69 v. 70

What’s the real problem (if there is one) with huge price differences between coins graded 69 and 70? Some believe a coin with a large 69 population and small 70 population should command a much higher price for the 70. Others believe a huge price difference is unfounded. I tend to be in the later camp. For me, it comes down to eye appeal and there just isn’t that much difference in eye appeal between a 69 and 70. If I can buy a coin for a lot less, with an almost equal eye appeal to a high priced coin, the choice is a no brainer. What say you?

 

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the only reason I would buy I 70 at a higher price is because its rare. then I can say: "I am 1 of 20-30 people in the world known to have this" but I probally wouldn't. mainly because of the price tag.

 

I agree with you. If you can't tell that big a difference then save the money. On the other hand if you're wanting to collect just say State Quarters in silver proof then I could see going with all PR70 coins rather than PR69 just to say they all graded perfect. Myself I don't collect series or sets of graded coins I only buy what I like, what catches my eye and what I can afford. I don't have any 70's not to say I never will some are reasonable, but to me the 69 is a beautiful piece and usually at 1/3 the money if you shop around. I'm not big on owning TPG slabbed coins unless it;s something I want to be sure of as far as being genuine. I have bought PCGS PR69 coins on eBay for 99cents because some are so common people just don't pay attention to them. I just enjoy collecting or hoarding or holding them in my hand so I'm not going to go crazy over one point on the scale, but I sure want knock someone that's shooting for registry points if that's their goal. In fact I'm working on a complete graded set of Bicentennial coins quarter,half and dollar and I want the highest grade for the money so while there are ms69 coins I may end up buying MS66 just because it looks good and cost 1/4. I'm doing the same thing with non Gold Buffalo coins I'm putting together a set of each type US coin depicting a buffalo or in the case of the Montana quarter a Buffalo skull, and again while PR70 pieces can be had in the $25 -$35 range PR69 coins can be purchased for $5-$10 in silver. I think the gap is too wide but I ain't complaining.

 

Supply and demand.

 

Don't drink the Kool Aid.............

 

I avoid the -69 vs. -70 controversy.
Most of my collecting is for 19th century coins.
Even if there were -69 and -70 coins I couldn't afford them.
Heck, -66, -67 and -68 are out of my range.

 

The eye appeal for a MS69 silver eagle is the same as a 70.

 

I see most people who collect coins graded at -70 as falling into one or more of three mindsets:

1. They are OCD about their slab collection. i.e. - If one slab in a set is -70, they all have to be -70, preferably all in the same brand and style of holder. Just imagine a person of this mindset assembles a solid collection of MS69 State quarter slabs and is looking for that last slab to complete the set. They find a good deal on an MS70. What would they do? Arranged in order of least likely to most likely:

- Buy and keep the MS70 and have an oddball.
- Buy the MS70 and work on upgrading the rest of their set to MS70.
- Buy the MS70, break the coin out of the slab, and resubmit it in hopes that it would come back as MS69.
- Pass on the deal.
- Buy the MS70, flip it, and buy an MS69.

I don't know, but I do chuckle when thinking of the stress this predicament would cause a slab collector.

2. They are OCD about the quality of the coins in their collection. One tiny imperfection that is only visible under a loupe is enough to keep them up at night. The premium paid for -70's is worth the peace of mind that their collection is perfect and allows them to sleep peacefully at night.

3. Bragging rights mean a lot to them. (Yawn)

I think most people who simply enjoy the beauty of coins are perfectly happy with coins graded at -69.

 

I agree

When it comes to 70's I think thats the only reason people buy them.

I'll admit it I own a proof 70 silver eagle. The reason I bought it wasn't for bragging rights at all, my friends and family wouldn't even know what a 70 was. I just bought it because I thought it would be cool to own a "perfect" coin.

 

I said dat already

 

I don't know, I think you have to be OCD to think of all that! LOL, just joking with ya!

 

I'd be willing to bet there are a higher than a average proportion of OCD people among coin collectors than the average population.

 

I've heard that. If you're a type collector you have ADHD.

 

I'm guessing that I have many coins that would grade 70, probably more that would grade 69, and many, many, many more that grade less and less I just don't spend the money to grade them. I kind of like the self grading thing, which is part of the hobby to me. I also like coins with eye appeal or just have some sentimental value to me.

 

I have owned and seen enough 69`s and 70`s that have had their issues. Mind You these are both PCGS and NGC holders.....the "top two." After seeing enough 70`s with light scratches and or nicks, I lost some respect for the top two, and will never pay a premium for a so called 70. It`s a good money maker for them....I`ll gladly give them that, but I`ll never smell what they`re shoveling.

 

Almost all coins minted in modern times grade high. Just look at the population reports. There are 70's, 69's and that's it. I think it is rarer to find a 68 then a 70 if you look at the reports. The people who get caught up in high grade moderns usually are either doing it for the registry or have a belief that there will only be a few hundred or whatever pop of 70's. Truth is there is an ocean of modern coins as survival rates are high, mintages are high and modern minting techniques yield highly graded coins. Some people say there are only 69 and 70's on the population charts because people submit only high grade moderns but I'm not convinced with this logic. Personally I view high grade moderns somewhere between beenie babies and tickle me elmo's. The only time I buy modern graded is error or variety coins. I do have a pr69 type 2 sba. But I would never pay the difference for a 70.

if it keeps people spending on modern tpg coins then it keeps their money from competing with mine. Sure maybe some people would not buy any coins if there were no high grade moderns but some undoubtably would and they would make me pay more for my errors , patterns and toned coins.

But hey feel free to ignore me. What do I know? Maybe listen to some other guy.

http://www.coinweek.com/modern-coins/the-collapse-of-the-2001-s-sacagawea-proof/

 

When I first joined this forum, I bought up a handful of PCGS PR69 and PR70 coins of various series, so I could compare them in hand. When I inspected them with a loupe, sometimes I could see the difference in grade clearly, but just as many other times, the distinction was difficult.

It's tempting to dismiss the whole business as a marketing artifice, but when you think about it, all markets are a human artifice, coins are a human artifice, and ultimately every collecting decision is made on emotional imperative. The guy who absolutely must have that PR70 no doubt experiences the same thrill of ownership that I do when I open my mail and fish out a 2000-year-old hunk of dirty bronze.

I will say this though: when I sold off my plastic, there was far more demand for the PR70 slabs, and the premiums garnered were much higher. The obsession with the "perfect" coin, whether that exists or not, and whether you agree with the marketing ploy or not, is very real, and likely to persist.

 

Because my collecting is ultimately $-driven (I don't have unlimited assets), I try to find that price-break point that gives me the best coin I can get at a price I can afford. For example, if the 70 costs 4-5 times as much as the 69, I'll be going with the 69.

 

I think many times the difference between what comes out 69 or 70 is dependent upon what the grader had for breakfast or lunch.........