Hi all. How do the PCGS smartypants' over at CU Forum justify the ridiculously high PCGS price guide quotes? Just curious...I know some folks here go there as well, but I don't.
It depends upon what series you are refering to? Many series like early gold and silver federal coins are under priced. If you read the page, http://www.pcgs.com/prices/default.aspx , you will see how they arrive at the prices they publish (video by David Hall on lower left of page). "WHAT DO PCGS PRICES MEAN? The prices listed in the PCGS Price Guide are average dealer asking prices for PCGS-graded coins. The prices are compiled from various sources including dealer ads in trade papers, dealer fixed price lists and website offerings, significant auctions, and activity at major coin shows. Dealer specialists and expert collectors provide pricing input. Remember that the prices are just a guide, a starting point for asserting value. Some PCGS coins sell for less than the prices listed and some PCGS coins sell for more than the prices listed." They also welcome opinions and recommendations on pricing but, you have to provide more facts and points of reference than you have provided here. "YOUR INPUT IS WELCOMED We welcome pricing input from all PCGS dealers and all serious coin collectors. If you have pricing suggestions, email them to pcgspriceguide@collectors.com. Be sure to include relevant information such as auction records private offerings public sales …as opposed to just saying, “I think this price is too low (or high).” We will not be able to personally respond to your e-mails but we will review your suggestions."
Well, maybe when they learn how to compile prices like Numismedia does, then they MIGHT be in the ballpark. I hear no shortage of folks on this forum saying not to use PCGS price guide prices because they are too high...way too high.
I do see some on Heritage that are spot on, but it seems more like the exception rather than the rule.
I personally don't rely heavily on any "published" price data as every coin should be priced or purchased based on the attributes of the individual coin itself. But, for sight unseen transactions, I can see how guides may be helpful. You are free to use whatever references you see fit when making a purchase. I see no point in carrying on about the PCGS Price "Guide" when it is free of charge to access. Perhaps, this is a case of "You get what you pay for" or the opinions from the PCGS empire are worth exactly what you paid for them?
As an example, I'm looking at a 1916-D PCGS MS 62 Mercury dime on heritage. In May and July of this year, two PCGS coins sold for $11,500 and $13,800 respectively, but the PCGS guide price is $16,500...where does THIS number come from?
Can't help you there...moderns are not my forte. Maybe they were subpar for the grade, overgraded, had altered surfaces, or a multitude of other factors. Or, maybe PCGS just got it wrong? You should probably voice your concerns with PCGS to the email in my 1st response to this thread? It would probably be more productive than voicing here?
I'm only mentioning it here to get others' opinions. I don't have anything against PCGS personally, I'm just not a slab guy. But I would like to hear others' opinions on why we shouldn't use the PCGS price guide is all.
PCGS and CappedBustDimes gave you your answer; A dealer can ASK anything he wants, but that does not mean it will sell.
The only thing that is high are like clad coins, IMHO. 27 for a lincoln proof PR 69 DCAM. Those go for like 7 on ebay. and quarters dimes nickels they are all too high, IMHO. Key dates I feel are underpriced.
I think many people compare ebay closings to price guides; which is fine and probably the most accurate "on the street price"...but dealers usually have overhead and margins to cover that could inflate he asking price a bit. Also PCGS tracks 'significant auctions'...I highly doubt they have the resources to scour the 'bay to track prices on each date/mm within each series. Also, ebay is a dumping ground for dealers/collectors who have sub par coins, stagnant inventory, and coins that didn't meet reserves in "significant auctions"
What makes you think they have to justify them. They can put anything on there they want. They don't have to pay or sell at those prices, and if you take them up on a grade guarantee they won't pay those prices, so why justify them?
