My first post here. New to coin collecting, having started nine months ago. Try to buy what my wife and I like that also has some investment potential. We have several PCGS or NGC graded coins that we paid $2,000 - 7,000 each. We buy from a local brick & mortar as well as online auctions such as Heritage.
Went to our first local coin show yesterday. Saw a few interesting coins. One in the $2,000 range that seemed overpriced so we passed for now. I have noticed that most of the show dealers have few graded slab coins, most are packaged in paper flip holders, some with grades written on them.
Many of these dealers say they don't bother with PCGS or NGC because they've sent the same coin in multiple times and gotten a different grade each time. The dealers claim they can grade coins better themselves. Also, most of these coins are under a few hundred dollars, making grading not economical.
We saw one coin we are interested in, but the saying about a deal too good to be true may apply here. It is a 1907 $20 High Relief (appears to be a flat rim, but I'm not sure). It is in a slab from an unheard of grading service. Aside from their thin website, it appears no other collector on earth has ever mentioned them online. It shows MS-62 but the dealer said he thinks it's MS-60. Either way, if legit, it is a coin in the $15-25k range being sold for $10k.
I would be willing to pay $10k if it's in a PCGS or NGC slab with an MS-60 or above. At a minimum, I have a concern about what appears to be a large carbon spot on the top edge (see picture). That might be a deal-killer to start.
I find it unlikely somebody along the way would not have submitted it to PCGS or NGC. Before I would buy the coin, I would request the dealer submit it to PCGS or NGC and achieve the minimum of MS-60. Before making such a request, can somebody look at the photos and tell me if that's a reasonable goal, particularly with the worrisome carbon spots. Any other thoughts on this prospective purchase? My Spidey senses are tingling. Thanks.
