Hi guys, I'm new here, and have introduced myself in the "Introductions" forum, but I came here with a few questions. For quite some time, I've been sitting on a beautiful 1889-CC Double Eagle. I've been collecting for a while, but it is mostly mercury dimes, walking liberty halves, and peace dollars that I know, but I don't really know what to do with such a coin. It was given to me a long time ago and I don't have a great idea of its worth. Because I'm not very interested in gold, I was thinking about selling it but I'm not sure what/when/where/how... Would some of you mind giving me some information and some tips? But it is a bit difficult with my camera... will be back soon
That is a valuable coin. I would recommend that you submit it to NGC or PCGS for authentication and grading. Many people will not buy a valuable coin like yours if it is not slabbed. Your coin Grey Sheets: VF20 - $1,450 XF40 - $1,700 AU50 - $2,200 AU58 - $2,750 MS60 - $4,550 MS62 - $10,000 MS63 - $15,000 Once you get the coin graded to maximize the potential sales price you should consider placing it in a major auction. There are several auction houses (e.g., Heritage, Superior, Stacks) as well as Teletrade. If your coin is MS-62 or higher (i.e., $10k or more) think you would do better with a major auction house (e.g., Heritage) at a major show (e.g., FUN or Long Beach). Understand that the Grey Sheet prices are dealer-to-dealer prices. Do not expect to receive those prices. Also, there are costs associated with selling your coin at auction. Good luck and keep us posted. It would be nice if you could post some pics.
If you're pretty sure it's authentic and not cleaned/damaged, then you can submit it raw to Teletrade. They'll submit it for authentication/grading for you, and assuming it comes back in a slab, they'll then automatically put it up for auction. They will take a decent-sized bite, but it will require relatively little effort on your part. If you want more money, slab it yourself with a reputable company (PCGS, NGC, or ANACS -- use ANACS if you think the coin has been cleaned or damaged) and sell it yourself (coin show, coin shop, CoinTalk Open Forum, etc.)
i got some 1995w am eagle silver proof dollar. if i submit it for slab. it turn out to be proof 70. can the company change another coin for me at a lower grade. presuming we are just new to that slab business. i mean the dealer, the pro graders. can they cheat us?. and how much do we pay for slab?. and how long we can get it back?. what about if i have 10,000 coin for slab. it will cost me more than $150,000.00 for just the service. isn't it?. i need help. anyone. thanks.
I agree with Hobo. Good advice. Don't skimp or use a second rate sales outlet like Ebay for that sort of coin.
No elaine they will not switch coins on you nor will they cheat you. As for how much it cost, that depends on the coin and what services you request. It can vary greatly. But from the cheapest up, including shipping and insurance both ways it will cost about $40 a coin minimum.
thanks again GDSMSP. o.k. for expensive coins. you said $40.00 per coin. so the modern commems worth around $14.00 to $20.00. all brand new. and directly bought from u.s. mint before. and the american eagle silver bullion coins bought 500 pc per box from coin wholesaler. all new. dated 1988 and 1992. should i send it for slab. and pay $40.00 each for service. it is worth?. any suggestion?. thanks.
Moderns ( and many others ) are submitted in bulk, sometimes 1000+ at a time. Better to buy them slabbed already.
My advice: 1) have the coin assessed in-hand by a professional. ask them if it is real, and if so, if it is likely to be graded by PCGS. 2) send the coin to PCGS for grading. 3) consign the coin to Heritage. I suggest you contact a dealer to negotiate better terms, and would recommend specifically Mark Feld. Respectfully submitted, hoping to help...Mike
I like and respect Mark and he is imminently trustworthy, but I do not recommend consigning through a dealer for 2 main reasons. 1) When you consign through a dealer the dealer controls the money. This means you have to completly trust the dealer and have to be confident of their financial standing. The consignment agreement (contract) is between the dealer and the auction house meaning that you have no leagl standing in the transaction and the dealer has all of it. If the dealer wants to take a cash advance against your coin he will be allowed to because as far as the auction house is concerned it is his coin (one of the clauses in a standard auction contract states that the consignor owns the coin and has a clear title to it, giving him the right to sell it. this is a situation most collectors are uncomfortable with (I know I would be and I trust Mark). 2) Dealer consignments are handled differently that collector consignments. The get a lower seller's fee generally, however the house has less expense involved in them. Dealer consignments simply aren't advertized. Dealers understand this, but most collectors are unaware. A dealer usually is auctioning the coins he cannot sell himself (read as lower quality and unwanted pieces) or coins he has made (coins he upgraded and are by definition lower quality for te grade). These types of consignments aren't shown in Coin World or Numi News ads and they aren't featured in the catalog the same way as collectors' coins. This trade off is something to be aware of. Most collectors don't want their coins associated with dealers' coins in an auction if it can be avoided.
With all due respect, Cave Troll, this coin (unless it is in ultra-high grade) wouldn't be advertised any differently based on who submits it. Furthermore, I'm not sure that letting a trusted dealer control the money is a bad thing -- particularly given the OP's ignorance of the process -- in both cases he would be relinquishing control to someone else, and frankly, I trust Mark (and a small number of his peers) more than I trust Heritage. FWIW, the OP requested a way to maximize profit -- and a noob trying to negotiate with Heritage will not be nearly as successful, money wise, than if you go through someone who knows what they are doing. I'd guess 10% or so difference in hammer. Although it may be difficult for someone without a prior relationship to get all of that 10% -- I strongly suspect it will still be in the best interest of the OP to do it this way, and if not, Mark's the type of guy to say so...thus my recommendation. You are free to disagree (and have). Respectfully...Mike
brilliant piece my TOTW this si something anyone who spends more than 1k per year on auction coins should know IMHO
I cant speak for heritage but i would jump over a cliff based on what the troll tells me ( he works for heritage)i am not jumping over anything for any dealers. not saying for or anything against anyone - dealers or heritage just leeting everyone know that an alternate viewpoint exists from a one time high roller. In fact dear leadfoot i would trust your opinion over 99% of dealers.
