Ok, so since this would be my first time doing this, I guess I should ask here first. I have a 2009 redbook, will I be ok with this for a few years, or should I upgrade when the '10 version comes out? stainless
The '09 Red Book should be enough for you for a couple more years. I recommend that you use it more for mintage figures than pricing. You can get better - and more recent - pricing elsewhere.
No. One redbook is enough, IMO. Better to get actual pricing from prior auctions and fleabay. Might consider buying a greyshet occasionally.
What Hobo said.....you don't have to buy one of these books every year Anthony. That is, unless you want to. Some folks actually collect them.
In reality, it's already out of date. And it never was a realistic guide on current pricing, just prices 6 months to a year ago. It's okay on relative pricing when comparing the "worth" of two or more coins.
yep, all of the above is pretty much what i found with my 2008 when I got it. Mintage figures are good, as well as the info on some errors and commems, but pricing is pretty far off in some categories. I'd stick with the one you have.
On series that I am able to collect, I mark up arrows for ones that have gone up from the previous year and down for the ones that have went down. I probably could do it easier/more accurately another way though
stainless - Better to take that money and subscribe: http://www.greysheet.com/cdn/cdnqtr.asp A little closer to reality than retail pricing in the Redbook.
Unless there is a brand new series that you are interested in "just having the information" for, stick with your current book. As others have said, do not use the Red Book for pricing information, use other sources. A coin is only worth what you, the buyer, are willing to pay for it. There are no MSRP for coins. There are no set retail sticker prices. There are no wholesale outlets or CoinMarts to get the coins you want at a discount. Prices are simply the middle ground that buyer and seller are willing to meet at to exchange "money" for money. Some have mentioned to get the CDN, but do understand, as most people do not, this information is already outdated by the time you receive it as well, but only by a few days. Not only that, but the prices in the Greysheet are bids and asks for dealer-dealer transactions. These transactions usually imply an already established relationship between two business entities. Do not expect to prance into a coin shop, slap down the Greysheet, and get your coin for Greysheet pricing. True, there are instances were you may get something off a dealer for LESS than CDN Bid, but these prices are educated market GUESSES of what a dealer is willing to buy and sell to another DEALER based on compiled information from said dealers. If you track true auction results (Bluesheet, or certified bids/asks are determined differently), then you will see that even in most peer-to-peer transactions, coins usually go for more than CDN Ask. Simply use whatever tools you use for pricing as a guide, and never as "law". it is you, the buyer, who help to determine what a coin is "worth" when you make a transaction that may be tracked in one of these "lists".
And if for some reason you deside that you really do want to upgrade your Redbook, I would probably wait a few months. The 2010 should be out in about three months and then you can decide if you want it, or the 2009 at probably a lower price than it will cost you right now.
stainless: Please ignore all of these crazy people. They know not. Everyone simply must buy a new Red Book each and every year. [okay, I admit it, I am prejudiced!] So, that said, buy the book.
I've come to understand that the red book will remain consistent for many coins that don't fluctuate a whole lot. You may look up a Morgan and it will list it for 50.00 and you might run into a dealer that's looking to get 60.00 for it. Other types will get left in the dust through the year, such as some Lincoln cents that got really hot throughout 2008. The redbook will probably update big time in the 2010 to reflect some of these changes. It'll be out in a couple months. I think the red book is a decent guide to get you in the ball park. If there's a coin that you're really not an expert on, it can be a quick reference to let you know that this coin should be in the 50 to 100 dollar range and not 150 to 200 range. Prices will be in constant change. Nothing printed can keep up. Each sale can be an individual, unique deal, depending on how good the eye appeal is. Just keep all this in mind when looking. The redbook does occasionally add information and pictures on varieties' in certain series' each year that some may find interesting. IMO, the red book is cheap. You don't need one but if you want one, just get it and don't worry about it. I routinely spend more than a redbook on dining out for an evening.
Yeah. The Redbook has some good information in it, but oftefn does not have accurate prices. I get one every few years. There is no need at all to get one every year unless you collect them.
Thanks for the help guys. I really stoped using it as a price guide after I looked up a few of the licoln cent prices..lol...but I was just wondering if they changed some info or something. I will prolly just keep the one I got for a few years, then upgrade later if I need mintages for the next future years. thanks stainless
