Can we trust current slab coins?.

Discussion in 'US Coins Forum' started by elaine 1970, Jun 1, 2007.

  1. elaine 1970

    elaine 1970 material girl

    it seems that current modern coins were being graded as ms 69 to ms 70. too many coins were going that way to near perfect or perfect. it seems the professional graders were upgrade all its coins. can we trust them? should we continue to buy them?.
     
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  3. satootoko

    satootoko Retired

    No, we should not continue to buy slabs, nor should be ever have bought them!

    If we (all of us that is) return to the concept of buying coins, not slabs - which means looking through the slab to the coin, and determining for ourselves what it's proper grade is - we won't get ripped off by self-slabbers, and we won't overpay for coins slabbed by the so-called "big four".

    I expect that to happen the day after the lion lays down with the lamb. Until then, all we can individually do is buy the coin, buy the coin, buy the coin, and look very critically at what's inside the plastic tomb!
     
  4. asciibaron

    asciibaron /dev/work/null

    i don't buy slabbed coins for my collections. if i want to protect a valuable coin, i will put it in a holder myself. why does the slabbing industry exist? is it to protect collectors, investors, or dealers?

    with that said, i have sold slabbed coins.

    -Steve
     
  5. CentDime

    CentDime Coin Hoarder

    When someone sends in a coin to be graded they can have a minimum grade set of say ms69 and if it is lower then that is doesn't get slabbed. That means you are seeing only the grades the submitters were willing to accept out of all of the grades for any particualr coin. So there were other grades lower but they just weren't slabbed and aren't reflected in the pops.

    Also for those that doesn't have the knowledge on grading i think PCGS or NGC slabs are the best way to go for the more expensive coins of say $200 or more. How many times do we have to see a post about "I bought this coin 5 years ago what is it worth?" and it turns out to be way overgraded or is cleaned or counterfeit. I have seen even the most modern coins doctored [just look at the Washington smooth error dollars], if it wasn't for slabbing there would be far more people ripped off that already are on that error alone. So slabbing has been a big help in more ways than one. Also the protection value for the coin is important as these coins will be preserved for a long time in the state they are in unlike those of past generations.
     
  6. bqcoins

    bqcoins Olympic Figure Skating Scoring System Expert

    slabs are the modern way to protect the high investment speculator, but half the time he don't know what he is doing anyway
     
  7. Aberlight

    Aberlight New Member

    I always crack out my coins. PF 63 Barbers, MS65 Standing Liberties. Since I dont trade coins I take a hammer to the holders and place the coins into airtites.

    By the way...Is there a easier way to crack out a coin than to hit the slab edges with a hammer?
     
  8. Jim M

    Jim M Ride it like ya stole it

    Here is my opinion...............
     
  9. satootoko

    satootoko Retired

    Try wrapping the slab in a piece of cloth to prevent flying plastic chips, and use a pair of tile nippers on the edge above the label (which is usually the furthest edge from the coin itself).

    You can buy a nipper for a few bucks at any hardware or home improvement center. ;)
     
  10. AnemicOak

    AnemicOak Coin Hoarder

    Cut it on a band saw.
     
  11. Cloudsweeper99

    Cloudsweeper99 Treasure Hunter

    I'm not a big fan of modern coins in general, but the Mint seems to be doing a pretty good job on them and it isn't surprising that many grade very high. Should they be 69s and 70? I don't know. I think people will vastly overpay for that 70 on the slab. But given the choice, I'd prefer to buy a slabbed to an unslabbed coin for the usual reasons regarding approximate grade, authenticity, harsh cleaning etc.
     
  12. rotobeast

    rotobeast Old Newbie

    I like to use a bench-vise to crack slabs.
    Always remember to use eye protection.
    ;)
     
  13. umtrr-author

    umtrr-author Thalia and Kieran's Dad

    I think the market for most modern slabbed coins is highly overrated and quite overheated. I shake my head when I see some of these at shows. What historic coin could be had for that same amount of money? Still, it's supply and demand, and I guess both exist or we wouldn't be seeing slabbed moderns.

    For me the parallel is sports player autographs. You can't tell me a (insert current player with high item signing fee) is worth more than a Hall of Famer of the past. But then, sometimes you can't tell me much at all!
     
  14. mark_h

    mark_h Somewhere over the rainbow

    As Roy said buy the coin not the slab - look at my IHC post, follow the link to the 1909-S NGC graded IHC. I know it is a key date, but I think the grade is way off. At best a fine grade - and I doubt that since part of liberty looks to be missing.

    Repeat after Roy - buy the coin not the slab. :)
     
  15. GDJMSP

    GDJMSP Numismatist Moderator

    One thing that should be noted - there are no ordinary coins struck for circulation that are grading MS69 or 70. The only coins receiving grades that high are those coins that are made specifically for collectors and the bullion coins.
     
  16. Aberlight

    Aberlight New Member

    I am considering opening my own slabbing company. For $5 a coin I will grade your coins. For an additional $5 I will assign any grade you want up to MS69. Please include an additional $2.00 if you would like your coins slabbed MS70.

    Never mind SGS beat me to it.
     
  17. airedale

    airedale New Member

    Place it in a 2x4" zip lock bag put it in a vice sideways and slowly close till it cracks.
     
  18. 09S-V.D.B

    09S-V.D.B Coin Hoarder

    Buy the coin, not the slab.
     
  19. elaine 1970

    elaine 1970 material girl

    who buy the slab?.

    people who buy the slab maybe because they are new comer and don't know how to grade the coin. people thought buying slab can make them a good fortune. because they thought the price will appreciate fast. my advice are: don't buy the slab. learn how to grade the coin.
     
  20. Cloudsweeper99

    Cloudsweeper99 Treasure Hunter

    Here is a counter-argument. I plan to leave many of the coins I've collected to my kids, who are not collectors. Having coins slabbed increases the chance they will be able to obtain close to fair value for them when they are sold. I would never intentionally buy a coin in a slab that I believe was overgraded, but that isn't the biggest threat. If I buy a coin I think is MS65 in an MS63 slab, it will probably be sold someday as MS63. If I crack it out and my kids sell it raw, it might be sold as MS62 or even AU58 to a less-than-honest dealer. If I buy an MS63 in a slab that is graded MS64, it just might sell as MS64, and even if it is sold as an overgraded MS63, my kids will still come out okay.

    So slabs from top grading companies have their merits.
     
  21. mark_h

    mark_h Somewhere over the rainbow

    I agree - they do have their merits.
     
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