Sent 23 Morgans To CAC....The Results!

So I sent off 23 of my graded Morgan dollars to CAC to see how they would come out. I won't list the whole shipment but they called today to confirm my zip code so I asked what the results were.

1878 7/8TF MS62
1878 Rev 79 MS62
1878 Rev 78 MS63
1878 8TF MS62*
1891-S MS62
1901-O MS65
1902-O MS65

So 7 out of the 23 got the bean!

 

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Is that considered a good batting average? I've never sent anything to CAC, but I'm curious.

 

And what does CAC charge per coin to green bean it?
As I never have sent anything in or would for that matter.
Just curious to their fee's.

 

http://www.caccoin.com/submission-pricing/ says $12.50 per coin for coins valued less than $10K.

 

That's a .304 batting average. Not bad for a utility player........

 

How much did they gouge you for the beans?....

 

To each his own, but as much respect as I have for JA, I just can't understand the point. The $250 spent on submission fees and shipping sure could have paid for a pretty Morgan. I'm not trying to flame the inevitable CAC debate her, just my personal opinion.

 

Did you screen them first?

 

They only charge $12.50 on the coins that pass.

 

I think CAC is worth it for expensive, top-notch coins. Doesn't pay to get it for inexpensive coins, IMO.

 

When you get them back, look at them. See if you can figure out why the others didn't bean. I'd like to hear your thoughts.

 

Seven out of 23 is a poor success rate for generic Morgan dollars. However, die marriage collectors (this includes VAM hunters) often have to settle for whatever they can find when they are looking for tougher examples and this may be the case with this group.

CAC charges collectors a fee only if the coin passes CAC evaluation, if I recall correctly and if they have not changed their practice, so even at $12.50 per coin the total would be $87.50 plus shipping both ways. Some might think sending lower value coins to CAC is a waist, but CAC will often tell folks why a coin failed the process (if they ask) and learning these tidbits can help collectors in the future.

 

They don't charge for failed coins ? Wow...surprising. Thought they might charge in either case, and charge more for a bean.

They should have a checklist sheet or something that they can send to ALL submitters which tells them why they didn't bean for the most common reasons.

 

My thoughts, exactly. I've also never submitted to them, but find this an usual business practice. Seems to me that they would waste a lot of time on items for which they generate no revenues. I bet they also see and reject the some of the same coins repeatedly as they change hands for not beaning.

 

Maybe because the coin has already been graded and they are evaluating that grade that they can process the coin very quickly.

If a Saint is MS-65 and they can tell right away it's low or high for the grade OR mis-graded, maybe it's a 1-minute thing. Dunno......

 

My mistake, but yes, that changes things quite a bit. No doubt the bean increases the desirability by 12.50.

 

I know the folks behind CAC quite well and it is my impression that they view the non-charge for failed submissions by collectors as a type of loss leader or at least as the cost of helping to educate collectors. These folks who work at CAC and look at the coins truly do care about collectors and do care that collectors get what they think they are getting when they buy a coin.

 

I agree, Tom. Too many people adopt an adversarial relationship and attitudes with respect to TPGs and CAC. While both are not charitable foundations, they do care about the wants and needs of collectors, and furthering the hobby.

 

I thought that dealers were charged for every coin submitted regardless if it receives the bean. Only collectors don't get charged when it fails.

 

Tom, MD....agree 100% with your posts.