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 Replies: 11 / Views: 1,836 |
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Moderator
 United States
16679 Posts |
PCGS graded a 2003 LMC a perfect MS70 a few years back. This coin subsequently sold at Teletrade for the sum of $18,000! Now I hear it has been downgraded to a MS69 due to a developing spot on the coins surface. If this is true, and the coin has been downgraded  , when if ever will a MS70 grade be assigned by any TPG? swcoin.ecrater.com
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Pillar of the Community
United States
5318 Posts |
Quote:
Now I hear it has been downgraded to a MS69 due to a developing spot on the coins surface. Nobody saw that coming!  I foresee a lively discussion between PCGS and the buyer. I just noticed on Heritage that a PCGS MS69 went for $161 this August--that's quite a hit in "value" from MS70->MS69. I think these upper "grades"--and pricing--border on insanity.  |
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Moderator
United States
188130 Posts |
Absolute Insanity!  Thankfully I have managed to prevent my tendency towards being a "perfectionist" from invading my hobby. No high MS coins for this collector!  Yup, thankful to be a collector of nicely circulated coins!  |
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Moderator
 United States
16679 Posts |
 .I have had many discussions about this coin with other dealers. I feel the same way. Who on Earth would want to pay $18,000 for this coin. I don't care about bragging rights in registry sets or whatever else. I would much rather spend that kind of money on some nice circulated type coins or keys! swcoin.ecrater.com
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Moderator
United States
188130 Posts |
That one coin is (was) worth many times what my whole collection is worth. Talk about having all your eggs in one basket. More like one egg, or just a shell, maybe some yolk! |
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Moderator
United States
16679 Posts |
Exactly!
swcoin.ecrater.com
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Bedrock of the Community
United States
12437 Posts |
I do not think that PCGS wants to touch another one of those with a ten foot pole  They had to pay the owner the difference between a 69 and 70  I am not going to link the Collectors Universe forum thread, but you can go there and search "MS70 Lincoln" and it is in the 3/08 post that tells the whole story including posts from the owner. Edited by biokemist6
09/15/2008 11:21 pm
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Bedrock of the Community
United States
14454 Posts |
I will say after PCGS shelled out the "total purchase price" for the MS-70 they graded when it developed a carbon spot we will probably never see any other MS-70 BS Lincolns
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Bedrock of the Community
United States
17884 Posts |
You would think they would have learned after paying out $40K for the PF70 1963 LMC that spotted. (I think it was a 1963, it might have been a 1964.) |
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Moderator
United States
16679 Posts |
How did it get downgraded? Did the guy send it back in? Did they look again at an archival photo?
swcoin.ecrater.com
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Bedrock of the Community
United States
14454 Posts |
yes he sent it in for review after it had a carbon spot appear on the coin. No need to look at any photo's of the coin, it was graded perfect and it couldn't be perfect with a carbon spot
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Pillar of the Community
United States
1130 Posts |
will this happen too if a copper coin graded as Red becomes Brown ?
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Replies: 11 / Views: 1,836 |
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Posted 09/15/2008 7:54 pm
