RChris Posted September 16, 2013 Posted September 16, 2013 I don't understand this.....http://www.londoncoins.co.uk/?page=retailv2_details&uin=0028491When this went for £3000 in their recent June auction......http://www.londoncoins.co.uk/?page=Pastresults&searchterm=1926+penny&searchtype=1Is there really £2K's worth of difference?? Quote
NRP Posted September 16, 2013 Posted September 16, 2013 Nice coin but not as rare as people think in that grade. The auction price was perhaps the right price but 5000 is well overpriced!!! Quote
Red Riley Posted September 16, 2013 Posted September 16, 2013 I do remember the June coin. Not a particularly attractive specimen in the hand and in my opinion some way below Unc. I suppose if the relatively poor June penny went for £3k then a real corker should be worth £5k but it all seems a bit expensive to me. Quote
Rob Posted September 16, 2013 Posted September 16, 2013 Get your ME on a 1927 for £30-50, then you have a lot of spare change to buy other things. Quote
scott Posted September 16, 2013 Posted September 16, 2013 look at the one that went for £600.I mean come on, that gap is insane as well. Quote
Nick Posted September 16, 2013 Posted September 16, 2013 (edited) I don't understand this.....http://www.londoncoins.co.uk/?page=retailv2_details&uin=0028491When this went for £3000 in their recent June auction......http://www.londoncoins.co.uk/?page=Pastresults&searchterm=1926+penny&searchtype=1Is there really £2K's worth of difference??No, given that it's the same coin. It certainly hasn't gone up in value by two grand in just 3 months. Edited September 16, 2013 by Nick Quote
Gary D Posted September 17, 2013 Posted September 17, 2013 Taking into consideration it's now entombed 2k is letting you off lightly. Quote
Sword Posted September 17, 2013 Posted September 17, 2013 CGS prices can sometimes be 2 or 3 times out. I think the likely situation is that the penny is in limbo between the Sept and Dec London Coins auction. One might as well put a price on it in the meantime just in case one gets very lucky ... Quote
Rob Posted September 17, 2013 Posted September 17, 2013 If you look at the prices asked for GCS slabbed coins, they are invariably multiples of the raw coin price. I think they are just trying to emulate the US market where a premium is the norm for a label. Nobody is forced to buy though.As an aside, I also see that the US TPGs seem to have lost the plot a bit more. Baldwins sale next week has a Richard II noble (lot 4322). PCGS have given it AU58. Steve Hill, who usually pushes every last drop of grade on his listings has given it good fine! Goldbergs next sale has an 1812 1/6d bank token (lot 4338) which I threw out of my collection due to the wear to the high points and sold as a nearly gEF has come back as NGC MS66!! Quote
Peter Posted September 17, 2013 Posted September 17, 2013 TPG's are like a comfort blanket to the less confident collector.The collectors are getting ripped off at the same time. Quote
VickySilver Posted September 17, 2013 Posted September 17, 2013 Yikes, that is a bit ugly there...I agree with the assessment that this coin will come up for "auction" at LCA before too long & think it showed top price already at 3k for that specimen. Good job Nick on pointing out the packaging - photographs pretty well but I have not seen it in person & somehow think I've seen it before at another venue. Is there a 26ME that is worth 5k?Shame about the grading services which seem to really miss the hammered and early milled especially; I think the hammered may be due to "technical grading" wherein the coin left the dies and may not have been touched much but was a bit raggy of a strike and original fabric as an example.I have a slabbed 1849 shilling by PCGS in "62" which is nearly pristine but was docked for micro polishing lines- it was but these were in RELIEF as it was polishing of the die as opposed to the finished coin. So maybe it works both ways. I suspect that despite all the talk of equity that the consignor may also have a bit of influence on ultimate grades. I think it a bit of a conflict that the grader, either CGS or David Hall of PCGS sells coins that they grade or have graded. Quote
Rob Posted September 17, 2013 Posted September 17, 2013 I have a slabbed 1849 shilling by PCGS in "62" which is nearly pristine but was docked for micro polishing lines- it was but these were in RELIEF as it was polishing of the die as opposed to the finished coin. So maybe it works both ways. I suspect that despite all the talk of equity that the consignor may also have a bit of influence on ultimate grades. I think it a bit of a conflict that the grader, either CGS or David Hall of PCGS sells coins that they grade or have graded.This happens on a regular basis, so yes, there are bargains to be had because half the US collectors won't go near it, relying on the 'superior knowledge' of the TPG. Quote
Colin88 Posted September 17, 2013 Posted September 17, 2013 I like the way it was I don't understand this..... http://www.londoncoins.co.uk/?page=retailv2_details&uin=0028491 When this went for £3000 in their recent June auction...... http://www.londoncoins.co.uk/?page=Pastresults&searchterm=1926+penny&searchtype=1 Is there really £2K's worth of difference?? I like the way it was graded as UNC but with 'cabinet friction'. Which is a weasel way of saying it has wear in my book, so not actually Uncirculated then. Quote
TomGoodheart Posted September 17, 2013 Posted September 17, 2013 TPG's are like a comfort blanket to the less confident collector. The collectors are getting ripped off at the same time. Yes. In principle they offer a useful service if they identify fakes and preserve coins. But the grading / population thing is really just an opinion. If it wasn't then all NGC AU58s would crossover to PCGS AU58. Which of course, they don't. The whole TPGS thing is flawed to me. From TPGS being, like all of us, constrained by their knowledge being limited to just the coins they've seen. That, again like most of us, graders are supposed to be assessing how much wear a coin exhibits compared to a pristine example but are I am sure also swayed by 'eye appeal' and other factors unrelated to wear. And the financial needs of TPGS being based on people believing that a slabbed coin is more attractive than a raw one. Quote
Peckris Posted September 17, 2013 Posted September 17, 2013 look at the one that went for £600.I mean come on, that gap is insane as well.Quite right. That AEF specimen was a nice looking coin, and certainly tempting to the likes of me.CGS prices can sometimes be 2 or 3 times out. I think the likely situation is that the penny is in limbo between the Sept and Dec London Coins auction. One might as well put a price on it in the meantime just in case one gets very lucky ...If you look at the prices asked for GCS slabbed coins, they are invariably multiples of the raw coin price. I think they are just trying to emulate the US market where a premium is the norm for a label. Nobody is forced to buy though.CGS = "the new Coincraft"? Quote
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