Fun,Fun, Joy,Joy

For all of you aspiring collectors out there, let me tell you the down side to a dealers day.

Just a small example of how much fun we get to have.

We submitted a large handful of coins for certification hoping for those ultimate grades. Now considering that we do this for a living, one would think we were good at it. But with grading services, you just never know.
So we rack off some that appear to be flawless coins, and 15 get real nice 68 grades on them. Nothing like spending $25 to slab a $4 coin.
5 proof coins direct from the Mint package were body bagged for having altered surfaces. No idea on how that happens.

Somedays it doesn't pay to be a dealer.

This is one good example of why we (dealers) tell others to consider this profession very carefully.

Just so you know the day wasn't a total loss, we did manage to get a few 70 grades.

 

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there is a positive to every negative. a proof coin that comes from the mint with altered surfaces now that i shall ponder. wow

 

Boggles the mind.

All I can come up with is the rinse used on the planchet. Other than that, I am at a total loss on how that can happen.

 

what do you mean on the planchet before it is struck? i mean doesnt the rinse cause those little darn spots on some proofs?

 

Yes it is the culprit on the spots. But how a grading service calls it altered is beyond me. But what can you do? You just put it back in the mint package and sell it at a discount.

 

when you send a coin the slabbers and they reject it for whatever reason do you still get charged? it seems that a dealer like yourself dealing in the volume you do, you would get cut a break.

 

We still get charged. Nobody gets a break these days. I figure that I pay for at least one employees wage at the grading services. It is just part of the business. Just think, there are a couple thousand of us out there.

 

I have a bunch of proof sets and mint sets I have accumulated since the 1970s, so I sense it might be worthwhile to comb through them to look for ultra grade coins to slab.

What is the best source for prices on ultra grade modern coins? (so I do not try to slab a $4 coin that is worth only $6 in MS69!). The CDN only goes as high as MS67 for Morgans. I have never seen the Certified CDN -- perhaps values for ultra grades are in there -- haven't had an opportunity to check.

 

I don't understand these altered surface bodybags to say the least and I am without answer to this issue.

I am a very experienced submitor, whom has studied what it is the grading companys want to see in thier particular slab...

I wish the grading companys would send details as to why they feel a given coin has altered surfaces and artificial color or whatever the reason would be for a bodybag.

I can say that a certian 62dcam Frankie went from altered surfaces on one submission to pr68dcam on another with the same company.

Though this happened I still am in support of the grading companys.

I really believe that any coin that has been dipped has a altered surface.

Now I'm not suggesting a dip should not happen, it depends on the coin, I do believe a dip can be done properly and benefit a coin.

But I am at a loss for why coins pulled directly from mint Proof sets wind up with altered surfaces??? And would love some type of feedback from the Grading companys on this...

The answer given to the question of including detailed descriptions of bagg'd coins is that it would slow down submission times and possibly increase costs... As I've been told......

Nobody take this as a anti-grading slabbing rant, I am very much pro grading, I am just saying it has been a issue that I lack a understanding of.....

 

Good point queenkoin. I don't know if the services know what their standards are from day to day. I guess it depends on which 3 graders are sitting at the table.
I have a great deal of respect for them, and wouldn't want their job.

rbm86
There really isn't a price guide for ultra rare grades. Most dealers use the large auction prices as a guide. The Bowers and Superior auctions are a good place to see what certain coins are bringing.
For our firm, we let the customers dictate most of the prices. If we have a client searching for a registry set quality coin, they set the price and we try to obtain it in that price range. For pieces that have no bench mark to judge by, we use Bowers and Merena auctions. This way, the general coin buying public can put a number on it.
I do not, and will not recommend paying big money for any modern coin no matter the grade. If it hits a 70 than spend a little extra, but not thousands or even hundreds. Too many good coins out there. For the customer that wants a great value, step up to a MS-68 Morgan. That is much better than any modern coin with a 70 grade on it.
When searching for ultra grades, I suggest that you spend some serious time on one type of coin. For example, if you like the Lincoln series, start there. Look at as many high grade examples as you can find. Look at each little hair line. I highly recommend a 10 powered loupe. The strike should stand out. No flaws in luster. Any bag mark or other contact mark will kill the high grade. If you lay out 30 coins side by side, pick only the one that stands out of the pack. Then, go over it again and again looking for any flaws. Be very sure to check the rims. Learn where the thickest part of the coin is, and watch for weak strikes. You should know what the coin should look like. By that, I mean what the mint intended it to look like. You have to have a very early strike. It takes time and experience. The numbers are against you. It is just the truth. If you want one 70 on a holder, you will have to submit 80 to 100 coins. After you build your expertise, this number drops. We can usually hit 69 or 70 on one out of five. The others are all lost money.

 

Thanks, nd. I agree with you, I prefer Morgans to modern clad coins any day. However, if someone is willing to pay premium prices for some of my modern proofs and uncs, I probably be happy to part with them and buy more gem Morgans, Walkers, and Buffs.

Here is an example: I have a couple of 1978 proof sets which look to be DCAM. It appears that DCAMs were not as common then, as the frost would wear off after the first few strikes. Today it appears the mint makes sure every proof coin is a DCAM. So my question is: are DCAMs from the 70s or 80s worth submitting, even if they likely would get no higher than 68?

I could check auctions, but do Bowers and Superior have that many coins in the $100 range? I would think there would be pricing guides out there that would capture coins in the $50 to $500 range that might not make the high dollar Bowers auctions.

 

Well the Bowers and Merena auctions are a bit tough. Each seller must submit $3000 in value. So some offer a handful of coins to meet this requirement.
The late 70's are tough to find in ultra grades. Take a quick look through the registry sets.

http://www.collectors-society.com/registry/

http://www.pcgs.com/new_set_registry/

These are the coins that bring serious money. Now the problem that comes up, is if you do manage to hit an ultra grade, where to sell?
If you decide to submit them, and do hit a ultra grade, let me know. I will set you up with a much better place to sell these coins than Ebay.

 

Hey nd, one more question on this. Say I decide to slab a coin out of a proof set -- what is the best method for cracking it open and minimizing the chance of damaging the coins?

Also, I browsed thru Heritage Coin's internet auction listings -- seems to be a good source for pricing on a lot of slabbed coins -- including modern ones!!!!

 

Heritage isn't too bad. I have attended a few of their auctions, and was impressed.
Anyways, cracking proof sets are pretty easy.
Make absolutely sure that you do not get your fingers on them. Also, don't breath on them. I know it sounds silly, but it will leave marks on the coin. Hold them with very soft gloved hands and place them in a nice holder. Airtites, Kontains, or whatever. Be very careful not to drop them.