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What to do....opinions welcome

Started by kryptonitecomics,

What would you do?  

57 members have voted

  1. 1. What would you do?

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16 posts in this topic

kryptonitecomics

kryptonitecomics

Posted
Posted

For anyone who has looked at the "Post your recent acquitions " thread you already have a heads up on my issue.

 

To summarize:

 

I bought an NGC MS63 1863 IGC in an old NGC holder to go along with the type set I am building. The coin looks clearly undergraded and I thought I had a winner but under upon review I found quite a few small spots of PVC on both the Obverse and Reverse when using a 18X loop doh! I contacted the seller and originally it looked like no refund was possible as he gave me the old "I'm not a dealer" story and had no clue what PVC even was etc.

 

He has since contacted me back and said he would give me a refund if I sent the coin back and would just try to sell it to the under bidder....with no disclosure of the PVC of course. Now I am not a part of the self appointed coin police but I think we should all try to do our best to protect others from bad coins when financially able. I can't really afford to through $150 dollars down the drain either and there is certainly a chance that if I kept the coin and sent it in to NGC....it could be conserved and then be reholdered by NGC if the damage already done is minor. It's certainly a risk on my part but if I send the coin back.....I have no doubt that the coin will just find it's way onto the market and the coin will continue to deteriate in a top TPG holder.

 

As collectors it's also our responsibility to try to help preserve coins for future generations. Again, I know I can't save every coin or every coin collector but just dumping this coin back on the market with an attitude that I can just let it be someone else's problem.....well frankly it doesn't sit well with me.

 

So.....what do I do or more importantly....what would you do if you didn't feel like you could absorb the loss of funds?

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MikeInFL

MikeInFL

Posted
Posted

Shane,

 

I would investigate my alternatives via NGC first, i.e. grade and/or conservation. Barring that, I'd return the coin.

 

While I can appreciate you wanting to do the right thing, I don't think you should "take one for the team" -- so perhaps you ask the seller to extend your return privilege to give NGC time to evaluate the coin?

 

Just my $0.02...Mike

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rbrown4

rbrown4

Posted
Posted

Although two slightly different approaches, I tend to agree with both TDN and Mike, investigate your alternatives and if you choose to not keep the coin, list it with full disclosure on the PVC. If it were me, I would feel bad sending it back to the original owner suspecting that it would be sold again without full disclosure.

 

Rey

 

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cpm9ball

cpm9ball

Posted
Posted

Shane, while I agree that sending it back to the seller for a refund would just make it fodder for some unknowing victim, you have already stated that you can't afford to risk the money. If you can't convince the seller to allow you the time to submit it for NCS evaluation, I would send it back for a refund. There is no reason that you should "carry the world upon your shoulders", and I don't think you should feel bad about it.

 

Chris

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IGWT

IGWT

Posted
Posted

The IHC is in an older holder. I don't know the date, but there's the possibility that the guarantee doesn't apply. From the NGC website:

 

"The NGC Guarantee does not apply to copper, bronze or copper nickel coins graded by NGC prior to April 1, 2000.

 

To the extent that the NGC Guarantee applies to copper, bronze, or copper nickel coins, the NGC Guarantee expires with respect to such coin(s) on the ten year anniversary of the date of encapsulation by NGC."

 

First, I'd want to make sure that it's PVC, not verdigris, which can be stable and might even account for the 63 grade. If it's a touch of verdigris that's visible only under 18X, maybe the coin is still a keeper. Second, whether its PVC or verdigris and you don't want the coin, and if the NGC guarantee doesn't apply, then I'd send the coin back. It's not your job to take coins out of the market with your own money.

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kryptonitecomics

kryptonitecomics

Posted
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Posted

I should be able to take some images to captures what I am seeing but again I am pretty sure it's PVC. Nothing is visable to the naked eye so as TDN says....I am certainly micrograding. If this was a nick or some other flaw visable only at high magnification I wouldn't give it a second thought but becuase of the nature of PVC and the on going damage it can cause if still active.....I am concerned.

 

If I didn't like the coin then I probably wouldn't be so torn....I'd probably just opt to send it back even though I would feel bad about someone else getting it.

 

Thanks for the opinions so far and keep them coming (thumbs u

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CHABSENTIA

CHABSENTIA

Posted
Posted

I would send it back and get my money back.If I am reading this right then you purchased the coin and it was clearly labeled as MS63 but you thought it was undergraded but on examining it with the loupe found a defect that you think might be PVC etc.

 

Apparently the coin was graded as MS63 because of this defect it was either purchased because there was a thought that it could be upgraded or if this was not the reason then the purchaser thought that it was a fair price for the MS63 f grade.So either the purchaser is not satisfied because they can't upgrade it now that they know of the defect or the knowledge of the defect bothers them.

 

Either way the coin seems to justify the grade of MS63 so if it is returned and another purchaser obtains it then most likely they will bid on the basis of the MS63 grade which is the true grade of the coin.

 

Otherwise if he keeps it then he will know that it is a MS63 coin because of the defect.If the same coin was a MS63 coin based on " wear ' would it still make a difference?

 

 

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Tradedollarnut

Tradedollarnut

Posted
Posted

"Classic coins are net graded for problems all the time."

 

"Most of the coins collectors think are undergraded have been silently net graded for a problem the collector doesn't recognize."

 

Now where have I heard these statements before? ;)

 

 

I think you left off the 'keep the coin and enjoy it' option in your poll. If you like it, really really like it, then ignore the microscopic problems and keep the coin. You'll have something that appears undergraded when you look at it with your naked eye. Just set aside the loop and enjoy the coin!

 

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