Hey everyone.I was just wondering how many of you use the PCGS price sheets to go by when buying a graded coin.I ask because I saw that the 1993 ASE in MS69 is priced at $195 in the pcgs guide,but I was able to get one for less than 1/3 that price.Did I make out or was that about going price?
I use both the Red Book A Guide Book of United States Coins - 2006 by R. S. Yeoman, and the PCGS Coin Guide. I know they say the first is way low, and the second only applies to PCGS graded coins, but they give me a good high-low estimate.
It's the 1993-P "Proof" ASE that is give or take $200.00, I think you can generally pick up the BU Unc 1993-P (ungraded) for around $25.00 +- ah.. your right.. it does show $195 in guide.. ah well, if you got a PCGS MS69 for a lot less that that.. then you prolly got a deal.
No you didn't get a deal. But you did get an education - that being that the PCGS price guide is worthless and not to be trusted. The average price for a 1993 ASE slabbed by PCGS as MS69 is about $30.00.
It doesn't apply to PCGS graded coins either. That price guide is used as a marketing tool by PCGS to convince collectors that don't know any better that coins slabbed by PCGS are worth more than they are really worth.
I've seen PCGS graded coins that I wouldn't pay $5 for. I've seen others that I'd pay $50 for. Same grade, ('71s PCGS PR69DCAM Ike Dollar). There is an awful lot of variability in slabbed coins, even with the exact same grade. Like they say, buy the coin, not the holder....
My comments were not directed at you personally - please don't take it that way. But that's the best way I know how to explain WHY that price guide even exists.
Just a few things: 1) The Redbook is not too low. It is just inaccurate. Many coins are priced way too high and many way too low. It's great for looking up mintages and stuff like that, but not for prices. 2) The PCGS Price misGuide is a scam. When the people selling the coins set the prices in the guide, you need to think carefully about using it. Also, if it were accurate, wouldn't PCGS use it when they have to do a buyback under their grading guarantee? Do they? No! Their price guide is just like their grading, inconsistent and biased. 3) For generic stuff, just check the completed auctions on eBay to get a feel for the going price. For nicer stuff, try the Heritage auction archives. 4) Buy a set of the Greysheets. While not 100% accurate, they are decent.
I would suggest a two step approach to pricing that I've found useful. First, I look at recently completed auctions and internet dealer prices to see what I'll probably have to pay if I want to buy a particular. Second, I look back through price guides such as the Redbook to get a feel for the range of prices that have existed for the coin in question. In my case, I go back as far as 1997. I suspect many astute collectors can do this intuitively because of their deep knowlege of where coin prices have been in the past. But I have to look it up. Sometimes having very accurate and up to the minute auction pricing doesn't necessarily mean that a desirable coin is currently priced fairly. Sometimes historical pricing will help identify a current bargain, and it might be worth paying a premium to the most recent prices to get it on the expectation that prices will return to "normal." A lot depends on just how badly you want the coin. If you can't walk away from a transaction, there is a cost involved.
