During my daily coin search I came across a PCGS graded coin who's PCGS value was 120, the seller was asking 190. Now I know PCGS tends to be generous with their pricing with being slabbed and graded and all so even 120 may seem a bit high let alone 190. So it got me thinking, in general, how much over "suggested value" are you willing to pay for a coin. Mind you I didn't say what coin this was, so type, condition, or sentimental value aside how much would you "overpay" for a coin.
Well, I don't think that is easily answered without including type and condition. Otherwise you are just considering buying the coin based on a book value like buying a coin with no photos or look-see. But if looking at the coin , the condition for the type or even on some, the strike, toning, and other factors might make the coin worth many time the book value on the market. Coins should be bought or not based on all factors. jim
Jim I agree 100% What I was trying to get at is an average one would typical spend. Say $10 over on average or 30% over. On average how much are people willing to "overpay" for their coinage?
There are many, many factors to consider when buying a coin that can influence price. There are coins that sell well top of PCGS value and are worth every cent, while others are worth no where close to what is listed. As asked, there is really no way to give you an intelligent answer, and this is beyond the fact that paying top of a guide price does not necessarily mean someone is "overpaying".
I don't overpay for any coin. If I'm happy with the coin, then that's all that matters. But I will say one thing, I won't pay extra for a slabbed coin when I can find it raw for cheaper, which I will.
If it is a coin that is not seen in the market often, or one to complete a collection that is important to you, There may not be a "standard operating procedure" to go by. Any percentage may apply.
Pretty tough question to answer because there is no good way to answer it. Its like asking how much you should pay for a red car instead of a blue car. Great example would be a MS68 (any date) State Quarter vs. 1928 MS63 Peace Dollar.
If a person was very knowledgeable in varieties, many exist in slabs that read only the generic description. Thus a person paying twice the price would be thought foolish by most unless they also knew it was worth 3 or more times the normal price. Some Indian Head Cents in PCGS or NGC slabs with a generic label. Misplaced dates such as in some 1883-1884, 1887 DDO, and especially I look at all 1888 for the elusive 1888/7 RPD-001 ( about 1000X normal ). IHC are especially prone to have DD overlooked because of the often "Longacre doubling effect" that is on so many that a less informed person wouldn't expected a DD. Since many unattributed IHC are higher grade, the variety often has a very large difference. Knowledge is King! Jim
The lower the price of the coin, then the more likely one will be willing to pay a higher percentage over any listed guide price.
I was trying to ask a personal question but apparently failed. I was wondering how much y'all individually are usually willing to overpay for a coin, ie $20 or say 10% for example.
it depends on the coin. some coins won't make me overpay. some, i just have to have, and will overpay $100+ to get it.
Like snowflakes, no two collectors are the same. No matter how you twist your question, there is no single answer.
