Legend will NOT be using the CAC for buying coins?

[Zoins]

I just checked the Legend coin inventory page which says:

SORRY WE DO NOT BUY COINS SIGHTUNSEEN OR GIVE QUOTES. PLEASE CALL YOUR LOCAL COIN STORE.

If the primary driver behind the CAC is to create a sight unseen market, it seems Legend will not be participating because they do not purchase coins sight unseen as a matter of policy.

 

The extra expense and time to get a coin CAC stickered is supposed to make it more attractive for owners because dealers may express more interest in purchasing the coin in a sight unseen, but if Legend won't purchase CAC stickered coins sight unseen, presumably other dealers also will not. Then what is the value of the sticker?

[MarkFeld]

I just checked the Legend coin inventory page which says:

SORRY WE DO NOT BUY COINS SIGHTUNSEEN OR GIVE QUOTES. PLEASE CALL YOUR LOCAL COIN STORE.

If the primary driver behind the CAC is to create a sight unseen market, it seems Legend will not be participating because they do not purchase coins sight unseen as a matter of policy.

 

The extra expense and time to get a coin CAC stickered is supposed to make it more attractive for owners because dealers may express more interest in purchasing the coin in a sight unseen, but if Legend won't purchase CAC stickered coins sight unseen, presumably other dealers also will not. Then what is the value of the sticker?

Some dealers will buy coins sight-unseen and others won't. And some sight-seen buyers will pay more for CAC coins while others won't. I also believe that a good number of NGC coins which might otherwise trade for less than their PCGS counterparts, will be on equal footing if they have CAC stickers.

[James_OldeTowne]

I just checked the Legend coin inventory page which says:

SORRY WE DO NOT BUY COINS SIGHTUNSEEN OR GIVE QUOTES. PLEASE CALL YOUR LOCAL COIN STORE.

If the primary driver behind the CAC is to create a sight unseen market, it seems Legend will not be participating because they do not purchase coins sight unseen as a matter of policy.

I posed this same question before (don't remember which thread), and it was ignored. But I agree the premise is shaky (Mark's comments above notwithstanding), based on this same disclaimer.

[BillJones]

I just checked the Legend coin inventory page which says:

SORRY WE DO NOT BUY COINS SIGHTUNSEEN OR GIVE QUOTES. PLEASE CALL YOUR LOCAL COIN STORE.

If the primary driver behind the CAC is to create a sight unseen market, it seems Legend will not be participating because they do not purchase coins sight unseen as a matter of policy.

 

The extra expense and time to get a coin CAC stickered is supposed to make it more attractive for owners because dealers may express more interest in purchasing the coin in a sight unseen, but if Legend won't purchase CAC stickered coins sight unseen, presumably other dealers also will not. Then what is the value of the sticker?

 

I just posted this comment in the "Ms. Laura" string:

 

If anything I would expect the CAC error rate to be virtually zero. PCGS or NGC has already rendered an opinion as to the authenticity, grade and market acceptability of the coin. CAC’s job is to confirm or refuse to confirm that opinion. If CAC can’t do that correctly almost 100% of the time, what good is CAC? Two wrongs don’t make a right.

 

The coin I got had been gone over with file. It was obvious with 10X glass and couple letters showed some scratches that were visible with the naked eye. The coin in question sells for 5 figures. Certainly this was an example where CAC should have not missed this major problem.

 

I can respect some dealer's refusal to buy coins sight unseen. Some coins can have eye appeal issues and beauty is in the eyes of the beholder.

 

In addition I found this CAC mistake, I'm sure there are others out there. What I'm saying is don't buy something solely because it has a CAC sticker. I've already seen that CAC is not foolproof.

[Tradedollarnut]

Makes ya wonder how the TPG missed such a thing.

[CHABSENTIA]

True in many cases but then how do you explain this ad I saw for a coin dealer?

 

1. 2006 W Silver Eagle MS70 PCGS $1299.00

2. 2006 W Silver Eagle MS70 NGC $299.00

 

Regardless of what one feels about the importance of a MS70 grade in Modern coins I see no justification for the PCGS in the same grade costing $1000.00 more dollars or four times as much .

 

Would the same dealer charge $1299.00 for the NGC coin in this example if the NGC Coin had a CAC sticker or lower the PCGS coin to $299.00 if it didn't have the PCGS Sticker and the NGC coin had one?

[CHABSENTIA]

Then why wouldn't you wonder why CAC missed it also?

[Tradedollarnut]

I do. Of course, right now someone's wrong but it's 2-1 on the votes who it is.

[BillJones]

True in many cases but then how do you explain this ad I saw for a coin dealer?

