• When you click on links to various merchants on this site and make a purchase, this can result in this site earning a commission. Affiliate programs and affiliations include, but are not limited to, the eBay Partner Network.

Archived

This topic is now archived and is closed to further replies.

Who owns my coin I just brought?

18 posts in this topic

Coin enter is own by someone else. What to do...

 

My surprise when I entered my 2004 JEFFERSON 5C HANDSHAKE NGC PF70 ULTRA CAM into the registry only to find that the person who sold it to me still has it up in their coin collection or the person who sold it to him has. Now I have to wait till NGC contacts the former owner and he/she releases it. Or I will be pissed off. This is the second time this has happen. The frist time I contacted the seller and he removed the coin that day. God bless him.

9173.jpg

 

See more journals by DVD Home Studios

Link to comment
Share on other sites

Once NGC contacts the owner, they have a limited amount of time to respond (I think its three days, but not sure). If the old owner has not responded in that time, NGC automatically transfers the coin to your set. No need to get pissed off.

Link to comment
Share on other sites

Ed,

Many times I purchase coins that are insured in mailing. The owner usually keeps it listed until they are sure I received the coins. If deleted from ownership premature-- also serial verification numbers are erased. The coin will be entered into your set soon. I wouldn't expect anyone to send me a sweet coin and not keep track of the coin until I actually have it in hand. The previous owner is watching out for your best interest.

 

NICE CAMEO DUDE

Later ---Rick

Link to comment
Share on other sites

Just sold 49 coins to another Society Member and I ask them to notify me when they have received it and are satisfied then I immediately remove them from my set. Just in case something happens to them. I did a journal sometime back called "Please Release Me Let Me Go". I don't mind unless you run into an individual who tries to keep it register for shady purposes. I think we all cringe when we get the dreaded "this coin is already register to another member" but if it gets to me and in my set, in the end that is all that matters. Take PCGS on the other hand, they won't release it at all if the other owner does not respond. With them you have to send in a picture to get it released. Once NGC sends out a notice it usually takes only a few days.

Link to comment
Share on other sites

Ed J, I've had this happen to me a few times and I feel your pain.

 

I do not sell coins, so from my perspective I see no good reason for a seller to hold up the registry on a coin they no longer own! As buyers we have no protection in this situation unless it is addressed in the seller’s terms, as to loss, so as I see it holding up the ownership of a coin that has been sold is unacceptable and as a rule I don’t frequent seller’s that pull this kind of "insert expletive here" with me.

 

 

Just my opinion,

 

Merlin8*

 

Link to comment
Share on other sites

Hi Merlin, as a sometime seller and a very honest one at that that pays for all the shipping and so forth, I feel that even though the buyer has paid for the coins, the sale is not complete until the coins are in the buyers hands. And since I have the coins insured through a company that covers my loss if they get lost in transit and I have Ebay Buyer protection as well there is no risk for the customer. The collector that I sold these 49 coins too that I was talking about got them today, let me know they were all good and boom, unregistered them all in a few minutes. Also remember that sometimes a seller sells a coin that they got from elsewhere and all they are going to do is resell it so they don't bother to register it. So the person who is claiming ownership could be 2 or 3 owners down the line. As a buyer I will ask the seller if I can go ahead and register the coin, but only with sellers I trust. Hate too add it too my sets prematurely and have the coin or coins not show up. If there is good communication between the buyer and seller you can usually get it all worked out before hand.

Link to comment
Share on other sites

Another quick note, most buyers are not will to pay what it really cost to pack, ship and insure an item. Therefore when you sell a $3000 item it cost a lot to insure. As a seller I have to do this otherwise the buyers say you charge to much for shipping. Charged my buyer today $5 for shipping and it cost close to $25. And this was on an order of only $750. If you are one of the big factory mill coin shops selling thousands of items each day on Ebay, they don't even pay proper insurance, they do so much volume that they will just take the hit if something happens. I let my buyers know in advance and not a single one has had a problem with it.

