Just back from the Midlands Coin Fair (Birmingham, UK). My first proper coin show in the UK and to be honest, it was far better than I was expecting and has opened my eyes to the world of coin collecting. Now I started off buying bullion coins and still very much picking up what I like and have various runs of single date coins, most notably bullion silver eagles, Maples, Philharmonics etc. Also have the odd sovereign. Thats okay, no problems. I also have quite a few predecimal coins, notably 6d coins, supplemented by 3d, 1s, florins, half crowns and crowns. The majority of these I'd conservatively grade between Fine to Very Fine with the scattering of the grades either side. I like to have good detail and a nice coin and have always loved the history that a used coin has had. Today I have seen the world of grades AUNC and up and seen the cash that folk are prepared to pay for top quality coins. A Fine 1723 6d is probably around £25 an EF around £300. Now this is for a humble 6d - a Crown likely far more. I know the US seem to prefer slabbed coins and if I am honest, I don't really understand why you pay someone else to tell you how good something is, but each to their own. So I guess I am just a date hoarder rather than a person in pursuit of perfection. I'm interested to understand if you pursue the better grades rather than just grab what you can. I have issues keeping focus with predecimal coinage. The range is so large and so many different varieties and years. Do you manage to focus one a single area?
So...how was it? Did you like the show? Was it worth going to? I'm going to try to answer a couple of your questions...from my point of view anyway. So really all you're getting is a few of my opinions. (Careful there!) I think slabs have there place and hopefully I just haven't had too much Kool-Aid. Something that is very expensive and highly counterfeited makes sense to have a second set of eyes verify the authenticity and to back the statement of authenticity with a guarantee. Sure, a known and trusted dealer can alleviate that need, but if/when it comes time to sell that peace of mind may be worth the money. I got bored with collecting date and mint mark varieties of the same series. I moved to exonumia and now ancients. Unfortunately, I'm going after both so it's like burning a candle at both ends! Fortunately, ancients are so broad and there is so coins out there and for any budget, it's been hard to get bored.
The predecimal coinage is truly a wonderful world and should not ever be boring; just too many great coins. Full disclosure here: I'm no longer a collector but when I was "in the coin collecting hobby" my local dealer got me interested in the 6 pence and I never stopped looking for them all the way back to George III--fascinating coins they were. Never worried about the varieties, just the dates. As to why Americans seem to prefer "slabbed" coins and paper money I think there are two reasons: 1. don't want to pay a premium for an overgraded item and 2. there is always the "resell" thought. Most important is for you to FOCUS and stay there, otherwise your collection could become dis-connected and you'll really become frustrated.
You're too kind and left off number 3 - "I can't grade" Pay someone else to do it and guarantee it? Sold!
I agree 100% with all you say. My main focus is 6d coins but I get swayed by others. I understand the slabbing but you pay a premium to avoid over paying a premium for an overgraded item. Is that right? I prefer to pay what I think it is worth but maybe my attitude would change if I collected higher grade coins. I also understand the assurance a slab would offer when reselling. I guess my son will have that problem as I'm unlikely to move collected items! Cannot disagree with this either. It sounds like from the responders so far is that grade is the most important aspect and so that slabbing does make more sense.
Two of the factors I like about graded coins (holdered) is that they are more easily liquidated (if need be) and it's nice to have a reassuring second opinion on the grade (which most times I can come to within a point or so). One thing I will not buy graded, or have graded, are bullion coins and coins I buy directly from the mint (moderns). It's just a waste of time and money IMHO.
When buying a coin, I prefer slabbed. US coins are targeted for counterfeiting, so buying with a guarantee is preferred. Unfortunately, slabs can also be counterfeited. This means you need to trust the seller. Thankfully, my interest lies in medals. They are less counterfeited. The main problem with medals are the re-strikes. It can be difficult to determine original to re-strike especially with US mint medals. That is the only time that I prefer slabbed. Grade while important is not the main reason for wanting a slabbed coin or medal.
And I'll share one more reason I have some notes graded/holdered/slabbed: preservation! I have notes that aren't rare or expensive but are NICE and I just want to keep them clean and undamaged. Examples: == a radar MPC note found in dealer bargain box for $1 == nice one pound note, and a radar! == Gibralter radar note
Congrats on your first proper coin show. Was the show well attended? I buy mostly graded coins from either NGC or PCGS. I do own some ANACS as well. I've also purchased "raw" too. Many of the reasons for buying pre-graded coins has been covered, and I agree with them, I think another that hasn't been touched on is the "referee" aspect of the coin transaction. Prior to the TPG's, the transaction was you vs. seller. His/her opinion against yours. Costly mistakes can be made if you're not very careful. Now with a third opinion, it lessens the risk. Also, it makes long distance transactions much easier.
Those with more years of experience - do you think TPGs have had a positive, negative, or neutral impact on dealer/customer relationships? I'm just curious. I'm mostly anti-slab but I do understand and can appreciate what they've done to the hobby.
Sounds like a great show! Wish I could have been there! I concentrate on Morgan and Peace silver dollars.I have yet to become bored with that focus. I only buy graded and slabbed coins by PCGS and NGC for several reasons: 1. Even if their grades are subject to some debate at times, they are certainly more accurate than my grading. 2. Hopefully I can avoid cleaned, altered or counterfeit coins. 3. If my heirs are left with the task of disposing of them, they have less of a chance of getting totally screwed in the process. I do not collect modern coins. If I buy a bullion coin, it is to have an ounce of silver or gold as a silver or gold investment. No grading, please. I consider them to be worth the going price of an ounce of silver or gold. No more.
@Santinidollar I'm "working" on a set of Peaces. I used to buy them from my LCS then I moved. Admittedly I have got bored with collecting them. Since I lost a trusted dealer I feel compelled to buy slabbed for the same reasons you do but I'm unwilling to pay for the plastic.
I was at the Midland Fair also. If you can make it, try the London Coin Fair on 7th November - far larger and greater variety on offer.
