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 Replies: 25 / Views: 3,464 |
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Valued Member
 United States
166 Posts |
Thanks BH1964, I saw that coin, and it has been dipped for sure.
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Bedrock of the Community
United States
10982 Posts |
@Krusti-Koin Quote:
As such, my circulated proof, which was purchased as a business strike, was worth a third of what a business strike brings in the marketplace.
You bought an 1862 Seated dollar slabbed in a TPG holder as a business strike that is a proof? Then the TPG is liable for your loss in value. They owe you money and lots of it. Pursue your case. |
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Bedrock of the Community
13014 Posts |
Quote:I researched it myself after I became aware of the new reference work on Seated dollars. I did so because I suspected the surfaces after I bought the coin years ago, but I relied on the TPG. I would recommend getting that confirmed. And if so you aren't necessarily burned if you go about it the right way contacting NGC for a review. |
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Pillar of the Community
United States
3479 Posts |
Quote:In the case I refer to, an 1862 Seated dollar that was graded NGC AU 58, was in fact a circulated proof. This was brought to my attention when Dick Osburn and Brian Cushing recently published their new reference work. As such, my circulated proof, which was purchased as a business strike, was worth a third of what a business strike brings in the marketplace. This happens way too often with Seated dollars. I could name atleast 5 examples of misidentified proofs in business strike holders that I have come across in the last three months. |
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Valued Member
United States
166 Posts |
My solution was to sell it back to the dealer who sold it to me. I took a loss of 10%, which I caulked up as tuition. I did not want to deal with NGC if I didn't have to, and the dealer was hot to have the coin back. If you read the guarantee from NGC, the price the settle with you is at THEIR discretion.
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Valued Member
United States
166 Posts |
As long as we are on the subject, Dick Osburn claims that there are many business strikes out there that reside in proof graded holders. If that is true, that is an opportunity for the sharp eye.
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Pillar of the Community
United States
3479 Posts |
The good part is that Heritage is catching on, and some misidentified business strikes are now being called out in auction listings.
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Pillar of the Community
United States
3479 Posts |
Quote:
As long as we are on the subject, Dick Osburn claims that there are many business strikes out there that reside in proof graded holders. If that is true, that is an opportunity for the sharp eye. It's been happening both ways atleast once in every major coin auction. Some auction companies like Heritage are starting catch them and identify the mistake on their listing, but many others don't even bother. Both PCGS and NGC are guilty. In fact I have seen more misidentified Seated dollars in PCGS slabs that in NGC slabs. But those are limited to the grading range I collect. More may be happening in vf-g or ms coins that I am not aware of. |
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Valued Member
United States
166 Posts |
When I attended the Baltimore show last year, a member of the LSCC told me that NGC recognized the new reference work by Osburn/Cushing, but PCGS did not. I am not sure if that is still true, but if so, we have no grounds with a claim against PCGS in such a case.
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Bedrock of the Community
United States
10982 Posts |
Quote:
My solution was to sell it back to the dealer who sold it to me. I took a loss of 10%, which I caulked up as tuition. I did not want to deal with NGC if I didn't have to, and the dealer was hot to have the coin back. If you read the guarantee from NGC, the price the settle with you is at THEIR discretion. Sounds fair enough as I'm sure the dealer didn't know either and likely got what they could from NGC. |
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Replies: 25 / Views: 3,464 |
First Page
Posted 10/26/2018 10:30 pm
