Overgraded Coins Tarnish Reputation

Proxiblog believes reputation is the highest form of customer service. Nothing tarnishes reputation more within the numismatic community as an auctioneer selling overgraded and/or self-slabbed coins as is happening now with a Proxibid house whose name is being withheld out of courtesy.

Proxiblog also believes if you’re going to sell coins, and claim to know little about them, then stop quoting coin guides inappropriately, as does this example, citing the retail Red Book value of the coin as being over $23,500.

Of course the auctioneer adds that his house bears no responsibility and that the grade is determined by buyer and consignor. That’s too easy, especially for this house, which specializes in selling coins and has conducted more than 30 coin auctions in the past two months. Worse, some unethical consignors, including “coin doctors,” prey on houses that sell coins but claim to know little about them. So it is in the company’s interest here to pay heed to this post.

Whoever purchases this featured coin would be lucky to have it graded MS63, rather than the MS66 it is claimed to be, for a whopping $75. Even if the grade came in at MS64, the retail price would be about $130. Without even expanding the picture, one can see contact marks on the cheek and at 9 o’clock on the obverse.

Auctioneers who value reputation take to heart the National Auctioneers Association’s code of ethics.

Take the time to do a Google search on companies claiming to be coin graders. Input the company’s name with the term “coin” and “grading.” You can also go to eBay and do the same, as that company’s guides are particularly useful here.

These are the top-tier grading companies: PCGS, NGC, ICG, ANACS. Other reliable but not as consistent grading companies include PCI, Dominion Grading Service, Numistrust, SEGS, and National Numismatic Certification. It has been Proxiblog’s experience that these companies typically overgrade by 1-3 points above the top grading companies. However, with certain coins, as with the one above, a one or two point difference can entail hundreds if not tens of thousands of dollars.

To read more about self-slabbed coins, click here.

Proxiblog is an independent entity with no ties to Proxibid. However, Proxiblog is dedicated to making the bidding experience on Proxibid and similar auction portals as pleasurable and profitable as possible with respect to coins.

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