What do I need to know? One question I am wondering about is the values. The cost to get coins graded varies depending upon the value of the coin. But how do I know the values??? I need them to give me a grade so that I know how much the coin is worth. There is one price for up to 300 and another one for up to $3,000 in value. But what if its a coin where a slight difference in grade could be the diffference between a $100 coin and a $5,000 coin? Also, how does shipping and insurance work? May seem like a stupid question. But I've never insured a package before. Thanks.
Those are very good questions, Adam. First, let's look at this one : Basically, you make your best guess at the coin's grade, then a fair and honest estimate of the coin's value. I have talked to PCGS and they assure me they rarely if ever hit you for the higher fee if you are so fortunate as to wind up with the higher grade / value. Now, if you intentionally were way lowball on the grade or value, they might hit you. Act in good faith and you'll be fine. Talk to the post office and they'll explain how to do registered mail. Another option is to submit through a friend or dealer. Even better is to submit directly at a major show, such as the upcoming Boston ANA. They are at the show and accept submissions there. That way you don't ship; they ship to you later when the coins are done. Alternately, you can pay extra and they will grade 'em at the show. You pick 'em up there - no shipping. Normally, this is only worthwhile for high value coins. The other factor - the estimated value you place on submitted coins is the value they ensure your package when shipping back to you. To protect yourself, place a fair replacement value on the coins so you don't get hosed in the unlikely event your bling gets jacked.
So, if I really am not sure if the coin is going to grade high enough to be worth OVER the $300 then I should go ahead and submit it as such? And they will give me an unbiased grade, even if the grade given turns out to make the coin worth way over 300 bucks? And do you have any idea how much shipping and insurance would be if I was submitting 5 coins like that? I'm trying to figure out if this is worth my time and money. I have some really nice coins. But it sounds like it could cost a small fortune to get them graded. And if they come back a couple points less than I expect them to I may have just thrown away some money.
With all the costs involved of joining PCGS, paying for registered mail and return shipping, this is your best bet. My dealer does it for $25 a coin. Not only that, a good, trusted dealer will be able to tell you if your coins are worth submitting.
That sounds like the way to go. I figure that with shipping and insurance, grading fees and the 50 bucks that it costs to join PCGS it will actually cost me like $48 per coin?!?
Again, good question. The graders have no idea what the submission form says, so yes you should get an unbiased grade.
I have been using ANACS recently. No clubs to join and no annual fees. You can submit directly. The cost is much cheaper. If all you want is a grade and authentication then try ANACS. But if you intend to resell for profit then pay the big bucks for PCGS. I also belong to the ANA and members can submit to NGC directly.
No problem. I could never bring myself to cough up the bucks to join the PCGS. For me it would be the $200 club because I have at least 8 coins to get graded. But that's 200 bucks every year. I am a member of the ANA and that's $46 per year. I have the forms and approval to submit directly to NGC but haven't done it yet. ANACS is just so easy I have used them. They do not have the reputation of the other two companies. But mostly I just wanted my coins authenticated. I think people can accept a coin as being real if ANACS says so. People may not agree with their grading however.
I have also been tempted to use ANACS. But I'm planning to sell some, if not all, of the coins I want to submit. So I'm torn...
