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Sheik Sheck

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Journal Entries posted by Sheik Sheck

  1. Sheik Sheck

    Retouched

    By Sheik Sheck,

    This is being offered at auction by Heritage in their Long Beach, 2017 September auction. I have heard "retouched" used in the context of "this note is to be avoided at all costs" to "I don't pay attention because the note appearance is all that matters." I lean more and more to the latter looking for bargains on notes that are not "NET" but some negative comment is on the back. I believe you can snatch some good bargains on notes with comments that are not "NET" A tear that you can't see on a scan, an inclusion, pinholes...etc, is not given the "NET designation and is a wonderful note. Especially, "closed pinholes" is another potential bargain generator. Look at my Fr-1184, it says "closed pinholes" on the back, their is no "NET" designation and the reverse is one of the most gorgeous I have seen for a $20 Large Gold. I have seen 40's and 45's of the Fr-1184 and their reverse doesn't have half the eye appeal of mine. Sure, we all want GEM-EPQ notes but if you are serious about building collections and you're not incredibly wealthy, then I am really trying to use my eyes! I have seen so many 35's that look better that much higher grades. SO I was really piqued by Heritage's definition of "Retouched" on this Lincoln $5 portal.  I have copied Heritage's advertisement for this note verbatim below. Look at the note your buying and if it is not "NET" but has comments, don't walk away from a beauty because PMG didn't precisely define what was retouched!!!!
    Heritage's Description
     282 $5 1923 Silver Certificate PMG Choice Very Fine 35.
    Very beautiful, lightly circulated porthole that PMG has anointed with their cryptic comment, "Retouched," which over the years we have found can mean almost anything or often nothing at all. The note could have a minor repair, a little artwork, or be entirely problem free. The comment reminds us of the old, unfunny joke about Tarzan swinging from vine to vine, wearing his new glasses, then jumping to a nonexistent vine, which was a crack in his glasses, and slamming to the ground. Poor Tarzan...Poor PMG...Poor consignor. There is a lot of value in this "Retouched" note. 


  2. Sheik Sheck
    This is my scan of a note I purchased. The seller tinted the scan with more orange to make the note more presentable. Be careful when you buy gold certificates and be sure to ask. Is this the original scan or di you colorize it? I think my scan is nicer!
    My scan of the reverse of Fr-1197 $50 Gold Certificate. Next post is the sellers scan.

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  3. Sheik Sheck
    This is sellers scan of a note I purchased. The seller tinted the scan with more orange to make the note more presentable. Be careful when you buy gold certificates and be sure to ask. Is this the original scan or did you colorize it? I think my scan is nicer!
    Seller's Scan. This business is full of tricksters. Rule: buy certified notes that the seller guarantees the scan color has not been altered.

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  4. Sheik Sheck
    The Fr-1198 has only 39 graded between both the services.
    The Parker-Burke signature combination from the 1913 series has 21 graded at PMG and 18 graded from PCGS for a grand total of 39 Fr-1184 graded notes. Compare that to the more common Speelman-White signature combo of the 1922 series (Fr-1187) where 3,907 have been graded. Yet, there isn't a great premium between the two? That's why I don't mind owning multiple Fr-1184 notes! One day...

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  5. Sheik Sheck
    Fr-1197, a note from 1882. Look at the beaut of the reverse. They don't make notes like this anymore.
    Reverse of a gold certificate with good eye appeal = good investment.

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  6. Sheik Sheck

    Reverse of NET $5 FRN

    By Sheik Sheck,

    Pinholes is an understatement!!
    Thanks Pop, bet you never knew this note would be posted on a thing called the internet and potentially bee seen by thousands! RIP

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  9. Sheik Sheck
    Happy New Year! I stumbled upon Lawrence and his exquisite signature he was not only representing the bank I collect (Ch#252), but also apparently lived in the neighboring state. I assume bank presidents were equally mobile in the early 20th century, looking for the best job. Looks like he lived in both Pennsylvania and West Virginia. 
     

  10. Sheik Sheck

    Saturday

    By Sheik Sheck,

    Just throwing out something nice to look at
    I love it!

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  11. Sheik Sheck

    Scope Creep

    By Sheik Sheck,

    All Collectors are Victims of Scope Creep
    That's why PMG, PCGS, Ebay, Heritage love us because our scope creeps beyond our wallet, spouses and our own original design!!

