As part of my just beginning, but never ending quest for coin knowledge, I purchased a SLQ (hey, I'm catching on to the lingo!!), on ebay for $299. It is a 1926 ICG rated, MS65 SL (not FH). The values in the book, PCGS website, NGC website, all list this at about $500 to $550. I figured at 60% of the listed values it couldn't be THAT bad of a deal. At this point, I know a lot of you will say, "what are you doing spending that kind of money on a coin, especially on ebay, when your still in coin collecting diapers!!!!!!! I know, I know, I know, I shouldn't have done that, but I like to learn things by doing (so please don't yell at me). Anyway, as I stated on another thread, I went to my first coin show yesterday and asked 3 people what they would give me for the coin. 1) the first one said $175 2) the second one said, "do you know about graders and do you realize this is not a PCGS coin?" I said I did realize that and that there is a difference. He said it's a "nice" coin but his offer was only $125. (so that at least tells me it hasn't been cleaned or is not counterfeit:thumb 3) the third one looked in his book and said the book value for this coin is about $400, but he was not interested in it. Since I am still well within the 7 day window of ebay returns, I could go to the post office tomorrow and send it back or . . . my idea is to crackout the coin, send it to PCGS, and see what they grade it as. What's the worst that could happen, they grade it as a ms63 (PCGS value $235) or an MS64 ($325), I get 60 or 70% of that back on ebay and I lose $100 to $150 or so (don't get me wrong $150 is $150, but to me that is a small price to pay for the experience and education - to each there own). But if they also grade it as a 65, I could either keep it or put it back on ebay and sell it for more than $299. I just think it would be an interesting experiment. . . and if it works, I may target ICG graded coins or other TPGs and do the same thing. I know I would be far from the first to think of that but . . . I should tell you that even as a new grader I feel the strike, luster, and preservation are all grade 65 but the eye appeal is only "so so" (there is a slight darker tone to the coin). I wish I could show a picture but I am not set up for that. Any thoughts on this issue (other than I shouldn't have bought it :smile). Thanks!!
I will give you two bits of advice. First, please do not attempt to become and ICG or ANACS crossover specialist and expect to make money with your level of experience. The odds are stacked against you. The game you are trying to play is hard enough for professional dealers to pull off. Second, I would not start your coin collecting career with SLQ's. This is the most expensive and difficult series to grade that you indicated you are interested in. At this point, you should really be trying to hone your grading skills. The only way to do that is to view hundreds, thousands of coins. Viewing that many SLQ's is going to be impossible. I suggest you start with Morgan Dollars and Mercury Dimes. Both of the series can provide you with a grading education at a minimum of cost. Lastly, you stated that you feel the strike, luster, and preservation of the SLQ all meet the standard for an MS65 SLQ. Respectfully, how do you know this? How many uncirculated SLQ's have you seen? Again, learning the TPG standards for a series usually requires viewing hundreds of coins. As a point of reference, here is what an MS66 1926 SLQ looks like. An MS65 will be close to the same quality with maybe a few more small marks or one major mark somewhere on the coin.
Also, you are quoting PCGS pricelist prices...those are grossly inflated for the most part. Use completed auction sale prices for 'real world' values.
I think you could have found a cheaper coin to experiment with. Other than that, I think it's a cool experiment. One word of caution though. Don't assume dealers are there to guarantee authenticity for you. They are human beings and more than likely have to assume lesser dollar items (yes even $300 coins) are real most of the time. They are not graders. There was just an article in a recent Coinage about all the fake Morgan dollars being made in China and sold on ebay. The author bought a complete set of them for less than a hundred bucks and brought them to a coin show in Arizona to see if anyone would catch it. Nobody did. One dealer offered 30k for the set! Then he informed them they were all Chinese fakes! I told you you'd get low ball offers from dealers at a show. Don't assume those offers are top $ for the coin. Dealers can buy just about anything from other dealers at wholesale, which is around 50% or less of what you and I will pay. So a 125 and 175 offer at a show I would consider to be around 50% of what you could expect to get on ebay. But not without pics. If you put it back on ebay you'd for sure get over 200 for it but probably wouldn't get the full 300 back. Just depends on who's on that week. I'd love to see what PCGS or NGC would grade it in comparison. If it's a low eye appeal coin though, it will not fetch top $ for the grade no matter what it receives and probably should have been avoided. Unless you really needed an affordable one for a set.
