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The Shiek

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Stupid Collectors Buy Ungraded Notes

Sheik Sheck


I am stupid

This is the last time, I promise!! I will never be STUPID again. Several Ebay dealers that continuously get 5 star feedback for selling ungraded notes. Probably because the buyer never gets the note graded. I have learned my lesson over and over again that ungraded notes that are rare or valuable are UNGRADED FOR A REASON. These rare or highly desirable notes have probably been looked at and looked at again and again by professionals that know why they should not grade them. THEY ARE WORTH MORE UNGRADED!! These sellers can describe them as "Almost Uncirculated" or a "Real Beauty LOOKS Gem Uncirculated" and get top dollar for them because normal collectors can never judge a note by a scan!!!! Any seller selling ungraded notes that says they are "Uncirculated" (and I am talking about expensive or rare notes usually more that 600-700) ARE NOT UNCIRCULATED. Otherwise, they would have them graded and sell them at a higher premium. I fell for it one more time. A seller that is usually good and who I have bought graded notes from but this seller mainly auctions ungraded notes. I bid and the price goes up and up. Who drives the prices up? Well I have a theory on that as well. So the note looks great on scans. I think if I grade it, it will be at least worth another $1000. The seller said the Fr-282 was "Near Uncirculated" Knowing myself that I am a sucker, I was hoping for a 45 EPQ knowing it wasn't close to uncirculated. How about 35 NET with Repaired on the back! So the sellers know these notes are going to be NET so they advertise as "NEAR UNCIRCULATED" or "SUPERB GEM UNCIRCULATED" knowing the sucker won't get it graded. I get them graded and virtually every note I paid over $750 for ungraded came back NET. Only 2 ever came back without NET and the best I ever did was a $10 small 1928 gold described as "SUPERB GEM UNCIRCULATED" by the seller and that came back AU55. Don't ever pay more than a couple of hundred bucks for an ungraded note unless you can look at it in person or get a professional opinion. There is a whole sub-culture of sellers profiting off this ugly practice.

PLEASE, quit bidding and buying ungraded notes that are rare and/or expensive. They have been very well looked over and you are being bid up to where you will never get your money back. I promise, I will never purchase an ungraded note again. The sellers I refer to are very well established sellers that have 100% feedback because they prey on the uninformed. They make a fortune off losers like me. I'll be happy to post the pictures when I receive the note if you ask me to.

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