Hi... I'm trying to get my sea-legs with this hobby and so far it's been very interesting and enjoyable. However, I've noticed that in "shopping" on eBay (for instance) that many slabbed coins can and will sell for a fraction of what the coin is "worth" according to (again for instance) the PCGS price guide. Here's an example: http://cgi.ebay.com/ws/eBayISAPI.dll?ViewItem&item=8355318480&rd=1&sspagename=STRK%3AMEWA%3AIT&rd=1 This 1999 $5 gold Eagle lists at $115 on the price guide but the seller is letting it go for $71. What am I missing? Thanks!
The PCGS price guide needs to be taken with a grain of salt. The prices on their site are usually very high, and not realistic.
Realistically the PCGS price guide should not be taken with a grain of salt. It is as stated a GUIDE. So are most price listings of coins. The so called grey sheet also is a GUIDE. Likewise with the Red Book, Coin magazines and newsletters on coins. They are what they say they are, GUIDES. Coins are not like items in a store where there is a absolute price you will pay at the check out counter. A coin's price is whatever someone will pay for the thing. Example a freind of mine some time ago bought a $5 gold coin on ebay for $5. That may sound nuts, but things do happen. I go to coin shows around here about 2 times a month. When I ask the actual price of a coin that has a price listed on it and the dealer starts to pull out his grey sheet I say if that's what your going to go by, so long and have a nice day, as I walk away. That's because I'm about to get a song and dance that the grey sheet listed it as much higher and I'm actually about to get a great deal. I've heard that one to many times. My advise is be real, real carefull of ebay though. Get to know your coins well before taking to many chances on ebay. It can be great or you can get taken.
I understand your point Carl, but in order for something to be considered as a price guide there should at least be some resemblance to reality. And of ALL the published price guides - the Grey Sheet is the only one which actually does. So in my opinion the Grey Sheet is the only one which is deserving of the name. Of course everyone is entitled to their own opinion.
I find it useful to look at "price guides" such as the Redbook going back several years to get an idea of where the coin has been and how it has been priced in the past in relation to other coins. Even the grey sheet is nothing more than recent price quotations and may tell you nothing about what the coin is worth or might be worth under a variety of market conditions. It's sort of like asking your broker what Google's stock price was on January 28th and telling him to buy the stock if the current price is lower. I think it takes a bit of research to figure out what can reasonably be paid for a coin. Of course, if you have to have it and you have to have it NOW no matter what, grey sheet is probably as good as anything. I've had pretty good luck doing things this way, but this is only my opinion.
I really agree with you Cloudsweeper99 as to your method of comparisons in coin values. I've got all teh Red Books from the 8th Edition on and basically do the same thing you do. Prior to going to a coin show and having an idea of what I'm looking for I'll check out several years of the Red Book to see if those coins have been showing a large, continuous or stable growth rate giving me a better idea of what price I am willing to pay. The grey sheet may be up to date but with what and by who?
Look on Superior or Heritage (or other sites). They will give the last 2 years or so of prices that certain coins in all grades have brought. Many times they are above the PCGS prices, sometimes below. You should only be concerned if the price of the coin is what you want to pay. I still say that steady growth will come in rarer, quality pieces as opposed to coins which are minted in the millions...
