Regular readers of Coingrader Capsule know that occasionally we base a column on whether coins holdered by specific companies make the grade at PCGS–literally.
We have done crossover columns devoted to ANACS, ICG, PCI and ACG holders–click here for an example–but none to date on SEGS (Sovereign Entities Grading Service).
And for those unfamiliar with our crossover columns, we only submit to PCGS because NGC doesn’t allow crossover submissions unless the coins were holdered by PCGS. You can read about my chagrin concerning that in this post.
NGC asks that coins in other holders be cracked out–which worries me, frankly, because cracking out coins from holders is a delicate matter and hobbyists unfamiliar with the process can certainly damage their coins. And when it comes to SEGS coins, that’s an understatement, because its holder is one of the strongest and most durable on the market.
I have successfully cracked out SEGS coins, but the effort takes a skilled hand and is not recommended if you aren’t familiar with the process.
You can read about my methods in this 2010 Coingrader Capsule. Please read the warning on the column, which states in part: “Michael Bugeja and Coin Update News take no responsibility whatsoever for any damage to yourself, others, your property, possessions or coins should you attempt to break open a holder to retrieve a coin. This column merely describes how Bugeja cracks out his own coins and the precautions he takes when doing so.”
You can read about the durable airtight SEGS holder by clicking here.
In July, I sent a submission of SEGS coins to PCGS. I purchased these coins in an online auction by Decatur Coin and Jewelry, whose owners offered these lots because of fabulous eye appeal. In other words, I bought the coin, not the holder.
For the record, I agreed with each grade on the SEGS holders. (At this writing, I do not know the results.) Here is an example of the obverse and reverse of an 1882-S MS65. Click to expand images.
Decatur Coin and Jewelry wrote this about the particular coin:
- “This selection is an 1882-S Morgan Silver Dollar, in the scarcer grade of Gem Brilliant Uncirculated. This coin also has exceptional rainbow toning on the reverse, and this is indicated on the holder, which is certified by SEGS as MS-65. A coin to please the discriminating Morgan Dollar collector. The obverse on this coin has excellent cartwheeling luster, and original surfaces. A small spot of dark toning at 12 o’clock. Only a few small marks found in fields, with very few on Liberty. Great eye appeal like that of a higher grade coin. The reverse has similar cartwheeling luster and eye appeal, with Full Rainbow toning. Nearly mark-free surfaces found. A stand-out coin, showing excellent original strong strike and luster — and beautiful toning on the reverse. We believe this coin is worth $345.00. Thanks for looking. Enjoy.”
You’ll notice on the reverse side of the slab a sticker price of $345. I won the coin for $125, a bargain in my view.
The lesson here is not to overlook coins in holders by reputable if not first-tier grading companies, including PCI, ICG, ANACS, ACG and SEGS. Inspect the coin, not the holder; and if you don’t like the holder, take your chances crossing over. Learn to grade so that you can spot bargains, too. I highly recommend becoming familiar with PCGS Photograde Online.
SEGS offers a guarantee on its graded coins. There are no club or membership fees, but submitters do have to register at the company’s online site to use its Internet submission forms.
Also, SEGS does an excellent job with error and variety coins.
Have you experience with this company? What are your thoughts?