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  12. 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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  14. Sheik Sheck
    This note was recently returned from grading. I am growing fond of the new holders. They seem to have solved the problem of crooked notes and bulging ridges between the note and label compartments. Track and Price lists only 13 large notes and one Value Back. The VB listed is a $20 so this is new to then census. When I received the note from the seller, I could smell the strong tint of tobacco! If only this note could speak. I am sure the yellow color is a result of cohabiting with a smoker for a long time. However, in the holder, no one will ever know!!
     


  15. Sheik Sheck
    Almost 2000 have been graded by PMG of this common note. This 66EPQ is in the top 3% graded with only 6 notes graded at 67EPQ.
    The Fr. 39 is a very common note. But this one has such perfect centering, embossing punched all the way through the note and a note that is so bright, the note looks like it just came off the printing press.

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  16. Sheik Sheck

    Ungraded Notes

    By Sheik Sheck,

    They continue to get away with it and the auction house does nothing. Here is a description from a seller that I bought an ungraded note from and it graded out NET 35....The listing is shown below as is a pic from the current listing. The photo has been so manipulated it is almost impossible to see but when you get it in the mail you will DEFINITELY see a horizontal fold. NO NOTE WITH A HORIZONTAL FOLD WILL GRADE ABOVE 35. NONE!!!! Yet, this 100% feedback seller that has glowing feedback from poor folks that never have their notes graded. The words below are a LIE. It is NOT "Almost Uncirculated" No "almost uncirculated" note has a horizontal fold that traverses the entire note. It is NOT even near "GEM" The sentence... "In our opinion, this is Gem Almost Uncirculated" is so misleading it is truly criminal. I am simply trying to educate my fellow collectors because this seller does this with every ungraded note he lists. Note, this is NOT the seller I recently posted about regarding the Lincoln Porthole. It goes to show how many of these crooks run a muck. Please follow the clues here, find out who this is and don't buy from him. The nerve of these crooks...."In our opinion..."
    For auction is this spectacular 1882 Twenty Dollar Gold Certificate. This note features a vignette of slain President James A. Garfield on the obverse with the promise that this note was worth twenty dollars in gold coin!! This is the very rare Fr.1178 with the signature combination of Lyons and Roberts. In our opinion this note is Gem Almost Uncirculated. It is super crisp with no rips, tears or pinholes. It features razor sharp edges, perfect margins and amazing color with the brightest seal and incredible reverse we have ever seen. The "in gold coin repayable to the bearer on demand" slogan was very important at the time as people were worried about paper currency becoming worthless, so the government added the slogan to let them know the paper was backed up in gold value. This note is the nicest 1882 Gold Note we have ever offered!! So look at the scans, check our outstanding feedback and make this stunning Gold Certificate part of your currency portfolio!!

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  17. Sheik Sheck
    Ungraded notes are sucking your wallet
    Ungraded notes steal from your pocket. Why would a rare gold certificate from 1882 be ungraded? They are so rare, just about every dealer has seen every one of these notes. I see it all the time, dealers saying, "oh I sold this same note five years ago" The notes are ungraded because experts know they will grade NET. They are able to spot the tiniest flaw that even if an average collector had the note in his hand, he would not be able to tell it was "retouched" or "Repaired" Ebay doesn't provide a forum to air this out because guess what? Ebay profits off our stupidity! They don't want the big secret out that ungraded notes are for suckers. Once again, if you are buying a $100 star note from 1999 for $250 and the seller says "Superb Gem Uncirculated", it's probably OK. But on notes that are worth more than $500, you don't think those notes have been scrutinized again and again? An expert saying, "I can see a tiny tear that was repaired" Those words cut the value in half. So why not, recolor the note to make the image brighter and mask the flaws, sell it on ebay with no reserve as "GEM UNCIRCULATED" and know the buyer will not have it graded. Or by the time you have it graded, you have left feedback and it's too late to let everyone know the seller sold you a 30 NET. I wait until the notes are back from PMG before leaving feedback. One seller said of my negative feedback, "Well out of 5,000 notes sold, one negative review isn't bad!" No Mr. Seller, actually I had bought several notes from you ungraded, ALL came back less that what you advertised and I had simply left the feedback too early. The final ungraded note I bought, I waited until it got back from PMG praying that the seller was correct and it was "SUPERB GEM UNCIRCULATED" instead....35 NET, closed pinholes. I didn't even notice the closed pinholes until I got the note back!! DON'T BUY UNGRADED NOTES!!
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  18. Sheik Sheck
    Lesson on what is advertised versus what the truth is....
    This is Picture 1 from the seller, a picture of the obverse of the note. Notice how the note look beautiful and white. Here is the description by the seller...
    "On the want lists of many collectors, but rarely ever offered. Most seen are very low grade and ugly. Examples in mega high grade like this one here tonight, are very few and far between. Incredible design with a portrait of Lincoln, and nicknamed the "Porthole Note". This specimen is near uncirculated with just very minor handling(see enlarged scans). Premium paper quality is crisp and bright with bold inking. Gem centering. Sharp edges and corners. A great opportunity, as these notes rarely come around. An excellent addition to your collection."

