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 Replies: 18 / Views: 4,315 |
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Pillar of the Community
United States
986 Posts |
There's a monthly coin show 10 minutes away, so I thought I'd drop in. The first dealer's table I see has a bunch of slabbed morgans, so I thought I'd take a look. And lo and behold, there's a SGS MS-66 morgan sitting pretty next to PCGS and NGC slabs. I had to double check to make sure I wasn't seeing things. Anybody know how a reputable dealer managed to get ahold of and SGS slab?
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Pillar of the Community
United States
4869 Posts |
*violently vomits* That is just sick...lol
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Pillar of the Community
United States
1454 Posts |
Just for my own knowledge. Why is SGS slabbed coins frowned upon? I can guess it is probably because they overgrade? I have seen alot of these popping up on ebay lately. Are they new? Do they charge less? |
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Valued Member
United States
382 Posts |
quote:
Originally posted by Irishraider
Just for my own knowledge. Why is SGS slabbed coins frowned upon? I can guess it is probably because they overgrade? I have seen alot of these popping up on ebay lately. Are they new? Do they charge less?
Do yourself a favor and search SGS (Star Grading Service) right within Coin Community or do a simple google search of SGS and there is enough reading and facts for you to make a wise decision. Regarding that dealer that was selling a SGS "packaged" coin, well that is what happens to these coins. They end up at a coin shop where a dealer will probably offer PR65 bid pricing (less 10%) and nothing more. Actually, these second layers of sellers (Aboncom is the first layer) are just selling these coins as if they were "raw"...nothing more. It usually happens to a collector when they find out they have been duped and their coin is NOTHING close to MS70 or PR70, so the collector trys to recover some of their losses. Bottom line...RUN and don't look back when you see a SGS, gold-foiled, packaged coin. Edited by zakgold
07/09/2006 8:37 pm
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Pillar of the Community
United States
1454 Posts |
Thanks zak. I did as you suggested and found them. They seem really low budget and their website does also. Not sure why the .org at the end of their url? All that put together seems flaky. Are their grades that far off? If you could get them really cheap could you just crack the case and send it on to PCGS, NGC or ANACS? Could their MS-70's be as low as MS-63 or lower? I wonder about that each time I see these on ebay but have kept away from buying them for this reason. |
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Pillar of the Community
 United States
986 Posts |
People have tried that before. Aside from being horrendously overgraded, most if not all coins are cleaned, and crossovers into PCGS or NGC slabs usually come back bodybagged. If they're not bodybagged, they'll usually not meet the minimum crossover grade, even if it's only MS-63.
Oh yeah, the coin was marked at $26, so the dealer obviously knew that the MS-66 grade was a phony.
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Pillar of the Community
United States
1454 Posts |
Good point fengk. I forgot the possibility of cleaning. True, they would be body bagged for sure. I am working on learning how to identify cleaned coins. I wouldn't mind buying them if they are so stated but I have always disliked the fact of someone doing it to rip people off. Mostly because I don't like mean people and secondly because it just ruins the beauty of the original coin.
Edited by Irishraider
07/09/2006 9:02 pm
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Pillar of the Community
United States
986 Posts |
SGS is owned by the same people who own the e-Bay store Abon, even though they swear that they're unrelated. It's a pretty tangled web of legal issues, but the bottom line is that they rip off new collectors who don't know any better, and think that they're getting a great deal or investment. It's enough to make you sick...
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Pillar of the Community
United States
1454 Posts |
Oh! [:0] So the plot thickens! I did not know that, that would make sense. I have seen Abon on there alot lately and you're right, they have almost, if not exclusively, SGS graded coins. Hmmmm. Thanks for the info fengk. I will steer clear of that mess.
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Bedrock of the Community
United States
14454 Posts |
Aboncom just puts his coins in these holders and puts a gold label on it and a very high grade to sell his coins out of his own inventory, it is no grading company at all. Aboncom says he isn't affiliated with SGS but until recently they shared the same address (because he was doing it out of his home or shop). It is a one party grading company so he is the only grader and its evident that he is absolutely no good at doing so by all the MS-70 and PF-70 coins he grades with scratches that can be seen with the naked eye. Every SGS slab that you see anywhere probably originated from this one seller, and if anyone else is selling one it is just because they got duped by this seller and are trying to recoop their money
edited to fix spelling
Edited by Bryan1315
07/10/2006 8:52 pm
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Valued Member
United States
458 Posts |
What bothers me is that this "supposed legit coin dealer at a show" would even have the "cojones" to put SGS=(Suckers Giveth Sum) Encased Coins next to the best TPG's in the biz--Most disgusting--Gives me to pause at this table and tell this so called "dealer" huh are you doing putting that cr?p next to legit encapsualted coins? Noticed I said SGS coins are "encased" TPG coins are "encapsulated"--BIG difference!!  CiScO |
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Valued Member
United States
382 Posts |
quote:
Originally posted by Irishraider
Oh! [:0] So the plot thickens! I did not know that, that would make sense. I have seen Abon on there alot lately and you're right, they have almost, if not exclusively, SGS graded coins. Hmmmm. Thanks for the info fengk. I will steer clear of that mess.
Another collector saved from Aboncom/SGS! No go tell 10 other people! |
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Pillar of the Community
United States
1626 Posts |
I know I bypass SGS when looking on ebay. Thanks to this Forum, I am becoming more and more wise on scams like that. Swamperbob also helps build my knowledge. This forum is by far the best resource I have when it comes to coins. Tim |
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Pillar of the Community
Australia
3831 Posts |
At least he didn't try to charge full value of what is stated on the slab  |
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Pillar of the Community
United States
547 Posts |
[quote] Originally posted by CiScOWhat bothers me is that this "supposed legit coin dealer at a show" would even have the "cojones" to put SGS=(Suckers Giveth Sum) Encased Coins next to the best TPG's in the biz--Most disgusting--Gives me to pause at this table and tell this so called "dealer" huh are you doing putting that cr?p next to legit encapsualted coins? [quote] I have to tell you CiScO...I choked on the cantaloupe I was eating when I read that...funny! |
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Rest in Peace
United States
2884 Posts |
Ah Cisco, I don't think the whole thing could be summed up any better than what you have said! Mike....remember, this is a "G" rated forum |
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Replies: 18 / Views: 4,315 |
Posted 07/09/2006 8:29 pm
