This will be one thread to follow....

[MunkyMan95]

Post ATS

 

The person in the OP is (was, I guess) the owner of the 2003 MS70RD Cent. As of this posting, no real information has been given, though he has hinted at a few things.

[MunkyMan95]

Coin was downgraded to a MS69RD

 

[gmarguli]

This is awful news. The Holy Grail of coins is dead.

 

Lots of numismatic treasures have been lost over the years. I think of all the rarities (1927-D & 1933 Saints, 1895 Morgans, etc) melted, but this loss of the 2003 1c in MS70 is worse than all those combined.

 

This loss hurts so much that I may just quit coins.

[jgrinz]

I wonder how much that warranty is gonna cost them hahahaha

 

[Doogy]

The owner said he PCGS gave him "all the money I paid" for the coin. While i'm glad to hear they made things right, i'm not surprised. After they bragged about this MS70 cent on their website for weeks, and if they turned around and hosed him on the pay out, the bad press would follow them for a long time. It was a marketing move to pay you that amount, as i'm sure they didn't want to but had to save face. As for the coin going bad, i'm not hurt in the least. I think it was one of the biggest numismatic non-stories in a long time.

[RareSov]

Agreed. I know its hindsight, but how can something like that not develop a spot, look at the surfaces :o

 

It would have need to be slabbed 0 seconds after the strike which is impossible. Maybe if the mint and PCGS invent a press and slabbing system inside a vacuum..

[RareSov]

Again hindsight, but isn't the buyer of this coin SMART in the end ?

 

I would have said it was risky, being the first graded others can come and ruin the value of a one time piece.

 

However, now he has the coin (which still has all this press and hype about it), AND HIS MONEY BACK. Win Win.

[Conder101]

I'd say the seller was smarter.

 

The buyer paid $15K, and got $15K back plus a MS69RD cent with a spot on the back. So he came out ahead by one spotted slabbed cent.

 

The seller paid $30 to have a cent graded and sold it for 15K that he got to keep. He's $14,970 ahead.

 

PCGS got a lot of publicity at the time of slabbing and sale that eventually cost them $15K.

[AegisIII]

Again hindsight, but isn't the buyer of this coin SMART in the end ?

 

No. If he had after winning the coin immediately consigned it to Heritage's next FUN sale (2007), he would have been smart. As absurd as the money he paid for it is, frankly, I though the Teletrade price was actually low and was expecting a higher (and thus also even more stupid) price. Instead he just winded up even.

 

Plus, by continuing to hold it, re risked the possibility that PCGS would go belly up before his coin did. In which case, goodbye grade guarantee, goodbye registry hype, and hello big loss.

[chinook]

Again hindsight, but isn't the buyer of this coin SMART in the end ?

 

I would have said it was risky, being the first graded others can come and ruin the value of a one time piece.

 

However, now he has the coin (which still has all this press and hype about it), AND HIS MONEY BACK. Win Win.

 

He tied up over $15 grand for more than a year. He lost between $600 and $1000 in interest income.