Well if most people dont know what they are doing and are bound to fail then its not so bad...unfortunately the reality of the situation is people do indeed buy coins, get them slabbed, relist them at a premium (with or without slab they will do this, but slab helps boost the price most) and someone will buy it...because, as you say... 'what they dont know...' is why people can make money buying, slabbing, flipping for more money...Those people will figure the extra price for the authenticity 'guarantee' ...or simply wont know what the coin is worth in the first place so now that person will not sell the coin for less, etc..etc...Sthey wont take the hit as they can pass it on at a profit to someone else that hasnt learned that lessen. There are plenty of people eeking that extra buck quite well using grading and slabbing. Certainly there will always be people a person can sell a coin to at twice the worth or more...in the end you don't need the slab but it helps for implied security. In the end though...if there is a market for it then, and people will buy this way, then you can hardly blame them for getting all they can
I'd think a simple inventory list and memorandum kept with the coins should take care of any of those concerns some lucky heir is just going to take the inheritance to the convenience store and buy a pack of smokes with them, just fine.
... and when your heir takes the coin and your written opinion to a dealer, the dealer will explain to them that your grading is off and the MS64 is really AU. It is less likely that they will be able to mount a convincing argument that their grading is superior to NGC and PCGS. Everyone can do what they want, but I won't spend a lot of money for an unslabbed coin, and as Doug explained above, it doesn't necessarily cost more.
I believe it not only costs more, but the practice bumps coin prices up as a whole...especially with the MS-whatever grading system....as people slab all the coins, the prices go up and will stay up... And the first problem with the scenario above is someone taking a coin to sell to a dealer!! I couldnt think of a worse way to sell coins and the best way to get the least amount of money. My instructions to anyone who gets my coins (which are all attributed with estimates) is take a little time to sell them off individually to collectors...but I know for a fact who is getting my coins and know they are more than capable and willing to deal with them and get the best money for it... Oh, and I think its absolutely ridiculous to typify a coin collector leaving highly valuable coins to an heir that may not be 'ready to sell' as bad or there being 'nothing worse'. If that the worse thing I do to my relative I will feel pretty good!! My coins will not be the 'inheritance'...just a small fraction of what I will hand down so if they dont want to deal with them and think I am a 'meanie' for leaving them a highly valuable collection of coins, some very rare...Cry me a river...If its such a pain for them to deal with it then they dont have to...luckily no one in my family is such an ungrateful slob, they are quite bright and know what to do
Oh I'm not advocating don't buy slabbed coins! I just don't think you need to slab them, yourself, unless you're in the business, i.e., a seller. And I gave my reasons I think that. But I get you, you're advocating "going the extra mile." Just in case he's a real dope. That's fine, that's one way, there are no "answers," here...just opinions. But, if he's just a regular dope, I'd think an inventory list and memorandum (instructions, included?) ought to suffice in terms of helping prevent him from being taken advantage of. JMO, now. Reasonable minds can differ, here...
Yes, we completely differ on this point. I don't consider anyone who doesn't happen to have an interest in coins to be a "dope," real or regular. I just want to make it easier for my kids to know what they have when the time comes. Slabs are just another form of insurance.
If I have read and interpreted the comments here, slabbing is mainly done with an eye toward a future sale of the coin. That is all fine and good but what I intended by my original question was to find out why a collector (not a speculator) who collects for the enjoyment of the coins and who has no intention of selling would want to have a coin slabbed. So I'm asking those who collect for themselves only, and feel they need to have some of their coins slabbed, Why? The theory that it helps descendants and relatives assess the value of the coin doesn't seem especially valid since most everyone I know keeps a separate inventory with their collection. And anyway, few collectors collect specifically to pass their collections on to someone else.
I will be honest...if a persons relative dies, that relative has thousands of dollars in coins and leaves this treasure to him, and he whines and complains about having to do the very minimum in simply getting a current market value for them and selling them off? Its unfortunate and maybe he left them to the wrong person because obviously they aren't smart enough to see a gift of free money for very little effort being handed to them. They would be nuts...I am positive most people see it as great gift. I can see if the coins are not attributed but even so, if its worth a lot of money then its a small effort to profit off one persons life passion and hobby. I doubt a large amount of collectors have the bulk of their coins laying around in a coffee can. They have them attributed, often times with prices, dates, the seller, etc... But in the end, I dont collect mindful to the possibility that I may pass them down to someone who can scatter my life long collection to the winds for quick cash...I would prefer to leave them to someone who will want them and keep them together...even if they aren't related to me...and give my relatives cash and other things. (like gold and silver bullion). But if that person would want to sell the coins, they are fully attributed most of the harder to find ones with all the info they will need....Even if they weren't and the person laments 'why oh why didnt he encase these in a slab and put a grade on it!!, what a burden!!'...My sympathy goes out to that collector I wont lose any sleep on that account. But again, I think most people are smart enough to know when they see old kings and queens and early dates on a coin passed to them from a collector, it may be worth the effort,
I don't like slabs. Every slab I've ever bought I've broken. That said, I have sent coins in to be slabbed. When I'm selling an example which is one of those "special" coins, having it TPGed works wonders on the bottom line of the sale. It offers the buyers protection and it also offers myself protection. They have a reasonable expectation of knowing exactly what they're getting within a +- point. I don't understand the current slab frenzy. There is no point in slabbing a 2006 nickel. None. Other than in the hopes of getting one of those stellar grades. I'll be honest here, I can't tell the difference between a 67 and 70 coin. I've looked at tons of examples and I still can't do it, and I've been collecting for over 30 years now. After the reasons have been explained to me (on each individual coin) I can sort of understand, but even then not so much as to be able to do it on my own. The only point I see behind it is to try to build a registry set. Which I think is a bunch of $#(^.