Link to comment
Share on other sites

Of my 357 coins I currently own I'd say about 50 of them I had to wait for the seller to release the coin and on average it takes between a few minutes and up to a week in some instances for the person to see their email and then take the time to be a good seller as Hunter's Gold has.

I personally don't like it when a Registry collector sells a coin and never intends to remove it from their collection until someone claims it to be theirs, and whose who are reading this and know they are one of these people then shame on you. I know of collections that are in the top 10 of certain sets and I've inquired about acquiring certain coins only to get the response that the coin has been sold already. Then how was I able to see this coin I wanted and waste both our time.

I certify that every coin in my collection is of my personal collection and my collection hasn't been enhanced or adulterated in any way, shape or form in perpetuity.

I think you should not only be ranked less by not having pictures but receive slightly less points if you don't have at least a crappy picture and lame description as I have tried to do.

 

In summary: It helps to be patient and have a good sense of humor.

 

 

Link to comment
Share on other sites

Thanks hunter's gold,

 

I can see you are a reputable eBay seller with high ethical standards and I applaud you. Regarding defining ownership, for me ownership is transferred once an invoice is received and payment clears at that point the coin belongs to the buyer regardless of its location, but your point is well taken.

 

I have had the opportunity to buy multiple coins from a seller on eBay, nothing like 49 coins, but as I remember it was less than 10 commemorative silver dollars listed as the actual coins I would receive so I registered them to my set and they all came back registered to another member. Normally when buying on eBay if the coin is listed as the actual coin I will receive, I register the coin as soon as I purchase it to check whether it's registered to someone else and to save some turnaround time. Since the coins were still registered I sent a note to the seller notifying them that I was the happy buyer, I’d paid for the items, would they please be kind enough to release the coin from their registry at their earliest convenience so that I could add them to mine. This approach usually works and in this case the coins were released that very day, within minutes actually, which showed great commitment on behalf of the seller and I so appreciated that effort I made additional purchases.

 

I agree that communication with a seller ahead of time can prevent a lot of frustration for the buyer. In my experience you usually don’t find out the coin is registered to someone else until it arrives at your door a week or so later and by the time you contact the seller and they release it 10 days or more may have passed, which is frustrating. On the other hand if the seller lists the coin with no certification number or notes the numbers will vary from those pictured, I wait until the coin arrives before registering it, no harm, no foul, everything is up front and I have been made aware of all the facts, no surprises. I have also had such requests totally ignored and had to wait for NGC to force the issue or as you pointed out another person in the chain still has the coin registered and the sellers response is they are not the registered owner but a consignor and there is nothing they can do about the situation and wait for NGC to releases the coin.

 

You seem to have very ethical practices hunter’s gold and I have used the very scenario you outlined to purchase multiple coins on eBay. For the purchase of a single coin, however, I just don’t see how this practice could reasonably be expected to insure a return customer, if that were a consideration to begin with,

 

Respectfully…

 

Merlin8*

 

Link to comment
Share on other sites

I keep a spreadsheet of my coin inventory, which includes certification numbers.

 

I unregister every coin BEFORE I list it for sale, but keep it in my spreadsheet until I receive positive feedback from the buyer, just in case. This serves the same purpose as all the sellers above who stated they keep it registered, but it means I never receive an email from NGC asking me to release them. =)

Link to comment
Share on other sites

I also release my coins as soon as they sell and keep a spreadsheet of the certification numbers indefinitely. The collection manager is also a very useful tool to track coins you sold. When I mark a coin sold, it remains in my collection manager until I delete it. Interestingly, I won a PCGS Morgan Dollar on Heritage a month ago that is still listed in a PCGS registry. When you verify a PCGS certification number, you also get past auction information on your coin and the current PCGS registry owner if any. I like these two PCGS features because they reveal the current registry set and I can track my coin's past auction performance.

