| Author |
 Replies: 14 / Views: 2,930 |
|
|
Pillar of the Community
Australia
852 Posts |
Just went and had a look at old listing for 1920 pennies (yes, I'm an addict for 1920  ). Over on Pacific Rim Coin Auctions for 3/4/13 (lot 85) there is a coin listed as PCGS XF40, sold for $1500 (the minimum bid) plus commission. It has CBL  so it was a red flag to me. A quick look at the obverse and I identified a die crack that I know was paired with 2 CBL dot below reverse dies. The stage of the die crack suggests it was paired with the 2nd reverse (which has a faint dot L.I). So somebody forked over $1500 on a coin worth under $100.  As always with slabs it is a case of DYODD. |
|
|
|
Pillar of the Community
Australia
541 Posts |
Tell Chris, Chris will tell the owner, the owner will send it to PCGS under their guarantee.
|
|
Pillar of the Community
Australia
1006 Posts |
|
|
Pillar of the Community
United States
919 Posts |
I know a lot of people do not like the TPG's but in this case the buyer is protected. Something you can't say if the coin was bought raw. I hope someone tells the buyer about the mistake so they can get the needed correction made. |
|
Pillar of the Community
 Australia
852 Posts |
Oops Walter , I think today I spotted another CBL "no dot" in a PCGS slab. Slab is a bit scuffed and image is a bit weak but I recognize both of the dies. The most obvious feature is a chip inside the G of RG, also a faint hairline crack TT + OMN and EX FD. For the reverse there is a faint diemark on the 2 at the left edge of the base. I have only 30 coins from this die pair so it is not particularly scarce and the reverse die only has a weak dot. Numisbid auction 22 lot 4283. At least it was only $42.88. |
|
Pillar of the Community
Australia
541 Posts |
Do you have any pics of coins which show the dot at have the same reverse die features?
|
|
Pillar of the Community
Australia
852 Posts |
No photos (yet).
I'm waiting on a microscope camera to get to me from overseas. Once I get the hang of using it I'll post the images.
|
|
Pillar of the Community
Australia
541 Posts |
Thanks, I'll contact the buyer when I've got some photos to show.
|
|
Pillar of the Community
Australia
852 Posts |
Found 3 more wrongly slabbed coins over on the Heritage Auction Gallery archive. A CBL in a PCGS slab, an obvious FBL dot below in a NGC MS61 slab and an obvious Dot Above in a NGC MS64 slab. I would call their graders blind but blind people can read the dots in braille.
|
|
Pillar of the Community
Australia
852 Posts |
I should add that I went back and read the auctioneers description and at least he mentioned the dots on the 2 NGC slabs.
I'm not so certain that there is any point in Walters client contacting PCGS to see about their guarantee. IIRC the slabbers put a low valuation on Australian coins, Heritage quotes Krause as a No Dot being only $10 in VF, $145 in EF and $1950 in BUNC. So would the compensation be $10?That is less than the cost of slabbing.
|
|
Pillar of the Community
Australia
541 Posts |
The PCGS guarantee isn't based on Krause values. For world issues they generally rely in dealer input though the compensation would probably end up being what the buyer paid.
Any chance you can post those photos (and perhaps links to the HA listings) so we can verify your claims?
Edited by wwwww
09/30/2013 02:26 am
|
|
Pillar of the Community
Australia
852 Posts |
Hi Walter
The items are auction lots 63022 (CBL), 50319 (//)and 50320 (//).
For both PCGS and NGC the wording of their guarantees is the valuation is at their sole discretion. Probably worded that way on the advice of lawyers, one would hope that the compensation is fair and reasonable.
|
|
Pillar of the Community
Australia
852 Posts |
Hi Walter
The items are auction lots 63022 (CBL), 50319 (//)and 50320 (//).
For both PCGS and NGC the wording of their guarantees is the valuation is at their sole discretion. Probably worded that way on the advice of lawyers, one would hope that the compensation is fair and reasonable.
|
|
Pillar of the Community
Australia
541 Posts |
Search Google for such cases. Have a read about what they do in practice, they offer very generous prices under their guarantees and go above and beyond what they state in their T&C. There are many cases where they've honoured their guarantee for coins which wouldn't be covered by it - reputation is everything in this industry - they wouldn't be in business for very long if they cheated people on their guarantee.
|
|
Pillar of the Community
Australia
852 Posts |
Good to hear that the T&C is just a baseline for the guarantee. The PCGS error in not knowing CBLs are all dot belows is understandable (even I was unsure about all CBLs being dot below until 2 years ago) but those 2 NGC coins were obviously graded one after another by an unknowing clod.
I suppose PCGS has the best reputation of the lot of them, explains the premium for their slabs over the other 2 first tiers.
|
| |
Replies: 14 / Views: 2,930 |
|
Posted 09/22/2013 05:27 am
