Title should explain it, but I see alot of references to the greysheet and I was wondering if it is the same/similar/better than the Redbook. I have the current Redbook and just wanted to know if a greysheet is something else that is necessary. Newb question probably but thanks for any replies.
The redbook and its pricing is directed more at the retail or public buying, Since it is edited and published before the year itself, most prices are overestimated. Occasionally it may be underpriced. The greysheets are intended for dealers and wholesalers of coins, and represents more reasonable pricing, using bid/ask prices. Best way is see the difference is to buy a copy of recent date here. $4. http://www.greysheet.com/cdn/grey.asp
Hi Evilkidsmeal. Not really my area as I focus on colonials, but from what I know in the dealer world, the RedBook prices are not very accurate for most series. The graysheet is constantly updated and it is what most dealers use to buy/sell federal coinage. The RedBook is nice as everything is in one place, but I would think that the pricing info is subpar at best, at least compared to the market value of coins. With that in mind, the Graysheet can be pricey if you subscribe to all the issues (in the hundreds per year) but many dealers are willing to give away their "older copies" which may only be 2 weeks to 1 month old and would be more accurate than the Redbook.
I personally think both are crap, especially the Red Book. Look to see what things are selling for at the auction houses. Much to the chagrin of some, I believe this includes Ebay.
It may be a bit over-simplified but this is how I think of it. RedBook = Retail prices Greysheet = Wholesale prices (with a bid/ask spread) If you're a buyer, it's always better to pay wholesale than retail. If you're a seller, it's always better to get retail prices for your wares. Most people recognize this. If you check the auction houses and eBay, you'll be amazed at just how accurate the greysheet is most of the time.
The Redbook is a wealth of information in U.S. coinage, but the price guide is usually about 20% above market value on average. The Greysheet, Coin Values (now a section in Coin World magazine), and the center section in Coinage all have fairly accurate pricing.
I pretty much use RedBook for info only. Most pricing is way out of line but it can answer lots of basic questions. I don't have access to Greysheet, as stated above there are so many auction houses on the internet it's pretty simple to figure out actual prices.
Redbook represents retail while Greysheet is Wholesale. Based on an excel analysis I did of mail order dealers ads in Coin World, you can expect to pay CDN Bid + 35-40% or more in a retail transaction. If your not a dealer you don't need a greysheet IMO.
CDN is not crap, there's some exceptions, but in general it's what dealers will respect. Go to a show and tell them your average online prices and see what they tell you....right after they look at their CDN.
Well put it this way. I'm a freshman in college with a job that pays a little over minimum wage. On top of that I am a beginning collector,, so I pretty much gave myself a limit on how much I will spend on multiple coins in a single purchase, or a single more exspensive coin purchase. These limits are very reserved and not exspensive, I just don't want to go overboard. I am not buying investment coins, I am collecting for my own personal enjoyment. So far my most exspensive purchase was around $35 on a few old Merc's, 20 various Wheats, a Barber and Standing Liberty quarter. So for this type of buying from coin shops is the greysheet necessary? I could completely understand the need for the greysheet for coin purchases of very significant value (in the thousands), but for $5-$40 coins is the greysheet going to be that much different with pricing?
EKM, what I would do if you would like a price sheet once in a while, and would be interested in a coin related magazine, subscribe to Coinage for about $20 per year.. They have a price sheet each month, It doesn't cover every series, but most of the popular ones are covered.
Yes, it will. Think of it this way, is it worth it to spend $12 to help you save $50 or more ? You can buy back issues of the Grey Sheet for $3 each. You need 4 issues to cover all the coins - that's $12. Those 4 issues will be good for you for about 6 months. And what they will do for you is tell you whether or not the asking price for any coin you buy is within reason. That will allow to buy some and pass on others when the price is too high. It doesn't get any better than that.
It's much more important to do your research and know what you're collecting and know what certain coins "bring" on the market. Examples that come to mind would be, say, a 1905-O Barber half dollar in XF... I'd leap at the chance to pay double "sheet" for one of those as would anyone familiar with the series. On the other hand, most generic common-date Morgans in PCGS/NGC slabs can be easily bought on a retail basis for between bid and ask and I have bought lots of non-key, post-25 Standing Liberty Quarters in PCGS 64 for back of Greysheet bid. So there is no one pricing guide that's all that accurate. Greysheet is pretty good with commonly traded, generic stuff. It's not a "bible" in any stretch for better type stuff (Seated, Barber, Bust, etc).
