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nealeffendi's Last 20 Posts
| 2x2 Plastic Coin "Flips"
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nealeffendi
Pillar of the Community
Australia
852 Posts |
 Posted 02/02/2025 02:26 am
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I gave up using the self stick cardboard ones 20 years ago as the blasted things have a habit of partly opening and then the coin falls into the gap to be stuck to the glue. I won't use the stapled ones as the risk of the staple scratching other coins is not something I'll risk. I use 2X2 Saflips with an acid free card in one side to record details. I've purchased coins sometimes from dealers where they have heat sealed the open ends of the flips to stop the coins getting exposed. So I presume that it isn't hard to seal them.
And for crown sized coins I have 2.5X2.5 Saflips that store perfectly in old PCGS boxes while for the 2X2 I use plasticizer free sheets in plasticizer free albums and then store them all in commercial safes (that I purchased cheaply from when government departments move).
Also for moisture you can put containers of moisture absorbers in your safes. |
| | Forum: Supplies, Books, Reference, Software, etc |
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| The PCGS Guarantee - Well. Sort Of. What Does It Really Say - Did It Fool You?
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nealeffendi
Pillar of the Community
Australia
852 Posts |
Posted 01/22/2025 9:53 pm
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Hi Earle42. Yes they do pay compensation for slabbed fakes. BUT!
That is only in limited circumstances. They don't pay if you were the submitter of the fake. Also IIRC if they do pay compensation they will try and recoup that money from the original submitter. That would probably include submissions from dealers for their clients. So had I had bad intentions I could have submitted my fakes through my dealer, and then after receiving my fakes sell them for big $$$. The duped buyer might find out later that they are fake and put a claim in, PCGS would then pay the compensation and my dealer would then either cover that compo or lose his dealer submission privilege's.
Maybe the dealer might then make a claim on me but that gets tricky as we are in Australia so US laws don't apply and I hold residency in 2 countries and could have left Australia.
Also how do they determine the amount of compensation? The book value on non US coins can be less than 5% of what collectors might pay. For example I bid $2200 on a MS66 coin last week that had an estimate of $300 to $500 and it sold for $13,500 plus 22% premium. So the compensation if it turns out to be fake is what? And if the coin wasn't MS66 but only MS65 then I own 4 at that grade that together cost less than the buyers premium on the MS66.
As for my slabbed fakes their certs are 35021221 and 35021222 (1911 and 1916 Australian shillings in MS65). When you look those numbers up though the coins have been put in the memory hole along with the certs of 6 genuine coins (payback from PCGS for not returning the 2 fake certs).
As for my lists (plural, I keep lists for slabbed fake Australian, US and foreign) I won't release them as then they will get put into a memory hole and I like it that PCGS has to squirm knowing that they don't know how many fakes are out there.
I like having graded coins (I have over 1000) but I also like to keep the TPGs on their toes to pressure them to improve their standards and customer service. They are supposed to be the professionals but when us so called amateur's know more about spotting fakes than them their 30 seconds per coin maybe need to be longer as the tell tale marks of quality fakes usually takes a few minutes to find. |
| | Forum: Third Party Coin Grading (TPG): PCGS, NGC, ANACS, ICG, ETC. |
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| The PCGS Guarantee - Well. Sort Of. What Does It Really Say - Did It Fool You?
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nealeffendi
Pillar of the Community
Australia
852 Posts |
Posted 01/22/2025 01:07 am
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@Earle 42. You are mistaken about PCGS slabbing fakes very rarely. It is extremely common for them to slab fakes but is rare that they compensate the owners for them. Here in Australia about 7 years back they had to cancel many cert numbers for Australian pre decimal coins of various years and denominations. The coins had been submitted by various dealers and collectors, graded, slabbed and returned. Then when amateur's determined that they were fake and notified PCGS they were then directed by PCGS to return the certs inside the slab. I kept my 2 slabbed fakes (1911 and 1916 shillings in high grade) which really angered PCGS (I had submitted the 2 fakes knowingly to both test PCGSs claims about their ability to detect fakes, I expected to get them back to get a bodybag labelled not gradable fake and when they messed up and slabbed them I had my dealer advise them to cancel the certs). And yes PCGS gets really angry and embarrassed when caught out grading fakes and they do things like cancelling the certs of genuine coins owned by the possessors of fake coins in PCGS slabs.
