Has anyone ever given up on getting coins graded?

I'm curious if there are any members who have stopped sending coins in to be graded because you kept losing money on the endeavor. I don't mean coins for your own collection- for selling only. I'd also like to know how you guys make out from investing in certification. Thanks.

 

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There comes a point, a certain dollar amount, where the choice for independent grading is made for you. Especially true if you're selling over the internet.

 

I mean absolutely no disrespect in saying this, but if one keeps "losing money on the endeavor", the problem doesn't rest with the TPGs.

 

Agreed with Books. If you can't come really close to what you think it will grade compared to the results, you probably need to either be a little stricter with your own grades, or reevaluate the cost to benefit ratio of what you're sending in. If a coins value doesn't benefit from being graded, there's no reason to have it graded.

 

Liquidity can be a reason. There is a lot of added liquidity is you sell online especially with gold. That doesn't mean go send in things worth 2 dollars but since he is talking about investing liquidity is a factor

 

My first round of sending coins in was pretty disappointing. Two 1909 VDB cents (one S one not) which have been in my uncle's collection since 1954 came back ungraded due to "improper cleaning." Of four coins which I thought were of good quality and value, only one will end up making money over the cost of grading. I know this is my learning experience, but now I have to figure out what to do with the other thousands (literally) of inherited raw coins that don't justify grading.

 

Anything that we do if we are not good at it we need to get better or get out. That applies to our jobs, hobbies or whatever we are doing. We should be the best that we can be in everything. I am off my soapbox thanks.

 

Yes, and liquidity is a "value", as is independently verified authenticity, etc, etc. Perhaps I'm wrong, but I took Kirk's including "cost to benefit ratio" as meaning as much?

That said, I take the OP's question as addressing a hoped-for immediately profitable venture than a long-term "investment"?

You're absolutely right; feel free to stay on it...

 

Since I'm a buyer only for 99% of the time I've learned to buy coins already in the slabs I want them in. For gold that's PCGS since I want to work towards a registry set there. I have a few nice ones that I think would cross from NGC. Filled out the forms to cross them, saw the total was like $174 for 3 coins and Xed out and did this



Those can stay in NGC holders instead and I'll buy a new coin with the $174 I'm saving lol

 

Oh yeah I still get my best coins certified!

 

I've never seen the need myself. If I'm concerned I buy a coin that's already slabbed. Otherwise I prefer them raw.

 

Well played...

 

I do have (4) coins that I needed to send into PCGS before end of the year. Kinda thinking about what to send in. Not sure, but I do have to do it soon.

 

I'm helping an elderly lady sell her late mothers coin collection. Most of the collection contained modern coins and common silver and gold bullion. I took her to a local coin dealer who paid a fair price for that. I separated out a few coins which I feel will be worth the cost for sending in for grading and attributing and then to auction since the reward is higher. Three of the coins were MS large cents with one possibly a 66. The dealer wouldn't risk taking a chance on paying what they nay be worth; especially if they don't grade that high and are determined to have been cleaned at one time. My feeling is that they will get straight grades. Another is a 1896-S Morgan which should grade high enough to warrant the cost of grading. The same is true for the others. I think the worse case is that she will get back the grading fee over what the dealer would have paid. I'll only send in coins worth at least several hundred dollars.

 

Sell them on facebook groups. There are many out there.

 

That's why I collect as a hobby, not to make money. The collection I helped sell had 5 proof and 5 mint sets each year from 1968 - 2000; talk about losing money. The thing that offset the loss from the sets were foreign gold coins purchased in the mid 1970's and US gold commemoratives from the early 1980's when the price of gold was much lower. In the end her daughter was in shock over the value in the collection.

 

In the good old days we did not have these services so now we old timers have to catch up we will get there!

 

Totally agree, was told three years ago if I wasn't going to make at least 300 dollars over the cost of the grading than don't bother. I realize the value statement was probably arbitrary but it stopped me from spending the grading costs.