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  19. Sheik Sheck
    The reverse of the note from the sellers advertisement. To refresh your memory, here is the note description.
    "On the want lists of many collectors, but rarely ever offered. Most seen are very low grade and ugly. Examples in mega high grade like this one here tonight, are very few and far between. Incredible design with a portrait of Lincoln, and nicknamed the "Porthole Note". This specimen is near uncirculated with just very minor handling(see enlarged scans). Premium paper quality is crisp and bright with bold inking. Gem centering. Sharp edges and corners. A great opportunity, as these notes rarely come around. An excellent addition to your collection."

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  20. Sheik Sheck
    Now the truth...
    Sent to PMG and graded. The new PMG holders are absolutely wonderful. Like the note is mounted in a crystal glass container. Even so, the note is scanned with my scanner with no color manipulation. Notice a difference between my scan and the advertised scan? Also, notice the grade isn't quite consistent with the description. Hmmmmm....
    PS I blocked my name lest I am victimized. I thought this "premium paper" super version of the wonderful Fr-282 would be the jewel of my collection so I had a pedigree. A pedigree on a now NET graded note.

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  21. Sheik Sheck
    The reverse grade describing why the note is NET.
    Now inspect the note very carefully to see if you can spot the "Repair". A good test if you can grade by a scan. If you find the repair before I give you the answer, you have a very keen eye!!

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  22. Sheik Sheck
    Did you find the repair?
    I could not so I called PMG. Sometimes the graders leave notes as to what was repaired. The phone agent told me there was a tear "in the middle of the note at the top" that was repaired. Only then did I locate the repair. The arrow shows. If you had the note in hand prior to the sale and looked it over with a microscope or high magnification and knew what to look for, you would have seen the repair. I looked the note over before grading and did not see it. I left "neutral" feedback to the seller and he threw a fit. He harassed me until I finally clicked a link that he sent to change neutral to positive. Just to get him to quit bugging me. I pointed out it wasn't premium paper and it wasn't near uncirculated and the color of the scan had been whitened...a common Ebay currency trick. Whiten the scan. Is that right?? Was I justified to leave him neutral feedback, or was I just a poorly informed buyer and he simply was doing good business??

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  23. Sheik Sheck
    Please vote!! This should be fun. Also feel free to predict the grades if you want!!!!
    Please vote with your reply, then I will show you the official grades in the third post and I will entitle the grades for each the note "Note Grades for Survey" If you like this note better, then write (2) in your reply. THANKS!!!!!

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  24. Sheik Sheck
    I need replies so please do so for the sake of beginning a conversation!! Thanks!! I love collecting currency. IT IS SO WONDERFUL!!
    Please vote with your reply, then I will show you the official grades in the third post and I will entitle the grades for each the note "Note Grades for Survey" If you like this note better, then write (1) in your reply. THANKS!!!!!

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  25. Sheik Sheck
    Hey ddr70, I was checking out your nice Large Nationals and noticed your Newton, Mass note. It has the rare Woods-Tate signature combo. Attached is New York Dunbar of the same ilk. You ay be aware but Peter Huntoon wrote a nice article in the April 2019 Bank Note Reporter about the rarity of the combo. Attached is also a .jpg of the article and the banks that issued such notes.