Crack-out cracks me up. Owner on crack?

[Keigwin]

I always enjoy reading stories about wonderful coins...their history, unusual incidents, even tales from a sellers which range from brutal honesty to utter BS. Here's one that caught my eye:

 

1955 DDO Lincoln

 

The gist is this seller says he had a moment of temporary insanity and cracked open a PCGS slab so he could hold in his hand this 1955 DDO 63RD. Now he needs money because of the price of gas and he's selling it raw, figuring he'll take a loss. It was sold at a Bowers and Merena auction in Feb '07 for $6325. A link to the auction sale with pix is posted. And the coin he is selling appears to be the same (I am reasonably certain from markings; the auction doesn't show the slab and cert#).

 

So, what do you figure happened here, really?

 

1) Owner cracks it out for regrade. TPG grades it lower or finds some reason to body bag it. (A drop to 62RD, e.g. -- which I would have guessed is its condition -- would cut its value in half. No, no, no...can't live with that.)

2) Owner cracks it out after a six pack. It seemed like a good idea at the time, you know? But then is too lazy or inept to get it regraded.

3) Owner cracks it out and simply enjoys it raw but then needs quick money and turns to ebay. (His story.)

4) Owner bought it raw from another owner who had his reasons for the crack-out and he's trying to turn a quick profit.

5) Your guess?

 

The bit about having to sell it because gas has gone up made me chuckle. He could afford to buy a $6k penny last year but can't deal with tanking up today? Okay, maybe. If the guy is nutty enough to crack it open so he can touch the DD then maybe this is all legit?

 

I am not interested in buying this coin (though I wouldn't mind it in my collection!). As I said, I just liked the story.

 

Lance.

[okbustchaser]

I don't know about fit of insanity, but I have cracked several PCGS (and other companies) coins over the years for my own enjoyment. Yes, in this price range...even higher.

 

And yes, if I suddenly had to dump on Ebay I would expect to probably receive less than if it were still slabbed.

[gmarguli]

It might be a good deal. He offers a 7 day return privilege. You can get the coin, have it graded by PCGS/NGC within that time period and if it doesn't grade MS63RD you can return it and you're only out slabbing fees.

 

However, I suspect that the auction will not run its course. Between the keyword spamming (PCGS), the numeric grade in the title (MS63 Red), and the note about PayPal (I can not accept the 3% Paypal fee on this item, but you are welcome to cover that charge if you want to pay that way.), this auction will be pulled pretty quick.

[EZ_E]

My name is Matt, and I can be reached at 775-530-5187

 

He's somewhere in northern Nevada. Maybe he has gambling debts? Something is queer about the whole story most likely by omission.

[Dcoin]

Stories are like tushies, we all have them and they usually stink. I'm going to go with...

 

1) Sent for upgrade, came back 62, cracked out again and sold as raw for a smaller loss.

 

But then again I'm a little cynical like that. Maybe he really just did need to ‘hold’ it.

 

[SRWNC-migration]

The owner's story may be true, maybe not. However, if anyone reports this listing to ebay, it has a high probability of being pulled with the new policies on graded/non-graded coins. Based on my understanding of the policies as confirmed to me by my ebay account manager, the seller has probably violated the ebay policies in the following ways:

 

1) The item title: "1955 DDO Ex - PCGS 63RD RED! - Raw - See Bowers Link NR". Since this coin is now in raw (i.e. out of the slab), you can't mention PCGS or the grade PCGS assisned, even if you say "Ex".

 

2) In the item specifics subsection, he lists the grade as MS63-RD, again a no-no under the current ebay policy as the coin is no longer certified by one of the approved grading services (due to crack out)

 

3) Shows pictures of coin in PCGS holder. Pictures must show the item in it's actual present condition. Since the coin is no longer in the holder, using the 2 photos of the coin in the PCGS holder may violate ebay policies (this one is a grey area, but I know of another dealer who had his listing pulled by ebay for doing the same thing).

 

Plus mentioning the surcharge if you want to pay via Paypal (against payment policies). However since he didn't indicate Paypal as one of the accepted payment methods in the Payment Details section at the bottom, this may not get it pulled unless someone specifically reports it for this infraction. I've seen a few sellers get away with this for seveal years, and reported them numerous times with mixed results.

