Should I have my coins graded?

Discussion in 'Coin Chat' started by Gnobodyuknow, Aug 9, 2019.

  1. Conder101

    Conder101 Numismatist

    Make that a REALLY BIG grain of salt.
    Gnobodyuknow likes this.
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  3. John Burgess

    John Burgess Well-Known Member

    Grading has its place but there's a misconception that it's necessary.

    Many many coins sell decently raw without grading. In the end grading is a 3rd party opinion on what the grade is, done by supposedly qualified graders (gonna have to take their word on that though they could be hiring anyone to do it though for all we really know and the rest is for show) anyways, if it's a rare coin or a conditional rarity, and there's a big gap in prices between grades it might be best to get the coin graded because if the difference between AU55 and AU58 were $500. The buyer is always going to call it a AU55 and the seller is always going to call it AU58. It takes the subjectivity out of it for the most part. This is the situation where grading really has its value. Another situation is like with rare coins that are counterfeited frequently. Getting them graded pretty much tells a buyer it's legit, and also give the owner peace of mind knowing that a 3rd party believes it to be legitimate also.

    The vast majority of coins don't have this big of a value gap between grades or need to he verified as authentic. Along the way though the idea that everything should he graded hit the collecting community. It's good for the grading companies for sure, it's how they stay in business but it makes for less knowledgeable collectors that can't grade, don't want to learn and just want a slab... I guess lazy collectors.

    I mean the grading companies at this point will even grade a struck screw if you pay them. MS64 in fact! Lol.

    How the heck that is a MS64 is beyond my understanding hahahaa!

    I'd say if you do send a coin for grading, be certain it would at least sell for $150 and that you don't have $150 into it already. Figure it will cost you at least $30 for grading and $30 for shipping both ways, do the math before sending it. You'd want to be able to recover that cost, and what you have into the coin, then the rest is profit after that.
    Other than that it's a losing proposition but people still do it all the time because they think wrongly that it's necessary to be done.

    I'd say don't send anything for grading unless it will certainly make you more money, and if you are buying possibly buy graded coins if the price is right or you want that peace of mind a 3rd party opinion might provide you.. in other words, let someone else pay the costs speculating on grade and buy the coin, not the holder.
    Last edited: Aug 10, 2019
  4. harley bissell

    harley bissell Well-Known Member

    FIRST - Nobody will add your costs to slab to their offer for your coin. You eat that cost always. On key coins that are frequently faked you may need a slab to sell your coin. That is a cost of doing business. Any other coin unless you have a condition rarity you don't need a slab. If you feel that your coin looks better in a slab why not just buy coins in slabs? There are millions of them available and many are priced below the cost to slab. If you do end up owning the world's best 1963 cent sell it immediately. Next week it will be the second best.
  5. joeinslw

    joeinslw New Member

    Coin collectors,

    Please look at this 1966 Roosevelt dime below and let me know what you think. The letter with the coin photos will explain what I believe, please let me know your thoughts.

    1966 Roosevelt Error Coin?

    I believe this 1966 Roosevelt coin is most likely the rarest coin ever found, I have had it for over 30 years.

    If you look close you can see that when the coin was struck the thin layer of silver used was not enough or completed in the machine it was in, but it was stamped with just half of the thin layer on the dime.

    When you look under a microscope you can see all the details of the coin strike, but with the copper coin below the silver layer is exposed, even along the edge on the copper side is much thinner than the opposite side, looks like it should have that missing layer, but it wasn’t there when the coin was struck.

    View attachment 978726


    I have not seen or heard about an error coin like this in all the error coin books since that time, and I wonder what this coin would bring if sold at auction? Could it be a one of a kind?

    View attachment 978727

    Thank you,
    Last edited by a moderator: Aug 11, 2019
  6. Mountain Man

    Mountain Man Supporter! Supporter

    No. Don't highjack someone else' post. Create your own post. And never post your email or personal information. Read the rules for this forum.
    Last edited by a moderator: Aug 10, 2019
    Kentucky and Inspector43 like this.
  7. lordmarcovan

    lordmarcovan Eclectic & Eccentric Moderator

    @joeinslw - as mentioned, please post your question in its own thread instead of in someone else's discussion where it is irrelevant to the topic being discussed. Email addresses are a no-no here- we use private messaging for contacts. And nobody can tell you anything without seeing pictures of your coin.

