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 Replies: 36 / Views: 7,520 |
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Pillar of the Community
United States
7627 Posts |
Try using that "it's only bullion to me" comment when trying to buy high graded bullion coins that are sitting in his show case. Let me know how that works out.
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Bedrock of the Community
United States
10038 Posts |
Who cares if an MS70 is an MS70 is an MS70? Its ALL about the plastic right?
Seriously - this is my personal view on it. Maybe if I had money to burn I might be in the crowd who also does like one company's plastic/label over another. But I don't have a lot of money to burn, so I don't look at the "plastic." I also don't think the plastic will retain its value like PMs do, and this is important to me.
If someone has fun, and is spending their own money, who am I to say my way of having fun is better than their fun? Sure, things like the Beanie Baby craze lost people a ton of money - but it was their money... not mine...and they had their fun doing it. Some people are out there like this who actually don't care about losses. They only care about the rush.
How much squash could a Sasquatch squash if a Sasquatch would squash squash? Download and read: Grading the graders Costly TPG ineptitude and No FG Kennedy halveshttps://ln5.sync.com/dl/7ca91bdd0/w...i3b-rbj9fir2 |
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Pillar of the Community
Canada
5246 Posts |
@Cascade, under the circumstances you described, I would be inclined to agree with you. However, every LCS has to be treated on its own merits-I don't think that we should make such broad generalizations.
Here in Canada, we are not really into the slabbed bullion coins. Nobody, or hardly anybody, is selling MS70 Maple leafs or the equivalent. I have never seen such an item come into his store, so they are rather irrelevant to his business.
However, the idea intrigues me and I will ask him what he would pay for such items (that sell for $3000 or more), should one walk in the door.
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Pillar of the Community
United States
3644 Posts |
I'm 100% with cascade if the whole deal did go down as said....just makes no sense-either he's an idiot or he had no clue and did not care to take 30 seconds to research it...ive run into dealers that I was totally shocked at the stuff they had no knowledge of
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Pillar of the Community
United States
1042 Posts |
The opening post of this thread is a he-said/she-said story. Quote:
This old guy came to the coin shop thinking he was gonna cash in some 'rare' ms70 silver eagle bullion coins. He almost had a heart attack when the dealer offer him silver spot for it. This are ms70 worth $500 the customer said. He even had a 1991 ms70 silver eagle bullion coin that he paid $1500 on hsn oh boy hsn. The dealer said it's all bullion to me. Might as well just say that 'someone' bought 'something' from 'somewhere' and got mad trying to sell it to 'somebody'. |
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Pillar of the Community
United States
2273 Posts |
The RedBook lists a Gem 1982-P quarter for $15. A nice chBU sells on ebay for $50. I used to run ads every week offering to pay $40 for Gems back when you could get a BU roll for $20 but was able to buy almost no coins at all. Today I'd happily pay $200 for nice choice well struck coins in Gem condition but they aren't out there so I don't even bother to look. RedBook lists them for $15. Of course they also list a lot of pretty junky old coins for $15 that you'd be lucky to sell for $2. This is just the way it is. I don't care whether a coin is worth $15, $50, or $600 but I'd like to see the guides reflect its actual value rather than what the publisher wants. Time don't fly, it bounds and leaps.
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Pillar of the Community
United States
2273 Posts |
Quote:
I'm 100% with cascade if the whole deal did go down as said....just makes no sense-either he's an idiot or he had no clue and did not care to take 30 seconds to research it...ive run into dealers that I was totally shocked at the stuff they had no knowledge of It's hard to believe but there are still some dealers out there that just don't care at all about moderns. I could tell horror stories about things I've seen in the dealer's till or coins that dealers told the owners to "just spend". Most of them will at least google their slabbed coins after they buy them. Time don't fly, it bounds and leaps.
