Slabbed Modern Day Coins Why ?

Bought a lot of stuff from a local coin dealer yesterday including this group of Modern day coins slabbed by PCGS. I often wonder why People/Companies take the time to get such coins slabbed..Seems like the cost of having them done would be far more than the coins are worth. I usually don't buy coins like this but I got the whole group for $30 and it included one silver proof quarter.

 

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Notice how they're all 69's? My guess is they were submitted by someone fishing for 70s.

Some coins end up in holders like this to fill out the last couple slots in a bulk submission, too.

 

Don't forget register sets a series like Jefferson nickels.
Shooting for 70 grades to score higher ranking .

 

This gets posted a lot. If you look at the actual prices, the 69s break even or lose a little (bulk grading of moderns can be as low as $5). And the 70s sell for 10, 20 or more premium. So if you get a decent yield...

With stuff like ASEs it works. For rolls and bags of nickels and quarters, you should make a 1st pass yourself and pull the real dogs.

 

Out of curiosity, considering deals, handback grading, specials, bulk submissions, etc., etc., what is the absolute cheapest you can get a PCGS grade for, not including postage? Same, NGC?

 

A lot of collectors want to build complete sets in slabs.

 

That answer will be dramatically different for a collector vs a massive submitter.

 

One point this thread fails to address is that there is a huge price differential between proofs and business strikes. When I was actively submitting business strikes from Mint bags to NGC, I had dozens of MS68 Sac's, halves and quarters that routinely sold for $150 each, and the fee for grading these was $12.50 each.

So, if anyone is planning to submit coins hoping to get the better grades, you're better off submitting business strikes because PF70's have become so commonplace.

Chris

 

Did you send the whole mint bag sealed or pick through a little beforehand?

 

New to coin collecting, how does one go about getting a coin graded?

 

I'd submit only the best specimens.

Chris

 

For example

http://www.pcgs.com/services/

 

After checking them all out under the stereomicroscope, of course.

 

1) Separate the best by "eye-balling" them.
2) Then use a 10x loupe to whittle the pile down.
3) Finally, get real picky with the stereomicroscope.

Chris

 

pcgs.com
ngccoin.com

 

Do you find it's still a good way to make a little profit or are there too many others doing the same now?

 

Sometimes dealers get their coins through a few sources, pawn shops, coin dealers, online estate auctions. Of my (5) 1990 P MS-65 Quarter Dollars, (1) I had slabbed to see what it would cost = $42 on the average 2 years ago. The coin was marked book value $4 the same year. This year, an MS-65 1990-P 1/4 goes for $10. Having them professionally graded correctly, and (if worth $50 or better) ensures they won't suffer too much stress and scuffs from normal wear and tear, and accrues value better. It's like a small investment that grows. I rest better knowing my coins are holdered, safe.

 

It has been several years since I stopped submitting coins because of a drastic change in my income, but if I were able to, I would do it the same way.

Things really haven't changed that much. Most people are still submitting business strikes from the Mint Sets thinking they get the best coins from those sets. I don't believe that. I've always had better luck with bags. The Mint Sets cost more per coin and you have to order a bunch of them just to break even.

You also have to contend with getting other denominations that you may not want to mess with which is a waste of your time and money. I had far better luck just concentrating on one type of coin ($, 50c or 25c) at a time.

For example, one of my last submissions was the 2007-P Sac. I submitted 52 from a $250 bag. The cost of the bag was $375 (if I recall correctly), and the NGC tier charge (Modern) was $12.50 per coin. I can't remember exactly what the cost was for shipping and insurance, but it was less than $50 (one way because the coins were submitted at the FUN Show). Fourteen of them came back MS68 (It should have been more but that's another story.) and I sold them for an average of $150 each.

To recap, the total cost to me was about $1075. I sold 14 of them for $2100 and I still had $198 left from the bag that I didn't submit.

$2298 - $1075 = $1223 (Profit)

Granted, the tier charges have since increased somewhat, but if you can search through a Mint bag of one denomination to get the "best of the best", it can be far more profitable than searching the Mint Sets.

Chris

 

Thanks for sharing such detail. This is something I've considered doing as a way to supplement my coin addiction.

 

I should add that I don't think it would be a good idea buying Mint bags from a third party because the coins probably get beat up more while handling the bags than they would coming directly from the Mint.

Chris