I had at that point tipped off PCGS about a number of high grade fakes out there but since they cancelled a number of my genuine coins in retaliation for me not returning the 2 fakes certs I've stopped that. So now when I see a fake in a genuine slab I just add those details to my list of fakes to beware of (its a few pages long now). Caveat Emptor. |
| | Forum: Third Party Coin Grading (TPG): PCGS, NGC, ANACS, ICG, ETC. |
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| What If We Think The Coins We Sent To Be Graded Are Not Right
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nealeffendi
Pillar of the Community
Australia
852 Posts |
Posted 01/22/2025 12:43 am
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The best method to learn to grade according to TPG standards is to own a number of already slabbed cheaper coins of the same denominations as your raw coins. For $260 you could have purchased 10 or 20 slabbed coins from dealers bins and then compared them to your coins. Then you might have determined that your coins are no better than the best/most expensive slab coin you purchased from the dealer and it that best coin was sold to you for say 20 bucks then you know it isn't worthwhile slabbing your coins.
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| | Forum: Third Party Coin Grading (TPG): PCGS, NGC, ANACS, ICG, ETC. |
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| The PCGS Guarantee - Well. Sort Of. What Does It Really Say - Did It Fool You?
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nealeffendi
Pillar of the Community
Australia
852 Posts |
Posted 01/08/2025 10:25 pm
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The point about flying to the county in California is actually worse than that. I'm in Australia, so to fly to California also adds the cost of renewing my passport (in Australia that is another $449) and international flights are not cheap ($2000 plus car hire plus hotels etc).
Also many of my coins were graded in the HK PCGS branch through my dealer who is Chinese. So if I was to try and legally challenge PCGS grades, or more specifically issues such as a coin damaged by PCGS after my dealer submitted them, then my witness who could testify would also need to fly to California to attest to Californian courts that PCGS messed up and that is assuming that he is willing to take time off work to fly to the US.
And PCGS has home soil advantage as they have local law firms to represent them and those lawyers are probably in the same clubs and social circles as the judges and other court officials. If I was to fly to the US I would need also to hire a local lawyer ($$$$). Also many corporations boost their home field advantage by over the years hiring lawyers from all the local firms on various legal matters such that any plaintiff against them cannot hire those same lawyers (conflict of interest). So plaintiffs then have to hire a non local lawyer (travelling expenses $$$$) whose specialty isn't coin grading and then the corporate lawyer messes with the plaintiff by getting the case deferred (so do I, my dealer witness and my non local lawyer settle or do we fork out $$$$$ to come back at the new court date?)
Does anybody know of any case of a successful legal challenge in California against PCGS grading? |
| | Forum: Third Party Coin Grading (TPG): PCGS, NGC, ANACS, ICG, ETC. |
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| PCGS Grading Challenge Video. Did It Fool You?
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nealeffendi
Pillar of the Community
Australia
852 Posts |
Posted 01/08/2025 09:04 am
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@Earle42. About that PCGS guarantee; I see a few problems with it only being invoked if off by 2 points. Firstly even a half point grade difference can be a difference in value of 20X for certain coins and secondly how do they determine the value of any grade if few or no coins of that grade ever come to market?
Sure there are thousands of Morgans in every grade so it wouldn't be difficult to see what the market value is; but for international coins there are many that only have a few hundred in all grades and in high grades there are only a few to a few dozen. To give an example the Australian1960 and 1962 florins are both common florins to be slabbed (746 and 373) with 59 and 57 examples respectively grading MS66 and I have several of each in that grade for which I paid under 150USD at recent auctions. But for 1960 florins there are 6 more in MS67 and for 1962 just 1 more in MS66+. None of the top pop 1960 florins have been sold in the past decade and the sole top pop 1962 has never been sold. So if those top pop coins were downgraded even a point, let alone 2 points then they will become a common grade florin worth 3 to 10% of what the top pop coins would probably sell for and will PCGS decide to compensate for what could be a 97% drop in value or fob the coins owner off with a measly few hundred bucks?
So for any of my coins that I own in rare top pop grades (and worth thousands in those grades) there is no chance I will send them back to get the grade checked as even a half point downgrade will lose most of the value. In other words that guarantee is just a worthless selling gimmick
Edit to add. I can pick up graded 1962 florins in MS65 for under $50 and that sole example at MS66+ would likely sell for at least $5000 but probably over $10,000 so a less than 2 point drop is a 99 to 99.? drop in value. |
| | Forum: Third Party Coin Grading (TPG): PCGS, NGC, ANACS, ICG, ETC. |
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| PCGS Grading An Error Coin?
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nealeffendi
Pillar of the Community
Australia
852 Posts |
Posted 11/13/2024 2:02 pm
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Did they say they would label them as Alien?
Or do the slabs just say Die Clash?
What grades did you achieve?
And yes it is annoying that error coins are not in the population report. Hate it that I can't see how my errors compare to others and I have no way of knowing if my errors are a common type, a rare type, rare for a particular year or of either a very high grade or of a spectacular level for say the amount of clip or offset.
and please post your results for the crown and why you think the result was not so good |
| | Forum: Variety & Error Coins, Bank Notes, Paper Money: Australia, New Zealand, & South Pacific (Oceania) |
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| Auctions - Are You Getting The Lots You Won And Paid For?
