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 Replies: 17 / Views: 4,365 |
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New Member
United States
4 Posts |
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Member
United States
3242 Posts |
Sorry but SGS is not a grading service 99% of there grade's MS&PR-70
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Moderator
 United States
6563 Posts |
 Most of the time it's just more cost effective to just take the coin out of an SGS slab and spend it. They take currently circulating pocket change and slab it in their basement with MS69 all...day...long How much did you pay for them? If have you a chance...see if you can get your money back Was the seller an actual coin dealer or just have some basic stuff like this along with other various items? Edited by GO
06/16/2008 08:10 am
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New Member
United States
11 Posts |
Wow, that 1967 quarter doesn't even look uncirculated, let alone MS-70. At least not all of the coins were SGS. Hope you didn't spend much.
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Pillar of the Community
United States
560 Posts |
First of all - welcome to the forum!
As others have already said above, some "grading companies" aren't as reputable as others. The coins that they rate as the highest grade (MS70) are often just pocket change from circulation. That's why many here in this forum will advise you to buy the coin, not the slab. An MS70 coin should be free of all wear and marks, it should also have most of the original mint luster still on the coin. It should be perfect.
Whether or not you got taken depends on how much you spent for the coins. In any case, you're not alone in buying SGS coins for more than they're worth (face value). Stick around the forum and learn more about your new coins!
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Bedrock of the Community
United States
12437 Posts |
SGS is not a real grading service, just some guy "grading" his own coins and putting an inflated number on a slab. Same story with PCC. The 2003P Kennedy is worth a few dollars since Kennedys have not been released for circulation since 2001. They are only sold to collectors by the Mint. The New Hampshire is the only slab worth keeping. NGC is a reputable grading company and their grading is accurate. Value is probably $10-15 or so with the extra value from the slab. The Michigan proof is worth around $4-5. These are relatively inexpensive coins because the mintage of proof sets is usually several million. The current price for a 2008 State Quarter proof set from the US Mint is $13.95. All of the other coins are essentially pocket change- they might be uncirculated but they could also be lightly circulated as well. |
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New Member
 United States
4 Posts |
Well first off thanks, It certainly is an education, and knowing that SGS is not a grading service is also helpful. I will have to keep that in mind next time around.
I paid 30 bucks, but I did get some other coins with it: 2 more pennies 1984, 2000P, 1981-P Susan B. Anthony INB cert. MS 70?, 2000-S Virginia INB DCAM Proof 70?, a 1923 Morgan not graded, 1964 - D Washington not graded, and lastly 1972 Eisenhower uncirculated with blue plastic chip both in a plastic sealer/bag.
Again, thanks for all you help.
Gary
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Locked
822 Posts |
Well, let's make something clear. SGS is a grading service. They are a service that grades coins, just not a respected one for reasons which are clear to most people, and becoming clearer all the time.
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Pillar of the Community
United States
2270 Posts |
The Ike is a "blue Ike" and 40% silver. They were made in San Francisco and were very popular at the time.
Many of these coins you list would be worth thousands of dollars in a true MS-69.
Time don't fly, it bounds and leaps.
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Rest in Peace
United States
5375 Posts |
In the future, don't trust the grades on anything besides PCGS, ANACS, and NGC. ICG and PCI are less reliable but not total scams. Usually, everything else is total nonsense.
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New Member
United States
4 Posts |
Well, I have to admit I was in awe at the total number of coins that I thought were professionally graded and simply fell for that, rather than researching them first. However, sometimes in a flea market or garage sale environment you don't have much time to do all that. Anyway, I think I'll bunch up the unworthy coins and sell/give them. ; ) Do you what the Morgan Value would be at? Thanks Gary Image:  gogospeedcoins010.jpg42.03 KB Image: gogospeedcoins011.jpg41.38 KB |
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Pillar of the Community
United States
5318 Posts |
I sometimes see coins like this at shows, and I wonder at the distribution route. I'm guessing it's something like this: unsorted MS rolls/bags --> bulk wholesaler --> "basement slabber" (inspection/grading does not happen here) --> unsuspecting collector. Perhaps if collectors knew more about the sales process for collectible items, they would figure out the margins involved and the actual value? This holds true whether you buy coins, "limited edition" art, Beanie Babies, etc. That 1967 quarter is especially egregious, because it's visibly damaged. Then again, you did get a NGC PR69 UC that should be OK.   I hope a little "bad news" doesn't turn you away from the forum or the hobby. I'm afraid these fake slabs are going to cast a long shadow on coin collecting.  Edited by KurtS
06/16/2008 1:16 pm
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Valued Member
United States
486 Posts |
First off I will say do not believe a coin is graded properly unless it is from PCGS, NGC or ANACS, any other grading companies are not nearly as reliable. Remember, buy the coin not the holder! As for the silver dollar, It is not a Morgan dollar but a piece dollar and is worth about $14 depending on the price of silver. The coins' value will fluctuate with the silver market because it is 90% silver. -PP |
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Bedrock of the Community
United States
14454 Posts |
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Valued Member
United States
486 Posts |
By the sound of it you're new to collecting coins. Before you do more buying go get a RedBook and read some articles online and/or in a magazine. You need to learn the ropes before you go to the rodeo cowboy! -PP |
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New Member
United States
4 Posts |
Ouch... hehehehe...thanks guys |
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Replies: 17 / Views: 4,365 |
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Posted 06/16/2008 08:09 am
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