When To Get Your Coins Graded

First off let me say that I am not a writer but I love coin collecting and have been doing so for over 45 years. Through the coin club in my area ( Rapid City, SD ) I have been helping people who inherit coin and currency collections so they don't get ripped off when selling the coins that their love ones left them. I have met some great people and some real characters also. I look through the collections to determine what is junk silver, what is collectable and what should be sent in to be graded before selling. Certain coins should be sent in for grading for many reasons. One reason is that the difference in even one point can be lots of extra cash in their pockets. One of these coins 1882-O Morgan. In ms64 this coin gray sheets for $110 but in ms65 it sheets for $970. In this case 1 point makes a lot in extra cash for the estate. There are many, many more coins out there that fit this category. Then in the collections are coins that are what they are. By this I mean I would not send in coins that are common and only sheet for $150 or less. These coins could be common Morgans, Goods to AU were the price does not increase enough to warrant the grading fees that the big two ( NGC & PCGS ) would charge for grading. Lots of coins fit into this group. There is one group that I insist should be graded, and that is the key dates. The main reason I think all the keys should be graded is because so many out there are counterfeit. So far I have sent in three coins in the last two years that were counterfeit, one 1909-S VDB, one 1909-S Indian and a 1916-D Mercury Dime. And right now I have a group of keys in to PCGS that I think has another counterfeit in the group. Some coins such as the 1901-S Barber Quarter they predict there are more counterfeits on the market than real ones. Another group I like to send in is higher end gold coins. So many have been messed with to enhanced their grade that I just like to send them in to make sure of what we have. Most times this has gotten the estate more money. I have had gold that was tooled, dipped, whizzed, and even a 1904 twenty dollar gold that is gold but not real. Some people I know said why bother, Their favorite saying is buyer beware and the seller should know what they're selling. BUT I feel that the reason we have coin clubs, the ANA, and others is to help the public, and pay a fair price when buying coins, and treat others how we would want to be treated. I saw a thread on coin talk forum a while back about what would you do if someone offered to sell a 1909-S VDB to you for $20 and was appalled at some of the responses that were given about the seller should know what they are selling. What happen to treating people fairly. Buying a coin worth 100's of dollars for $20 is the fastest way to get bad reputation as a crook or bad dealer, as sooner or later the person who sold the coin will find out what the coin was really worth an than will tell every one how you ripped him off. The best advertisement is by word of mouth and people who feel they were cheated talk a lot. I think I said enough for now. Jim

 

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Jim I agree with a lot that you pointed out. But here is the big one, collectors as they get older need to get their better stuff graded before it goes into the estate. Potect your collections value especially if your heirs have little knowledge of coins. There have been way too many stories of the little old lady going to the coin shop with a twenty dollar gold coin. Myself I gave up buying raw coins unless it is something I plan on sending in for grading and I only buy raw now that I can inspect myself before buying or is direct from the mint.

 

I agree 100% with you.

 

Its very admirable that you help these folks out, especially when they are often vulnerable from loss. Sadly, there are a lot of people looking to take advantage of their grief/lack of knowledge on coins to get something for practically nothing. I won't get started on this sickening trend of counterfeits (which appears to be on the rise) but I will say kudos for helping those families out in such a thoughtful and honest manner. I hope there are more like you out there! :hail:

 

Yes kudos to you. I wish there were more people like you. :yes:

 

Good post, but....please....use paragraphs in the future. LOL

 

I would say that getting any Morgan or Peace dollar certified that is on the line between 64 and 65 should be certified at either PCGS or NGC, it is worth the wait, now over two months, because both now and in the future when the market in these may have stronger legs, the financial incentive will be strong.

Any gold coin AU or better probably should be certified so that the end buyer does not quibble, browbeat, or intimidate the seller that the coin is "cleaned", really XF, etc..

Economy grading is not that pricey so what's the big deal?

 

All I can say here, When it comes to a coin with a big dollars I will not going to shipped it to any TPG grading...Why, Because ,I will never never trust them. It is easy to say or come back your coins is FAKE or might be a victim of switching. In other words I will allow them only to certified that coin with my eyes looking on them watching.

 

Grading Services Switching Coins?

I have heard this a number of times, yet it boggles the mind to believe that they would do this--what is their incentive or reason to do so?

OK, let's develop a scenario for them doing this.

Joe Submitter sends in a group of coins. If they get switched then the shipping/receiving dept. would have to be in on it, as well as coin graders, the company managers and owners, like David Hall, Rick Montgomery and Mark Salzberg. It would have to be a conspiracy. Why would they be so greedy for your stinky $100-$500 coins when they have five and six figure coins walking in and out the door every day?

I know jewelers might pull this crap when offering to "clean" your diamond; they are struggling to make a living not like the obscenely rich TPGs.

 

IMHO I don't think that NGC or PCGS is going to risk loosing all their credibility in the entire marketplace by switching a coin.

Also, if a coin comes back "fake" as questionable authenticity, then in most cases it is just an opinion. If you don't agree with the opinion, then you can remove the coin from the holder. Are you implying that the TPG would confiscate a "fake" coin?

 

Well - Lindedad gave a good answer on getting coins graded. And there are honest good dealers out there that would make a fair offer even on raw coins. I think there are good reasons for raw and graded. I have both types of sets.

 

That's a good point.

 

ALL I can say again, I do not want more troubles to add up. I stick with my rules, I only trust myself and my own judgemet regarding a big dollars involves in rare coins.
IF I have TEN 1893 S Morgan Silver Dollar with my own opinion is all MS65. I will not going to shipped these coins to any TPG for grading but I will make an arrangement to certified these coin that everyone watching that there will be no switching gonna happens. BIG DOLLARS INVOLVE. DO NOT TRUST NO ONE..:thumb::thumb::thumb::thumb::thumb:.

 

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All I can say here, When it comes to a coin with a big dollars I will not going to shipped it to any TPG grading...Why, Because ,I will never never trust them. It is easy to say or come back your coins is FAKE or might be a victim of switching. In other words I will allow them only to certified that coin with my eyes looking on them watching. "

Why not take it in to a reputable ANA member dealer for them to examine then submit for you?

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Great suggestion.

 

All I will say is if you have ten of them I dought they are real I for one will not be bidding when you sell. You just happened to pick one of the most counterfieted coins right now as a example of why grading protects the buyer more than the seller.

 

dought or doubt?

You are correct that 1893s is the most counterfeit coins so if you really thinks you are holding a real and genuine coins of 1893s you do not need really to shipped these coin to any TPG for grading because They might switch it..So you have to guard it make some arrangement to be certified that coins that all your eyes watching them that there will be no switching around. OK!.

 

I have shipped over 10,000 coins to be certified by the top 2 grading companies and I have NEVER not gotten the coin I sent in back. To insinuate that they will switch your coin if you are not looking is a bit paranoid if you ask me.

 

Agreed. I can't think of anyone (or any company) a person could trust if they couldn't trust the big two TPGs.

 

Funny thing I have never heard of the owner of a coin being present when a coin is graded. Even at the big shows when you give them your coins they have a security gaurd or customer service rep. for the cheap stuff take it to a secure area to be graded.
As for the thought they would switch the coin get real.....