I'll chime in here with my thoughts. I have over the years put together a very nice set of Lincolns. My personal set is a 09-33 choice brown AU grade. I am thinking of 3 things here. 1: My daughters protection when she sells, 2: A nice registry set, and 3: documentation for insurance purposes. Now many of these coins are only worth a few bucks, but some are worth hundreds or more. Many spreads between VF/XF/AU are substantial and that PCGS slab will help my daughter realize the safest way to sell ( if I drop tommorow, who knows what may happen in the future). thats as a collector As a seller? I try to talk folks into raw coins as often as I can, as I stock most toughies raw and slabbed. The consumers in most cases buy the slab. It's reality. I deal with it by providing them what they want. Slabs.
People occasionally arrive in this forum with the story, "My spouse died and left me several thousand coins. I need money but I don't have the slightest idea what to do" What are the odds that this person will ever realize the full value of the coins? Practically zero. But thinking as a pure, selfish collector who doesn't give a hoot about anybody else but me me me, slabbed coins are enjoyable from the standpoint of comparing your personal grade to the experts. They are good for authentication for coins frequently counterfeited such as trade dollars. They provide a little safety when buying from Ebay. The holders provide a professional appearance for the collection and offer substantial, but not perfect, protection for the coins against accidents. They are somewhat easier to resell if you care to upgrade or switch your attention to another series. And they are fun for "guess the grade" posts at Cointalk.
I'm a pretty decent grader , but still don't see enough coins in hand to be able to tell all the different type coins to a point of their grade , with Morgans , and a few others I have the confidence to buy raw , but if I'm paying $500 + dollars on a certain type I'd rather have it slabbed PCGS or NGC , of course I always buy the coin and have never bought a slabbed coin sight unseen and without an exchange agreement , also I like how slabs protect the coins , the better coins I buy I put in Intercept Shield 2X2s which are like little slabs anyways . And then there are the coins I would never buy unless slabbed like the frequently counterfeited Trade dollar . Also when I croak my grandkids won't have to worry about getting them graded / authenticated , plus I just like slabs . rzage:hatch::hammer:
Classic logic!!...collecting without slabbing means you are a selfish collector that only 'gives a hoot' about me me me...You should work for a TPG!! 'Dont be selfish to the people who are looking to liquidate your collection after you die!! Pay us to pack it crappy plastic!!...Then they can have all the basic info you put in your flips with every coin anyway...and a grade too!!! It looks official!! You can justify high prices and can sell it for more more more!! AND coins look GREEEEEAT encased in cheap plastic!! you cant beat that plasticy shiny hazy goodness!!' Coins look terrible in slabs IMO and the people I love will be taken care of by other means besides what they might get for selling off my collection. I wouldnt hing my families support after I am gone on a coin collection I put together as a hobby, for personal enjoyment :rolling:...and with hope they wont sell it because of that fact and maybe I will have taught them about the value of hanging on to them instead. But if not, I have faith they can look up a market price on a coin from the info included. Its hard to even take that line of thinking seriously.
I don't think any of us at least not me think I would provide for my loved ones with a collection I loved , that's done by raising your kids right , and giving them the tools to support themselves , like giving them a loving home and a good education , anything left to them in my will , will just be gravy , and hopefully like you my heirs will keep the collection in the family . rzage :smile BTW I like slabs or at the least don't mind them . IMO
Well, if you want to resolve this on my choice of words, I guess I gave you a gift, there. But, now, permit me to substitute within the context intended... which, given your reply (which you seem to have forgotten, for some unexplained reason), is your entire basis for slabbing, in the first place... i.e., that your heirs may be "uninformed." If they were informed, there goes your basis for slabbing. So, if you don't mind, I'll make that substitution...and, of course, thank you in arrears for your understanding. Again, though, I get your point. Just happen still to be of the opinion it's "overkill"...
