To Grade or Not to Grade

I am considering having a few coins graded. I have a Walking Liberty and a Morgan that look UNC but I am no expert and wondered if it would be worth having them graded and sealed in a nice holder.

Also I have a 2001 Silver Eagle that was given to me a while back before I became interested in coin collection. It stayed in Goverment Holder in my Desk til one of my four boys discovered it and distroeyed the goverment boxes felt lining and the holder is now cracked on the side. I actually removed half of the holder but did not touch the coin and I did not see any scratches or damage. It has a beautiful mirror finish. I didn't know should I go adhead and have it graded and sealed or just carefully put it in a new holder. BTW my collection since I have gained interest have a new home in a safe rather than my desk .

Also does most grading services charge about the same and do they dicount let say if you sent 5-10 coins at a time.

Thanks
GunLocators

 

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Unless the coins are a key date in the series, I would not suggest getting them graded. The Eagle is certianly not worth it.

 

Thanks for answering another Stupid Newbie question. I will just get some nice holders for them!

 

The only question that is stupid is the one not asked.
Sometimes newbies rush into bad decisions because they are afraid to ask.

For your coins listed, go to a local shop and buy some airtites or kontains. They cost about a dollar a piece and will offer fantastic protection.

 

My rule for grading...

1.) As stated, grade Only key dates...those with low mintage and/or super mint or proof strikes (like some proofed Silver Eagles) or those with a decent retail price. Your coins in question would be a waste of money. My rule of thumb is around $200 or plus for circulated coins as well as specific proofs or MS coins with nice luster and appearance.

2.) Use only recognized grading services such as PCGS, NGC, ANACS or ICG (not necessarily in that order which opens up another discussion that will be debated till kingdom come). Keep in mind that for their lowest cost grading services (longest turn around), you will be looking at $15 to $30 for each coin to be graded...if they are graded! For instance, many graders will not touch cleaned coins. Is your coin worth it and would you be able to recover this costs if you had to sell it?

3.) Ask yourself, why grade? Is it for investment possibilities? Is it because you like the look and presentation of a "slab"? You will always hear in this forum to buy the coin, never the slab. For protection of the coin, I like the fact that most slabs are sonically sealed. Not perfect, but they sure beat any other means to protect coins. I am partial to ICG's Intercept Shield in their slabs for the ultimate protection against bad atmospheric conditions and environment. But that is just me since I like my MS Lincolns to stay RED .

4.) Prepare yourself for a grade that you do not expect. You send in coins hoping for that MS68 grade or better and you get them back at MS66. Now you have more money in the slab than what the coin is worth.

Personally, I like to buy slabs at a "deal" where somebody else occured the certification costs. For instance, you buy a $20 raw pre-1965 coin for $30 certified by PCGS. Not bad since the certification of this coin was more than $10. Any bidders?

 

Every dealer has what we refer to as a slab loss box. This is filled with coins that we missed the grade on. Nothing says fun,fun, joy,joy like spending $28 to slab a $10 coin. Any slabbed coin bought for less than the holder is a pretty good deal.
My firm usually takes this box to the shows where we sell these coins at a loss. It is just part of the cost of doing business.

That wisdom I pass along for all the aspiring want to be dealers.

 

Great point I really thank all you for the info. I almost sent them for grading last week but decided to try and research the benefits. I am already learning from my mistakes. Bought a 2004 Silver Proof quarter set for $50 off TV. I was under the impression the Mint was totally sold out. After i received it I noticed USMint.com is showing another ship date for more. Stupid, Stupid, Stupid Me. Also Got a Nice Morgan on eBay for like $12 a few nights later I saw on the same coin show simular morgans at around $20. They may have been different dates or something but were not graded coins. So I am begining to learn DO NOT BUY OF TV buy from a Dealer or eBay

 

Never buy off of TV. Be very, very careful on EBAY. There are many good threads here about that subject. Remember that any deal that seems too good to be true usually is.
Spend some time learning about coins here on the forum. I can tell you that many here are very knowledgable and all of us are willing to help.

 

Sounds great like I said I really learned my lesson on the TV i even got taken on the 2004 redbook while I was on the phone they said we are having a sale on the 2004 Redbook Softcover only $15.99 I said what the heck add it. Got it in I think Cover Price printed on back was only $12.99. Wow what a bargain I got. I laugh now but was rather upset when I saw it.

