PCI loses $12k coin

At the coin club board meeting last night, the president reported that a
coin a customer had him sent into PCI was missing from the shipment when he
opened the box. the other 19 coins were in the box, in their slabs but the
most valuable one was missing. he called PCI. They told him it had been
returned to him unslabbed as they believed it was counterfeit. but, he said
it was not in the box with the slabbed coins.

He said the coin was worth around $12000, and he believed it was real. I
just can't imagine why anyone would have a $12000 coin slabbed by PCI. And
why would anyone bother to go through a dealer to have a coin slabbed by PCI
anyway?

On Wed, 28 Jan 2004 06:56:08 -0600, "Bob Peterson" is
alleged to have written:

At the coin club board meeting last night, the president reported that a
coin a customer had him sent into PCI was missing from the shipment when he
opened the box. the other 19 coins were in the box, in their slabs but the
most valuable one was missing. he called PCI. They told him it had been
returned to him unslabbed as they believed it was counterfeit. but, he said
it was not in the box with the slabbed coins.

He said the coin was worth around $12000, and he believed it was real. I
just can't imagine why anyone would have a $12000 coin slabbed by PCI. And
why would anyone bother to go through a dealer to have a coin slabbed by PCI
anyway?


Very confusing. A 12K coin would almost automatically go to PCGS/NGC, unless it
was a rare die variety or such. Only reason I can think of to send such to PCI
would be to try to pull a fast one. Maybe it really is bogus and they hoped PCI
wouldn't catch it.

Bruce

Do you suppose it wound up in somebody else's pocket? HMMMMMMMMM.

Do you suppose it wound up in somebody else's pocket? HMMMMMMMMM.


As in someone from PCI stole it?

"JSTONE9352" wrote in message
...

Do you suppose it wound up in somebody else's pocket? HMMMMMMMMM.


As in someone from PCI stole it?

Well, there was nothing in the report to indicate tampering of the package.
Several possibilities;

Someone at PCI pocketed the coin.

The coin club prez (who submitted on behalf of his custommer) pocketed the
coin.

Or, the coin is innocently still at PCI, laying between the desk and wall,
or behind a box, and hopefully PCI is doing a thourough search trying to
find it.

I can't think of any other possibilities, but there may be other
explanations. Bill

"Bob Peterson" wrote in message
...

He said the coin was worth around $12000, and he believed it was real. I
just can't imagine why anyone would have a $12000 coin slabbed by PCI. And
why would anyone bother to go through a dealer to have a coin slabbed by
PCI
anyway?

Who knows? That's the problem with apocrypha.

The reason to send a valuable coin to a second or third rate slabber
is simple. Let's say you've got a nice, prooflike 1890-S Morgan in
a PCGS MS-64 PL holder. It's worth about $275. If you can get it
into a PCI MS-65 DMPL holder, on eBay it may well draw a $1-2K bid.
It's not the 12K you'd get for a "real" MS-65 DMPL, but it's not a
bad return on your $15 or so.

Bad for the hobby? Perhaps. Illegal? Not as long as the seller
accurately represents the coin and doesn't make a false claim of
value. Unethical? I have my opinion, ya'll will have yours. Try
typing in the word "ethics" at
http://www.money.org/H_tml/ana_web_search.html

As for the reported loss, there should be a nice paper trail of
packing slips and insurance declarations to follow. I once lost a
1K coin sending it to PCGS. It took about ten weeks, but eventually
I got my money back.

Now if the storyteller had claimed that a counterfeit had been
substituted for their $12K coin instead of it going missing, it
would be a much uglier problem.

--
Michael Benveniste --
Spam and UCE professionally evaluated for $250. Use this email
address only to submit mail for evaluation.

"Michael Benveniste" wrote in message
...

"Bob Peterson" wrote in message
...

He said the coin was worth around $12000, and he believed it was real.
I
just can't imagine why anyone would have a $12000 coin slabbed by PCI.
And
why would anyone bother to go through a dealer to have a coin slabbed by
PCI
anyway?

