New to Community, Old to Collecting

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1. Post a front and back image of your coin with a specific question about what you’re seeing or asking about and one coin per topic.

2. Please remove coin from the holder unless it’s US or an official mint case or unless it is graded by a grading service.

3. Images should be taken by a camera or cell phone camera, we ask that members don’t use images through a microscope screen.

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telfeyan
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New to Community, Old to Collecting

#1 Unread post by telfeyan »

Hi. I am Bruce and excited to join this community. I've been collecting for 64 years, mainly US coins but some Canadian as well.
I've been burned with some eBay purchases, most notably a 1921 Peace Dollar that was supposed to be "BU." I had in graded by ANACS and it came back as AU Details. I overpaid by $200 or so.
Back in 1975, I purchased a 1891-S Morgan for $30 that was advertised as "Gem BU." Back then before professional grading, I think a coin marketed as BU was probably supposed to be around MS-60, and a Choice BU was probably supposed to be an MS-62 or 63. A Gem BU coin was, I thought, supposed to be MS-65. Well, some 46 years after purchasing it, I had ANCS grade this coin. It came back as an MS-61. Certainly worth more than the $30 I paid for it, but way less than the $1,000+ it might be worth as an MS-65! I'd have come out better buying a share of DIsney. :-)

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Re: New to Community, Old to Collecting

#2 Unread post by DSCoins »

Welcome to the community
USN Retired Jun1977-Jun 1997/100% disabled VET. (Not a wounded warrior)
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Re: New to Community, Old to Collecting

#3 Unread post by SensibleSal66 »

Welcome Aboard !
Member of CONECA
" All replies are my opinion based on experience"
Casual Collector 40+ years , 10 years Error coins ( still learning).

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Re: New to Community, Old to Collecting

#4 Unread post by Paul »

Welcome
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Re: New to Community, Old to Collecting

#5 Unread post by Triple C »

Hi Bruce and welcome!

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Re: New to Community, Old to Collecting

#6 Unread post by Earle42 »

Welcome!
Base on your comments:
Back then before professional grading, I think a coin marketed as BU was probably supposed to be around MS-60, and a Choice BU was probably supposed to be an MS-62 or 63. A Gem BU coin was, I thought, supposed to be MS-65. Well, some 46 years after purchasing it, I had ANCS grade this coin. It came back as an MS-61. Certainly worth more than the $30 I paid for it, but way less than the $1,000+ it might be worth as an MS-65! I'd have come out better buying a share of DIsney. :-)
I am posting the following as a bit of help b/c, unfortunately, most people seem to have a misunderstanding of the grading companies and their actual practices/consistency with grading etc. Please note data is provided to back this up. Take the links to see for yourself.

Here is more info concerning the actual nature of the grading companies to help people make better educated decisions.😊

Thinking of Slabbing? Make sure you understand the Facts...or You Could Lose Money.


1. The grading companies are not a way that the majority of people, even those with a great deal of experience who know what they are doing, are going to be able to use in order to make huge personal profits. Many people start using grading companies thinking they will find a way to finance their hobby, but they learn a hard lesson quickly.

2. Watch some of Daniel's videos where he gets pieces back form the grading companies. Note even people who live, eat, breath, and deal coins for a living (like Daniel) can accurately predict what grade the companies will give. And...the "fault" (not really a fault) is in a widespread mistaken perception people get from being exposed to all the slabs being sold nowadays.

Coin grading companies are a business out to make a profit - this is why they exist. They use a system where (allegedly, but in reality its normally two) three graders look at each coin and give an opinion. The company videos showing the process make you believe this is a relaxed paced process of studying each coin. In fact one PCGS video shows a number of guys sitting around a table discussing what they think a specific coin should be graded as (on youtube somewhere - sorry no link). Uh uh.

If you take a PCGS graded coin slabbed as MS64, break it out, and resubmit it to PCGS, you are never guaranteed the same grade again. The slabbed coin might come back MS62 (bad day for graders), 63, 64, 65, 66 (great day for you!). This is b/c the process is all subjective: No scientific/verifiable standards or methods are used. Personally having talked with former graders (granted - its been awhile), the process is very rushed since they told me graders are paid by how many coins they can get through in a day.

