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Poorly graded coins on ebay

Started by benjmurts,

14 posts in this topic

JStull

JStull

Posted
Posted

Just to let you know Ben, PICC is regarded as a basement grading service. Meaning they no doubt are set up in the basement of someone's home, and their grading skills are below amateur.

 

If you hold your mouse over the photo in that listing for the zoom, you can see noticeable wear all over the high points of Liberty, which would prevent it from getting any MS grade.

 

The other thing, though the 1889O is not the rarest, or has the least number struck, 11,875,000, PCGS has only graded 9 at that grade, and NGC has only graded 6 at that grade. The price would be much higher than $72.

 

PCGS lists the value at $17,500 and NGC/Numismedia's value is $20,000.

 

 

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MarkFeld

MarkFeld

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, and their grading skills are below amateur.

 

Their grading skills might be perfectly good and they might be purposely over-grading to ridiculous proportions.Sadly, many knowledgeable sellers do that.

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jom

jom

Posted
Posted
, and their grading skills are below amateur.

 

Their grading skills might be perfectly good and they might be purposely over-grading to ridiculous proportions.Sadly, many knowledgeable sellers do that.

 

I would imagine that happens because there is a perception (by some who lack knowledge in the market) that if it's slabbed it must be OK (regardless of who slabs it). Otherwise, this could would just simply be offered as a raw coin.

 

I guess there are a ton of people out there buying this stuff otherwise why would the crooks bother making labels and plastic holders for this to begin with? I don't see this kind of thing too often at shows anymore...if at all. It's moved to eBay where the seller can "hide" so to speak.

 

jom

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benjmurts

benjmurts

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  • Author
Posted
, and their grading skills are below amateur.

 

Their grading skills might be perfectly good and they might be purposely over-grading to ridiculous proportions.Sadly, many knowledgeable sellers do that.

 

I would imagine that happens because there is a perception (by some who lack knowledge in the market) that if it's slabbed it must be OK (regardless of who slabs it). Otherwise, this could would just simply be offered as a raw coin.

 

I guess there are a ton of people out there buying this stuff otherwise why would the crooks bother making labels and plastic holders for this to begin with? I don't see this kind of thing too often at shows anymore...if at all. It's moved to eBay where the seller can "hide" so to speak.

 

jom

 

Actually I see this at shows sometimes and sometimes at coin auctions, In the past month I have seen several MS 66, MS 67 Morgans in slabs that aren't close to MS and people buying them for ridiculous amounts of money. The first show I was ever at when I started collecting, there was a guy stating the V in In God We TRVST on the Peace Dollar was an error, selling it for 2x the value. I remember cause I bought it.

 

 

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RWB

RWB

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The general public associates "shiny" with "uncirculated" with "valuable." They have had this folk ignorance for generations.

 

The people who sell overgraded coins do so with full knowledge of what they do and who their buyers are. They do not what your business – you will ask questions. They want buyers who are uncritical of what they read and are open fodder for bill stuffers, time shares, secret enhancements, perpetual motion machines and the rest of the hooey.

 

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