 

I wouldn't have any coins slabbed, but that's just me from the anti-slab brigade, no need for them as i see. I've coped for the last 15 years of collecting without even knowing what a slab was, so you know how it is.

And i don't buy coins off of ebay either, too many scammers and i've been scammed by a guy that took the money and ran (he did it to many others all at the same time), he got kicked off of ebay but he quit before ebay got round to kicking him off, which was pretty quick actually!

 

Well I will really watch eBay I try to only buy from seller in the coin business with a lot of good feedback. I have seen dealers on eBay with 99% positive feed back with over 1000 feedbacks do you think it is safe to buy from them or total boycott eBay for coins?

 

You know, a favorite hobby of mine in this world of coins is to curl up on my couch some nights with a tall coffee, 4 or 5 coin rags, and a calculator. I love to try and figure just how much things can possibly go for, and the difference the rest of us will actually pay.

My first (and only TV purchase) was the ASE set. I was proud - and in my eyes it was cheap. I learned different quite soon after it arrived. I laughed, because I had been rogered, but good! I fell for it!!

Skepticism in this hobby is the calling card of experienced collectors. Looks too good to be true, then it probably is. That being said, if you want to buy slabbed coins, buy the coin and pay just for the coin. I wouldn't send stuff off to be graded if I wasn't really sure it was worth it, and if I saw something that I questioned at my dealer, I would ask them to get it certified.

Other than that, give 'em to me RAW!

 

I've gotten good deals on eBay. Just be careful.

 

GunLocators, you can always post some high quality digital photos of the coins here. Although it can be difficult from a photo, we can try to offer our opinions as to the grade of the coins.

 

Please explain this one, my friendly coin experts...

I have an 1879-S Morgan Dollar MS-65 that lists for $96.00 in my most recent price guide (Coins, June 2004). (My coin is PCGS graded and slabbed.)

I checked the PCGS online price guide and this 1879-S Morgan Dollar is listed there for $145.00.

What's the deal with this?

If having a coin graded and slabbed in a PCGS holder means adding that much to the value of a coin, wouldn't it make sense to have it graded and slabbed by PCGS?

7 1879-S 17 20 22 30 35 42 60 145 425 1250

Even though it may not be a key date?

Today's commons may be tomorrow's key dates? True or false.

Thanks.

 

First, we need to acknowledge that prices guides are just that - guides.

That being said, generall speaking the PCGS guide is going to provide prices that are a little higher than average. The COINS magazine by comparison is usually slow to reflect price trends in the market.

So, in the case of the Morgans - which have heated up over the last year - the 1879-S in MS65 would normally sell for around $120 - $140.

Having the coin encapsulated in a PCGS holder does not affect the price of the coin. It will however, add credence to the grade of the coin. In other words, if you call the coin an MS65 some prospective purchasers may be hesitant to believe your grade given the difference in price between this coin in MS64 and MS65. If however, PCGS has called it MS65, they are more likely to agree with the grade.

 

A guide is just that...

I use this link for my quick guide:

[http://www.ecoinprices.com/]

PCGS's price guide (in my opinion) has inflated prices because they will claim they are #1 and their slabs get a premium against others.

As posted before, I have found some great coins in other slabs (i.e., ICG and ANACS...even some NGC's)

Hope that helps...

 

If they are reputable then it's more than likely okay to buy from those dealers. There is alot of rubbish sold over price on ebay though and alot of scammers. Never buy anything with L@@k r@re in the title, they probably know naff all about coins and usually think they are worth a fortune.

Ideally i recommend seeing the coin in person before buying, but as this is not always possible i suggest you find a few dealers who you trust and stick with those until you gain more experience, then you'll know what to watch out for.

 

Slabs do not add value. What they do offer is sightunseen purchasing.

 

I would agree with Ed Zak about professional grading firms - but if you plan on listing these items on eBay - you may as well get five coins graded by NTC for the price on one PCGS. There are many 'newbees' collecting coins on eBay and after I look at the completed auctions -
they can't understand the difference between an NTC 62 and NCG 62.
Unless NTC has significantly increased their grading standards -
the 'newbee' is paying a significant premium for a coin inferior to the same grade by PCGS/NCG/ICG.

I've seen a friend take raw coins graded AU-55-58 by local coin dealers -send them in to NTC - and get back MS-61's and 62's, consign them to a eBay trading assistant and net out $$$$. But he's not doing anything different from what I've seen major eBay coin dealers doing on eBay when they hype the price by using 'Coin Trends.'