More on or MORON Coin Grading Services

Well, I'm back at it. This is going to be fun.

There are several gazillion coin grading services at this time it seems and most are GARBAGE!

To set the record straight I am most comfortable with PCGS, NGC and ANACS. All have been around for a long time and run by people that actually know things about coins.

Now, most of the others are run by "wannabes". These are people that "wannabe" many things. Rich is a good example. I "wannabe" rich so I'll start a coin grading service. How do I go about this?
First I have to get professional looking holders. No problem there, I can get them from a multitude of suppliers.
Next, I need a label. Hell, the computer can do that with the right software.

It doesn't matter if I'm even remotely qualified to grade coins at this point. I've got the basic materials. So what's the next step? I need exposure. Bada bing bada boom I've got EBAY!
I just need to slab some of my HORRIBLY over graded coins, list them on ebay and sell them to the suckers! Next thing you know I'm a "legitimate" grader with lots of buyers.

Now, keep in mind that at this point the "idiot" buyers are just as responsible for creating the "monster". An educated buyer won't touch this stuff whereas a novice that hasn't done his/her homework is the TARGET.
Next a money hungry dealer spots the new service. I find that many of these are "estate" sellers. I believe that as much as I believe in the tooth fairy (who is real by the way - hence I'm looking into dentures).

Aforementioned big seller starts sending a ton of stuff to the service for "professional" grading. Grader makes money and seller is raking it in knowing it's all bogus. Can you say FRAUD? The scary thing is that people keep buying this crap and singing the praises of the seller. Can I get an AMEN on that.

So when does the truth rear it's ugly head. I can tell you because I've seen it at my local dealer on MANY occasions.

The buyer hits a bump in the road and needs money fast so they take some of these coins to a REAL coin dealer. Dealer looks at it and instantly knows it's overgraded crap. In my local dealer's jargon he will usually tell the seller/victim "I'm going to insult you". Why does he say this? Because he MIGHT give you dealer bid on a better piece using REAL grading standards. Of course a lot of this stuff has probably been cleaned at some point so if it's a silver coin (and it is often Morgan Dollars) you may get just over junk silver. Suddenly your $1500 MS67 coin that you paid only $130 for is netting you $11. Man that sucks!

So now the buyer of this coin is not only an idiot but also out a bunch of money. Caveat Emptor!

My computer is slowing down now so I need to reboot. Knew I shouldn't have bought it from Crazy Duke's Computer Emporium and Body Shop!