New to Coin Collecting and very confused

I think my dvd cam can take stills.... that or my cell phone.. let me see what I can do over the weekend.

 

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Just don't get discouraged, we've all been burned one time or another. If you have any questions or advice there are plenty of experts here to help you. I'm still learning myself.

 

I wouldn't bother with that. It would probably cost more money to have PCGS slab all those coins than you paid for them. Besides, the coins probably wouldn't grade anywhere near what they say on their slabs right now. Just write it off as a tough lesson. At least you got a gold coin and a bunch of other coins. All totalled they're worth something. If you don't mind spending the time you could break up the coins into smaller lots and then sell them on Ebay and perhaps recoup your money. Smaller lots tend to sell at a greater profit percentage than larger lots. Who knows, you might even come out ahead as there is a lot of crazy overbidding on Ebay.

 

I agree. For all the coins are worth it isnt worth the time or money to send them to a TPG. You'll lose even more money because you'll never sell them for more than what you have invested, not even near it. Have a few cold ones and move on, lesson learned.

 

andym129
Just don't let this experience cause you to lose your collecting desire.
We have all made mistakes, bought cleaned or overgraded coins.
It is simply part of the learning process.

 

Andy I totally agree with Frank. Don't lose heart, this is a great hobby and will give you hours of joy. But there are people out there that will try to take your hard earned cash and give you very little in return. We have ALL been burned but if you are careful every now and then you will win one.

 

Welcome ! andym129


UNC !

I thought you were talking about the Tar Heels:goofer:

 

Even with inflated prices on the PCGS price guide to draw busines to thier company, the problem is this. you are comparing apples to oranges. a good example is a 1957 lincoln cent. If the low tier grading company grades a coin ms 67 they can claim a value of $ 9,250 ( e-coin values) but if the coin is over graded just one point, the vaue dropps to $50, if it is over graded three or four points, most likely the vaue is just $ 10. that is a huge difference.
The 1963 lincoln lists for $ 5,000 in ms 67, but in ms 63 it lists for $ 6, which would be hard to get that price for a common Lincoln.
The self slabber overgrades to make money. Often time they know what grade makes the big jump in value so that what they put on there coins.
If you are going to buy slabbed coins, it is best to stick with PCGS, NGC or ANACS. And go by completed auction results for your price guide.

 

Yes, it seems that you were pretty badly scammed.

 

Like the others said, don't get too frustrated, just learn from your mistake. I went to a coin show AFTER doing some reseacrh, thinking I knew what I was doing. But I hadn't done enough reseacrh and ended up with some cleaned coins, at MS prices. I learned from it though.

 

very very well said, i couldn't agree with you more.

 

I would stick to NGC, PCGS, ANACS and IGC for higher grade coins, PCGS being the best. ANACS, SEGS and PCI are good for varieties and authentication. I personally love ANACS.

SGS "star grading service" or as I call them "Sh#t grading service" is the biggest joke on Ebay - yet they have a 99.2% positive feedback rating.

Also, it takes years of practice to tell a cleaned coin from a BU coin. If you are buying high grade coins, then spend the extra for certified coins by respectable grading services.

Brad
www.lincolncentresource.com

 

Welcome aboard All I can say is what everyone else has already stated. Just think of what you have as a start of a great hobby. Don't worry about what those coins are worth right now. You are not going to sell them anyway so what they are worth is what you like them to be.
The main thing as already said over and over is Buy some books on coins. Possibly the Red Book. Don't believe price guides. There is NO MANUFACTURERS LIST PRICE ON COINS.
When you go out to buy a house, car, boat, etc. most people do not just pay what is the asking price. Most people try to chew the owners down. Same with coins. There are many price guides and they are what they are, Guides. There are no bar codes on coins. There are no price tags stamped on coins. Any coin can sell for what ever you want then to.
Keep away from ebay or any on line auctions or web sites until you know more.
The main thing is to stay here and ask, ask, ask, ask until you know more than us.