premier coin galleries

[ecg-migration]

premier coin galleries, 20 peach tree court, suite207, holbrook, ny 11741

my husband violated all the rules of "good shopping" it seems to me.

he believes that he made a Great Buy.

who is correct?

He boought a 1914$2.50 Indian head Quarter Eagle PCI MS-63 for $3545.00

which the SUPER SALESMAN assured him was worth over $7000.

I asked him if he was sure that someone would pay HIM that much for the coin.

He said that he looked it up in CoinWorld's US Guide to Coins, 2006.

The salesman initiated the call and I just wonder if the company's legitimate.

The coin is in a plastic holder with some sort of heading on it that presumably authenticates it.

Do coins really appreciate?

If we hold this for five years will someone pay us more for it then than they will pay for it now? (I know this is a VERY IFFY question.)

[rexcat]

Hi ecg,

 

First I’ll repost my first reply to your question;

 

Where did you get the “worth” of this coin from? I have found many retail coin price guides to be less than worthless, with prices listed that are both low and ridiculously high from what coin sales in the market are actually doing.

 

In fact I just bought an 1818 cent graded by NGC for $625, exactly half of what that coin is listed for in PCGS’s on-line retail price guide. Do I feel I got a good deal? Too good maybe…

 

Well yes I did get a good deal, but nearly as good as that price guide made it seem though. I had to go though auction results that can be found on-line to get some actual prices that some one really paid for the same coin as mine, ($690 Jan 06 @ Heritage’s FUN show Auction & $660 last week on Ebay). So there were three sales in the last month that averaged $658, so where in the world the folks who compile these lists get their data from, who knows.

 

I guess my point is that when you start collecting and buying coins there should be a lot of homework done on your part to learn about the coin market and the “market value” of what you want to collect. The amount of research should also have a relationship to the amount of money one is spending on coins, at 30 bucks what do you have to loose? But 3 grand plus, that’s a whole another story.

 

Now that you have told us more about the coin your hubby bought I’ll say more.

There are many companies that are putting coins in plactic, PCGS, NGC, and ANACS are the ones you look for when buy old gold. With your coin being in a PCI holder, that’s worse than if it was in no holder at all and the grade on the coin is useless.

 

Your husband needs to get his money back from this dealer, 3 grand for that coin in a PCI MS63 holder is a complete rip off!!

 

Yes coins do go up in value, but you must buy them at a fair price to begin with.

[RGT]

I'm certainly no expert on gold, but I can check prices.

 

The 1914 is worth a good deal more than the 1914-D. You need to make sure the coin doesn't have the "D" mintmark.

 

A 1914 in MS63 typically sells for around $6000 - $7000. Unfortunately, PCI is not known for accurate grading. Typical coins in PCI holders are 1-2 points overgraded. In MS62 the value of the coin drops to around $1500 - $2000.

 

Most likely the coin you have would be graded MS61 or MS62 (or even AU) by a respectable grading service like NGC, PCGS or ANACS. That means the coin is most likely worth a good bit less than you paid.

 

Also, it would not surprise me to find out that PCI holdered a coin with a removed mintmark, a cleaned coin or an "improved" coin.

 

A good rule to follow is, if you don't understand what you are buying, keep your money in your pocket. Many novices have been separated from their money by these third tier grading services and slick salesmen.

 

I hope you at least tried to warn him. That will give you something to nag him about for years to come. I know all wives seem to need that. Mine sure does.

[Mozin]

Enough has already been said about buying PCI coins.

 

If you can return this coin, return it immediately.

[Stanley]

Do you have this coin in hand? How about a picture.

[TomB]

Would it be possible to also have your husband read this thread since this is not the first thread you have started about this coin? In that way, perhaps he, too, could get an (overdue) coin education.

 

These types of selling schemes that your husband seems to have fallen into are sometimes known as boileroom operations and they are almost always a sucker's bet. As has been mentioned, PCI has earned a very poor reputation in the hobby for their grading standards and a 1914 quarter eagle in a PCI MS63 holder would be a tough coin to sell to a knowledgeable buyer.

 

Could you please answer these questions for us-

 

1) What color is the trim on the paper insert within the plastic holder? Red? Green? Gold? PCI has used all three and something can be learned from knowing the color.

 

2) Was any homework done before the purchase?

 

3) Can you return the coin?

 

Gold is very hot and a true MS63 would be easy as pie to sell to any dealer for $6,000 or more. I am afraid to tell you that with the information that we have it is almost a certainty that you have lost a decent percentage of your invested funds in this coin.

[michael]

well you paid too much

 

as the coin is only an au62 a really nice slider au with claims to unc.

 

so you got a coin worth

 

mmmmmmmmmmmm guesstimate without seeing the coin in hand sight seen 950 to 1550

 

a fool and his money are soon parted greed getting something for nothing is a clouder of judgment

 

do not buy anything you cant look at yourself and determine the value of

[John Martinez]

Coins or stocks. NEVER buy from someone calling you that you do not know. They have something to sell and they will get a commission from it. Honesty may go out the window at that point.

[Merc]

I'll have to repeat something, If you can return this coin, return it immediately.

 

The $2.50 Indian head Quarter Eagles are heavily counterfeited. There are counterfeits for each year and mintmark. They will look good and often have the correct weight and gold content.

 

Not all coin grading companies are equal. Only a few will guarantee their grading. Only PCGS, NGC, ANACS, and ICG have a guarantee. Others only place the coin in a nice looking holder. If the coin is fake, you are out of luck.

[macrocoin]

ecg,

 

Unfortunately, I have to agree with the above comments.

The plastic slab your coin is in came from a company that has a poor reputation among educated buyers. The advantage of a certified coin (offered only by the four grading organizations already mentioned) is that it provide a relatively failsafe way for a collector to buy a coin 'sight unseen'. Given the information about the coin you provided, you will have a tough time reselling the coin on the open market for what you paid.

 

DOnt let this discourage you from investing in rare coins...its a wonderful vehicle for long term investment. If you are looking to see a return in five or less years you may wish to pursue other opportunities, but over a lifetime, rare coins continually appreciate in value. Authentic high grade coins are always a commodity and are relatively easy to sell.

 

Your worst case scenerio is to sell the coin off at a loss on ebay and take this as a hard lesson of how not to buy an expensive coin.

 

One last thing...only buy from reputable collectors or from businesses that you have a history with and trust, at least until you know the true market value of a coin on your own.

 

Good luck with your situation.