Ebay coin

[murty]

Item # 320236633393

 

What is the downside with this coin.....or seller??/

Thanks

 

 

 

[MunkyMan95]

Hey Murty,

 

I see you are somewhat new to the hobby, so welcome . First off, there are a plethora of downsides with this coin.

 

1) It is in a so-called "Third World" Third Party Grader holder. The 4 most respected Third Party Graders are NGC, PCGS, ANACS, and ICG. NGC and PCGS being the top two, and then ANACS and ICG in no particular order.

2) The coin is grossly overgraded. The label claims "MS63," but it looks like a VF detail-wise.

3) The surfaces of the coin have been altered, either by polishing, harsh cleaning, dipping, whizzing, or the like. This is evident because of the lack of patina (which gives it a BRIGHT WHITE appearance), and the hairlines visible throughout the coin.

 

In summary, the coin has its share of problems - it's been cleaned, it's in a Third World slab, and it's not by any means "GEM" or "Uncirculated"

 

Being new to the hobby, I can make a few reccomendations that I think would help you down the road. First off, if you don't have one already, go out and purchase a copy of the RedBook Guide to United States Coins, by R.S. Yeoman. They are available at many bookstores and coin shops for about $10-$15. The book will quickly pay for itself through the information it contains.

 

Secondly, don't start buying coins until you learn more about them. You might start off buying a few cheap coins to whet your appetite, but don't spend much money. As the saying goes around the hobby, "Buy the book before the coin."

 

Have you seen any coins so far that you might be interested in? I consider myself a Type Collector, that is, a person who collects one of each type of coin minted, and assembles sets that way. If you find a particular coin or series you're interested in, make a post - I'm sure someone on the boards will be along to give you much information about the topic.

 

So, stick around - ask lots of questions, and learn as much as you can.

 

Hope this helps!

[EZ_E]

Hey, Murty, Chad gave you excellent advice!! Pay heed otherwise you will have bigtime regrets once you gain more knowledge and experience.

 

The coin shown is a huge, floating turd floating in the toilet bowl of squirrelly, unscrupulous dealers. It is majorly and harshly cleaned with dings and scratches that would technically grade VF but with the problems and all it would probably be net graded to a VG. This means that you should not pay more than VG money for it.

 

Only buy NGC or PCGS coins. Sometimes ANACS and ICG are ok but you need to know your business.

 

Like Chad, I'm a type collector. I would suggest to you from my own experience to concentrate on buying one of each type of coin the US minted from 1793 to the present. Buy only PCGS or NGC slabs. Buy the highest grade you can reasonably afford. Then maybe you'll stick with type coins or you may find a series that you really want to branch out in. Now you can gain experience on the selling end and sell the types you had bought earlier. Chances are, you'll make a profit on what you buy if you train your eye for quality. Try to avoid coins with " buts"...it is a nice coin but for...

 

You're at a crossroads now, Murty. You can begin your numismatic career by buying junk coins where you will loose your ______ or you can accumulate knowledge now and apply it to your purchases. Try to avoid the large advertisers in the numismatic publications, as well, on all raw coins except moderns. Once again, only buy slabbed coins from the respected TWO!

 

Good luck to you and I hope to see you around the boards. Never be shy to ask advice.

[EZ_E]

And what's up with the slab's name? USCG?? What, the United States Coast Guard is now in the coin grading game?

[MunkyMan95]

The coin shown is a huge, floating turd floating in the toilet bowl of squirrelly, unscrupulous dealers.

 

Wow Victor, that's a great metaphor!

 

Don't even get me started on those nationally-advertised dealers... Most of them should be avoided like the plague!

 

And, Coin Vault, Coin Shoppe, Coin Collector, etc. on the Home Shopping Networks should also be avoided at all costs. They overprice stuff grossly, and their merchandise is almost always sub-par, numismatically speaking.

[EZ_E]

Have you noticed that I've spoken with our Michael many, many hours on the telephone over the years?

[murty]

Thank you for all the great info and opinions.

Glad to be aboard!!!

 

[James_OldeTowne]

I sell damaged bust halves like that for $50. It is horribly overgraded.

[murty]

Coin sold for $256.55

What to say??

Someone got taken??

 

 

[EZ_E]

Coin sold for $256.55

What to say??

Someone got taken??

 

 

Yep! Someone got taken!

 

p.s. Murty, I love your boosums.

[murty]

Well it is Salma Hayak...........keeps my interest in BUST Coins!!

[rons]

YIKES!!!!!!!!

[EZ_E]

Murty, I just ran across this statement from joe Kaminski coins:

 

 

 

One of the most difficult things about collecting and investing in coins/currency is to determine if the collectable is an original, natural, “untampered with” coin vs. a coin that has been whizzed, cleaned, tooled, straightened, artificially toned and/or polished. REMEMBER, anything done to alter a coin is done on purpose, and that purpose is to hide an already existing problem with a coin or falsely inflate the value. All of these things are bad!!! These take away from the value of a coin, sometimes up to 80% while the buyer thinks he is getting a deal close or even a little under bid.

 

 

 

 

 

It is very difficult things for a dealer is to find fresh untampered with coins that have no problems. Supply and demand dictates that the fewer original coins there are, the higher the demand and thus the higher the prices. In such cases people need to be helped to understand that grey sheets do not buy the untampered with, problem free coins.

 

Any dealer can show you 2 coins graded by the same grading service, (no matter which service) S/he may pay near or even back of grey sheet for one and the other he will pay anywhere from 30% to 230% above the sheets depending on the look of the coin. When selling your coins that is when you truly find out how you have done buying your coins. If you shop for that deal, unfortunately 20 to 100 dealers may have seen that deal before you and thus your deal is not truly a deal.

 

 

 

 

 

 

Buy quality and untampered with coins and your chances of making a decent return on your hobby/investment will be much greater than the price shopper. If you want a true index of what "rare" coins sell for, check out the auction realized prices from major auctions and you will see the difference.

 

 

 

[MunkyMan95]

REMEMBER, anything done to alter a coin is done on purpose, and that purpose is to hide an already existing problem with a coin or falsely inflate the value.

 

I guess it would depend on this guy's definition of alter, but I do not agree with this statement.

[murty]

I guess there is a difference of opinions among the knowledgeable.

It also looks like the "major auction houses",can give a fairly current market price.

Besides honing my grading skills,I need to start building a database of reliable dealers,both

on EBAY and in the various forums.

 

Steve

[ant]

[EZ_E]

[font:Comic Sans MS]When selling your coins that is when you truly find out how you have done buying your coins. Buy quality and untampered with coins and your chances of making a decent return on your hobby/investment will be much greater than the price shopper.[/font]

 

I just found this out when I sold 30 coins on ebay. The really good coins doubled in value, some in as short as 2 years. The coins I bought in my rookie days either broke even or lost some value. But keep in mind, I bought some of the bad coins 5 years ago and the bull market kept me from taking much of a loss rather than if I paid current market price for a problem coin.