So PCGS prices are even over priced for a PCGS slabbed coin? I thought that was the point of the price guide. As long as its a PCGS slabbed coin shouldn't it be worth what the guide says? I realize my raw coins aren't going to sell for PCGS prices but when I go to buy the PCGS coins in Denver would they be selling for more or less than what the guide says its worth? Because I've been looking at the guide to know what I'm going to have to pay for my new coins.
I think you should be able to buy at lower than the pcgs price guide prices even for slabbed coins. Go to Heritage Auctions and ebay completed listings for some research on what the coins you are looking for are actually bringing on the open market.
You have to remember...PCGS is slabbing the coins and pricing them in their guide. By being overly optimistic in their prices, they can make the claim that their slabs make coins much more valuable. It's a way for them to advertise. While PCGS coins do command a premium over an identical raw example, it's not as much as their guide suggests.
Good to know thank you for the knowledge guys. I'm glad I met you guys or I would have lost serious cash in this endeavor.
Would you recommend NGC or someone else instead of PCGS? I just assumed PCGS was top of the line with stricter grading standards and higher values for their coins over the same grade from NGC or ANACS.
The concensus within the hobby is that NGC and PCGS are pretty comparable in their reliability and accuracy. You'll likely get varied opinions on ANACS. So provided the grade is the same, generally speaking I doubt you'll pay any less for an NGC certified example versus a PCGS one. I kind of like the clear PCGS holders a bit better, but that's entirely a matter of personal preference.
PCGS does command a slight premium over NGC but not that much. Numismedia price guide on NGC site is a bit closer to reality although still high. You can check out CC Morgan prices on that site. Auction prices are still your best guide.
First, the suggestion given by TomB is worth serious consideration. The only thing I would add is that unless quite confident in your grading abilities, you may want to have a trusted individual (as opposed to generic forum opinions) screen the coins before submitting them. Now, in response to the above, this is a question that you must answer yourself. Are you willing to take the time to find someone willing to buy and pay what you feel is top dollar? Are you willing to take on any risks associated with doing so? Without knowing a reasonable average retail/wholesale value for your coins, you’re in a tough situation. If, and I hope this isn’t the case, you’ve overpaid and/or have been duped into buying problems, chances are that you’re going to have a tough pill to swallow no matter how you sell, but if at least some of the coins are solid (and again depending on the price/prices paid) it may be easiest to sell to a dealer, especially if you’re buying from him, instead of dealing with the hassle of selling yourself. Regardless… if you’re going coin shopping and wish to liquidate your present collection, there is no reason to make a decision ahead of time. Take the coins with you and see what happens. If you cannot get a price you can live with, the opinion of trying to get it on your own is always there. It should go without saying that if you’re going to be visiting numerous dealers, it may be worth shopping around. It is not uncommon for one guy to be willing to pay $X for a coin while another guy will offer a different price altogether. However, if you find something in a shop you just have to have, I wouldn’t walk away from it, especially if the guy is willing to buy your coins at an acceptable price with the hopes that someone may pay a little more. While I certainly cannot say for sure, my impression is that you’re probably going to have to eat a loss larger than what you’re expecting, but this often is part of the hobby and learning experience. Sometimes it is best to just accept it and get out from underneath mistakes when the opportunity presents itself. If Morgans are what you’re after, consider picking up a CDN weekly before going on your trip. With such coins, it is a decent guide and starting point as long as you understand that not all dealers are willing to sell at or based on the listed values. Some will and some won’t, but you’re better off knowing the bid/ask in case you come across the guy that wants trends for every widget in his store. Another thing you may want to consider is buying only CAC examples. Morgans, including CCs, are in reality as types/dates quite common and there are an abundance of questionably graded specimens available at all times. CAC, while not perfect, can offer both added value and a level of confidence to collectors that have not yet honed their grading skills and/or developed their own set of standards (among other benefits). CAC coins often cost more, but generally speaking, as long as it is not extreme, the little extra can be money well spent.
Ok thanks guys. I'm getting really excited about this trip now. I've been saving money for 6 months and I just sold my 4wheeler for $2,500 and a rifle for $1000. I've got just about $6,000 to buy coins. And I still have my other Morgans to sell. I'm going to be like a kid in a candy store.
Not to be the bummer here, but you need to ask yourself if you truly know what you're doing. If not, you very well may look back on this trip with deep regrets. It is very easy for one to bury themselves on coins, and this is particularly true with impulse buys. If you're not 100% on a coin, any coin, there is no shame in walking away.
http://www.caccoin.com/ There is a lot of anti-CAC nonsense on this board, so I suggest you take your time, research, and come to your own conclusion. With that said, and as stated in my previous post, this is an excellent option and well worth considering.
I believe you'll find that post #5, although brief, is an accurate recommendation. PCGS and virtually all "price guides", other than current actual sales, are notoriously inaccurate for establishing a coins value. The value can vary considerably dependent upon where, how, and who are the trading "partners". Another factor is that all of the TPG make grading mistakes, often to a buyers detriment. There is a reason for CAC (secondary) approval. Virtually every coin I purchase is TPG graded, although I've been accumulating coins for approximately a half century. I'm very familiar with the grading standards for many coin types, but know that the TPG often vary their standards dependent upon market conditions, and various other "unknowns". I use all tools available when "trading", especially the CAC approvals for establishment of current market values. I know the advice provided is complicated, but buying/selling coins is very complicated, and much of the advice provided is currently accurate. JMHO
Just because I have that much doesn't mean it's all going to get spent. I'm not just gonna walk in throwing cash around. I'm going to do lots of research before I go. I have no problem walking away if its a bad deal there's always another day and another coin shop.
One thing you could do is post photos of your coins here. It can be hard to grade coins in photos...but often we can at least give you an idea if your grades are in the ballpark or if the coins have problems.
I've been trying to take pictures and they don't turn out very well. I have a Canon Rebel T1i. It's a nice camera but I just can't figure out how to make them turn out to really see the detail.
I have thought of sending my coins in but just figured I would buy slabbed ones when I could afford them. After talking with you guys I should have just bought PCGS to start with if that's what I wanted.
It can be hard if you don't have the ideal lenses. I have a T3i but to take really good photos you need a macro lens. You can use a normal lens...just make sure you have good lighting and you are a little ways away from the coin. It can be hard...it just takes practice.