How to trade up? Hey I have a very nice MS63 1878-CC (PCGS) I just bought it few weeks ago, but I just made some money, and I would like to upgrade 1 point.....How do I do this?
Best thing to do is to decide on your strategy before you make purchases. Then you don't have to worry about upgrading later on. The problem with upgrading is that you lose money on the deal pretty much every time. People tend to forget about the buy/sell spread. Say you buy a coin from a dealer for $300. A while later you decide you want a nicer coin. Now assumig the prices have stayed stable, that same dealer is likely to only offer you around $200-$240 for that same coin you paid him $300 for. So you're losing money on the deal. When you buy a coin, make sure that that you are 100% happy with the coin and that you will not want to upgrade it later. Otherwise your collection will probably end costing you twice as much as what it should. But if upgrading is what you want to do then there really isn't much to it. You either keep the coin you currently have and buy another in a higher grade. Or sell the one you have to either an individual or a dealer and then buy the one you want.
Hm...I do love the coin, but I would also love a higher grade...I was like wondering say I paid 260 for a coin, and a the higher grade is 400, I was kind of hoping i could give the dealer the coin, and 140...?
.....that's not going to happen with a dealer. you've got a much better chance selling to a collector jmo.
I've actually upgraded several coins in my sets by trading my lower grade coin + cash for the higher grade coin... Depending on the dealer and the quality of your lower graded coin, I've found this to actually be pretty easy to do. Sure, don't expect to get a credit of the full retail price of the coin you're trading in and at the same time expect the dealer to haggle on their askinng price of the upgrade coin. But I've found that I've been able to make much better overall deals by trading towards the upgrade than I would by trying to sell the lower grade coin separately to another party. Like I said though, it's much much easier if the coin you're trading in looks great for the grade and has nice eye appeal :thumb: It's also fairly easy to do this with dealers that you deal with often. I've found that if they want to keep your business and keep selling you the higher dollar coins, they are much more willing to accept your trades for reasonable prices. Doesn't make good business sense for them not to treat you as fair as they can.
