does not look like a hit it might get in a mint bag, then I could see where dealer might thnk it could get a details grade. |
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Pillar of the Community
United States
624 Posts |
You can't put a grade on a coin that came from your Dad. I hope you enjoy it and it brings you fond memories.
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Pillar of the Community
United States
2589 Posts |
In my own opinion alot of dealers will typically give details grades to low level mint state coins that tgp's will often grade problem free. Often times opinions differ on whether imperfections are heavy bag marks or scratches.
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Pillar of the Community
United States
5206 Posts |
Great story, great coin, and now you can enjoy it without having to worry about damaging it.
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Bedrock of the Community
13014 Posts |
Quote:
Moral of the story: don't believe everything you hear from so called "coin experts"(or anyone else for that matter)
The truth is there are a lot of people out there who look to take advantage of people they think are clueless. Thats not to say that every coin shop does it, but theres enough of them that do that you cant blindly trust what they say. Especially considering they have a financial interest in getting that as cheap as possible. I would bet both shops would have sold it as a problem free coin had you sold to them, Does ANACS make mistakes sure, but I will believe them and give them the benefit of the doubt long before an unnamed coin shop. Im likely in the minority but I think coin shops are highly overrated. There are good ones out there and I do enjoy going to those when I find them, but theres a lot of dishonest people out there especially with the economy and falling PM prices. Just owning a shop proves you have the money to do and doesn't make you an expert or honest until youve proven to be in my opinion. |
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Pillar of the Community
United States
5854 Posts |
Given the weight and the softness of gold, many double eagles in the MS-60 to MS-62 range are heavily marked up, enough so that some will consider them as problem coins. Most importantly, you have something to remember your father by.
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Replies: 13 / Views: 1,870 |
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Posted 04/12/2013 09:34 am
