not what you thought you had

frenc11 · March 27, 2018, 02:03:29 AM

i have started sending coins to PCGS and i have had my eyes opened up as most my raw commonwealth coins which i bought as UNC from reputable dealers came back as AU 58 or AU 55 and the only few MS ones were MS 61 OR MS 62 , which means if i ever sell i am going to take a hard hit on them and probably only get 10% of what i paid for them , how many here have sent coins for grading and got terrible results back

Basil · March 27, 2018, 09:32:37 AM

Sorry to hear that,but its very common i would say.
I was in Barry Cooper's shop in Ballina a few years back and a guy was showing him PCGS Slabs and was devastated with their gradings,he didn't buy the Coins from Barry,just wanted his opinion and drove down from the Gold Coast to get it,they were purchased from a major Sydney Dealer.
Most dealers overgrade their Coins/Notes,with most auctions you can bet the Coin is overgraded and estimate is undervalued.
After saying that,since the Internet started in Oz. in the mid 1990's the Coin industry is probably,IMO,the best its ever been as far as grading and ethics go,wild west before then.

nealeffendi · March 27, 2018, 12:30:34 PM

Quote from: 'Basil' pid='114636' dateline='1522105357'Most dealers overgrade their Coins/Notes,

Surprisingly they even overgrade their slabbed coins. Some dealers will list MS62 slabs as Choice Uncirculated and MS64 as Gem! Frankly I wouldn't call anything under MS64 as Choice or under MS66 as Gem. For raw coins they are even more pathetic in their grading and use of adjectives.

stevo1962 · March 27, 2018, 05:31:27 PM

Learn to grade coins for yourself then you have nobody else to blame but it does help if you
have decent photos to begin with.Even better if you can see them in hand.Considering the
results you have had so far you are well along the way to knowing what an uncirculated coin
should look like.Trial and error is the best way to learn but be very careful as there are many
raw coin sellers out there who will be happy to rip you off including dealers

wwwww · March 27, 2018, 09:04:45 PM

Unfortunately that's how the raw coin market is - this is the very reason PCGS has been so successful.

runway · March 27, 2018, 09:12:34 PM

This is the reason why people send pre-decimals coins to PCGS for not only grading but authenticy

runway · March 27, 2018, 09:16:50 PM

Quote from: 'wwwww' pid='114648' dateline='1522146885'Unfortunately that's how the raw coin market is - this is the very reason PCGS has been so successful.

So true :welcome:

kchan1111 · March 27, 2018, 10:19:59 PM

So sorry to hear that. That's a real bummer.

Would it not make sense to crack them out of the slab and sell it back to the same dealer then?

Presumably they would get the same grade

(you have proof of purchase right?) and not take a 90% hit! (Of course I have no idea when you bought them so the market prices have moved.)

frenc11 · March 28, 2018, 01:43:37 AM

bought most around 10-15 years ago when the market was hotter than now , i do have the recipits , but some of the dealers no longer trade

ausproofs · March 28, 2018, 09:09:45 PM

It is a jungle out there. I have bought raw coins at the start from dealers (on ebay) however quickly realised it is not for me. If I decide now to look for raw coins, I only buy them from collectors. Most raw coins are either not worth slabbing or are cleaned.

frenc11 · March 29, 2018, 02:17:15 AM

Quote from: 'ausproofs' pid='114668' dateline='1522233585'It is a jungle out there. I have bought raw coins at the start from dealers (on ebay) however quickly realised it is not for me. If I decide now to look for raw coins, I only buy them from collectors. Most raw coins are either not worth slabbing or are cleaned.

it might be safe to assume that most good predecimal coins have already been graded

stevo1962 · March 29, 2018, 07:04:26 PM

Quote from: 'frenc11' pid='114675' dateline='1522252035'
Quote from: 'ausproofs' pid='114668' dateline='1522233585'It is a jungle out there. I have bought raw coins at the start from dealers (on ebay) however quickly realised it is not for me. If I decide now to look for raw coins, I only buy them from collectors. Most raw coins are either not worth slabbing or are cleaned.

it might be safe to assume that most good predecimal coins have already been graded

There are still plenty of good KGV raw coins out there you just have to look and it would be
handy if you could grade them as well so you know if they are overpriced or a bargain

runway · March 29, 2018, 09:39:48 PM

As a numismatic collecting community our concern is now concentrated with the Chinese Fake coins listed on eBay

drakesterling · March 30, 2018, 04:42:37 AM

First time submitters to PCGS often go through the same experience. It starts off hard, but if you put your money on the line, you tend to learn pretty quickly how PCGS assesses coins. And once you have, you'll be able to buy raw coins with high levels of accuracy.

My very first sub to PCGS contained not only cleaned coins and AU58 coins, but a coin where a previous owner had filed down the rim to smooth out an edge knock! It's through constantly sending coins to PCGS, receiving feedback, learning, and then sending over some more that we learn.

Eric

nealeffendi · March 30, 2018, 10:22:59 AM

Every poster is right. Possibly most good pre decimal coins out there are have been slabbed, but that still leaves plenty of raw slab worthy coins just waiting to be snapped up (with Stevo and myself probably competing for many of the same coins). As the good stuff is snapped up the ratio of good to not so good (worn, cleaned etc) goes up as does the amount (and quality) of fakes.
I currently have a submission in Newport. With the amount of money involved I spent hours deciding which of my hopefuls get the opportunity of an overseas holiday and what grade I hope they bring home.