Has anyone ever given up on getting coins graded?

But why marry yourself and your definition of value to that particular network, Doug?

 

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If dealer buy prices are supposedly the only real price of something then it becomes irrelevant if someone "overpays" as they are "overpaying" for everything in life. If we use that same logic elsewhere in life the true value of beef would be what the farmer sells it to the slaughter house for, the true value of a TV is what it costs the company to make, the true value of anything would be substantially below what anyone could ever expect to buy it for.

 

So then there is no reason to be critical of what something sells for or eBay if everything in life is overpriced it's a nonissue

 

I have.

Really, really nice coins sell before I ever go through the bother of getting them graded.

I have cut most of the US type coins out of their holders anyway.

 

This is the fundamental flaw in your reasoning. Assumption based on your specific experience, without taking in the bigger picture.

 

I'll do it if I think the coin is of high value, and...I bought it low. Those come out ok.
Otherwise, I throw them in the safe ungraded and wait for the $ 20 Trillion to be paid back.

 

I guess they'll be in the safe for eternity.

 

Most of the time I do very well sending my coins in for grading. But I have been hurt a few times, my thoughts are that its a hobby not a business. Some hobbies are expensive. just an old dawg's thoughts.

 

I can buy that, and I agree. But the problem with the coin market is that the vast majority of collectors/investors are unknowledgeable, and they refuse to put in the work needed to learn grading or researching the coin's value. It is these people who set the value for any coin, whether you like it or not.

Example: I tried selling a gorgeous AU-58 Indian Cent that had full luster, some original red mint luster, and just a touch of wear. I was trying to get $140 for it (Later sold it for $120, but oh well). Then two people tried talking me down to $75 and $80 because it was raw. I used @GDJMSP's argument about coins in and outside of slabs have the same values, but I got the reply "That is the value for an AU in a slab, but this coin is only AU" (LOL!!!!!!!). At that point I stopped arguing with them and sold it to someone who knew what he was doing (and he was very happy; it is now his favorite coin over his VF 1877 cent).

Dealers tell me the same story (which helps propagate the notion that slabbed coins are worth more). They piddle over my raw coins and offer more for slabbed coins (even if they are the same grade). Dealers even say the type of slab affects the value. Even stickers like CAC historically affect the sale price. People are misinformed, but they are the basis of our hobby. Unfortunately, that causes the propagation of untruths that become "fact" in the market.

But I can use this to my advantage when unknowledgeable individuals sell me raw coins; I've made thousands of dollars doing just that.

 

Part of the problem is that most people either don't know how to grade or aren't confident in their grading skills. As one can see from auctions of slabbed coins the difference between a small increment in grade can be significant in value. Paying, say, an MS 64 price for a coin that's one point lower can be significant. Do the TPGs get it right all the time? No . But if you intend to sell or buy a coin you'd hope to get it right. Now as a pure hobbyist, it shouldn't matter as much.

 

I certainly hope there is some value in something TPGs do. But in my narrow field of expertise in attributing Early Date Large Cents, they are worse than useless. I have five entombed coins which I would prefer to have freed from incarceration. But I haven't found anyone I trust to crack the slabs.

Of course pretty much everything i collect in that area does have environmental damage and some level of corrosion and so typical coins come with genuine labels or Details labels which confuse the heck out of novices who think they have the same value coin as those rare exceptional pieces without such labels which are the standards found in the price guides.

That's how you get common G details coins priced at $500.

 

If he's got any brains he'll let his margin dictate that markup.

 

A slabbed coin does have added value --- it has been graded by an independent third party. I slab a coin because then I know that my grade was good or not. Then I use that slabbed coin as a guide in grading other similar coins. Guess you could call it the price of knowledge or education. I will keep slabbing.
Old Coin Dawg

 

So you're ripping off newbies?

 

A not insignificant percentage of those are from people who bought raw thinking it was a great coin had it graded and are trying to get their money back after the results

 

I don't make lowball offers. That is unethical.

If it is offered to me at a low price or if I see something in pictures that other people don't see, then it is fair game.

 

Like and old timer told me " Buyer beware". When we buy anything never pay more than what you believe is its value to you. If you are happy with the buy anything else or anybody else matters, those are your dollars that are being spent.
Old Coin Dawg just spreading the word.

 

Most things on E-bay are overpriced that's why they are there. Plus you have that guy that does not know better or is on the shady side of life selling things he knows nothing about. So its BUYER BEWARE.
Old Coin Dawg on the rant