Gary

Link to comment
Share on other sites

W'e've heard from several very stand-up guys here on the board and they've explained their methodology for releasing coins quite eloquently. I have NO doubt that what they say is true and they are truly honorable men.

 

However, there is a certain element within our group that sells a coin, lets say to a dealer, and hopes the coin never shows up in the registry so they can continue to {own} the coin (possibly for their point value?) as long as they can get away with it.

 

Shame on them!!

Link to comment
Share on other sites

I also release my coins as soon as they sell and keep a spreadsheet of the certification numbers indefinitely. The collection manager is also a very useful tool to track coins you sold. When I mark a coin sold, it remains in my collection manager until I delete it. Interestingly, I won a PCGS Morgan Dollar on Heritage a month ago that is still listed in a PCGS registry. When you verify a PCGS certification number, you also get past auction information on your coin and the current PCGS registry owner if any. I like these two PCGS features because they reveal the current registry set and I can track my coin's past auction performance.

Gary

 

I bought two high grade Sac Dollars in the Heritage FUN Auction at the beginning of July. When I entered them in my NGC Registry Set, they were of course still in the previous owners set. And, the owner offered no response and eventually (after 72 hours) NGC transferred them to my set.

 

I also have a PCGS Registry Set for my Sac Dollars. Their site has been more of a pain. When I type in the certification numbers, I can see that the Heritage price I paid is already showing up in their database. Unfortunately, the coin is still in the previous owners set. I have used their "Add Inventory" method twice for the two coins, and this sends a somewhat anonymous message to the previous owner requesting they release the coins. Nothing ever happened after 2 attempts separated by 1 week each. I then just went to the proudly displayed set which cointains TWO of my coins, and I sent a private message to the person via that mechanism, asking nicely if he would remove the coins from his inventory. Still....no response or acknowledgement. NOW, I have to take a picture of the obverse and reverse of the slabs of both of the coins, and email them to a set registry address at PCGS and they will "look into the matter". What a nightmare.

 

I wish NGC would link the coin certification numbers to particular users, so we have this added level of protection. But, I do have to give Kudos to NGC in that they err on the side of the person trying to add the coin, not the person who hasn't taken it out of his/her set.

Link to comment
Share on other sites

I release coins from my inventory after the buyer has them in hand and has replied that he is satisfied and will be keeping the coin. For me, a transaction and/or ownership has not changed until the post office has successfully delivered the coin ( after all-if it is lost in transit somehow, I must refund the money but it is up to me to battle the post office for my lost package I mailed). Also, twice in the past I have had buyers return items that didn't satisfy them ( ironically one was a PF70 Jeff nickel which they noticed a nick on the rim). Obviously a transaction is not complete--AND OWNERSHIP HAS NOT CHANGED- until the prospective new owner receives and approves the coin.

 

I think that there is far too much emphasis on instant gratification in our current age...Is a day or two wait for some arbitrary points to be added and an electronic listing on an internet webpage really something to get PO'd about?..really everyone, a little perspective please...I'm sure 99% of these incidences have no sneaky agenda behind them......

 

PS: I have sold a few dozen coins on Heritage also over the years. At least 3 different occasions saw non-paying bidders and once there was a return of an item. As a consignor, how am I to know if my item has been bought, paid for, and satisfactorily accepted when I don't get paid for several months after an auction. If/when NGC emails me a request for change of ownership in this incidence then I know that the buyer has received it ( I hope--sometimes people are so anxious to fill their slots that they enter coins that they have never even physically touched or looked at in hand--I know it's hard to believe but some people do this).

 

In the end a little communication solves the whole thing and regardless..a day or two and it is a non-issue as NGC automatically transfers the cert# to the requestee....

Link to comment
Share on other sites

I contacted the seller and I and I am now a proud owner. Got an emil from Collector Society stating "This Coin was successfully added to your set." Good things come to those who wait. Thanks all for the insite. I am new to this and I am learning something every day.

 

sig.jpg

Link to comment
Share on other sites