 

1. 2006 W Silver Eagle MS70 PCGS $1299.00

2. 2006 W Silver Eagle MS70 NGC $299.00

 

Regardless of what one feels about the importance of a MS70 grade in Modern coins I see no justification for the PCGS in the same grade costing $1000.00 more dollars or four times as much .

 

Would the same dealer charge $1299.00 for the NGC coin in this example if the NGC Coin had a CAC sticker or lower the PCGS coin to $299.00 if it didn't have the PCGS Sticker and the NGC coin had one?

 

Answers:

 

1. The PCGS registry is viewed as "THE REGISTRY" and since they only accept PCGS products, you have to pay the piper to get to be top dog.

 

2. NGC usually hands out more MS-70s than PCGS. The supply is larger.

 

3. The perception is NGC is a little easier in the MS grading for modern stuff than PCGS.

 

Having said that, if I wanted an MS-70 silver eagle, which I don't, I'd buy a hand picked NGC example. I would stand of decent chance of having an almost identical coin for a lot less money.

[DC Dawg]

2. NGC usually hands out more MS-70s than PCGS. The supply is larger.

 

3. The perception is NGC is a little easier in the MS grading for modern stuff than PCGS.

Not to veer too far off this thread, when the differences between NGC and PCGS come up, why doesn't anyone comment about PCGS's policy of "market grading?" I interpret this as grading to the market and not the coin. Well, if the coin is perfect and deserves an MS70, then why not give the coin an MS70 grade and not worry how many times they've assigned the grade?

 

I cannot help but think that "market grading" is PCGS's way of controlling the market based on artificial circumstances. Where as NGC is more "honest" because they will assign the coin a grade based on the coin and not the market.

 

OTOH, the PCGS not withstanding, is this also a case of people buying the plastic and not the coin?

 

Scott

[MarkFeld]

2. NGC usually hands out more MS-70s than PCGS. The supply is larger.

 

3. The perception is NGC is a little easier in the MS grading for modern stuff than PCGS.

Not to veer too far off this thread, when the differences between NGC and PCGS come up, why doesn't anyone comment about PCGS's policy of "market grading?" I interpret this as grading to the market and not the coin. Well, if the coin is perfect and deserves an MS70, then why not give the coin an MS70 grade and not worry how many times they've assigned the grade?

 

I cannot help but think that "market grading" is PCGS's way of controlling the market based on artificial circumstances. Where as NGC is more "honest" because they will assign the coin a grade based on the coin and not the market.

 

OTOH, the PCGS not withstanding, is this also a case of people buying the plastic and not the coin?

 

Scott

I don't believe that PCGS even requires a coin to be "perfect" in order to assign a grade of 70 to it.

[MikeInFL]

2. NGC usually hands out more MS-70s than PCGS. The supply is larger.

 

3. The perception is NGC is a little easier in the MS grading for modern stuff than PCGS.

Not to veer too far off this thread, when the differences between NGC and PCGS come up, why doesn't anyone comment about PCGS's policy of "market grading?" I interpret this as grading to the market and not the coin. Well, if the coin is perfect and deserves an MS70, then why not give the coin an MS70 grade and not worry how many times they've assigned the grade?

 

I cannot help but think that "market grading" is PCGS's way of controlling the market based on artificial circumstances. Where as NGC is more "honest" because they will assign the coin a grade based on the coin and not the market.

 

OTOH, the PCGS not withstanding, is this also a case of people buying the plastic and not the coin?

 

Scott

 

That would assume that NGC doesn't "market grade", which I believe to be a mistaken assumption. Respectfully...Mike

[CHABSENTIA]

I would also hand pick the coin but in no way would I pay $1000.00 more money for the exact same coin and grade.Maybe 10% more but four times as much as in this case.

 

I am familar with the reasons you mention, however, there is one large problem here and that is not only paying an excessive price but purchasing the 2006 W A.S.E. PCGS for $1299.00 and later trying to sell it for $1299.00 or more.

 

 

I have two 2006 W MS70 Coins by NGC that I paid less than $100.00 for and are each in NGC Holders . I will sell them for $1000.00 each and not look back. I could buy soem nice Morgans for $2000.00 with the proceeeds.

 

 

[CHABSENTIA]

Has to be buying the Plastic for whatever reason. Otherwise why would anybody pay $299.00 in one instance and $1299.00 in another if both coins are perfect?

 

 

I do not plan on seeeling anytime in the Future but there might become necessary although the chances are remote. If I had a choice of paying $299.00 in an NGC Holder and $1299.00 in a PCGS Holder and were sure both coins were perfect then why would I take a chance of paying $1299.00 for the same coin when there was a god chance that I couldn't sell it for $1299.00 in the Future?

