This shouldn't surprise anyone. This is just the same old game dealers have played with a coin for years. When they are selling it, it's a perfect coin that is a screaming gem worthy of a premium. But if they're buying the same coin, it has multiple problems that they have to discount the coin for in able to sell it. The ugly part of this hobby or business or whatever you percieve it as still exists.
As an example, I took a look at the website of the auction house listed in the journal ent
Yes there has been some grade inflation for PCGS graded coins. I have several Morgans that were in old rattler holders that now reside in a newer NGC or PCGS holder a grade higher. When PCGS first started, they were very conservative. They had quality as the issue of utmost importance. This, along with being the first allowed them to dominate the market initially. Then with the appearance of NGC and ANACS later in the 80's, competitive forces dictated that PCGS become a little less conservative
OK, I hear everyone's frustrations. I understand how many of you think NGC (and PCGS for that matter) are not seen as a provider of grading services that gives a damn about a customer. But look at it from their point of view. Whether you want to look at it this way or not, NGC and PCGS are taking an ownership position in a coin when they grade it and slab it. They have no control over whether you retain a coin they have graded, or if you sell it, give it away, etc. At any rate, they are guarante
Maybe I am an NGC owner.
Michael Cooper wonders whether I might secretly be an NGC owner. I wish Michael! I haven't seen a dividend check yet (chuckle)! But I would make the following statement. By owning coins in NGC and PCGS holders, we are owners of the companies. We definitely have a vested interest in the performance of these companies. If they don't do well, we all own a bunch of worthless plastic!
To illustrate my point, for those of you that are old enough, recall what the coin ma
Yes, fortunes have been made on Prooflike dollars. Don't you wish you knew how desirable they would become before they did. I have a couple of stories I would like to recount that involve very high profits made on prooflike dollars by people (myself included) who were ignorant at the time they bought them, and did wonderfully on them from an investment standpoint.
My first recollection involved myself and a local coin dealer. I had just graduated from high school in the early 70's. I was wo
Are we pricing new young collectors out of the hobby?
I recently exchanged e-mails with a young collector who is just getting started. His collectors' society name is chaosxemperor. He took the time to share his excitement about getting a nice MS-63 1904-O morgan (see "The Newest Addition" journal entry). In expressing his excitement he stated that the coin was expensive ($52.00). Apparently he has recieved e-mails stating that the coin was neither rare or expensive. Shame on you. This youngst
A nice type coin? Sure, they're pretty and desirable, but can you love them, and can you find them?
Yes, I know, Morgan collectors are nuts. We break out in a sweat at the sight of a frosty MS-67. We mortgage our house for that 66 DMPL cameo. But just ask us to fork over the cash for an MS-65 Type 1 Standing Liberty Quarter, and all of a sudden we're short on cash because we have to fix the car. Or we have promised the wife "no, honey, I'm done buying anything else for a while." Never admittin