Who knows? That's the problem with apocrypha.

The reason to send a valuable coin to a second or third rate slabber
is simple. Let's say you've got a nice, prooflike 1890-S Morgan in
a PCGS MS-64 PL holder. It's worth about $275. If you can get it
into a PCI MS-65 DMPL holder, on eBay it may well draw a $1-2K bid.
It's not the 12K you'd get for a "real" MS-65 DMPL, but it's not a
bad return on your $15 or so.

Bad for the hobby? Perhaps. Illegal? Not as long as the seller
accurately represents the coin and doesn't make a false claim of
value. Unethical? I have my opinion, ya'll will have yours. Try
typing in the word "ethics" at
http://www.money.org/H_tml/ana_web_search.html

As for the reported loss, there should be a nice paper trail of
packing slips and insurance declarations to follow. I once lost a
1K coin sending it to PCGS. It took about ten weeks, but eventually
I got my money back.

Now if the storyteller had claimed that a counterfeit had been
substituted for their $12K coin instead of it going missing, it
would be a much uglier problem.

--
Michael Benveniste --
Spam and UCE professionally evaluated for $250. Use this email
address only to submit mail for evaluation.


So, Michael, does USPS pay off when the package is undamaged, with no
visible signs of damage? Or would the PO claim the item was never in the
package, and add the word "obviously" It seems they would leave themselves
wide open for a lot of scammers if they paid off when anyone says, "hey,
there's suppose to be a $12,000 coin in this package and there isn't." .
Bill

There have been at least a couple of documented/claimed instances where
empty packages, or packages weighted with a brick, or somesuch were sent via
USPS, insured or registered, with return receipt.

the recipient get a package and signs for it, takes it into the house, and
opens it only to discover he just signed for a brick.

Seller however has a signed receipt.



"Bill Krummel" wrote in message
...

"Michael Benveniste" wrote in message
...

"Bob Peterson" wrote in message
...

He said the coin was worth around $12000, and he believed it was real.
I
just can't imagine why anyone would have a $12000 coin slabbed by PCI.
And
why would anyone bother to go through a dealer to have a coin slabbed
by
PCI
anyway?

Who knows? That's the problem with apocrypha.

The reason to send a valuable coin to a second or third rate slabber
is simple. Let's say you've got a nice, prooflike 1890-S Morgan in
a PCGS MS-64 PL holder. It's worth about $275. If you can get it
into a PCI MS-65 DMPL holder, on eBay it may well draw a $1-2K bid.
It's not the 12K you'd get for a "real" MS-65 DMPL, but it's not a
bad return on your $15 or so.

Bad for the hobby? Perhaps. Illegal? Not as long as the seller
accurately represents the coin and doesn't make a false claim of
value. Unethical? I have my opinion, ya'll will have yours. Try
typing in the word "ethics" at
http://www.money.org/H_tml/ana_web_search.html

As for the reported loss, there should be a nice paper trail of
packing slips and insurance declarations to follow. I once lost a
1K coin sending it to PCGS. It took about ten weeks, but eventually
I got my money back.

Now if the storyteller had claimed that a counterfeit had been
substituted for their $12K coin instead of it going missing, it
would be a much uglier problem.

--
Michael Benveniste --
Spam and UCE professionally evaluated for $250. Use this email
address only to submit mail for evaluation.


So, Michael, does USPS pay off when the package is undamaged, with no
visible signs of damage? Or would the PO claim the item was never in the
package, and add the word "obviously" It seems they would leave
themselves
wide open for a lot of scammers if they paid off when anyone says, "hey,
there's suppose to be a $12,000 coin in this package and there isn't." .
Bill

the recipient get a package and signs for it, takes it into the
house, and opens it only to discover he just signed for a brick.
Seller however has a signed receipt.

That is *very* scary.

Sounds like a Ho-axe to me........LOL

Mike

"Ami ." wrote in message
...
the recipient get a package and signs for it, takes it into the
house, and opens it only to discover he just signed for a brick.
Seller however has a signed receipt.

That is *very* scary.