I agree with everything that has been said here...and I have one thing to add as well. My understanding is (and correct me if I'm wrong) that you don't have to crack the coin out of the TPG holder to send it to PCGS or NGC. I believe you can send it as is and they will do the cracking s part of the crossover. This way, you don't risk damaging the coin in the attempt. I agree that this is a very challenging game you are trying to play and 99% of the time it doesn't work out. Do what you wish but don't be surprised if the crossover grade is not what you expected.
Thanks, Vess1. Love the Morgan example. And that dealers are not graders - good point. You folks are the masters (to one degree or another) and I have the ultimate respect for all of you:bow:. I'm not going to even try to duplicate your knowledge in this field. What is cool, though, is because of technology, a person new to the field (any field), who is focused and dedicated (as much as I can be with a full time job and family of 5) can beef up his knowledge quicker than ever before. For example, I have been going to Heritage auctions, pulling up certain coins, blowing up the photograph, and studying them (looking at them in a clockwise fashion as I was instructed in one of the books I'm reading). And what's great is many times, in the comments section, Heritage (or whoever) will state the flaws of the coin i.e "2 rivets in the shield of the SLQ are not struck well but that it is common in an MSXX graded coin". So in effect they are teaching me what to look for with certain series and certain grades. (PLEASE DON'T TAKE THAT THE WRONG WAY, I DON'T KNOW 1/1000 OF WHAT YOU FOLKS DO - and will never) it's just kind a cool how technology can help people learn anything faster than ever before. I'd love to be picking your all of your brains in person, it would be a blast, but at least it's something. I'll let you know how it goes.
Here is the auction with photos http://cgi.ebay.com/1926-Standing-Liberty-Quarter-ICG-MS65_W0QQitemZ330346519902QQcmdZViewItemQQptZCoins_US_Individual?hash=item4cea2fdd5e&_trksid=p3286.c0.m14 And although I don't really collect these, I think the price you paid was very fair, even good,and the 3rd dealer was closest to fact according to CDN. Even though it is not fully struck on the head and center shield, If it is like the photo, I like its eye appeal. Truthfully, I don't know how PCGS or NCG feels about less than FH SLQ, and they are a little weird about toning these days. You did not buy it as a raw coin, and the dealers basically didn't want to cash it out, maybe due to their areas of expertise, inventory, or financial condition. If you don't like its look , I would return it, but if you do, then I think you did OK. ....Yes, learn more , spend less, look more, etc........ Jim
I think the SLQ you got is nice looking if you like all white coins. can't tell the grade though from the pics but for comparison here's a PCGS MS63 that I recently bought.
Illini, Is that a recent submittal? I see so many with what I think is nice toning being labeled questionable in the last year or so. Yours will certainly have the eye appeal to those who like deep toning ( and will pay for it). CJH's coin is rather in the middle~ some golden toning , but not enough for "toner" people and not "blast white" for those collectors. Main appeal I guess would be to a Type Set collector. Nice coin! Jim
Thanks desertgem. not sure when my 1926 was submitted. i bought it in a local auction for a little over greysheet ask, but was willing to pay the price for the toning which I liked. I figure when the time comes to sell someone else I won't have too much trouble with it.
cjh, give yourself a chance! All you need is a little time. You are absolutely right about the technology aspect, namely the internet. I stopped collecting coins when I was like 14. Aside from reading Coinworlds I didn't understand at that time (no internet), I didn't know much. I just got back into the hobby in April 2008. At that time I didn't even know who the TPGs were! Then I found this site. I absorb knowledge off this site almost daily, talk to people at shows and read Coinage cover to cover every month, in addition to studying the Red Book. Just give it some time. You'll know a lot more after a year of this!
Well, I may have got a bit overboard with that with the 1/1000th thing. I'm just showing the proper respect to the veterans on this site . . .
Some great advice already given. In fact the first 2 posts by Lehigh and Silrluvr took the words right out of my mouth. It doesn't sound like you did terrible or anything. But it would be alot better to start learning in less expensive ways. Lehigh's suggestion about Mercury dimes and Morgans is indeed a good direction to go. And a big coin with alot of detail such as the Morgan is probably the best way to begin grading.
