Basement grading

[benjmurts]

People buy this junk all the time, so sick of the junk out there

 

http://www.ebay.com/itm/1960-P-LARGE-DATE-SLABBED-UNC-LINCOLN-CENT-RARE-/360202616937?pt=Coins_US_Individual&hash=item53ddbfc069

[KeeNoooo]

When I first got into coin collecting 5 years ago, I bought that exact date and type....as "MS70"

I also got the small date variety. I got them both for 20 bucks! I still have them today as a reminder...

This guy in my town sold those junk slabs and also found out he knowingly sold over $3,000 worth of counterfeit coins to an older gentlemen including a raw 1909-S VDB. It was AU and he should have known when he got it for under $400.00???

 

Edited: he burned me for a total of about $150.00 before I started educating myself

[benjmurts]

I bought a few when I started collecting, now I only buy NGC, maybe a few PCGS. It just ticks me off when I see someone selling them and I know they know.

[KeeNoooo]

Oh me too......

Before I knew the different reputations of TPG's, this guy would show me a coin like that saying "MS70" then show me a coin guide saying, "its worth X amount but I'll give it to you for Y dollars."

So I would even ask, why are you selling it so cheap!? His response was that he got a good price! So inexperienced me would say, " well geez! That's awefuly nice of you!"

I was not very bright back then....ha

Then I started reading literature and magazines and boards like here....I went back there one day and called him out on it! He had no response......

But needless to say, he is still in business today. Buying junk off eBay and whitening them up to look "new" then having them put in these SGS slabs.......

I try to tell everyone I know to stay away but he still survives...?

[benjmurts]

He survives because people are ignorant. People need to learn but they get conned. Its time to expose to scammers and I call as many out as I can.

[djdilliodon]

I remember a few years ago my dad and I were browsing eBay to check out some 48-58 double mint sets. In the proccess we came across some how an sgs graded mercury dime in ms70. My father says to me wow even if over graded maybe its a 66-67? I said to him no way most likely its an au coin. Him and I went back and forth on it till finally we made a bet. We agreed to over pay and buy the coin for $60 and then send it to ngc to be graded. If it graded a 66 or better I'd owe my dad $100. If it graded ms60-65 then no one wins. If graded au58 or less I get $100. We sent it off once it came and sure enough the coin graded au58 lmao.

[BillJones]

DAH - What a BARGAIN

 

What a bargain! I just checked "Coin Values" and saw that an MS-67, Red is listed for $19, this guy is offering me a CERTIFIED one in MS-70 for the same price!!! WOW! What an investment oportunity !!!

 

I wonder if this guy as got more of these for sale. I'll email him and find out.

 

When I write about "Uncle Elmer's Grading Service" (UEGC) this is exactly the kind of foolishness I mean.

[Raisethis2]

E-Bay sellers like this immediately get the banhammer from me. I just skip past their stuff without even looking. They know they're trying to cheat someone. That's a character flaw that I cannot accept.

 

 

[coinman_23885]

E-Bay sellers like this immediately get the banhammer from me. I just skip past their stuff without even looking. They know they're trying to cheat someone. That's a character flaw that I cannot accept.

 

 

While I generally agree that the third world grading services warrant the use of caution, I would not ignore them out right in every scenario. There are some decent coins out there in them, albeit just overgraded. As long as you pay a price that is representative of the coin's true quality (and you know what you are doing, have good photos, and a return privilege), I don't see a problem. And for whatever it is worth, I know of coins that have actually crossed and upgraded from NTC (another TPG that some consider a basement self slaber). Sure this is the exception to the rule, but the mantra about buying the coin and not the holder applies. The only caveat that I see (particularly with coins that are heavily altered, possibly with two halves soldered together) is to be careful about altered coins which could have issues along the edges (and concealed).

 

Also, not everyone who sells coins in these holders is unethical. As long as the coin is shown with accurate photos and the seller is making no claims, I don't see a problem either legally or ethically. I have actually purchased/cherry picked a few of these (no SGS so far) and was able to sell them myself, but of course I was fair about it and actually listed what I believed to be the true grade.

[Coindude]

There should be a new term for those. TWG: Third World Grading.

[BillJones]

There should be a new term for those. TWG: Third World Grading.

 

That term as been around for quite a while.

 

Years ago I bought a Hard Times token that was in a "third world" holder. The grade was actually correct (Even a broken clock is right twice a day.), but I did not want that holder in my case. I cracked the token and sold it raw.

[bsshog40]

These SGS slabs have been on ebay for a long time. Never seen one with a grade less than a 70. Most people should be pretty used to them by now. I bought a year set from them for my Dansco once. They aren't bad pickens for album coins, but they are not 70's either.

[BillJones]

They aren't bad pickens for album coins, but they are not 70's either.

 

When it comes to business strike coins, I don't think that it really exists. You might find a modern PR-70, but not an MS-70.