Ok, I just got the redbook and bluebook that I ordered. I'm very surprised at how different the prices are. Based on historical returns, it would take you 9 years just to have the coins be worth what you paid for them. 9 YEARS! Is it possible to buy coins at anything close to bluebook? Is that what coin shows are for? It seems that any dealer who bought at higher than bluebook, and sold at lower than redbook, would have tons of customers. Kind of like Sams Club, you have to buy what they have, and you have to buy large quantities, but the prices are excellent. I detest overpaying for anything, so I need to find a better way to buy coins.
The link isnt working for me right now but ... Get a subscription to the Grey Sheet AKA Coin Dealer Newsletter. That is what all dealers use.Its not that expensive either. Or if your looking to see what the market is doing on hiher end coins go to http://coins.heritageauctions.com/ its free and you can veiw all prices realized for any coin from high to low grade.
From what i have read (bowers especially) it is recomended that you hold coins for at least 10 years. I would also not use the redbook and bluebook as a definitive price guide...
Coins can be sold fast and make $$ but that doesn't happen always---such as this---I had a 1962-D MS65 NGC Franklin---I only had $17 in it---Heritage has the coin listing from $125-$74---I sent it to DLRC and had the offer of $50--I took it and today its on their site for $95. Now I wish I knew what price guide they go by because they got it pretty cheap---while from my research the coin market is going down----I have been watching some key dates and other dates and all of them have been going down in the last few months---sometimes they go down 50% or more. Speedy
I think you will find that the coin market is pretty efficient. The better a coin is the more likely it is to have a smaller buy-sell spread. If your primary concern is to make money, then I recommend looking for a different investment vehicle. Coins can be profitable, but they require more knowledge and work per % gain than most other investments, plus the risks can be much greater than other investments.
I keep looking for inefficiencies, but the coin market is pretty efficient. This isn't the same thing as the high bid/ask spreads between the buy and sell prices for most coins. About the only way to turn a profit in a reasonably short time period is to purchase gold and silver coins at or below the bullion value, then hope that gold and silver prices rise, and be right. The other way is to just be much more informed as a buyer than the seller is, be patient, and hunt for pricing errors in certain coins where you are an expert. By the way, does anyone know what the current going price would be for MS63 common date Morgan dollars? I hear that prices are falling and I sort of use this a a benchmark price.
Cloud I think the whole market is going down...from my research here is some coins and such that have been going down... A 1926-S Buff in VF20 sold for around $400 1-2 years ag---now you can get one for around $300 if not below. A 1962-D Franklin Half in MS65 sold early this year and last year for around $125---now you can get one for $74-$100.... A 1950 Franklin Half in PF66 sold for around $500 1-2 years ago---now you can get one for alittle over $400---in fact I got a nice one a few months back for $410. As for Morgans----I really don't know---also I don't know what is called a common date in that set... The market has been up for years---and its stayed up alot longer than most thought but maybe its coming to an end. Speedy
Let's hope so. I need to buy more coins! :goofer: Oh, and I think the market is pretty efficient. Dealers have to make money, so they have to buy coins for a fair ammount less than what they think they can sell them for. If you want to get more for your coins, if you can find a buyer, you may get more selling to an individual collector(s) than to a dealer because a collector would probably pay you closer to retail than a dealer.
It has been my experience that if a dealer at a coin show sees me looking up possible purchases in the CDN, I almost ALWAYS get the coin for bid. Just the opportunity for the dealer to see it in my hand gives me great bargaining power. Steve
Very interesting. I may have to try that. I suppose that shows that you know a bit about what you're doing and didn't just pick up a Red Book at Barnes and Noble.
When I set up at the show a few months back I ordered a copy of the Gray Sheet and used that when someone asked the price of a coin---that did pretty good--most of the time they took what I said and didn't make another offer---only a few guys didn't like my prices and they just walked away. Speedy
