Simple question. Do I need it? I am very new to collecting, and have ben pouring over internet coin sellers, ebay, etc. Trying to make heads or tails out of coin pricing is driving me a little crazy. I realize the Red Book, along with all the other magzines and such, is just a guide- my experience buying and selling firearms for several years has reinforced that. But the greysheet seems to offer a little inside info. I realize it won't tell me how much a coin will cost, but it will let me understand how a coin is priced (if I am wrong about this, please let me know). To make the absolute best decision on the purchase of a coin, should I have a greysheet subscription? While I am asking questions, is there a way to look up past performance of coin values without having a 20 year collection of Red Books or purchasing a greysheet graph?
This is probably not answering your question but tonight I printed my new Greysheet docs to take to the FUN show. I would not think of going without a fresh print or file on the laptop. Very best regards, collect89 P.S. you can order a complete set of greysheet docs online for about $10 - $20 depending upon what coins you collect. www.greysheet.com
Some swear by it, but I find it almost useless. It may mean something if I want a set of 63RB Lincolns. 64 RED also work. But what is the price for a 64 RB? How about a 63 BN? Even the pricing for NGC and PCGS are not equal. I use Heritage past sales for all my pricing - or nearly all.
It really depends what you want to collect. If you do decide to purchase it, please realize that the prices really are dealer-to-dealer wholesale. Lots of collectors expect to purchase coins at or below greysheet bid, and it is possible with some series, but in most cases, the greysheet prices are not even close to retail prices. I've been purchasing bust quarters lately, and they are ranging from 2-4x greysheet bid from most reputable dealers. CDN has really fallen behind on this trend.
General guidance. If your primary interest and spending are not in pre-1965 coins, you don't need it. If they are, then maybe (see Specksynder's post above).
Greysheet (and other colors) have been pretty much useless to me because they don't have FBL prices. Now that I'm looking into other series, they might become more useful.
It's an interesting general guide (with all the caveats mentioned by those above). I order and print a set out probably twice a year (very easy to order online). However, I agree with RLM, if you have a specific coin in mind, you're best off looking at auction archives, which are available at Heritage, or even better at CoinFacts (which lists auction prices for Heritage, Bowers & Merena, Stacks, Goldberg, etc).
It may help you some but if you really want to "get It may help you some but if you really want to "get a handle on this thing, (coin pricing) do this: Start getting Coin World and Numismatic news each week, read them, start going to shows and shops, read ads, ask questions, study, study and in 5 or 10 years you will have a start to having a good solid working knowledge of how coin prices are established. I am not being difficult or telling you anything that I have found not to be true - that is what it took for me and I learn more each day. My mistakes are the most valuble learning tools I have had. This is a multi-complex subject and it is not for the faint of heart there is thousands, hundreds of thousands of fine points to learn and re-learn and I know of no one who has been able to short cut this process. This is the best advice I could possibly give you. After 20 years of buying and selling coins I feel I know about 35 to 45% of what is known about the subject.
The best market pricing reference to use are simply recent auction archives such as Heritage, Stacks, Teletrade etc. as was previously suggested. Thats not meant to suggest that the Grey sheet subscriptions useless because knowing what the current bid vs ask for certain issues IMHO is important information for me.
Thanks guys. I have been reading and reading, but I am unable to put my head around it. I guess it will take me awhile, as mentioned, so at least I am not thick... I'll start looking at auction prices and such. I think I will order a sample pack just to see what it is about (greysheet). The coins I am interested in are pre 64, walking liberties and buffalo nickels by the way. To the posters here, where do you buy most of your coins? Auctions (not ebay), coin houses, or local dealers? Just curious.
Wherever I get the best deals but it's generally from Wherever I get the best deals but it's generally from establihed contacts and dealers/customers I have been doing buisness with for awhile.
I would suggest you first start by cultivating a good relationship with a reputable local Dealer.( that does'nt mean buy a bunch of coins from him) If he is not to busy, perhaps he will spend some time with you. Pick his brains. Join a local Coin Club.
You need to gather all your information from the top sources and Then go from there, Takeing from one usually doesnt cut it!!
I have found a local guy that I will be doing business with for bullion. He has coins as well, and seems relatively knowledgeable. I'll have to look into clubs.
I like the greysheet to take to shows, auctions etc. I'm not quite sure how you would carry around a bunch of auction prices and such that would be easily referenced. Although for specific grades and dates I assume it would be ok. You can't buy everything at greysheet bid or ask but it's a good range to shoot for. As far as paying 2 to 4x greysheet for something--I wouldn't consider it. I mainly buy Bust and Seated Halves, If they aren't at greysheet or relatively close-I keep on looking....the fun is in the hunt. Most important is get what you pay for. Lack
That's pretty much how I use it. I buy mainly at shows and all the dealers respect CDN. Now, there are many exceptions of course and it takes experience to "draw between the lines" with CDN. When I'm hunting for a specific/key coin, I use every price source I can and then arrive at an acceptible target price. But when I'm at a show competing with other buyers, I have to use a quick paper guide like CDN or risk losing a coin. Many times I've had someone standing behind me asking to see the very coin I'm holding!
