Return to Dealer, Suck it Up, or Disregard Opinion?

[astrostu]

I found a local coin club and I finally remembered to go to the meeting that they held tonight (forgot all summer). They had two guest speakers, one was VP of the ICG, and another was one of their top graders. The grader spent the last 20 minutes offering opinions on whatever coins we wanted to bring up, so I brought in two of my peace dollars, one to get an idea of what the "average" MS grades I have actually would grade, and the other because it's my nicest one and I was told when I bought it (and I agreed with the dealer's opinion) that it would grade MS-64 or MS-65, and he sold it to me for the -64 price ($120 vs. $450 at the time).

 

So I brought up the coin in question and the guy said it would get an AU-58 or not be graded at all because, on the cheek, it looked as if someone had taken a cloth and lightly tried to wipe something away, AKA a cleaned coin.

 

Okay, while I respect this guy's opinion because he's a professional and has graded over 200,000 coins, to me (and I had specifically asked the dealer about that mark when I bought the coin) it looks as if the coin was simply heads-side-up when it came off the press, and the next coin off just fell rim first on it and this resulted in the effect.

 

So I see this as I have three options now: First, I still think it's a beautiful coin, so I can just keep it and ignore what the IGC guy said. Second, I can feel ripped off and just pay much better attention in the future and ask better questions. Third, I can try to take it back to the dealer, explain the situation, and ask if I can trade it for a different uncirculated '22 D peace dollar (that's what the coin is).

 

I'm curious as to what y'all think. Oh yeah, and I asked for grading opinions from you guys/gals a few months ago, so this thread has pics: http://boards.collectors-society.com/sho...rue#Post1245767

[RUSS BEGA]

although this has nothing to do with your post i would like to know whare do you live in colorado? i live in loveland and have foun only two local clubs whare is this? would really like to check it out!

 

 

Russ

[astrostu]

although this has nothing to do with your post i would like to know whare do you live in colorado? i live in loveland and have foun only two local clubs whare is this? would really like to check it out!

 

I'm in Westminster, and the meeting is in Broomfield. So half-way between Boulder and Denver.

[RUSS BEGA]

o ok i have heard of the club. can't remember name right now ty for the info!

[relicsncoins]

My Oppinion is, that grading is subjective. If you were happy with coin before you had another oppinion given to you, than you should be happy still. The difference between AU-58 and MS-64 in monetary value may be substantial, but in actual appearance may be very little and could easily fool many collectors and dealers. I think that's a chance you take when you buy raw coins. What if the roles had been reversed, and he sold it to you for AU-58 money and the ICG grader told you it was MS-64? You probably wouldn't be asking to take it back or give the dealer the difference in money.

 

JJ

[TomB]

Well, you may certainly speak with the dealer from whom you purchased the coin and may even ask if he would like to buy the coin back. However, I would not expect the dealer to refund your money approximately four months after the sale date, though he may very well be willing to accept the coin in trade.

 

I don't think it wise to ignore what the ICG grader said, even if you still love the coin, because the ICG grader is likely correct. You should learn from the ICG grader and this experience in order to avoid repeating it. One last thing about the dealer-it could be that the dealer bought the coin raw as a mid-grade MS piece, too, and was also fooled by it.

[bochiman]

If the coin bothers you now, go back to the dealer and trade the coin for something else that you like.

 

If you had already pointed out the issue on the coin to him before, and he convinced you that it wasn't cleaning and that even with the "mark" it was a certain grade, then he should take it back at that grade, right? Not saying he will take it back at the amount you paid (unless that coin/grade has gone up) but he shouldn't downplay the coin's grade nor appearance, now should he?

 

If he does, do you think that will tell you something about this dealer?

[James_OldeTowne]

I think the key here is that "you think it's a beautiful coin". So what does it matter that someone else whom you may never see again thinks otherwise? I would keep it.

 

Now, if it were a situation where the value of the coin was $3000 in AU-58, and $15,000 in MS-64, then that would be different, but in the big scheme of things, $120 for something that you personally really enjoy owning is very, very cheap!

 

To put it in perspective, I recently attended a Cardinals game. It cost $80 for tickets and about $30 for lousy stadium food (actually the food at the new ballpark isn't that bad), and two weeks later, what do I have to show for it? Just a memory of a good Cardinals win. For about the same price, you own something tangible that you enjoy, and can look at any time you want!

 

So I'd say that overall, you made out very well. You can't measure the value of a coin simply by its price tag.

 

James

[TJ'S Coins]

I think the key here is that "you think it's a beautiful coin". So what does it matter that someone else whom you may never see again thinks otherwise? I would keep it.

 

Now, if it were a situation where the value of the coin was $3000 in AU-58, and $15,000 in MS-64, then that would be different, but in the big scheme of things, $120 for something that you personally really enjoy owning is very, very cheap!

 

To put it in perspective, I recently attended a Cardinals game. It cost $80 for tickets and about $30 for lousy stadium food (actually the food at the new ballpark isn't that bad), and two weeks later, what do I have to show for it? Just a memory of a good Cardinals win. For about the same price, you own something tangible that you enjoy, and can look at any time you want!

 

So I'd say that overall, you made out very well. You can't measure the value of a coin simply by its price tag.

 

James

 

Well said, James

[John Martinez]

You admit that you saw the defect. Something inside you was telling you something was wrong, yet you wanted that coin so you did not listen to yourself.

 

If I like something, I'm not going to let another's opinion change whether or not I still like it. Would I be disappointed in your case? Yes. Disappointed in myself that I did not listen to myself; however, I would still like the coin.

 

For what education costs now days, $120 is cheap to learn to trust your own instincts and experience.

[shirohniichan]

You admit that you saw the defect. Something inside you was telling you something was wrong, yet you wanted that coin so you did not listen to yourself.

 

If I like something, I'm not going to let another's opinion change whether or not I still like it. Would I be disappointed in your case? Yes. Disappointed in myself that I did not listen to myself; however, I would still like the coin.

 

For what education costs now days, $120 is cheap to learn to trust your own instincts and experience.

 

Yea, verily.

 

It's easy to get talked into a coin you have reservations about if you are new or if you find a coin you've looked for over a long period of time and are "under the ether" at having finally found one.

 

The more you learn about the coin you are looking for (i.e. strike and other characteristics), the better you will be at judging whether it's a keeper or not. As John said, $120 isn't an expensive education.

 

You could find yourself in another situation in which you undergrade a coin. For example, if you wanted an 1877 trade dollar or 1921 Peace dollar and wanted a fully struck coin at grey sheet prices, you could easily pass on a great coin by thinking it's too expensive. Later you may find out that you missed on a great opportunity. A good education will keep you from making mistakes either way.

[astrostu]

I'm leaning towards taking the "education" and the "if you like it, who cares?" advice. I don't think it's worth going back to the dealer about it since, unless he's a fabulous actor, he seems very sincere and genuine in what he sells and his opinion on the coins.

 

Thanks for making me feel better.

[John Martinez]

The reason that I can speak to the education issue as well as beating myself up for not listening to myself is that..."Been there...done that....got the Tee Shirt....AND THE COIN.