I'd like to add a Peace dollar to my collection and figured I would start with the 1921. My local coin shop doesn't sell TPG graded coins. I went down there this past weekend and he had three of the 1921's. One was marked "$500 BU" and two others were marked at "$255 AU" (or $225...I forget now). My concern is that I buy one of these coins, have it graded and it comes back at a grade that is currently selling for alot less than what I paid. The difference in dollar value between one grade point is quite a bit for this coin. I am not looking to sell this coin but if I pay $500 for a coin that comes back as a MS-62 or 63 I probably won't be happy. I want to give the local guy my business as well as be able to look at the coin in-hand before buying. Is it just a matter of becoming better educated when it comes to learning how to grade coins or is it just part of the "game"?
I hate how Peace dollars tone and to me toning is bad. Especially when you get in to the "hair splitting" grades of AU and MS60-63. Since you want a 1921 and you have the money, go to a coin show and look for a nice MS63 graded coin. Or look for another dealer in your area with one. Or look online.
Well, don't count on a TPG grade, it's all a game. More often than not, collectors are disappointed by TPG grades on raw coins.....if they grade at all. Does that mean it's a "bad" coin, absolutely not. Don't take it out on the seller! If you don't agree with a grade when buying a raw coin, don't buy it.
I bought a TPG AU-50 for 106$ (Knowing it was actually less, but also knowing that 106$ is a good price for a VF coin). Might I suggest Teletrade?
The problem I have is that "BU", even "AU", covers a lot of territory. If your local dealer is "old school", chances are that the BU specimen could be MS60 as easily as it could be MS63. You can probably gain some insight about his "tactics" if you look at some of his other inventory, not just Peace dollars. If he has other coins with numeric grades, such as MS63, MS64, MS65, etc., chances are that this particular 1921 Peace is on the low end of BU (MS60), but he is trying to charge on the high end of BU (MS63). The '21 Peace almost doubles in value in this case, but if other coins have numeric grades, chances are they don't have a significant jump in value from one grade to the next. This would tell me that he is trying to pull a fast one on someone who doesn't know how to grade them. If this is true, your only protection would be to learn how to grade the series yourself. Chris
I agree with this statement. The 1921 is considered a key date, and you know when someone says key date, you know that coin is heavily faked. Coin shows are you best bet, because you can actually look at the coin before you buy it, just to make sure that you agree with the grade on the slab and that you like the coin overall. And I tend to see alot of people get confused with the overall appeal to an AU and a low MS coin, and I admit, I get confused between them too. I've seen Rlm's guess the grades and I've said MS-63 and it was an AU-58. Coins are hard to grade, and even TPG's can get them wrong sometimes.
From what I've seen at the store and the few coins I bought, there are no numeric grades. Thanks for the input.
From my experience, in this situation, I would never buy the Bu coin for $500 raw. Too much risk there. I'd feel a lot better about the AU coins. Ask if the coin has been cleaned. If anything about the coin looks fishy, just look elsewhere. BTW, there's a lot of places to get that coin certified. There's Teletrade, eBay auctions from good sellers, and dealers who will sell TPG coins. You don't need to get everything from this dealer. You can have a few dealers specializing in different things. I'd also learn more about grading, altered coins, cleaned coins,etc. Then you can feel more confident about your skills. But think about it. If the coin actually is a BU no problem coin, why ISN'T it slabbed? Dealers know they can get more out of a coin slabbed if it has no problems. IMHO, very very few coins in the US series valued at $500 or more are not slabbed. And buyers accept slabs more than they used to. If you don't like the slab, crack it out for your collection.... but don't be surprised if you have problems selling it unless your re-slab it.
Definitely try to find one at a coin show. I have yet to visit a single coin shop that--when it comes to scarcer coins--isn't over-priced or isn't trying to sell problem coins as problem-free. Even eBay is a good route for nicer coins providing you purchase from a seller with stellar feedback and a good track record. Good luck either way.
I would do what you are confident doing. If you are confident buying a raw coin...confident that you can grade it then buy a raw coin. If you aren't...or you want a slabbed coin, then buy it slabbed. Why pay to have it slabbed when there are a ton of them out there that have already been slabbed. But, be sure to look at the coin in the slab. Typically, if it is slabbed MS by NGC or PCGS it won't have any wear...but 1921 Peace Dollar's are famous for having a bad strike. Also, the 1921 wear's differently than other Peace Dollar's because of the relief...and has that strike problem. So, they can be very hard to grade for an amateur. This isn't really true. Many collector's hate slabs...and most won't pay a cent more for a slabbed coin over the equal raw coin. But, slabbed coins are easier to sell.
