The alternate universe of collecting slabs

[DAJ]

In a post, I see Mr. Elman’s auction is April-May auction is in April or May. That brought back mixed feelings for me. I purchased a 1779 gold 10 Rouble coin from him in 1989.

 

On the very positive side, I have always enjoyed the coin – and am a fan of Ellman and his auctions. On the less positive side, I slabbed “his” coin in 2004, the year that he particularly blasted slabbing in the introduction to his catalog.

 

I am a very small time collector in the central US, with there being few coin dealers of any sort locally. Being very far from any Russian dealers or coin markets at all, I especially value this board. My only direct contact with those collecting Russian coins is when I contact dealers I’ve purchased from in the past or on the few occasions when I’ve contacted members of this board. Those kind responses are always appreciated.

 

My real interest comes from a lifetime interest in pre-1917 Russia, everything from the autocracy to Orthodoxy to music. Coins were part of the package for me. I may not know much about numismatics, but I am modestly well read in Russian history.

 

Years ago I picked up some fun Russian coins for little money and would pick up a gold coin now and then. Then I started to purchase platinum three rouble coins from a top dealer in the East, until the last one came in a slab, which I did not like as much. A slab turned a coin into such an impersonal commodity. But he said it was the only way to go. By this time, I owned seven such coins.

 

Concurrent with a burst of reading 19th century Russian history, with Alexander I becoming my favorite Tsar, I naively wandered into EBay, picking up a few cheap roubles and then starting to spend more. Some coins were beauties. Then I got clobbered by a guy selling fakes from BC. No more international purchases for me.

 

Then checked out NGC, where my platinum dealer suggested I go, and slabbed quite a few coins while a member. Of the six platinum coins submitted, four were returned as being uncertifiable. The unhappy and flummoxed dealer readily took his coins back. Plat are very difficult.

 

So I collect 19th century Russian slabs and have some knowledge of that. Shopping is easy because I only buy slabs and require a seller to slab before I buy. I pay more for coins because of the slab. Coins are easy to sell, exchange, and store. I have no pretense of ever coming close to the expertise displayed on the board, but have learned a lot.

 

So now, while mostly retired from collecting, I am totally committed to slabbing. That is what works for me. Think Mr. Elman would ever sell one of my slabs?

[grivna1726]

So now, while mostly retired from collecting, I am totally committed to slabbing. That is what works for me. Think Mr. Elman would ever sell one of my slabs?

 

Whether or not he would is of little importance. There are many alternatives open to you.

 

If he's not interested in your business, Kuenker or Gorny or Goldbergs or Markov or Heritage likely will be. There are many good dealers who will be more than happy to buy or auction quality Russian coins, especially in today's market, whether raw or slabbed.

[grivna1726]

Concurrent with a burst of reading 19th century Russian history, with Alexander I becoming my favorite Tsar, I naively wandered into EBay, picking up a few cheap roubles and then starting to spend more. Some coins were beauties. Then I got clobbered by a guy selling fakes from BC. No more international purchases for me.

 

In my opinion, the problem is not that you bought from a seller in another country. The problem is that you bought on ebay, which is the happy hunting ground of every lowlife fraud on the planet.

 

Ebay is a wild market. There are honest sellers there, but there are also lots of sharks, as you discovered. Ebay is good at generating happy talk about what a great place ebay is to buy and sell, but seems less interested in doing anything about the rampant fraud which occurs on its site.

 

There's an old saying: if you don't know your coins, then be sure you know your dealer.

[bobh]

So now, while mostly retired from collecting, I am totally committed to slabbing. That is what works for me. Think Mr. Elman would ever sell one of my slabs?

I can't speak for Jim Elmen, but many important auctions which often sell Russian coins -- NY Sale, UBS, Hess-Divo, Künker, etc. -- offer both raw and slabbed coins, so I wouldn't worry too much about it.

 

It does require much time, effort, and also monetary investment, to buy reference works and study them. If you can read Russian, there are more sources available to you. Lacking the time and/or motivation to read, buying slabs is a good way to go. However, it is always better to know (and buy) the coin, and not the slab.