Slabbed vs Raw Collection

Discussion in 'Coin Chat' started by FTWrath, Feb 24, 2012.

  1. FTWrath

    FTWrath Member

    As I mentioned before I am getting back into collecting.
    I'm still fairly new to the game, the last time I collected I got my hands on a few Morgans and junk silver, nothing to brag about. I mainly stopped because I didn't really know what I was doing and didn't have a good source to buy from (other than eBay).
    I'm back to collecting after doing some more researching and reading up on stuff.
    I also found a dealer nearby who I've become good friends with so that also helps.
    Before I take my collection to the next level I really want to decide what to focus on.
    I like slabs, mainly because I got took on a few eBay items that weren't slabbed and I was too inexperienced to realize they were cleaned/dipped.
    I also like knowing EXACTLY what it is I have in my possession and how much I could pay for it without over paying. It's one of those things that you can't over pay for as the seller can't grade it one grade higher than it really is (unless it's a scarce coin and it gets bid-up/premium).
    However, it also does limit my purchasing ability. There are numerous coin dealers within 50 miles of me. I like the one I currently go to, he gives me simply ridiculous discounts because I advertise for him and many of the purchases are 25% below value.
    The only problem is he doesn't have a lot of slabbed coins so I can't buy as much. The stuff he does have he sells me very cheap though as he bought it cheaper. For example, I bought a 1936D Oregon Half Dollar Commemorative PCGS MS65 for $240 the last time, which was basically a steal.
    He does have A LOT of raw coins, cases upon cases I haven't searched through yet.
    He also gives me great discounts on these, even higher discounts, 1877 Sitting Libery 25C for only $15 in F-XF condition.

    Basically I just want some advice. For a new collector who wants the most out of what he buys what do you suggest?
    Graded/raw?

    Right now I'm buying Graded and a little bit of raw as well.
     
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  3. GDJMSP

    GDJMSP Numismatist Moderator

    Until you think you are knowledgeable enough to deal with raw coins stick to the slabbed. But you can't, rather shouldn't accept just any slabbed coin either. But those at least you can deal with because there are enough resources to check. Or you can ask for help - before you buy of course.

    It's pretty simple to take your camera along when go looking at coins. If you find one you like, take a pic, post it here. Get other people's opinions. Then decide to buy or not.
     
  4. FTWrath

    FTWrath Member

    That's actually something I've been doing (taking pictures). The mercury dime MS66 FB for example.
    I also make sure it's graded by pcgs/ngc so I can reference the verification number for.. verification.
    Mostly because I've read about the Chinese fakes entering the market.
    I am lucky to be on such a good level with my coin dealer Louie because he really is point blank honest with me and does give me good discounts. But at the same time I bought the Doubled Ear Lincoln for $50 and it wasn't until I got home and took a picture that I saw the green dots and was told it was PVC.
    My fault for not bringing a magnifying glass or asking to use his though.
    But also my fault for not knowing about PVC and possibly other damaging factors related to buying raw coins.
    I have a lot to learn and the Red Book is teaching me a lot.
    I had seen the Oregon commem. at least 10 times, dismissing it each time until I saw it in the Red Book and realized what an awesome buy it would be.
    Guess I just need to keep reading and absorbing information, here and else where.
     
  5. Vess1

    Vess1 CT SP VIP Supporter

    I'd guess most people here collect both. I think you'll find that some stuff you will prefer to buy slabbed while others you may feel comfortable buying raw. Generally I'd say the higher the grade and the more expensive the coin, the more likely you'll want it to be slabbed.

    Many times when I see a raw coin that is very nice in a high grade, I wonder why it isn't in a slab. I'm sure there's plenty out there that just hasn't been sent in yet. I've heard several success stories of people buying gold coins at AU prices, sending them in and having them come back as low to mid MS coins. Although its likely that many more have not been sent in because there's a problem with them.
    There is peace of mind that comes with a slab as far as authenticity and grade. If a dealer says a raw Morgan is a MS-66 PL and wants MS-66 PL money for it, I don't think anybody is going to pay it just because of the uncertainty and doubt. Even though it very well could be.
     
  6. FTWrath

    FTWrath Member

    That's exactly how I've liked to purchase as well.
    The expensive coins I've bought in slabs and then the cheaper stuff I don't mind buying raw.
     
  7. Cazkaboom

    Cazkaboom One for all, all for me.

    Slabbed coins come with a premium. I usually stick with raw because of that. Raw has its ups and downs. With raw, you can get some amazing steals and some horrible burns. I have had a couple raw burns in my lifetime, bunch of fakes I destroyed.

    If I were you, I'd be doing a little buying of both. Study up on what you are going to buy first so you don't get a huge burn. Slabbed is always nice because you can look it up and know its authenticity, but I honestly don't like it because it has no history showing behind it.
     
  8. FTWrath

    FTWrath Member

    I most certainly got into coin collecting because of the history behind individual coins.
    I still like the history behind a UNC coin because it shows that even a hundred years ago someone appreciated them.
    The reason I am enjoying slabbed coins is because, like I said, I can get them for very cheap, well below a premium, as I have with all the ones I bought so far.
    Then again I got lucky to have such a good dealer near me.
    It does leave me strapped to being able to purchase a limited amount as he doesn't have a lot so I am still buying raw as well, just being very selective.
    He has made it clear he would never sell a fake coin as his reputation depends on it, and recently when I picked up a clean one (without knowing it) he said that looks cleaned (and he pointed out why) when I asked him how much.
     
  9. noob76

    noob76 Member

    the dealer you have sounds pretty good. i'm sure if you wanted you could slab some of the raw coins you bought from him. i think they key is to find trustworthy coin sources, and to try and remember where you bought what (particularly on someone that is new to you or anything off ebay).

    personally i buy only raw coins myself. i've sold some gold and silver bullion over the years and have never really gotten burned yet. it is just about being educated in what you do.
     
  10. Silverhouse

    Silverhouse Well-Known Member

    I buy both. It just depends on the circumstance I suppose. I got my slabbed coins from reputable places as well as the raw coins. some of my ASE's I got from the mint are still in their original packaging. No sense in sending them off to be graded. Not now anyways. I have a few Walkers that are raw, a few Kennedy silver proofs etc that are raw, and a couple of silver Kennedy's in graded slabs.
     
  11. beef1020

    beef1020 Junior Member

    I think it largely depends on what you collect. If you are collecting ms morgans buy them slabbed as they are plentiful and fungible. If you collect something like early copper than raw is almost the whole game. Basically, I think if you are collecting common stuff with a lot of supply then slabbed is a decent way to go. When you get into series with less available material, and material with more variance in the quality of the coins, than then TPGers inherently have a more difficult job of grading because the coins are no longer fungible.

    To your point about a seller can't overgrade, while technically true I don't think it's accurate. In my experience with early copper the grades on the slabs can be horribly overgraded. Check the Reiver collection sold by HA in 2006 for an example of an entire collection where almost every coin would grade lower than currently graded if they were resubmitted.
     
  12. icerain

    icerain Mastir spellyr

    I would suggest that for the key dates you go for slabbed and the more common coins raw is fine. This is because some of the key coins are either heavily counterfeited or were cleaned / altered. But if you're buying online you should also be wary that there are counterfeit slabs going around.
    A trusted dealer is the best thing, especially since he's friendly with you. It gives you the chance to learn from him and if needed he can find specific coins you're looking for for you.
     
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