But..this is all hearsay without proof. So...
Grading the Coin Graders

Here is another good read from someone there at the start of the grading companies:
Hobby negative impacts from slabbing companies

3. People also seem to think grading companies will examine a coin to see if they can find an error and then slab it as such. But again, they only ONLY GRADE coins. The companies will NOT try to find ID an error for you. You must first ID the error yourself, check to see if the company you want to use recognizes that specific error, PAY them to verify the error on the label, and then you may or may not actually get what you pay for!. The companies have a bad reputation for attributing errors correctly.

Link to and read (download if you want it) the pdf link in my signature as an eye opening example.

The verifiable data presented shows trusting people have spent thousands of dollars on many slabbed coins that are not what the companies claims/slabbed the coins to be.

You don't have to throw in the towel over these companies...but education about the reality of them will put you on the right pathway to dealing with them in a legit way without losing money in the process.

And…if you just like to collect slabbed coins for what they are, which makes losing/making money from slabs irrelevant, then of course enjoy them!" 😊
Common grading company shortcomings & resulting co$tly mi$take$ to collectors (using Kennedy No FG halves):
https://tinyurl.com/y7rksxu8

How much squash would a sasquatch squash if a sasquatch would squash squash?

telfeyan
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Re: New to Community, Old to Collecting

#7 Unread post by telfeyan »

Perhaps I am dense, but I cannot figure out how to create a new topic. Any help is most appreciated!

Bruce

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Re: New to Community, Old to Collecting

#8 Unread post by Earle42 »

No problem!

Find the little HOME icon at the top of this page:
home_Icon.jpg
home_Icon.jpg (74.2 KiB) Viewed 1830 times
Click that (or the words Coin Help) and it will take you to the home page.

From there scroll down until you see:
(181) COIN Help U Community - Coin Help.jpg
Common grading company shortcomings & resulting co$tly mi$take$ to collectors (using Kennedy No FG halves):
https://tinyurl.com/y7rksxu8

How much squash would a sasquatch squash if a sasquatch would squash squash?

telfeyan
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Re: New to Community, Old to Collecting

#9 Unread post by telfeyan »

Thanks for the insight, but I'm still confused. At the bottom of the page you send me to, I find these words:
"You cannot post new topics in this forum
You cannot reply to topics in this forum
You cannot edit your posts in this forum
You cannot delete your posts in this forum
You cannot post attachments in this forum"
Any guidance on how to get permissions would be great, or any help you can provide at all.

Bruce

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Re: New to Community, Old to Collecting

#10 Unread post by Daniel »

Welcome.

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Re: New to Community, Old to Collecting

#11 Unread post by Earle42 »

Bruce - sorry it took awhile.

OK,,,first and foremost...it is important to notice all things on a page. The page you got to last time was only for reading instructions and it has a "LOCKED" notice on it which is why you saw you cold not post there.

NOTE: clicking on any picture will make it appear larger, you have to hit the back arrow at the top of the page of your browser to return to this page to keep reading.

From scratch - as if never hear before look at the three steps in picture 1 (you already have done step 1)
post1.jpg
The green letters show where you went the last time. You were in the "room" for only reading about how to make a post. It is a locked topic b/c it is for finding out how to do things on the forum and we do not want it changed - thus you had no permissions there.

You must think of all the links on that page as different rooms in a house where each is designated for a specific purpose/subject.

But this time do not go to that link. Instead follow step 2: scroll down the page and see more forum categories ("rooms").

The next picture shows the "rooms" or forum sections, each with its own theme. Click the blue link, like the pic says, depending on what area the subject of your post fits into best.


For this example, say you clicked on General US Coin Forum b/c, for example, you wanted to ask about proof sets and there is no link to a forum for proof sets listed (anything not specifically listed should be posted in General US...).
post2.jpg
Below is where you go when you clicked on General US Coin Forum:
post3.jpg
When you find and click the New Topic link you are taken to a page to make your post. Fill in the info. Note in the last pic it shows you where to go when attaching pictures. Click attachments and follow the instructions. It will ask you to load your pictures. It will open up your computer's directory and ask you to find and click on the picture you want to upload to the site.
post4.jpg
Common grading company shortcomings & resulting co$tly mi$take$ to collectors (using Kennedy No FG halves):
https://tinyurl.com/y7rksxu8

How much squash would a sasquatch squash if a sasquatch would squash squash?

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