HOF Silver Coins - To grade or not to grade

Hey All,

For those of you that are more familiar with the grading companies, the strategy, fees, etc - I have a question.

I felt that the HOF commemorative set would be a great success so I decided to purchase 20 of the gold pieces on opening day. I sold 19 of the coins on eBay (have all shipped to buyers now) and kept one for myself. I took the profits and decided to purchase 100x $1 UNC silver coins. I'm only out of pocket approximately $1000 at this point but I've also pocketed a HOF gold proof so that almost takes me to break even. That's the back story.

Going forward, I'm trying to realize the best strategy for grading all 100 of these coins or at least sending them off for 70s (can I do that)? I thought I read somewhere that you can request only 70s get holders. Anyway, can those of you with experience offer me some of your advise with regards to bulk submissions?

Thanks for your responses in advance.

 

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If you have a 100 you can send them to PCGS and get a "bulk submission".
You get a discount on grading fees. I'd call them and talk to the bulk submission department to get specifics. You can ask for a minimum grade of 70 and they will slab the 70s only.

 

According to PCGS's bulk submission page you can't specify a minimum grade of 70.

For NGC in order to be able to do bulk submissions you have to be either an authorized dealer or a Collector Society Elite level member ($275 per year) NGC doesn't publish the bulk rates unless you sign in as an Elite member.

 

So if you put a minimum grade of 70 they slab only the 70s. Isn't that what I said?

 

It's what you said. But they won't accept or grade them.

 

I wonder why you can get a minimum 70 grade on a regular submission and not on a bulk submission. I guess they have their reasons.

 

Waste of time grading those, IMHO. They will be either 69 or 70. The 70s will shoot way up in price briefly, but once the hype settles down, the coin won't be a rarity for sure, and will be a moderate mintage, just like many ASE proofs, that command a small premium (except for 2005W, 2011s and 2006s sets).

 

I would guess because the population reports would show a huge percentage of 70s vs. 69s. That would make people question why they should get coins graded at all if the vast majority are 70s.

The regular submissions where a 70 was specified would have the same effect, but they wouldn't skew the 70 / 69 ratio nearly as much.

 

You cannot, under any circumstances, specify a minimum grade of MS/PR70. Never, ever, ever.

You can NEVER tell a TPG to only slab the coin if its an MS65 or MS66 much less MS70.

Understand?

All the MS/PR70's you see out there have as many if not more MS/PR69's behind them.

 

Thanks for all the input guys. I think I have my strategy in place now. You guys are truly awesome.

 

You MUST be a Collectors Club Member AND you MUST send/fax a "Bulk Submission Agreement" form to PCGS before any bulk submission can be received.

Bulk Submissions require a "minimum acceptable grade" BUT you CANNOT specify MS/PR70 as a Minimum Grade. MS/PR69 yes. MS/PR70 No.
Bulk Submissions have a minimum $12 per coin charge for coins which meet or exceed the minimum grade. Coins which do NOT meet the minimum grade have a $5.00 per coin charge.

What this means is that a 100 coin Bulk Submission where every coin meets of exceeds the minimum grade will cost the submitter at least $1,200.

Additionally, there is a minimum $12 per coin charge but PCGS "may" charge more "per coin" for MS/PR70 coins.

In 2007, I submitted Presidential Dollars with the Bulk Program for First Day of Issue. During that time period there was a minimum $2.00 per coin charge and a Typical $10 per coin grading fee for coins which met or exceeded the MS66 grade I specified.

However, coins which graded MS67 and MS68 were charged "different rates" as on some submissions, I was charged as much as $30 "per coin" for MS67 graded coins!

I expect that Bulk Submissions of HOF Coins will get charged around $30 per coin for MS/PR70 coins depending upon the market. If the market goes up then so does the per coin charge for High Grade HOF coins. If the market goes down, then so does the per coin charge for HOF coins.

I cannot speak for NGC since I have only submitted to NGC once and that was an off metal error coin which I new that PCGS would struggle with.

 

Thank you all for setting me straight. I'll never answer another question.....

 

To the Contrary - Answer away since it provides opportunity for clarification instead of just posting something that folks will never see.

 

I was just joking...

Hey IRA, I kind of agree with Morgandude. I haven't had much luck with silver coins but that's just me. They might have sent you lots of good ones though.

What's your plan of action?

 

I've come to the realization that if I grade these coins, I'll have to sell them individually, which will take a considerable amount of time - not to mention all the extra eBay and PayPal fees. I'm actively seeking a buyer that is interested in purchasing bulk qty from me. Anyone interested?

 

Ira? Nope. Wouldn't think for a minute of depriving you of all the fun you're having.........

 

This is a complete crock of manure!!!!! They are some GREEDY jerks. They grade the coin the same way whether it's a $20 coin or a $20000 coin. I can understand a coin under $1000/$20 per coin and under $10000/$50 per coin, or something like that, but the "declared value" price thing is pitiful.

As far as grading 100 coins, I wouldn't. You can flip them on Ebay and make a little bit of money. I would, however, consider having an error HOF coin graded. You would most certainly do better. Take this auction on Ebay, the person did well, but I think they could have done a lot better had it been graded, IMO.

http://www.ebay.com/itm/2014-P-Base...D&orig_cvip=true&rt=nc&_trksid=p2047675.l2557

 

That struck through only sold for $131- haha. Hardly worth the effort of sorting through 100 coins. I'm thinking, buy my sealed box of 100 coins. The sealed box may carry a small premium. Instead of keeping a few raws, I can use the profits to acquire some graded 70s for my personal collection.

 

On other exciting news, I did send off 3 ms and 3 pr gold HOFs to the central states show for PCGS holders. Looks like the population reports are showing a high percentage of 70s so far.

 

You can now on a MS/PF 70 crossover from another company. If it won't make 70 in the PCGS holder it doesn't get cracked out.