PASADENA COIN CLUB OFFICERS 2012

Transcription

1 t`-&- ANA CRGANIZED TNA PASADENA COIN CLUB OFFICERS 2012 President: Gene McPearson Phone: Vice President: Thurman Fowler Phone: Treasurer: Lori Epperson Phone: Secretary: Jay Hill Phone: Secretary-Newsletter: Carolyn Gianettino Phone: Money Expressions: Cash Cow: Something that earns you a continuous flow of profits Drop a Dime: To inform the police about someone's illegal activities. At the Drop of a Dime: Do something instantly. Pictured above are the P.C.C. Officers for 2012 installed at the regular meeting on April 9, Left to right: Gene McPearson, President; Thurman Fowler, Vice President; Carolyn Gianettino, Newsletter Secretary; Jay Hill, Secretary; and Lori Epperson, Treasurer. Pasadena Coin Club established 1961 ANA Member C-42241, TNA Member C-0036 Circulation 83 MAY, 2012 Edition Published by: Carolyn Gianettino, Secretary/Newsletter Pasadena Coin Club meets every Second and Fourth Monday at Golden Corral Restaurant, 4021 Spencer Highway, Ph

2 Wish list Did you know that our club has a Wish List? If there is an item you would like to find for your collection but have not found it yet or seen it in a club auction? Here is your chance to find out if another club member could help. Contact Carolyn Gianettino at cjgianettino@verizon.net or mail : 2126 Red Timber Ct, League City TX and the item or items that you are looking for will be published in the club newsletter and will be online for everyone to check out. The following article was borrowed from : AbiliCOM Coin The "Graded Coin Value" Fraud at Online Auctions - Learn to Protect Yourself How Online Auction Sellers Use Coin Grading Services to Defraud Coin Buyers Buying coins from online auction sites such as ebay can be a good way to find a bargain, but it can also be a good way to get ripped off! One of the most rampant coin-related frauds on ebay is the "graded coin value" fraud. The graded coin value fraud works like this: The unscrupulous seller will post an auction for a coin that has been graded by a "third tier" grading service, and then claim the value of the coin according to PCGS graded values. This is frequently done in lots; you'll see a photo of a small collection that the seller claims he inherited or bought at an estate sale. The photo will usually have several encapsulated coins in it. The seller will then link to, or quote, PCGS values for these coins as if they had been graded and encapsulated by PCGS, when in fact, the coins are greatly over graded and in third tier slabs. An $8,000 Coin for $400? For example, a seller will list an encapsulated 1968-D business strik Washington Quarter, graded MS-68. He will encourage potential bidders to visit the PCGS coin values page to verify his claim that the coin is worth $8,000 in MS-68. The buyer checks PCGS, and sure enough, the 1968-D MS- 68 quarter is listed, for $8,000 (the price as of this writing.) His asking price of $400 is seemingly a bargain! After all, the coin is graded and slabbed. But there's a problem here... The Coin Grading Service is WHAT Company?! The problem is that the coin was graded by SGS. SGS, (Star Grading Service), is a "third tier" service that, according to its web sit, "specializes in grades 60 through 70." Apparently, these are the only grades they issue! So, a coin graded by PCGS as AU-50 would grade somewhere between MS-60 and MS-70 at Star, probably near the higher end, as my own testing indicates. MS-68 by Any Other Name is Not PCGS MS-68 - The old saying, "A rose by any other name would smell just as sweet" does not apply to the world of coin grading! Each grading service has its own standards, and just because SGS grades a coin MS-68 does not make it worth the same amount of money as a coin graded by PCGS as MS-68! The reason for this is that PCGS has very conservative grading standards. So the next time you see someone claim PCGS values for slabbed coins, consider the holder it's in. If it's not in a PCGS holder, PCGS values do not apply. The Three Tiers of Grading Services - Coin grading and encapsulation services are generally regarded as belonging to one of three tiers: Top Tier - PCGS and NGC Second Tier - ANACS and ICG Third Tier - All others, including ACG, INB, NTC, PCI, SEGS, SGS, etc. Because NGC is also very highly regarded for their conservative and consistent grading, coins that are in NGC slabs are valued approximately the same as PCGS coins. But if you see sellers claiming PCGS prices for coins in any other grading company's holder, beware!

