The ethics of selling home-slabbed coins...

[WaxonWaxov]

OK,

 

We all agreee that SGS and people like them who mark EVERYTHING as 70 grade are jerks.

 

What do we think about a person "home slabbing" a coin with an honest opinion of grade on it, and then selling it, especially if there are proper disclaimers "this is an opinion only. no guarantee of grade, etc" ?

[PerryHall]

Sort of like selling raw coins.

[Zoins]

Some people might like getting a Coin World slab instead of a flip. It's not much different than people selling coins in cardboard 2x2s that have MS-64 written on them.

[bsshog40]

Some people might like getting a Coin World slab instead of a flip. It's not much different than people selling coins in cardboard 2x2s that have MS-64 written on them.

 

My sentiments exactly. How many times do you see auctions on ebay advertising ms63 but looks like ms67, or so on. As long as you are happy buying a coin on what information and pictures you have to make your opinion with is all that matters. Most people that are knowledgeable about coins know the difference.

[Zoins]

Theoretically, there's nothing wrong with even having your own "FIRST DAY OF ISSUE" inserts. When you buy a TPG slab with this label you are depending on the TPG's word that it was released on the first day. If you buy a slab from an individual, you may be depending on the individual's word that it was released on the first day.

[WaxonWaxov]

Those were my thoughts as well.

[Houston Investor]

Idiotic - why not just put the coin in a 2 x 2 staple holder or flip and put a grade on

it?

 

I need a disclaimer on someones raw coin? Either I agree with the grade / price or I don't - could care less what kind of opinion they rendered.

 

Shall we then put your home slab service in the CDN Certified Coin Market Indicator? Lets see now they have you at .0035 and Joe Bonzo at .0025 (PCGS is .8560) and I guess I need to crack out Joe's and submit them to you.

 

There was a guy doing that with currency - he could not even get the numerical grades consistent with the CDN and other grading services. When I called him and questioned that, he hung up on me. Shortly thereafter, his currency grading service folded.

[WaxonWaxov]

OK, the next question is: Is it unethical to put a coin in a slab, mark it "First Day of Issue" seal the slab with crazy glue, and sell it to people? Again, buyer beware, right?

[James_OldeTowne]

As long as they don't say it's "certified", I don't mind at all. Anyone can slab coins.

[bsshog40]

It's all in what you are claiming the coin to be. Someone honest can sell a claim, dishonesty sells deceit.

[MorganMan]

OK, the next question is: Is it unethical to put a coin in a slab, mark it "First Day of Issue" seal the slab with crazy glue, and sell it to people? Again, buyer beware, right?

 

 

 

Well, I would not want it. Have you seen what crazy glue fumes does to coins?

 

MM

[Conder101]

Idiotic - why not just put the coin in a 2 x 2 staple holder or flip and put a grade on

it?

Because the slab shell provides more protection than a simple 2 X 2.

[ibyandsellsmith]

heres an example of home slabbed coins designed to deseive I bought them on ebay 1 is a ms67 and 1 ms67DMPL not very good pics I was in a hurry.

Incase your wondering no the grades is infact false.

[Zoins]

CSI Grading is a defunct branch of CertifiedSilver.com and is known to be a third-rate over-grader. In fact, when they were operational their site even said they don't use the Sheldon Scale and don't deduct points for some problems.

[ibyandsellsmith]

well when I went to CSI.com all they were doing was selling the holders for your home slabbing needs what a joke.

[Zoins]

CSI used to have the following on their website when they were in the business of deceptive slabbing but I think that business has been shut down and now they provide services to help others set up their own grading services. Their website used to say:

CSI Grading grades and authenticates US coins and some foreign coins according to our own standards. We DO NOT use the Sheldon Scale to grade coins. We grade coins to eye appeal and we are not concerned with normal scratches and dings that are in most coins. In addition, we do not lower the grade on coins that are properly cleaned. If you purchase one of our coins or use our grading service you agree to these standards. The coins we grade are intended more for the fun factor of collecting and not towards the investment quality coins.

The deceptive nature of their seeming use of the Sheldon Scale has been compared to the deceptive nature of First Strike(s) definitions used by other TPGs.

[James_OldeTowne]

CSI Grading is a defunct branch of CertifiedSilver.com and is know to be a third-rate over-grader. In fact, when they were operational their site even said they don't use the Sheldon Scale and don't deduct points for some problems.

I also believe they never had any sort of financial guarantee as to their "grades", and therefore were fraudently using the term "certified".

[MikeInFL]

CSI Grading is a defunct branch of CertifiedSilver.com and is know to be a third-rate over-grader. In fact, when they were operational their site even said they don't use the Sheldon Scale and don't deduct points for some problems.

I also believe they never had any sort of financial guarantee as to their "grades", and therefore were fraudently using the term "certified".

 

James,

 

On what basis to you infer that "certified" means "guaranteed"? I don't define the terms as synonymous.

 

Please don't get me wrong, I'm not condoning the practices of CSI, but rather only questioning your use of the terms above.

 

Take care...Mike

[bsshog40]

They may be certified silver investors but can guarantee not certified graders.

[WaxonWaxov]

I guess my point is, I'm tired of seeing outfits like SGS making money the way they do. There's a part of me that thinks "why don't I just cash-in on it and do it my damned self?" On the other hand, I wouldn't want to do it and be a complete sleezeball and become notorious like SGS has.

[Zoins]

I guess my point is, I'm tired of seeing outfits like SGS making money the way they do. There's a part of me that thinks "why don't I just cash-in on it and do it my damned self?" On the other hand, I wouldn't want to do it and be a complete sleezeball and become notorious like SGS has.

I don't think you'll be labeled a sleazeball unless you are deceptive. If you are unsure of the grade you can always: (a) be conservative, (b) ask for opinions here, or © no grade it.

[James_OldeTowne]

On what basis to you infer that "certified" means "guaranteed"? I don't define the terms as synonymous.

 

Please don't get me wrong, I'm not condoning the practices of CSI, but rather only questioning your use of the terms above.

 

Take care...Mike

 

Hi Mike, and I am really glad you asked this question. It sickens me to see important terms fraudulently used to imply some level of quality when coins are sold to unsuspecting consumers.

 

The terms of course aren't synonyms, but I understand "certify" to imply a guaranteed endorsement. I found several examples at "dictionary.com" to support this:

 

-> guaranteed; reliably endorsed

-> to guarantee; endorse reliably: to certify a document with an official seal.

-> to guarantee (a check) by writing on its face that the account against which it is drawn has sufficient funds to pay it.

-> To guarantee as meeting a standard

 

A guarantee, in turn, implies making oneself answerable for (something) on behalf of someone else who is primarily responsible (such as a coin dealer). (Again, I derived this from "dictionary.com").

 

Now, the only two ways I am aware of for a coin to be guaranteed are by (1) financial replacement value or (2) by replacement of an identical coin. Option (2) is often not available, since many coins are unique, and therefore, by process of elimination, I see financial endorsement as the most enforeceable prerequisite for certifying coins.

 

I certainly don't think that simply stating that something is "certified", when in fact the so-called "certifyer" has no liability works at all. There is no guarantee without some kind of liability.

 

I look forward to everyone else's opinions!

[Stanley]

I haven’t read this entire thread however CSI clearly states on the reverse of there holder “Certified by CSI standards”.

Edited to add with Certified & Authentic being capitalized.