I was just looking at some eBay Lincoln cent auctions earlier--a 1999S graded by NGC, a 2007 and 2008S graded by PCGS. All of them sold for $5 or $6 each. I've been to the NGC web site, and the absolute cheapest grading is $12.50 a coin. So why are people grading and slabbing such new coins, when they can't even get their money back?
I believe its because some dealers send them in bulk in hopes of getting a MS70. One coin can sell for hundreds of dollars. The rest get sold to try to recoup what ever they can. They probably get additional discounts as well when they send them in bulk
Or - a collector submits them, absolutely positive that the coin is a 70 and that he has just struck it rich. And the TPG doesn't see it that way.
sellers like lccoins and coindiva sent them in huge lots to the grading service, get a reduction in price, and then get a handful of 70s back which is actually quite profitable
Correct. Their generosity to you helps their bottom line. As I've stated so often, "It's all about the Benjamins".
Ok, that makes sense now. The ones on ebay were really nice, and graded 67 and 68. I was at a coin show recently where a dealer had a whole bin of them for $7 each, but I don't remember who the grading service was. Now I wish I had taken a better look.
I go to coin shows all the time and aways wonder why there are so many coins worth only a few dollars and in a slab. And then too, some are graded as MS-62 or even less. I've seen coins of all denominations and dated as recently as the 2009's in slabs and selling for a few dollars. I suspect some people are just slab happy and think having coins in a slab will make them worth more. At almost every show I see about 40% to 50% of all coins in slabs. One dealer always tells me to igore his slabbed coins since he sells them as if they were raw since most should have been. He too pays practically nothing for many of them. People are just slab happy.
You cannot see one. It is for dealers only, but if you submit 100+ coins with other qualifiers, they will do them for $7 each.
Some of my coins Like Silver Eagles I like to have slabbed for the grading and the protection, And if you send one in for grading and you get that 70 grade it makes it a lot better if you sell the coin down the road. I am no expert just a normal blue collar worker trying to learn about coins.