[WoodenJefferson]

I might believe the sellers story if they were to send in addition to the coin, the PCGS insert from the broke open slab. (even auction images of just the insert next to the coin would be a bit more convincing)

 

Me thinks all those images shown were taken while that particular 55 DDO was still in a slab and not raw, as is claimed.

 

Nice coin as pictured...but a raw $5k coin sight unseen???

 

 

[BillJones]

I think this coin had some work done on it to make it “more red.” Going by the first obverse photo, the color looks a bit off from an original red coin to make it work for me. The reverse color also does not match up with the obverse color, but that is not the final word since the coin could have been stored in an album.

 

PCGS cut submitter a break and put it into an MS-63, Red holder as a net grade. If the coin were original, it looks more like an MS-64 to me.

 

Given the anti-doctoring policy that is now in place, it’s dicey as to whether or PCGS or NGC would grade this coin again. It was worked on to make it look like an MS-65 or 64 red, and the submitter got lucky. Luck is not on your side now.

 

[ant]

on a coin of this stature it would be smartest to send in for some sort of grade/slab. on a coin like this i wont buy unless it slabs. im thinking of asking them to send in and ill pay if they turn it down its not the coin

 

heck even a express grade would be worth the money. its sounds fishy! has any 1 contacted sel;ler yet.

[relicsncoins]

It's already been yanked, the link is not a valid item.

 

JJ

[jgrinz]

Poof GONE!

 

[jesbroken]

The coin has now been removed so evidently you were right regarding Ebay removing it.

[ant]

another good job folks! what would they do without all these folk making sure others dont get ripped off! i love watching this go down

[James_OldeTowne]

There was a guy I know of who had a 1796 draped bust dollar in a PCGS VF holder. He thought the coin was too dark, not from an "upgrade" standpoint, but he just didn't like how dark it was. So, he cracked it out and "lightened it up". Sometime later, he decided he wanted to sell it at auction, so it was sent to NGC - where it got bodybagged for "cleaning".

[okbustchaser]

another good job folks! what would they do without all these folk making sure others dont get ripped off! i love watching this go down

 

How was anyone getting "ripped off" here? He never claimed it was still in the holder. He clearly described it as raw.

 

 

[ant]

ok i take back "rip off" . there would be no reason to crack out a coin this valuale for any reason. especialy if they were going to sell it. that takes away the "authenticated" in my book which then says has to be a rip. THIS IS MY OPINION.

[okbustchaser]

Sure there can be a reason. Check my earlier post. The fact that it is no longer slabbed says absolutely nothing about the legitimacy of the auction as long as the seller doesn't try to convince anyone that it is still slabbed.

 

There are a number of coins of this value which are not currently in slabs. I know this because I OWN several of them myself. The reason they aren't slabbed has nothing to do with their potential slabablity--many were slabbed when bought. They aren't currently slabbed because I (along with many other collectors) prefer them that way.

[BULLY]

I think this coin had some work done on it to make it “more red.” Going by the first obverse photo, the color looks a bit off from an original red coin to make it work for me. The reverse color also does not match up with the obverse color, but that is not the final word since the coin could have been stored in an album.

 

PCGS cut submitter a break and put it into an MS-63, Red holder as a net grade. If the coin were original, it looks more like an MS-64 to me.

 

Given the anti-doctoring policy that is now in place, it’s dicey as to whether or PCGS or NGC would grade this coin again. It was worked on to make it look like an MS-65 or 64 red, and the submitter got lucky. Luck is not on your side now.

 

My vote of possibilities goes along the lines of BillJones here.

 

1. Either been doctored to try to get it upgraded, and that ruined it, thus now trying to sell it raw, since upgrading is essentially impossible due to artificial whatever, or cleaning, or something that will preclude it from the major TPGs.

 

2. Or the coin was just plain SUBSTITUTED. He kept his slabbed coin, the rest is just a farce. Selling a coin that I JUST BROKE OUT OF A HOLDER (even though it's actually some old coin I've had for years that has been rejected by every major grading service), or, pick a reason...