I'm watching a coin being auctioned and it's in a "1st gen" (supposedly) OGH holder. I really couldn't care less about the holder the coin is in, but I'm wondering what kind of bidding craziness I can expect from people who are more interested in the holder than the coin. Anybody got any "rule of thumb" metrics on that?
I would guess the less expensive the coin, the higher the premium percentage. It's also possible I have no idea what I'm talking about...
I too don't really know, but I think there are people who believe (rightly or wrongly I can't say) the TPGs have had grade inflation over the years, which would make them believe a coin from an older holder a better coin than the same grade would indicate on a new holder. Thus, the premium. The best advice is always "buy the coin, not the holder," but if you buy any way but in person you can't really judge the coin, so you must rely on the holder or the picture, which may or may not be accurate.
Desirable slabs (however you define that), DO indeed command a premium price above and beyond what the same coin in a modern holder / generic hold would sell for. For me, I consider PCGS OGH (non-rattlers) to be a desirable holder. I do not care for rattlers and would not buy a coin in one, much less pay a premium. MANY people disagree with me here. I also consider the NGC "fatty" holders to be very desirable, across several generations. I factor in at least a $25-$50 premium just for the desirable slabs for cheaper coins, and adjust accordingly based on the coin. For me, the desirability of a slab is NOT due to me assuming Older Slabs = Under-graded. That plays no factor in my decision making. For some, I'm sure it does. I simply prefer the look of the older holders, the feel of the older holders, the scarcity, and the historical significance of the older holders. Keep in mind, there are SLAB-first collectors out there. By that I mean, some people consider the slab first, and the coin second. I don't do this personally, but Its a totally valid way to collect.
If it's a great coin, already in a great holder, get ready to pay up. If you ever decide to sell it, others will also pay up.
I should have said that normally it's a $125-170 coin in the grade given. Currently the bid is right in that range. It's a common coin. Hard to imagine many collectors want this specific coin specifically in an OGH holder, but who knows. I don't perceive it as undergraded, looks like a typical MS63 to me. I'll keep an eye on it as it gets closer to the auction. Thanks for the replies.
From what I've learned over the past number of years is that many PCGS graded coins in 1st or 2nd gen holders were under graded, based on current grading. Three or four years ago I bought an 1860 pointed bust IHC at a SB auction. It was in a 2nd gen green PCGS holder and not attributed as a pointed bust variety. I sent it to PCGS for proper attribution and regrading. The grade went from MS64 to MS65. The current PCGS Price Guide has an MS64 valued at $1450 and MS65 valued at $2000.
I like coins in OGHs. I don't specifically seek them out but if I see one at a show with a coin I'm looking for, I'll spend more time on it. I'll give you a comparison. I'm not trying to hide any marks or do any trickery with lighting here. There's a fine line between oversaturation and dark areas. Anyway, I present an example: Here is a 1932 $10 I used to own. This is in a MS-64+ slab. Note, scratches on the face and in the fields. Five scuff marks in front of the eagles head in field of reverse. Luster was great. This second image is the one i currently own. Another 1932 $10 in a PCGS OGH. Luster break on chin. Field clean. This is graded MS-63. Equal luster if not more. Either one is over-graded or one is under graded IMO. If there was a substantial value increase, I would cross it over but being only a couple hundred difference now, I'll just leave it in the OGH. It took a bit of a premium to get it. Maybe 6 or 7%. Side story behind this: I sold the first one to buy a large tool box that doubled in price at the store a few years later. The replacement coin I just got recently. I was not disappointed with the first one. There's even older PCGS holders with white labels floating around out there. I got a $5 Liberty in one at a show around 2010 that was amazing and graded a MS-60 in font that looked like a type write made it. Crossed it into a modern NGC slab and it jumped to a MS-62. I think itd have a shot at 63 if I resubmitted.
Only one response (@geekpryde ) so far definitively says it's the OGH slab itself that's desirable, and most of the others say it's the perception of being undergraded due to the era. Any conclusion about eventual hammer price seems nebulous. I guess that's true for any auction result. Did someone bid higher because it was actually undergraded, or did they just buy into that folklore based on the slab and not the coin?
I'd say if you want a definitive answer, Heritage (and probably other houses as well) holds dedicated "early holder" auctions. They've got one running right now: https://coins.ha.com/c/auction-home.zx?saleNo=60520&ic=breadcrumb-coins-121913-interior Take a look and see for yourself (I couldn't find a completed one, but I didn't try very hard).
I've seen those "early holder" auctions pop up but never paid them any attention. It either comes up as a coin I'm looking for or it doesn't.
Are OGH worth a premium to me? I can't really say they are, but ... Let me take this excuse to post the only OGH coin in my present collection. This thing is such a lusterbomb that its flash from a dealer's case at 2025 FUN caught my eye from ten feet away. @Randy Abercrombie and I had a friendly fight over it. He ended up buying it, though I had been the one to see it first. After some arm-twisting, he later sold it to me. Sure, it's a common date, but it is one of the prettier Peace dollars I've seen.