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nealeffendi
Pillar of the Community
Australia
852 Posts |
Posted 11/12/2024 6:27 pm
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Have auction purchased from Great Collections, Stacks, Heritage, IAG, Roxburys, Numisbid and Status. All have delivered.
Biggest issue with the US and HK auctions especialy is the final price is not the final price as besides the usual commissions there are hefty shipping fees, insurance, currency buy/sell split and currency transaction fee. Then they add another 10% as GST.
And why historically the commisions on auctions was a shilling per guinea such that the buyer would pay the bid in guineas and the seller would get a pound (a guinea being 21 shillings and a pound 20 shillings). So used to be under 5% commission and now they are 22% and then another 10% on that 22% so in effect 24.2% commission+tax.
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| | Forum: Coins, Bank Notes, and Paper Money: Australia, New Zealand, & South Pacific (Oceania) |
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| Least Expensive Way To Grade Coins And Rounds
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nealeffendi
Pillar of the Community
Australia
852 Posts |
Posted 11/07/2024 2:27 pm
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@BStrauss3, it is a generalization to say NGC is best for world coins. For Australian coins over 99% of coins submitted from Australia now are to PCGS. When a dealer here put together a high grade set in NGC slabs as The Benchmark Collection it was sold at auction and most of the buyers had them regraded by PCGS for high end set registries and those that have been resold as PCGS are getting double or more what was paid for them. I now have 6 NGC Benchmark Collection coins that were not cracked out and they were bargains when offered for resale.
I keep my NGC, ANACs and ICG coins in the slabs I purchased them in but would not submit my raw coins to them to save a few dollars on grading. |
| | Forum: Third Party Coin Grading (TPG): PCGS, NGC, ANACS, ICG, ETC. |
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| Is It Really Worth Getting A Coin Graded?
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nealeffendi
Pillar of the Community
Australia
852 Posts |
Posted 11/07/2024 2:10 pm
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There are certain benefits to grading
- A nice slab to protect the coin
-Enjoying having a set registry and comparing it with others
-Getting your high ends into a recognised top tier slab that if your novice heirs need to sell that that they can't be lowballed by shonky dealers
- Scoring a great grade on a coin that you purchased raw for under $100 but the slab grade you get makes the coin worth multiple thousands (got a coin back last month that cost $85 raw that graded Top Of The Pops and worth 20X that)
- And for those coins you reckon the graders got wrong you can play the crackout and resubmit game.
The downside is grading is not cheap and my typical submission costs 4 figures
Another downside is that the TPGs employees include Mr Magoo who can't see mintmarks and put the wrong mint or variety on a slab. That can work in your favour if a wrongly slabbed coin is offered for sale then you might score a bargain |
| | Forum: Third Party Coin Grading (TPG): PCGS, NGC, ANACS, ICG, ETC. |
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| What Is This Letter ? 1861 Half Sovereign
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nealeffendi
Pillar of the Community
Australia
852 Posts |
Posted 09/26/2024 01:16 am
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As for the possibility of it being a K as Centinal suggested; it got me thinking; did the mint maintain a punch set with all 26 letters or did they only get letter punches made with the letters used? Are there any 1860 era British (or empire) coins that have words or abbreviations with the letter K in them and more to the point of the same size as the letters on a sovereign?
Also it looks like the wrong letter is under the correct letter so the mistake and correction was done before the die was ever used so it wasn't a repair done to a used worn die to extend its life (unless it was done as a repair using the wrong letter and then the worker then fixed his mistake which would make it a C over an R or E over a C) |
| | Forum: Variety & Error Coins, Bank Notes, Paper Money: Australia, New Zealand, & South Pacific (Oceania) |
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| Are Population Numbers Accurate?
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nealeffendi
Pillar of the Community
Australia
852 Posts |
Posted 09/18/2024 02:48 am
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Populations can be wildly out. When they create a new variety the population of that variety only includes those graded after they recognise that variety. For example in 2017 for the Australian 1953 florin they recognised the Large Denticle variety and the Small Denticle variety. But in the population report all the pre 2017 graded '53s are counted as Small. Worse yet their identification skills are abysmal as I know of 2 Large in Small slabs and 3 Medium in Large slabs and they include Medium with Small as they don't recognise the Mediums as from a different hub to the Small.
In my collection I have a similar problem with 1926 sixpences and 1952 pennies so it appears to be a standard problem whenever new varieties are recognised. |
| | Forum: Third Party Coin Grading (TPG): PCGS, NGC, ANACS, ICG, ETC. |
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