| Author |
 Replies: 8 / Views: 3,440 |
|
|
Pillar of the Community
United States
509 Posts |
My brother had an 1886-O Morgan slabbed by NCC ( basement slabber) at MS66. I looked at this coin very closely several times in hand and my best estimate was MS63, possibly 64.
Not something I would have done, but he submitted it to an online auction site who offered free submission to PCGS if he would consign the coin for sale. Word comes back (via email with no supporting documentation) that PCGS put it at AU55. Subsequently the consignee sent another email notifying him it had sold for $175. Again, no supporting documentation. Is that normal protocol?
The thing which bothers me the most is that he never did see the coin go up for auction even though he had been watching. Any recourse or c'est la vie? It could all have been perfectly legit as I'm not familiar with protocol. I could have been badly mistaken about the grade but don't believe I could have been that far off. At the very least it was MS. Just doesn't seem to pass the smell test.
PCGS lists this coin MS62 $1500, MS63 $3250, MS64 $9690.
|
|
|
|
Pillar of the Community
United States
4846 Posts |
it could have very well been an AU coin, wear on Morgan dollars is hard to see |
|
Pillar of the Community
United States
1817 Posts |
Sounds kind of fishy, a fly by night kind of operation if no supporting documentation was offered. Someone should have at least asked for the certification number & a call to the TPG to verify the coin and its grade. O-mint Morgans are sometimes so poorly struck that have AU detail but can be otherwise uncirculated. Since the sale is concluded there's not much recourse at this point, except to chalk it up to experience. |
|
Valued Member
United States
312 Posts |
NCC grades basically everything MS-66. What online auction site did he use?
|
|
Bedrock of the Community
United States
14454 Posts |
I think he probably got taken on this and not sure why he would ever do what he did without finding out more about the details on who he was dealing with. Probably nothing he can do now that he has already decided to do business with them and agreed to their terms but I would probably give him an ear full if it were someone related to me for jumping into something like this without doing his homework first. I would like to know which auction site he used and also know the details of the terms he agreed to. I would hope someone in my family would ask my opinion before they decided to do something like this especially if they knew I collected and already asked my advice on grade Quote:Someone should have at least asked for the certification number & a call to the TPG to verify the coin and its grade with a cert number you can check online but there is no way t6o tell if the coin he submitted is the coin that has this cert number, only that it is the same date/mm combination. At least if it were NGC he could see a picture of the coin and judge himself to see if it looked like the same coin with the cert number they provided since they take a picture of each coin now (something I think all major TPG's should do to cut down on counterfeit slabs). I think since he agreed to their terms then he is pretty mu7ch stuck with what they tell him |
|
Pillar of the Community
 United States
509 Posts |
Thanks for your responses. I'd rather not mention the auction site. Most of us know it. Guess it's a done deal and water under the bridge. I had been hoping some, or one of you had been down that same road and could speak from personal experience. Quote:Someone should have at least asked for the certification number & a call to the TPG to verify the coin and its grade He's totally inexperienced and just accepted what he was told without question. It was a done deal before I was even aware of it. Quote:
I would probably give him an ear full if it were someone related to me for jumping into something like this without doing his homework first I didn't give him an ear full although I felt like it. He was feeling bad enough already. Actually, we did talk about him submitting the coin for grading and I told him to take it to a local coin dealer who was an authorized PCGS agent. He seemed to agree. Perhaps he was trying to get around the grading fee. Quote:it could have very well been an AU coin, wear on Morgan dollars is hard to see I suppose that's possible but I just don't believe I could have been that far off. I looked at it pretty closely through a 5x loupe |
|
Moderator
 United States
23522 Posts |
Quote:
I'd rather not mention the auction site. Most of us know it. That would make all the difference in the world for my opinion on this matter. If it were Heritage, for instance, I'd accept the result as righteous. |
|
Pillar of the Community
United States
6381 Posts |
Teletrade had an arrangement like this, where customers can have their raw coins graded for free or at a special rate (by PCGS, NGC, ANACS, ICG, or NCS) when they consign to their online auctions. However, I don't believe this offer extended to coins already slabbed by other (dubious) grading services.
|
|
Moderator
United States
16677 Posts |
May I suggest, don't ever trust anyone else with your coins! Period. Send them in your self. An "online auction site" could be anyone, including a felon who just created his own site. Only trust your coins with yourself, registered/insured mail, and the results directly to you from PCGS/NGC.
swcoin.ecrater.com
|
| |
Replies: 8 / Views: 3,440 |
|
Posted 05/25/2011 5:06 pm
