Redbook Schmedbook

An acquaintenance knew I was going to a coin show today and asked if I'd see if I could find him the 2001 Buffalo 2 coin set .. but he stresses "I want it around Redbook price, ok..?'

Knowing, or at least, thinking Redbook usually assigns a much higher value to coins than usually traded, I said 'oh, you bet' as I glanced at my 2008 Redbook, noted the $610 value listed, and compared it to the greysheet.

When I phoned him from the show, thrilled that the dealer was going to sell it to me at greysheet bid for $410, he was ....... astounded. But not in a good way.

WHAT??? It's only $310 in Redbook!?! I said, 'no, I just checked the RedBook, it's $610. He argued he was looking at his too and so I asked 'gee, what year?...thinking maybe he had the 2002 or something but when he answered '2007' it was My turn to go 'What??

So I understand his 'point' - after all it's the year 2007 and he has a 2007 Redbook ... geez. So in order to even be remotely prepared for a coin price you have to go by the guidebook for the future ~~~ not the present.

I guess I'll have to show him a greysheet and remind him to read the disclaimer offered by Redbook about values assigned. And if he ever talks to me again, I'll send him a current redbook for his birthday. Or a future redbook for his current needs. Oh heck, I think I'll just leave town & change my phone number. I got him a deal and I feel like the bad guy.

 

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Don't feel bad. We have all done the same thing before. Telling someone we would do them a favor and end up being the bad guy. Take the experience for what it's worth, give your friend a little while to cool down and eventually they all come to their senses.

Oh, and next time someone asks you to get them something for Redbook... well, I think we're ALL gonna ask a question or two to qualify now.

 

He should realize that prices can change daily and that most books are ballpark at best because of the time it takes to publish them. I wouldn't feel bad. You were doing all of the legwork and haggled him a good deal. He should be thanking you for doing that. I guess what they say is true, "No good deed goes unpunished". I'm sure once he sees the Greysheet he will understand. If not, perhaps he should pickup his own coins from now on.

 

I was looking at the Redbook vs. Whitmans Blue Book.
and I think the blue one has much more realistic prices.

 

I'm not even sure why the Redbook is considered the "best" price guide.

 

~ whew ~ thank you both. I guess the one other saving grace here is that rather than being so thrilled w/the bargain I didn't go ahead & buy it without phoning him.

 

CoinGal:
That was a nice thing that you offered to do, and, once again it proves the old saying: "no good deed goes unpunished".
I'd ask him a simple question,: Does he enjoy it when his coins go up in value?
If so, then if he has a 2007 Guide Book, and he has it in January, should the prices be the same in December?
Apparently the concept of time is alien to him.
As you know, the gray sheet shows price changes each month, if it didn't why buy it?

Oh, well. Next time I guess just ask him for a number (price).

 

it's a good idea to read more books than just the red book. the more a collector learns the better they are to understand pricing etc. jmho

grizz

 

I wouldn't feel too bad. If he was that upset I would have just sold it to someone else at a profit.

I haven't bought a Redbook in years because of your situation.
I buy an occasional copy of Coin Prices and subscribe to Greysheet and I still see times when Coin Prices retail is lower than Greysheet.
If I'm at my dealer and he has a coin that falls in that category I always offer to pay retail. I don't believe it's ever worked but we usually get a good laugh out of it.

I think Greysheet is a lot more in tune with what's going on.

 

I would have to agree with you on the greysheet, I also use the monthly price guide in numismatic news the market is always changing. And there are some that if they wont something bad enough they will pay what every it takes to get it .

 

The Greysheet is best for determining the market, not neccesarilly the trading price of coins. But, it's still the best means to gather what you may pay for a coin. The Redbook isn't meant to be a literal priceguide. It's a reference for type and date, with the last prices paid for coins based on market values at the time of publishing, which is usually six months before it's available in stores. I like this site for pricing: http://www.pcgs.com/prices/
even though some say they price too high, I've always found it closer than even the Greysheet for my liking.
Guy~

 

The Redbook is absolutely NOT the best price guide. But for those of us not interested in being perfectly in step with the market, it serves as a good general guide.

Beyond prices... Have any of you actually read the Redbook? It often tells a lot about the history of the coin, something that the greysheet simply does not offer.

 

I read it, at least i read about the series' i collect.

 

The Red Book contains info (mintages, metal composition, types, etc) that you simply can't find elsewhere without a lot of work.

 

Like Frank said, the Redbook is a great reference tool for info other than price.
The most accurate price guide is to check recent realized auction prices, Heritage, Ebay, etc. Even then you need to be careful sometimes, as some people will pay almost anything if they want the coin bad enough.

 

I have to agree that the Red Book is really great for general information. They have over 60 years of experience in that book. It used to be a book that came out a little early like in late Fall. WAy, way back then it was the only price guide for everyone. Then suddenly those wierdos at Whitman went nutty with the dates. If you consider it takes months to accumulate all the info, supposedly checking it out, printing preparations and then the actual printing the 2008 version was probably started in Spring of 2006 so what good is the prices in there. No one working at Whitman is able to forsee the future so prices are just a wild guess and have nothing to do with reality. No wonder everyone is confused with the dates on the cover of the Red Book. Here it still is only the middle of 2007 and the 2008 edition is out for many, many months.
I would guess by this fall the 2009 Edition will be out and then by Spring of 2008 the 2010 Edition will be available. Just think by the year 2015 Whitman will have the 2137 Edition out.

 

ummm, it's not! it's actually worse than the PCGS price guide.

That said, it is an essential book and the first one I recommend to any new coin collector.

 

Recognizing that prices in all books are outdated, I sort of prefer "North American Coins & Prices" put out by Krause because it covers more grades, Canada, Mexico, and sometimes has some interesting articles in the front for ideas.

 

with all this said - what is a realistic price book that one can purchase?