So I won a grossly misgraded coin through teletrade...

[Hoot]

It's in an NGC holder. The coin is at least 2 points overgraded and is a pop 1 coin with NGC. It resides in an older (circa early '90s) NGC holder.

 

What would you do? Return it to Teletrade or send it to NGC ro review?

 

The coin should NOT be in the holder it's in and for that reason, I'm tempted to send it to NGC. On the other hand, I'd just like to get my money back.

 

Hoot

[jtryka]

Well, if you send it back to teletrade then some other sucker will get stuck with it. If you send it back to NGC then it gets taken out of circulation for good. Choose what you will, but I know what I believe is the right choice.

[TomB]

What are the return stipulations for a TeleTrade auction? It's been quite some time since I've used the service, and when I did they were not friendly terms. Hence, people tended to keep the misrepresented or overgraded lots they won from them.

 

From an altruistic point of view, you might want to send it to NGC for a grade review and to get the coin-in-holder off the market. However, I also don't know how this works and I wonder if you will get fair value back from NGC. Additionally, there might be a time lag and definitely would be a hassle factor involved.

 

So, if your time and aggravation worth the buy-back fee from TeleTrade?

[braddick]

Teletrade return fees are outrageous. I'd go the NGC route as you'll probably still end up with the coin, albeit in a lesser grade holder, and some cash back.

 

What is the coin?

[Hoot]

What is the coin?

 

1946 Jeff 5c graded MS68. It's a 66 and not fully struck. Has some pretty toning and is a nice coin, but...

 

Hoot

[gmarguli]

Send it to NGC. It's free (other than postage) and you will either get paid for it or they will send the coin back with a note saying the coin is OK for the grade. It might be nice to know why they graded it MS68. Perhaps they feel it's an MS67 with super color and they bumped it?

[Wihlborg]

Hoot,

 

While it is true that TeleTrade’s written return policy is not buyer friendly, I can tell you that I have returned a couple coins to TeleTrade over the years, and in every case they refunded the full bid amount. Your case is a little different however, than when I returned the coins I had won. I returned the coins due to problems that the coins had that were not described in the coin descriptions. I have never returned a coin based solely on not agreeing with the grade on the holder, so I can’t say how TeleTrade would factor this into their decision on how to handle your case.

 

Basically, I agree with what most have already said. If you want the least hassle, return the coin to Teletrade. If you what the coin off the market as a MS-68 and don’t mind the uncertain outcome, or waiting for your money, send the coin to NGC.

 

John

[Hoot]

I know for sure I dcould make a case for return based on description. They said the coin is basically "mark-free," which it is not. I PM'd Rick Montgomery and hope to hear back, but I'd still value all the input I can get.

 

Hoot

[Leothelion]

What is the coin?

 

1946 Jeff 5c graded MS68. It's a 66 and not fully struck. Has some pretty toning and is a nice coin, but...

 

Hoot

 

If it's not fully strucked, it's a misnomer and grades MS 64! What does NGC's grading standards say? Does anyone know where I can view NGC's grading standards on this website? I've looked but for the life of me, I can't find them.

 

Leo

[CarlWohlforth]

I believe TeleTrade has increased their fees for returning coins. There is a possibility that NGC thinks the coin is properly graded, in which case you will be too late to return the coin to TeleTrade. The last time this happened to me I returned the coin to TeleTrade. This is because the one time I sent a coin to NGC thinking it was graded wrong they stuck with their original opinion.

 

TeleTrade return costs:

 

A return handling fee will be deducted from the refund for each

lot returned according to the following schedule: $5 plus 3% of

the bid on lots costing $200 or less, $10 plus 3% of the bid

for lots costing over $200.

[Hoot]

Ouch! Thanks Carl for the info. I'll try to decide over night.

 

Leo - The surfaces are preserved well enough for a 66 grade and I think that's what it'd get. Right of wrong, I've sent enough coins to NGC lately that I believe this is about correct.

 

What to do???

 

Hoot

[jom]

Teletrash strikes again!

 

I used to buy coins from them years ago when it was really a telephone auction. The descriptions were vague and misleading at best. Naturally, I stopped buying from them. Where there any pictures of this coin or did you buy sight-unseen?

 

jom

[mark]

Hoot:

 

I don't know all of Teletrade's fees, but you might try sending the coin to NGC. If they decide the coin is properly graded, you could then give it Teletrade (or someone else) to auction for you with a clean conscience that NGC has looked at the coin twice and thinks the grade is correct. And, if NGC downgrades the coin, you should get some money from them and perhaps then sell the coin....once again with a clean conscience that the grade is correct. Basically, I value sleeping at night, and so the route I suggest would allow me to sell the coin at what is likely the "correct" grade.

 

Mark

[gmarguli]

Ouch! Thanks Carl for the info. I'll try to decide over night.

 

Put it on eBay with a starting bid of $600 and a BIN of $1200. See if someone bites. Or stick it in a Heritage auction.

[Hoot]

jom - There was a picture, but it was sight-unseen as it was not in my hand.

 

Thanks Greg.

 

mark - I like your advice quite a bit.

 

Mark

[Hoot]

Hoot:

 

I don't know all of Teletrade's fees, but you might try sending the coin to NGC. If they decide the coin is properly graded, you could then give it Teletrade (or someone else) to auction for you with a clean conscience that NGC has looked at the coin twice and thinks the grade is correct. And, if NGC downgrades the coin, you should get some money from them and perhaps then sell the coin....once again with a clean conscience that the grade is correct. Basically, I value sleeping at night, and so the route I suggest would allow me to sell the coin at what is likely the "correct" grade.

 

Mark

 

Thanks again to everyone for all the input. I decided to keep the coin, write a letter to NGC about it, and send it in for appearance review and downgrade. This seemed, after all considerations, to be the most ethical thing to do. Hope I don't lose my .

 

BTW, never heard back from PMs to NGC folks.

 

Hoot

[gmarguli]

BTW, never heard back from PMs to NGC folks.

 

Who did you send PMs to? Last I heard, which was about 2 weeks ago, NGC was buried under coins (yet still obliterating PCG$ in turning around coins). Also, they might be swamped from the show submissions.

[Hoot]

Alas, tonight I heard back from Rick Montgomery. Very kind to reply. I had mentioned that I did not hear back from them simply to make the point that it was by process of getting the response of people from this board, and also my own considerations, that led me to a decision. I realize that the folks at NGC are quite busy.

 

Hoot

[BushMan]

Do the hobby a favor and send the coin to NGC for a grade guarantee. If the coin deserves the current grade, then that is great. If not, then a hack coin will be placed in the proper holder, you will receive some nice compensation and the coin will reside in the proper holder! All of us will thank you for your efforts!