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INB Grading Company graded this Morgan Dollar as MS67 PL (Proof Like) and it sold at ebay for $896.48! What would you grade this coin? I grade it AU or almost circulated and it might grade lower at EF45.

I don’t know what some collectors are thinking when they buy coins like this. Are they are just getting caught up in a bidding war, or really don’t have a clue, or think they are seriously getting a bargain on a coin they don’t realize it hopelessly over-graded? Which is it?

It could be some “shill” bidding (where the auction seller has different ebay accounts and has people bid on their coins to cause others to bid bid higher) and that’s illegal on ebay.

If you have an answer, please post a comment. I would love to hear what people think about this and why it continues to happen.

What would you grade this coin? At ebay it sold for $200! The person who purchased this coin was scammed. These coins rarely reach higher than $10.00.

For more info on these companies click here

 

AACGS ACC ACCGS ACGS ACGS2 ACCS ACCUGRADE AGA AGP AGS ANACS ANA ANGS ANI APEX ARC BAS BLANCHARD CAC CCGE CCGS CGSOA CF COMPUGRADE CRC CSI DGS EAGC ENGS FSC GCGS GCS GEC GGC GSA HALLMARK HALLMARK IMI. HCG HGebay ICCS ICG ICS IGA IGC IGS INB INGS INS ISG ISR

LITTLETON MCCS MEGS NAC NAGC NANCS NAS NCGS NCS NES NGC NGP NGS NNC NSCGS NTC Numex NUMISPRO OCC PCC PCGA PCGS PCI PGSG PGS PICC PNANS PNGS QCGCS SDGS SEGS SGS (Original) SGS SWCGS TCGS TRUGRADE TST USCG UCG UCGS UK UNC WCG No-Name Holders FAKE PCGS FAKE NGC Chinese Holder

Related Link TPGS and Coin Grading Forum

During this endavour, I was met with many different opinions on the grading of coins by third party services. For instance, ”I don’t need a company to tell me the grade of my coin, I learned through experience how to grade, and so should other collectors” and “I like the idea of having my coins graded, authenticated and safely housed in a sealed holder.” And these are but two of the many variations of thought that I experienced.

Personally, I have certains coin of my choosing, graded by PCGS and feel that companies like PCGS, ANACS, ICG, NGC help enhance my favorite hobby, adding a bit of validity to grading coins that was once an inconsistant practice.  Dealers could call it how they saw it, and unfortunetly not all dealers and collectors saw it the same.

It’s akin to what we see today on ebay where a dealer or a “basement” TPGS grades coins as they see fit, and in a manner that boost profits instead of protecting and furthering Numismatics in general.

With these thoughts in mind. Do we still need third party grading services? If not, what should be done about this delima? If so, then how can it be improved to prevent all the grading scams?

Feel free to enter your comments, I would love to hear them!

Want to learn more about grading companies? Click Here

       Often, the dealer company (seller) might own, or is personally affiliated with the some of these “slabbers” and this creates a conflict of interest. A circumstance that introduces the unethical practice of starting grading companies for the sole purpose of selling more coins, at a higher premium, by assigning grades that do not meet the accepted standard for that particular grade.

       When looking slabbed coins, one should always question the grade of the coin. If the holder is not from a top tier grading company, then make an offer or bid that matches the book value (BV) a couple of grades lower than the holder states. Also, look for certain other details like the coin’s letter or date fonts, wrong mint mark year, etc. Try to compare the coin using an authentic example to be sure the coin in the holder is authentic.

       Another detail that requires attention-anyone can buy the Coin World holder (known by the little earth symbol in the bottom left hand corner of the holder), put a coin inside, and affix a label that states any grade they chose. This is important, because there exist many examples of coins that jump in BV from grade to grade. One example of note is the 1884-S Morgan Silver Dollar. The price dramatically increases from AU58 to MS60, and this coin is difficult to find in mint state, providing an easy target for the uneducated coin grader. Click here to see TPGS Holders

I hope you take the time to visit our United States Coin Help Site! You can learn more about US Coins, if you don’t already know, or read the latest Coin News, or just browse the hundreds of coin pictures. Our sight offers something for everyone and our number one page is Third Party Grading Services (TPGS). We have over 90 grading services listed with pictures and information.