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Pillar of the Community
United States
1373 Posts |
Quote:
Who cares if an MS70 is an MS70 is an MS70? Its ALL about the plastic right? In this example it just might be! I don't really see anything wrong with either the coin owner or the dealer. What truly makes a difference is the opinion of the seller that the number (70) on the plastic holder means more about the coin (and it's value) than the actual coin. True, if the dealer had known a bit more about the coin's estimated value he probably would have at least waged some offer price, but to him (and MANY others) the fact that the coin was rated as an MS70 meant no more to him if it was rated a MS69, MS68, MS67, etc. A '70' grade means a huge difference to some collectors and means nothing to others. Let's say that "Sam Snob" is working on making a complete MS70 set of Kennedy halves. Sam will pay extremely high prices to get what he wants. Also, he will scoff at someone who is trying to sell him an MS68 coin, saying "Sorry, that item isn't worth my time looking at", or "If I ever want any junk coins in the future, come and see me". Of course, Sam probably couldn't tell the difference between the MS70 coin he wants and the MS68 that was offered to him; only that the coin he rejected had a lower number on it than 70. Now "Bobby Bozo" is also trying to make a complete Kennedy set. He goes to some coin shows and sees lots of Kennedy halves being sold at lots of tables. They all look very nice and shiny, but he sees that the ones that are for sale in 2x2's seem to be cheaper than those in the plastic slabs. He ends up buying several from the 2x2 dealers and is very happy with his acquisitions. So who got the better deal; Sam or Bobby? Who likes their coins more? Neither! Both have bought what they wanted and are happy with their collection. Now, if either one of them wanted to sell their collection in the future, Sam would need to find another collector who was also looking for top-notch coins. Billy wouldn't get as much money as Sam, but he'd probably be able to sell his quicker. If the two guys ran into each other one day, Sam would tell Billy "Your coins aren't graded high enough!", and Billy will tell Sam "Your coins are way too pricey!". I guess all I meant to say is that "to each, their own". |
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Valued Member
United States
104 Posts |
Well said, atticguy.
Lesson of the day. stay away from HSN. :-)
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Pillar of the Community
United States
3843 Posts |
Seems that the customer mentioned in the OP should seek out a specialty dealer that focuses on modern coins. I can see how a local coin dealer doesn't want to get involved since he would probably have to sell to a wholesaler cheap since he likely doesn't have a market for such the item in his shop. The niche of people that seek these modern rarities is very small and volatile. The dealer should have politely declined to make an offer.
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Pillar of the Community
United States
3755 Posts |
atticguy, sorry, but no. You are running your example on a personal preference basis, and the grading system is NOT a personal preference. The grading system is there to give coins a rating in order to be able to establish some value. If someone ignores that, and says a coin is no different if its a 64 or a 70, they are woefully ignorant of what those numbers mean.
Now, if you want to say its personal preference if a person wants to collect high or low grade, certainly it is. To each their own is not something that applies to actual value of the coin. It only applies to what the person is willing to spend. And when you are a dealer, if you are a dealer worth half a cent, you should know the grading system and the differences in grades and what those differences mean as far as value.
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Bedrock of the Community
United States
17884 Posts |
Quote:
They are. HSN's slabbed coins come from Dirty Dan's Garage and Coin Service (or similar) That would be ANACS, NGC and sometimes PCGS. Quote:
He had two choices - try and detain the seller until the police arrived (risking a false arrest/kidnapping charge if the seller thought he bought it legally). Or pay as little as possible (knowing it would be his loss) and return the stolen property. Actually they just plain bought them cheap. They didn't recognize them for what they were. When they went to NGC THEY didn't recognize them either. (1866 no motto quarter in proof. Unique and well known as having been stolen in the Dupont robbery. NGC just slabbed it as a regular 1866 proof quarter. Superior bought it over the counter for $100.) |
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Pillar of the Community
Canada
5246 Posts |
This thread may be getting a little stale, but I spoke to the owner of the my LCS, and he said that he would not pay so much for an MS70 graded bullion because he needed to protect himself-he might have to keep it on ebay for months and he had no confidence that it would sell at the high prices. Just as a matter of curiosity, I checked ebay today, and for the MS70 Eagles (big TPG only), there was one Buy it now for $2400, 2 "completed" listings at 2400 and 1900 respective, and a single "sold" listing of an ANACS graded MS70, sold for around $700. So it seems to me that the market for these high grade eagles may be quite thin and not stable, and it is far from guaranteed that anyone could get the $1000s they are "valued" at. Now granted that ebay is not the entire market, but it certainly seems to be an indicator. If I were a dealer, I think that I would not take a chance on paying high for such an item out of concern about a market crash. |
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Pillar of the Community
United States
3644 Posts |
Thats all good and good points you make but the dealer offered him bullion for it-
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Pillar of the Community
Canada
5246 Posts |
Yes, the dealer would have been safe to offer more, but not $1500. Without knowing more, I can't say if the dealer was sufficiently honest. One dealer I know says "I am as honest as I can be". I guess that we can interpret this many ways, but dealers cannot exist if they kept advising customers of where they can get a better deal. It might have been better to have told the guy the whole story (that is, it might get $1500, might not). This all assumes that it was a big TPG slab. If not, all bets are off. |
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Replies: 36 / Views: 7,520 |
First Page
Posted 04/24/2016 4:58 pm
