Author Topic: Submit a coin with a forehead rub for grading or keep as OMP?  (Read 3632 times)

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Offline Birdman

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About a year ago, I bought a batch of four OMP pandas from a large coin dealer.  Unfortunately, they all had some degree of forehead rubs.  I have now learned my lesson about buying OMP from big dealers who sell both OMP and graded coins (the OMP they offer will probably be the coins they determined weren't in good enough condition to send in to be graded).  I should have returned the coins immediately, but I did not, and that opportunity has passed. 

Now, what do I do with the coins?  I do not want to try to find the next fool and dump them on an unsuspecting person who is hoping to get OMP to try to submit for an MS70 (I was that "fool").  If I offered them as OMP, I'd be upfront about the forehead rub.  I'm wondering, however, should I spend the money and get them graded so that the exact condition of the coins is unambiguously quantified?  Or will these coins end up in ungraded sets in China anyway, so it isn't worth spending the money.  They are semi-key pandas, so if I keep them a while, scarcity may make them attractive, even if their condition is not MS69 or MS70.  (Look what happened to the 1995 G1/4).

Thoughts?

Offline mook

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Re: Submit a coin with a forehead rub for grading or keep as OMP?
« Reply #1 on: May 25, 2014, 11:46:21 AM »
Hello Birdman
We are at the beginning of a great adventure, I think all rare or semi rare items should be classified, to tell the truth all the pandas in gold until 2010, it is important for the authenticity of the coins and later many people will be happy with 60/67, also have in possesion throughout the history of pandas.
When the market for physical gold will take off, it will be very hard to have good buying opportunities, if gold should trade a day beyond $ 5,000 per ounce, buyers will require guarantees for their purchases.

Offline jc888888888

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Re: Submit a coin with a forehead rub for grading or keep as OMP?
« Reply #2 on: May 25, 2014, 12:09:09 PM »
the market could change ...........but since the rule of them is OMP is worth apx what a graded 68 coin is , and everyone has seen OMP sell for 69 graded coin prices ,which makes no sense but it happens pretty regularly . you have to assume if you have head rubs your best grade is going to be 68 ,for now I would leave them alone ,if you have any concerns of PVC damage that would alter my view and I would bite the bullet and grade. the flip side is as scarcity increases 68 graded coins will become more accepted .

Offline pandamonium

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Re: Submit a coin with a forehead rub for grading or keep as OMP?
« Reply #3 on: May 25, 2014, 12:44:07 PM »
Supply will drop dramatically at some point.  The World is understanding the best future currencies are the Chinese Yuan and Russian Ruble.   The next two are probably the Canadian dollar and Aussie dollar.   Jim Rodgers is investing in China and Russia as usual.  He has stern warnings about the USD as do most financial experts.   Chinese money will see a big increase but we all know that.  Even the crummy low grades will benefit.   I own crummies too but why sell at these low prices?  Maybe you can use them as future trade to get what you want.   You still have a winning hand.........

Offline Mirkkanen

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Re: Submit a coin with a forehead rub for grading or keep as OMP?
« Reply #4 on: May 26, 2014, 06:03:24 AM »
I see the price differential between OMP and 69 grade coins widen and lessen on a semi-regular basis. Determine where we are in that cycle and sell your coins when OMP= 69 price, or at least when OMP approaches 69 price.

It wont matter whether your OMP coins are 67, 68, 69 qualityetc if your buyer is trying to fill holes in sets and needs your dates.
 






Offline jc888888888

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Re: Submit a coin with a forehead rub for grading or keep as OMP?
« Reply #6 on: May 26, 2014, 06:31:54 AM »
But, wow . . .
69 grade for $286 shipped:
http://www.ebay.com/itm/2001-China-1-10-Troy-Oz-999-Gold-Panda-50Y-NGC-MS69-GREAT-WALL-LABEL-SKU27767-/380906153094?ssPageName=STRK%3AMESINDXX%3AIT&_trksid=p2047675.l2557&nma=true&si=c%252B45zvi1sPEriRQes1KLGXVmdKM%253D&orig_cvip=true&rt=nc
Others sold for $270-290 last week.

And eding in a few hours, OMP for $309+:
http://www.ebay.com/itm/2001-China-1-10oz-Gold-Panda-Mint-Sealed-/371065799617?pt=US_World_Coins&hash=item56653ec3c1


Yep crazy ! IMHO 2000 frosted ring 1/10th gold panda's and 1982's routinely sell for more in OMP than MS 69 and some of these coins in OMP are full of copper spots and imperfection's :)  I honestly believe some people have d illusions of getting ms 70,s ,I can understand it in a coin like a 2005 that has a 20% graded population of MS70 your gambling but it is an semi intelligent gamble but a 1982??? with zero population of 70's  ? fantasyland dreaming :)  you really dont get a grip on how rare an ms70 is in these older coins until you have graded a 1000 or so:) ..................

Offline Contrapunctus

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Re: Submit a coin with a forehead rub for grading or keep as OMP?
« Reply #7 on: May 26, 2014, 11:20:49 AM »
About a year ago, I bought a batch of four OMP pandas from a large coin dealer.  Unfortunately, they all had some degree of forehead rubs.  I have now learned my lesson about buying OMP from big dealers who sell both OMP and graded coins (the OMP they offer will probably be the coins they determined weren't in good enough condition to send in to be graded).  I should have returned the coins immediately, but I did not, and that opportunity has passed. 

Now, what do I do with the coins?  I do not want to try to find the next fool and dump them on an unsuspecting person who is hoping to get OMP to try to submit for an MS70 (I was that "fool").  If I offered them as OMP, I'd be upfront about the forehead rub.  I'm wondering, however, should I spend the money and get them graded so that the exact condition of the coins is unambiguously quantified?  Or will these coins end up in ungraded sets in China anyway, so it isn't worth spending the money.  They are semi-key pandas, so if I keep them a while, scarcity may make them attractive, even if their condition is not MS69 or MS70.  (Look what happened to the 1995 G1/4).

Thoughts?

I don't want to begin with "I told you before" but I feel the need to address this.

Always buy graded in NGC/PCGS slabs. Never buy OMP unless you intend to collect with the original box, COA too. I know some buyers prefer OMP as there is a "presentation" beauty about OMP coins with their original boxes and COA.

If you mind the numeric grade, always buy graded. Never send for grading.

Offline dragonfan

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Re: Submit a coin with a forehead rub for grading or keep as OMP?
« Reply #8 on: May 26, 2014, 06:10:38 PM »