Frustration with selling slabbed coins

I took it in the backside with two recent auctions on eBay. I wound up letting two PCGS MS62 coins, valued at $91 ea., for $51, ea. I put up another on edited to test those waters and it looks like history is going to repeat itself.

edited
I am ready to simply just give the remaining short stack of 62's away to the first passing stranger I run into. (I handed out several non-slabbed 1879's as tips and handouts over the Christmas holiday.) Back in 2010, I wound up running four rolls of shiny UNC 1963 cents through a coin changer at the market out of the frustration over the greed and egos that I came across in some numismatic clubs.

Sometimes the greed gets to me. It ruins the hobby.

Please. no snipes, telling or asking me to send them to you. It ain't gonna happen. I just need to rant a bit after seeing such another dismal auction attempt.;-)

 

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I understand the frustration.

But (there is always a "But") would you pay $91.00 for a piece that at present is trading in the Market for$56-$59.00, for a 62?

Is it possible you are viewing the present value of a 1904 O VAM, which is $90-$100.00, for a 62?

I do not think the "Test" will yield the value you state.

 

Are you looking at the recent sales history for the same? Your value may be a bit high. Maybe you should start with a higher starting bid.

 

I don't have coins slabbed. I don't buy or sell slabbed coins. Somewhere over the years I have developed a personal understanding that a coin in a TPG slab is more expensive because of the slab. Perhaps the economy today is driving collectors to reduce costs.

 

I agree, recently i have had frustration at coins shows. I myself have become a dealer at the young age of 17. Ive made good money at local shows but it seems all of the people who used to be my "friends" with coin dealing are suddenly unhappy to give me the same good deals they used to give me because I am "making to much money " at the shows. In reality i just want to be there for the hobby and I practically give coins away. I make small profit I just want to have fun and thats why i get alot of business at the shows. Also before i started dealing, i have had people at shows tell me i couldn't afford a certain coin ( such as a full set of indian head cents or a cc Morgan dollar) and i would always prove them wrong by pulling out my big wad of 100's then walking away. It really is a shame that the hobby has turned into more of a greed show then the actual fun aspect of the hobby.

 

Hey.. I thought the General Discussion forum was for non coin related topics

Oh well.

 

The Root Subject the OP presents, is Economics and the psychological issues caused by Economics.

Sort of like the economic choices between selling scrap gold in NYC or PA., and the loss or gain economically, accordingly.

 

I see..
I failed both my economics and psychology classes in college

 

I had the urge to stick up for the OP. I will always try to make a bad day a tolerable one, for the sufferer....

I don't have the slightest idea what the hell I meant with the economic/psychology blarney, but you have to admit it sounded good.

 

Interesting, but I'm not surprised. I think a Morgan of the same date, 1904-O, in MS64 would pull the prices you expected.

 

A sight-seen 64 will wholesale $83-$94.00

 

Greysheet had it at AU58/$58 & MS63/$96. These are wholesale prices. I was expecting at least somewhere in between. Between the cost of the coin and the time and money to it get graded, I would hope to break even. A couple of dealers got the last ones. The coins were resold on eBay for a good profit.

By at least breaking even, I could continue to purchase and prospect, and enjoy what should be a fun endeavor.

Frustrating... the greed and arrogance of egos, and incestuous nature of today's culture...

 

The prices you quote are not Wholesale.

Please view CDN Monthly VOL.VI,NO.1 Jan.2023. A 58 is $51.00, and a 63 is $73, down from previous issue, and a Blue Sheet 63 is $68.00

The CPG Market Review VOL.VI,NO.1 Jan-March 2023 lists a 58 @ $69.00 (down from previous issue), and a 62 @ $80.00(down from previous issue) and a 63 @ $100.00. CPG is Retail. I doubt you will receive Retail offers.

You will not receive something in between, except maybe sight seen, but I doubt it.

I suspect you are a victim of using the wrong pricing guide to establish your buy-sell position.

Truth in editing: removed unnecessary "s".

 

Thank you for that input. Granted, I have not adjusted for the market downturn; however, the story told was what I expected with a contemporary (current) Greysheet at the time. I did my homework.

No more auctions for me. Too many coins for sale, non-graded, with lots of tricks with the lighting to compete with. It's weird how many "shiny squirrel" coins are being sold on eBay w/out any grading, just pretty marketing.

 

The rant is over - now back to fun and interesting discoveries.

 

Yes! I’m no where near to any of the collections you all have but to me, if you know you have a special coin, the worth or the need of having it and you know the quality after years of collecting,and why? Because of the sale? I also agree that with the economy people are cashing in some.

 

1. Just because you paid to have it slabbed doesn't mean I pay the costs. It sells for what it's valued at.

2. Price guides are just guides. No subtlety. Some of the companies are a bit proud of their plastic if you get the drift.

3. MS62 is not always a desirable grade. AU58 can be more valuable than a low MS because it's a very nice coin with just a touch of wear. Low MS can be pretty woof woof.

4. How good are your pictures on fleaBay? When buying or selling a commodity, the quality of the pics is critical.

 

Your free to speak your mind. God bless that. Stay positive

 

I agree with everything you say. I had ten "BU Choice" rolls that I wanted to process. I hadn't a clue how to grade them, so I took a sample spread, from AU to PL (IMHO), to see how they would come back. A few 62s, a smattering of 63s, two 64s, and, no PLs. I got a lesson on that one. I now understand what a PL looks like, thanks to a really great coin guy down the street. One of the 64s is, how did you put it, oh yeah, "woof". I haven't a clue how it got a 64 grading. However, it turned out to be a strongly DDO/DDR . Sending it over to CONECA for attribution.

Anyway, my rant was after no sleep and a result of a casual peek to see how the action was going. No movement in four days, with 37 views. I wasn't expecting crickets.

Thank you again. This is actually fun, in a morbid sort of way.