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 Replies: 12 / Views: 2,156 |
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Pillar of the Community
United States
533 Posts |
Hello everyone, I am new to serious collecting, I have always kept my change since I was a kid, and have recently decided to start collecting obsolete coins that I think are cool. I have really enjoyed the Morgans since I first saw one. That is where I directed my focus, but anyway to my question... I just bought this off of ebay, and after I bought it I had the brilliant idea to check out the "grading service" that it shows, and I realized that I maybe should have passed it up. I guess what I really want to know is is this coin worth $50? Or should I back out of my purchase? From what you can tell in the picture, what do you think? Thank you for all of your help.   Edited by MorganNoob
02/09/2008 04:08 am
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Pillar of the Community
United States
2797 Posts |
MorganNoob, Welcome to the forum. If you only paid $50 for this then the damages are minimal. It's hard to accurately grade from the small pictures, but I would say MS63 at best. It could even be AU if there is any evidence of rub on the high points (hair above the ear on the obverse or eagle's breast on the reverse). If it is MS63, you could have picked it up elsewhere for $35~40. Most of us here have learned from mistakes ... mine were much more costly. My advice would be to stick with the reputable TPG's (PCGS, NGC, ANACs, ICG, and sometimes PCI). Stick around and participate ... you'll get the hang of grading these yourself. Then you will be able to reach the ultimate plateau ... buying the coin and not the holder!  |
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Pillar of the Community
United States
2049 Posts |
Hi Morgan...welcome to the forum. One thing I would recommend is staying away from 3rd party graders that use minimal information. For example on this one, they look like they use a generic label with MS-67, but the coin doesn't have an individual serial number so that's the first red flag. Also, you may hear the saying "buy the coin, not the slab" meaning look at the coin first and not what the grade says. There are alot of fly by night grading companies out there and this looks like a generic slab you can buy from any supply shop. The reputable 3rd party grading ( TPG) companies have their own custom slabs that are sealed. I bet this one you can open rather easily. So to answer your original question, if you paid $50, the damage is minimal but if you paid hundreds of dollars then that is a problem. Since you bought it on ebay, does the seller offer a return policy? Good luck! Edited by CoinHunter53562
02/09/2008 09:32 am
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Pillar of the Community
United States
6394 Posts |
 I would guess this coin is AU and it would not be worth $50 to me. I'd return it (or back out of the purchase if you can) and instead find a nice MS-63 certified coin in an ANACS, NGC, or PCGS slab. You should easily be able to find one for $50 or less. This forum offers lots of good information from smart collectors. If you post photos of prospective purchases you will get feedback that can help with your buying decisions. Good luck! |
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Pillar of the Community
 United States
533 Posts |
Well, thank you everyone for your help. You have mostly confirmed what I was afraid of. The guy has a 3-day return policy, so I think that I will have him send it, and if it is really in that bad of condition, I will send it back. Thanks again for your advice.
I am glad that I found this forum, I look forward to learning as much as I can from everyone, and eventually contributing my own knowledge as well.
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Pillar of the Community
United States
2049 Posts |
Well, thank you everyone for your help. You have mostly confirmed what I was afraid of. The guy has a 3-day return policy, so I think that I will have him send it, and if it is really in that bad of condition, I will send it back. Thanks again for your advice.
I am glad that I found this forum, I look forward to learning as much as I can from everyone, and eventually contributing my own knowledge as well.
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Glad to help...one last note keep in mind that if you buy this and decide to return it, you pay the shipping to you and the shipping back to the dealer. Personally I would ask him to give you more info on the grading company. Or check his other auctions as he may have a bunch by this grading company and it could turn out to be himself grading and slabbing the coins to maximize his profit.
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Pillar of the Community
United States
2049 Posts |
I mentioned earlier that the slab looked generic. I have a bunch of these, and I believe they are available from a company called Amos Supply or something like that. It has a space to put any label you want, and anyone can type up a fake label like this appears to be with the right software (one that generates barcodes). I'd stay 100% away from this.
By the way, are you able to post a link to the auction?
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Bedrock of the Community
United States
14454 Posts |
its definately a CoinWorld holder that can be bought at supply stores and not one a TPG company would use |
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Pillar of the Community
United States
533 Posts |
Here is a link to the auction, the guy has tons of "MS-67" coins. The seller's name is geniescoins. I have re-thought my decision, and I think that I am going to back out of the purchase, but haven't completely made up my mind yet. http://cgi.ebay.com/ws/eBayISAPI.dl...rpp=50&fvi=1 |
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Pillar of the Community
United States
2797 Posts |
Noob,
I've seen many of that sellers listings and have passed on all of them. They appear to slab their own or have a dedicated supplier.
Your coin is most likely AU55 and worth about $25. Have you received the coin yet?
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Pillar of the Community
United States
2049 Posts |
Here is a link to the auction, the guy has tons of "MS-67" coins. The seller's name is geniescoins. I have re-thought my decision, and I think that I am going to back out of the purchase, but haven't completely made up my mind yet. http://cgi.ebay.com/ws/eBayISAPI.dl...50&fvi=1=== One thing that jumped out at me at that the seller gives retalitory feedback every time someone left a neutral or negative against him when not agreeing with the grade. Another thing that jumped out at me is that all of the coins he sells use the same generic holder with the same bogus grading company. We should all bomb his inbox and ask him for more info the grading company he is using. We could pretend like we want to send coins in for grading and slabbing, or we could come right out and tell him we think his auctions are b.s. and misleading. Unfortunately for him, with the new ebay policies in effect on 2/20, he wont be able to leave negative or neutral feedback any longer when someone hits him with it first. |
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Pillar of the Community
United States
628 Posts |
MS67 is a rare grade in most coin populations ( except modern ) It seems to be a very popular grade for scam TPGs. I'm as greedy as the next guy and fell for this once.  |
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Valued Member
United States
328 Posts |
quote:
Noob,
Niiice. If I had to, I would pay $50 bucks for that (I'd do anything for another Morgan  ), but return it if you can and buy something in PCGS, NGC, ANACS, or ICG plastic. Remember, it's not bad to buy CoinWorld slabs to store a coin, but it is bad to go a step further and pass it off as a certified coin. Welcome to serious collecting! >_> |
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Replies: 12 / Views: 2,156 |
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Posted 02/09/2008 09:31 am
