What is the reality of selling coins for the prices that are found in the Red book. I am asking about the KEY Dates (morgans, peace and etc) and others that seem to be priced high. I have often thought of this and wondered, becoz when I think about the millions out there, I just think that it is a quite low statistic. Any thoughts out there?
To begin with, the mintage listed in the Red Book doesn't represent the surviving population...which is even less by grade. Secondly, the Red Book is a "Buyer's Guide"...not a "Seller's Guide"...and the prices listed are very general and subjective. You will be very disappointed if you expect to sell coins at the prices listed in the Red Book.
Or in other cases you would be very happy to be able to buy coins at the prices listed in the Redbook. Some of the early commems that are in really high grades go exponentially higher than the prices listed in the Redbook.
And - many coins are really only worth a fraction of what it says they are worth in the Red Book. So you don't want to buy coins based on Red Book prices either. Basically what you need to do, is forget there are any prices in the Red Book.
The Red Book does a pretty square job of getting across the relative values of the coins (i.e., how one measures up against the next, and so on). Call this the EddieSpin Theory of Relativity. Beyond that, well, that's why we have market grading, and the TPGs, who, in effect, are our market appraisers. Still, the auctions are our best guide for market comparables. Think of coins like real estate, every one is unique.
One should also note that a lot of the prices listed are or were at the current silver melt value for the common coins or those easily available in MS uncirculated conditions. Example: Most Roosevelt dimes in EF40 to MS63 from the early 50s to 64 are all listed in the Red Book at the $2.25 to $3.00 range, which was likely the silver spot price when it was published or printed. (I'm going by my 2012 Red Book) This example just goes to show that the price changes daily for most coins. Those with PM content in them can change every second or minute the price of silver or gold change, then of course the key dates and higher graded coins demand premiums beyond just melt value. So, should you sell your coins according to the Red Book or expect the prices listed in there? Never.
All are very well put and valuble informantion. I hope those new to Red book and this site will read this, helps to know what one has......I like all the answers and can relate to real estate idea. Thanks!!
