Damaged coin

[x2rider]

Hi Folks

 

Went to a local coin dealer today to have some of my coins appraised for insurance .

I had my Dansco there with my lincoln cents in them . I have a 1909s vdb that is garded at ms64 bn . I showed him the ngc holder that it came from to show him but he insisted that he look at it . Thats cool . While trying to get in out of the album, it flicked out and landed on the floor and started rolling across the shop . A guy came into the shop and saw this coin rolling and stood on it :

I am now sure that the coin is marked and have told the dealer this .

 

Question now is . What happens now ? . I have said to him that I will resubmit this for grading and he has to pay the difference if the coin is downgraded . He says that the grade was never established .

 

Any Ideas ?? It would of been really funny if it had only been a coin but this is / was a real beauty

 

Thanks martin

[MunkyMan95]

Who flicked it across the floor?

 

Was it the dealer trying to get the coin out?

 

I would insist that he pay MS64BN price (or something you agreed upon) right then and there for the coin. His mistake.

[x2rider]

Yeah Monkey it was the dealer .

 

I hadn't used him before as a dealer but my insurance company wanted me to go to him .

He told me that i should contact my insurance company !!!!.

 

Anyway he has the weekend to have a think about it and maybe do the right thing

 

Cheers

[bsshog40]

Man that's a bad predicament sounds like. I would say that the dealer would be responsible for the coin but I can see the question asked is if this is the actual coin from the slab. I presume you were able to re-inspect the coin after this accident?? Did it do any damage that you could see? I know you stated that you're sure it is marked but did you both not inspect it?

[x2rider]

We both had a good look at it afterwards and there is certianly some new marks on the rim . they are pretty small but it is certianly new . Of course he said straight away that the coin was never ms 64 and lucky that it didn't grade au .

 

I can see his point by saying that he never had a chance to look at it before it hit the floor so I could of easily swapped the coin for a ms 60 . But What was the point when I wanted it priced for what it was . A 64.

 

I told him he could keep the coin, pay me what it cost me and then try to resell it .

I thought i was doing him a favour by saying that I would get the grading checked .

 

Jeez

 

[bsshog40]

Well for one thing, and this is just my opinion, I would've never taken a 1909sVDB out of a slab. I can see where someone could get scepticle real fast when you're talking about a valuable key date coin.

[Dwaine]

Once a coin is cracked out of a slab there is no gurantee that the coin will grade the same again. I used to crack coins out but now I leave them alone as I have resubmitted some of the coins and they came back worse than before.

 

I know you know what you paid and what the label says but once a coin is removed from a holder the certified grade and label mean very little until it get's back into another slab.

[michael]

sorry to hear of this and it is the dealers fault

 

but these albums are hard to get coins out of and clearly the dealer does not care how he gets the coin out or handles it as it is not his coin so outit pops and since it is not his coin he could care less by his reaction

 

unfortunately broken out of the ms64 holder who knows what the coin will come back this time after being dropped on the flor and then stepped on by the persons shoe

 

you will need to talk to the dealer and inform the insurance company and try to midigate the damage from the dealer

 

good luck with it

 

 

[just-john]

When it left the slab- it left the grade -and became raw my 2007 blue book shows

1909-s-vbd $950 ms63 NGC price guide $2200 to $2400 ms 63

Why would you take it out of a slad to put in a coin folder after getting it graded???????

[Revenant]

I'm sorry man but cracking an S VDB was a very bad move especially in that grade.

[x2rider]

While It was an expensive coin to remove from the holder , I get a lot more pleasure out of it in the album than in the holder . I have no urge to sell it so I cracked it out .

On The good side I did hear back from the dealer this afternoon and he is going to get it regraded for me . He said that he would come to the party if the grade changed but pay me the difference in coins .

I said that I was happy with that and after a good talk decided that he was not a bad guy .

' Lesson learned . Remove the coin yourself from the album .

I don't want to stop removing coins from the holders ,I still Like to see them in my hand , Even if they are expensive .It was the last for my lincoln cent album so Wanted a nice one to finish

 

Cheers

[michael]

i cant blame you for cracking the coin out

 

if the coin is all there it is all about the coin and the hobby experience

 

i am happy the dealer is doing this

 

as this is a good result and a stand up right thing to do by the dealer

 

good for him and you!!

[bsshog40]

Glad to hear the news. I also understand about having the coin in your hand and all. It's all about the coin not the slab. With so many scammers and counterfeiters today tho', I think I would leave coins like this in the slab purely for C.Y.A. issues.

[RI AL]

Just a thought...might not mean anything but is there a remote possibility that HIS insurance company might step in and try to resolve the problem?

[Houston Investor]

One should excercise caution in deciding on cracking out nice coins. However its your coin, only a hobby, and just money.

 

The dealer pay you for any damage to it - good luck! How would you prove it was even damaged at the shop - merely circumstantial evidence. Even if the grade came back lower they could always contend you damaged it before bringing it in. I think many of them would tell you to get the h... out of their business and never come back! However, I can't beleive he would be careless with a coin like that - what an idiotic mistake. Next time - leave the coin in the TPG holder! As far as the guy who stepped on it and stopped it rolling I guess thats conservation.

 

I don't believe you have a chance on collecting anything from him if he elects to tell you to stuff it. You shot yourself in the foot when you cracked it out.