I am looking at some coins that are graded by ANACS as UNC Details Cleaned Net AU55. What does that really mean? Also, how should I view this grade in that it may reduce the price more to my price range for a coin I would like to have? Watson
When we are offered coins net graded, we usually take a percentage of 10 to 15 percent off of the net grade price. So in the case of an AU-55 coin, offer an AU-53 or AU-50 price. Of course, this is just how this dealer does it.
In a way - more so than most folks realize - having a coin graded does set the price. So from a retail perspective, when ANACS net grades a coin what they are saying is something like this - We think this coin is uncircualted but it has been cleaned. Because of this we realize this coin is not worth as much as an uncirculated coin so we will assign it a grade of AU55 because that's all it is worth. Nd is saying the same thing - it's just that from a dealer's perspective, the dealer has to be able to show a profit when he re-sells the coin. So like any other coin - a dealer will typically offer anywhere from 10 - 20 % less than the retail price.
HI Watson, Buying "damaged" or "problem" coins can be a great way for the coin collector on a budget to aquire otherwise very expensive coins. Good luck.
So long as he/she realizes that they will always be damaged/problems, with little liklihood of appreciation in value and a good chance of being unsaleable except at a loss.
Cleaned coins are different from damaged coins and although the cleaning can dramatically affect the value of the piece, the fact that it is cleaned does not mean that the coin will not appreciate in value. In addition, it does not by default mean the coin will be unsaleable. I see no problem purchasing a coin that has been cleaned and whose surfaces are not damaged by an abrasive cleaning - so long as it is purchased at a proper price. Like ND stated, if the coin is net graded by ANACS as AU55 it should sell for 10-15% less than the retail price for a non-cleanded coin in this condition. Assuming the coin is a key or semi-key date in a series, when it is sold the collector can probably expect to receive about 20-25% less than was paid for the coin. This spread will vary depending upon the demand for the particular coin in question at the time it is sold. The value of the coin when it is sold, and whether or not the collector makes a profit on the coin (which should not be the point of collecting) will be determined by whether or not inflation and collector interest have drive the prices for the particular coin and series beyond the 20-25% spread.
