Posted 02/05/2005 5:39 pm
Gosh, I got my own post here!!! I am flattered but that does not take the real bad taste I have for the grading services out of my mouth. I know a lot of collectors don't believe it when I tell them I actually had a coin switched by a grading service but I did. The coin, a heavily doubled reverse Morgan dollar, which at best would have made AU-50 but the doubling on half (left side) was beyond anything I had ever seen before on a Morgan dollar. I received an MS63 Morgan that was stunning in the return package but not the coin I sent. My coin was prepared and packaged by my dealer in the presence of 3 other collectors, sealed up tight, and returned to me for mailing the next day. I had no photos so what recourse did I have on this matter?
My next beef would concern the 1969S DDO's which I attempted to have authenicated a few years ago. Two different services refused to do so but kept my money. Now to make a long story short I purchased 3 rolls of 1969S Lincoln cents in the fall of 1969. They remained in rolls until 1999 at which time I busted them open. I found, not one, but 11 of the 69S DDO that matches every photo I have ever seen of this rarity. The problem here in my opinion, is this particular rarity in MS63 or higher is a $20,000 plus coin. Very few have been authenticated and graded and only a FEW big spenders now own them. What would an additional 11 do to that rarity market? My next train of thought, especially after visiting the Denver mint, is there is NO WAY only 30 or 40 of these coins could have been made as they strike the darn things at hundreds per minute and it is quite apparent Mint officials didn't have a clue what was being made at the time! So where are all the rest of the 69S DDO's that were struck during the lifetime of that die? Yes over a period of time the die would wear and things would physically change on the obverse but the cop out has been "hub doubling" to any new submissions. Who and what are the grading companies protecting here? I would go farther and say if my name was.......they would be authenticated and graded as 69S DDO in an instant! Not a doubt in my mind!
Now if any of you think I am sitting around crying about my misfortune, you must think again as I am not. I still have the Lincoln cents and very proud of them! I just think there is WAY to much politics involved in the grading service.
Now ND I have not said I haven't ever bought a slab! But, I can say I have never bought a modern coin that was slabbed until today. The 10th oz. platinum coin I purchased with my son's birth date (2002) is slabbed and will remain so! That should keep his little fingers off of it for years to come.
In todays world, I will agree, when buying key dates or very hard to find coins a graded and authenticated coin is and would be prefered, especially if one doesn't have the knowledge, without a doubt, to know what he/she is doing. I have raw coins right now that would be a much wiser investment for me, should I ever decide to sell them, to have them authenticated and graded. It would be a lot of extra money in my pocket and make for a very safe selling transaction. Until I reach that time they will remain "raw" and I will continue to seek out "raw" high grade uncirculated Morgans just as my wife and I did today. Brought home 5 new unc. Morgans which we adopted this afternoon and boy are we proud new parents! Just glad we don't have to name them all!!!
Last but not least, Thank You for your time to respond and want you, as well as everyone else, who reads this post that I am thrilled at being a part of this great hobby and being a part of your day as well!
My next beef would concern the 1969S DDO's which I attempted to have authenicated a few years ago. Two different services refused to do so but kept my money. Now to make a long story short I purchased 3 rolls of 1969S Lincoln cents in the fall of 1969. They remained in rolls until 1999 at which time I busted them open. I found, not one, but 11 of the 69S DDO that matches every photo I have ever seen of this rarity. The problem here in my opinion, is this particular rarity in MS63 or higher is a $20,000 plus coin. Very few have been authenticated and graded and only a FEW big spenders now own them. What would an additional 11 do to that rarity market? My next train of thought, especially after visiting the Denver mint, is there is NO WAY only 30 or 40 of these coins could have been made as they strike the darn things at hundreds per minute and it is quite apparent Mint officials didn't have a clue what was being made at the time! So where are all the rest of the 69S DDO's that were struck during the lifetime of that die? Yes over a period of time the die would wear and things would physically change on the obverse but the cop out has been "hub doubling" to any new submissions. Who and what are the grading companies protecting here? I would go farther and say if my name was.......they would be authenticated and graded as 69S DDO in an instant! Not a doubt in my mind!
Now if any of you think I am sitting around crying about my misfortune, you must think again as I am not. I still have the Lincoln cents and very proud of them! I just think there is WAY to much politics involved in the grading service.
Now ND I have not said I haven't ever bought a slab! But, I can say I have never bought a modern coin that was slabbed until today. The 10th oz. platinum coin I purchased with my son's birth date (2002) is slabbed and will remain so! That should keep his little fingers off of it for years to come.
In todays world, I will agree, when buying key dates or very hard to find coins a graded and authenticated coin is and would be prefered, especially if one doesn't have the knowledge, without a doubt, to know what he/she is doing. I have raw coins right now that would be a much wiser investment for me, should I ever decide to sell them, to have them authenticated and graded. It would be a lot of extra money in my pocket and make for a very safe selling transaction. Until I reach that time they will remain "raw" and I will continue to seek out "raw" high grade uncirculated Morgans just as my wife and I did today. Brought home 5 new unc. Morgans which we adopted this afternoon and boy are we proud new parents! Just glad we don't have to name them all!!!
Last but not least, Thank You for your time to respond and want you, as well as everyone else, who reads this post that I am thrilled at being a part of this great hobby and being a part of your day as well!
