I visited my LCS this morning for a 3 cent silver piece that I saw earlier this week (1851 Type I with a hole). Anyways , while I was looking around at the seated dime assortment, they had a very 1875-CC below bow that was beyond nice. Oh, it has luster...oh, it had detail...oh it had a big price on it ($500). They labeled it a ms 64 and said that labeling it a ms65 (and grading it) would put the price beyond what they could sell it for. My question is what steps are done to send it in to be graded (pcgs) and how long does it normally take? I looked at their website and it talks about collector clubs and authorized dealers. I have some Morgans (10) that would be considered uncirculated but everything else in my collection is circulated coins. Would joining the club and having one coin graded be worth the investment?
Do you really think that this dealer - someone who makes his living selling coins - does not know where or how to sell a coin, even if priced above what his customer base would pay? If an easy gem, do you really believe he would intentionally label it as a lesser grade and leave a significant amount of money on the table? It's nonsense. If the coin was a safe 65, it would either be graded or labeled as such, but if a 64 (or less) and someone is willing to pay retail 64 money thinking they are getting a deal as-is... Unless you can grade this coin on your own, and with reasonable certainty to PCGS standards, just walk away, and the next time you go into the shop, be sure to wear your hip boots.
It sounds like the dealer was feeding you a bunch of baloney. If the coin were a legitimate MS65 then they would have graded it as such or sent it in for certification to gain a much higher profit. Regarding your coins and grading, the costs can be quite high on a relative basis for coins that have minimal value. I would suggest you learn and then, far down the road, consider certification anew.
1875-CC Below Bow is worth $2,060 slabbed MS64. $500 seems cheap. At MS65, the price jumps to $3,090. Worth $660 in MS62. If he can give you a money-back guarantee on the coin, I would buy it and see what it grades.
It's not a big shop, and they have lots of Barbers and newer, along with some large cents. It's the only one in Waco, and there's a couple near Killeen/Ft.Hood. Unless you go to Dallas or Austin, most coins are hidden in antique shops. My Seated Dollar (1859-O), two Seated Halves (1842-O and 1854-O), and some seated dimes came from there. I wouldn't loose any sleep over not getting it cause I have my circulated '75-CC above and below dimes for my collection. It's just the prettiest coin I've ever seen...and I like the Seated coins.
As already suggested, forget the 3 cent silver. But to answer your other questions - You have to be a paid member to submit coins to PCGS. You fill out their submission form and follow their directions for submission. It can take anywhere from a month to 3 months to get your coins back, depending on their current backlog & show schedule. As for your coins, if you are not more than reasonably confident in your own grading skills, if you do know the realistic value of your coins and if they are not worth in excess of say $200 each, then no you should not submit them.
If the coin would actually grade MS-65 it might be too high to sell in the store, but he could easily flip it wholesale at a show to a larger or specialist dealer at a larger show for over $2K. So why is he leaving over $1.5K on the table and settling for $500? If it would slab as 64 he could flip it for well over $1K. Once again why is he leaving so much cash on the table? The answer is that you are probably missing some problem on the coin that would keep it from a problem free 64 or 65 grade.
Take a look at this video on the PCGS grading process: And, oh yeah, The lady with the french-tips and blue contact lenses really does handle your coins...
