Re: [SWCollect] My RARE!!!!!!!!!!!!!!!!!!!!!!!!!!! auction

[AvatarTom]

In a message dated 12/31/2003 1:24:46 PM Central Standard Time, [EMAIL PROTECTED] writes: What debacle? Well in the late 70s and 1980 rare coins were great favorites for investment (You could literally double your money in a matter of weeks if not days). Problem was there were no set grading standards. Well there WAS, but no one really followed them except for the really honest dealers like Bowers and Ruddy and others I can't remember, there was one in Chicago, maybe Rarecoa? Others like the New England Rare coin gallery were selling coins at a specified grade but they were NOT that grade. For example Uncirculated grade could range from MS60 (Unc/unused but lower end of quality, ie poorly struck, bag marks etc) up to MS70, PERFECT. The value of a coin in MS60 could be $10, same coin in MS70 could be $100s if not thousands. People with no knowledge of grading/coins in general were investing HUGE amounts of money, 5-6 figures or more (sometimes for a single coin), getting what they THOUGHT were properly graded coins. But when they go to sell they find the MS68 coin they paid $1000 for (or whatever) is really MS60 or maybe even AU (almost uncirculated) 59/58 whatever. And the coin is worth maybe 5-10% of what they paid for it if that. People lost huge amounts of money and the hobby has never recovered I had some bad experiences myself and I halfway knew what I was doing, bought a MS64 $10 gold piece from New England for around $900, it was very nicked up, I would say MS60 at best, maybe AU. Sold it for $100 something. And for many people worse than that :( Ask your dad what happened with the rare coin industry around 1980, see if he heard of New England, they were one of the largest culprits.  Sad thing is the guy who ran the NE "scam" (and NE was not alone in this, far from it) just came back with a new company after NE went under, at least that is what I heard. Tom, you may or may not have heard of my father, Robert Leonard.  He's co-authored a few numismatic books, and was the president of the Chicago Coin Club for 16 years, then on and off after that.  He's spoken at several ANA conventions. Have not heard of him, would be interesting to talk with him sometime (or read his books). I might have been ANA member back then, don't remember (oh oh, memory going, ANOTHER clue to my age ;)) Tom Visit my web page for many games for sale/trade and screen shots of Ultima Escape from Mt. Drash,  Tom's Ultima, Infocom and RPG page