 

 

I also collect Morgan Dollars recently I picked up a 1880 S MS65 PL in an NGC Holder for $170.00 including Postage. Numismedia here has it for about $265.00 and I have seen it in NGC and PCGS holders for $295.00 and even $325.00. I had to wait a while for it and if I really had needed it then I might eventually had to pay more money but why pay more especially four times as much?

 

 

 

[MarkFeld]

Has to be buying the Plastic for whatever reason. Otherwise why would anybody pay $299.00 in one instance and $1299.00 in another if both coins are perfect?

It's quite possible that neither coin is perfect, as, to my knowledge, neither company requires actual perfection in order to assign a grade of 70. However, that doesn't mean that one coin can't be of better quality than the other.

[James_OldeTowne]

I don't believe that PCGS even requires a coin to be "perfect" in order to assign a grade of 70 to it.

Mark, is this a statement of policy? From personal experience, I know for fact that your statement is true, but am surprised that it is a formal policy.

 

If it is true, then I owe PCGS an apology.

[Doogy]

I don't believe that PCGS even requires a coin to be "perfect" in order to assign a grade of 70 to it.

Mark, is this a statement of policy? From personal experience, I know for fact that your statement is true, but am surprised that it is a formal policy.

 

If it is true, then I owe PCGS an apology.

 

I recall reading ATS that PCGS has a policy of calling a coin a '70' if there is no visible imperfections that can be seen using a 5x loupe. is this perfect? no.

 

 

[CHABSENTIA]

Possibly,however a thousand dollar difference?

[MarkFeld]

Possibly,however a thousand dollar difference?

A thousand dollar difference between two coins of slightly different quality is an extremely commonplace occurrence.

[BillJones]

Possibly,however a thousand dollar difference?

A thousand dollar difference between two coins of slightly different quality is an extremely commonplace occurrence.

 

Yea, but it's only justified when the coin you are talking about has some rarity in all grades. If you are paying the extra grand because the coin has been graded PR-70 instead of 69, you are treading in thin ice IMO.

[MarkFeld]

Possibly,however a thousand dollar difference?

A thousand dollar difference between two coins of slightly different quality is an extremely commonplace occurrence.

 

Yea, but it's only justified when the coin you are talking about has some rarity in all grades. If you are paying the extra grand because the coin has been graded PR-70 instead of 69, you are treading in thin ice IMO.

Bill, I definitely agree with your second sentence, though I think there would be exceptions to your first one.

[CHABSENTIA]

This was my point . I mentionrd that some would disgree with the MS70 designation on a Modern coin for various reasons.

[Zoins]

I just checked the Legend coin inventory page which says:

SORRY WE DO NOT BUY COINS SIGHTUNSEEN OR GIVE QUOTES. PLEASE CALL YOUR LOCAL COIN STORE.

I just looked at the Legend page again and it now says:

 

SORRY WE DO NOT BUY COINS SIGHTUNSEEN (UNLESS THEY ARE CAC STICKERED) OR GIVE QUOTES. PLEASE CALL YOUR LOCAL COIN STORE.

It's good to see some alignment with the CAC goals and their dealers.

[Houston Investor]

True in many cases but then how do you explain this ad I saw for a coin dealer?

 

1. 2006 W Silver Eagle MS70 PCGS $1299.00

2. 2006 W Silver Eagle MS70 NGC $299.00

 

Regardless of what one feels about the importance of a MS70 grade in Modern coins I see no justification for the PCGS in the same grade costing $1000.00 more dollars or four times as much .

 

Would the same dealer charge $1299.00 for the NGC coin in this example if the NGC Coin had a CAC sticker or lower the PCGS coin to $299.00 if it didn't have the PCGS Sticker and the NGC coin had one?

 

This seems like a suckers ad aimed at our Kool Aid drinking friends ATS. MS 70 is MS 70 and in this regard I do not see NGC coins worth any less than PCGS. I price the coin, not who's holder its in. Considering that CDN Bid for the Unc 2006-W ASE is $65 and that MS 69 - 70 is how these coins essentially came from the mint I think that seller is fishing for suckers. Wow $1299 for a $65 coin just because PCGS graded it a 70! That guy must believe in Santa Claus.

[CHABSENTIA]

Its Cameco coins.

[goldrarities.com-migration]

I think you may be looking at an old page- their web page is pretty clear about what the sight unseen policy is-

 

Clearly stated right on their home page

 

 

SORRY WE DO NOT BUY COINS SIGHTUNSEEN (UNLESS THEY ARE CAC STICKERED) OR GIVE QUOTES. PLEASE CALL YOUR LOCAL COIN STORE.