    @Mountain Man - please do not directly quote posts with rule violations, as we then have to edit your post as well.
  8. johnmilton

    johnmilton Well-Known Member

    Here is a 1943 Steel Cent that is in "close to amazing condition." This one is PCGS graded MS-66. I paid $25 for it years ago. At that price the original owner probably would not have gotten back the cost of getting this piece graded. These coins have to sing, dance and do summersaults to be worth the grading fee. Very few of them qualify.

    1943 War Cent O.jpg 1943 War Cent R.jpg
  9. Gnobodyuknow

    Gnobodyuknow New Member

    Just curious then. With this much wrong with the coin what would your opinion be on its grade? Would it even make it to an MS state or down in AU or even AU details but damaged? Just curious and expanding my learning.
  10. John Burgess

    John Burgess Well-Known Member

    That would be known as an impaired proof coin. It would grade likely in a proof 58 range I'd thinkcomparable to AU58, maybe down to 55. Now you may ask "why don't I ever see proof 58 or PR55?"

    Because it's pretty valueless on the secondary market. It's fun to find a proof in circulation and makes a nice hole filler but with that much damage no collector of proof coins will want to buy it above face value. It's lost its proof collector value. It doesn't classify as MS or AU at all, it's a proof. Generally below PR60 nobody even bothers with grading anymore and just calls it an impaired proof coin.
    Clawcoins likes this.
  11. Gnobodyuknow

    Gnobodyuknow New Member

    Oh wow ok. Good to know. I have learned a lot during this thread. Thank you
  12. enamel7

    enamel7 Junior Member

    and especially don't watch those two YouTube sites you mentioned. Both are just uninformed click bait.
    Gnobodyuknow and Robert91791 like this.
  13. johnmilton

    johnmilton Well-Known Member

    A lot of modern Proof sets that are 30 to 50 years old are not worth much more than their face value. I think that's shame because I really like Proof coins, but a lot of collectors don't agree with me. They want the pieces that made to circulate, a.k.a. "business strikes" instead.

    The low prices might explain why you see them in circulation now and then. If a set has been broken up, and a Proof coin has some defect, it's worth face value or very close to it.
    Gnobodyuknow and Inspector43 like this.
  14. Inspector43

    Inspector43 Collecting Since 1948 Supporter

    You are right. Most proof sets are not worth what the mint issued them for. Same is true for mint sets.
  15. Randy Abercrombie

    Randy Abercrombie Supporter! Supporter

    OP.... You have been given sound advice from the CT crowd. I’ll offer one more scenario. If a person has a family heirloom... Say grandma’s lucky silver dollar.... Could be anything. Point being if the intent is to keep the piece for future generations to appreciate grandma’s silver dollar, I would consider that a very valid reason to grade and preserve a coin.... Submission in hopes of monetary gain is a gamble best left to the pros.
    markr and John Burgess like this.
  16. cpm9ball

    cpm9ball CANNOT RE-MEMBER

    Joe, you are really beginning to...
    Keep it up, and you will get the....
    ...from everyone. Then, what will you do?

    Robert91791 likes this.
  17. Robert91791

    Robert91791 Well-Known Member

    Wait, but those youtube videos are.very informative. LOL.
    Kentucky likes this.
  18. Conder101

    Conder101 Numismatist

    But if you are just wanting to preserve it for future generations, a $1 airtite holder will do the just just about as well. Want a label to say something about it, whose it was etc.? For a little over $1 get a Coin World slab shell and put your own custom label in it.
  19. Kentucky

    Kentucky Supporter! Supporter

    Is this supposed to be demeaning to CA or TX or what?
  20. Kentucky

    Kentucky Supporter! Supporter

    Dang...don't do this unless you append at least a half-dozen smilies...:):):):):):)
  21. cpm9ball

    cpm9ball CANNOT RE-MEMBER

    LOOK AT HIM!.jpg
    Kentucky and Robert91791 like this.
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