3 Letters to the Editor To all members of the Pasadena Coin Club: If you would like to voice an editorial opinion about coin collection, please submit your written text to Carolyn Gianettino, 2126 Red Timber Ct. League City, TX Your letter must be dated and signed and of course it must be in good taste. Any letters received that are not signed and do not have a return address will be discarded. Letters will be put into the next newsletter following receipt of your submission. Please keeps your subject matter pertaining to coin collecting. Educational Presentations The Pasadena Coin Club encourages members and guests to give numismatic, educational presentations. If you would like to give a presentation or know someone who might like to give a presentation, please contact one of the coin club officers. Notice we have plenty of empty slots. COIN CLUB SPONSORED BY PASADENA COIN CLUB November 22, 23, 24, 2012?? Houston Hobby Marriott Hotel Gulf Freeway Houston, TX More information to follow May and June, 2012 MEETING MAY 14, 2012 JUNE 11, 2012 MAY 28, 2012 JUNE 25, 2012 RAFFLE TICKETS, AUCTIONS AND WISH LIST Just a friendly reminder that when you sign in at meeting time, you can purchase raffle tickets for door prizes. The tickets are really inexpensive and there are some really good items from which to choose. Red tickets are 2 for $1 and yellow tickets are 3 for $1. Remember the proceeds from ticket sales go toward buying more door prizes. We need more ticket sales to insure that this part of the program does not disappear. After each meeting, club members place coins up for auction. We encourage our guest to stay for the auction. You do not need to be a member to bid on auction lots. Rules: * There is a 10-lot maximum (per member). * You must be a member of the Pasadena coin club in order to put lots up for sale * There is no charge to members for entering lots * A $1.00 minimum bid shall prevail * Lots shall be affixed to a 3" X 5" card with the following information: Description and grade of the lot; Lot number; Minimum bid & Owners Name * Lots shall be listed on the proper form for such listing. (The treasurer or secretary will provide a copy for you.)

4 Members usually start arriving at 6:00 PM The meeting starts at 7:00 PM The auction begins at the conclusion of the meeting. Viewing of auction lots is before the meeting and at the ten minute intermission. Members and guest are encouraged, but not required to eat at the Golden Corral. The management allows the club to use the meeting room for a very nominal fee. Whenever possible, please dine at the Golden Corral. Newsletter and Information The monthly newsletter can be found online at: The newsletter will be published the months of January, March, May, July, September and November. It will be ed to members who provide their addresses to Newsletter Secretary. Hard copies will be available at regular meetings. Please be sure that we have your current address. If you have an interesting article or announcements that you would like to have published in the newsletter please them to cjgianettino@verizon.net MEMBERSHIP DUES ARE DUE ON OR BEFORE THE SECOND MEETING IN JANUARY According to the Pasadena Coin Club Constitution and Bylaws, "Dues shall be payable at or before the second meeting each January, after which time dues become delinquent" Dues paid after January 31' will incur a $5.00 late fee. Also stated in the Bylaws, "No member shall be allowed to vote on any issue after the regular January meeting if dues for the current year have not been paid. Any regular or junior member in arrears more than three months shall be automatically dropped from the roster and the mailing list Any member dropped because of delinquent dues may be reinstated upon payment of current year dues and a $5.00 reapplication fee and an affirmative 2/3 vote of members at a regular meeting. You may pay your dues by mail to: Pasadena Coin Club, P. 0. Box 58155, Houston, TX "MEMBERSHIP To become a member of the Pasadena Coin Club, fill out a membership application and submit it with the proper dues and your application will be voted on at the next regular meeting. Annual Dues are: Junior Members - $6.00 Individual Member - $10.00 Couples Membership - $15.00 Family Membership $20.00

5 Pasadena Coin Club Coin Auction Lot Form Name: Date: LOT# DESCRIPTION MINIMUM BID AMOUNT BID PASS NOTE TOTAL