Why you should get your coins graded

I have been getting my coins graded by NGC and PCGS for quit a few years now. And I know that there are some out there that do not believe in graded coins. But I grade my coins not for me but for my wife or my kids encase something happens to me. If I would die it is easier for them to sell the coins and for them to know what they have so they do not get ripped off. I also left a letter in my Bank boxes as to which auction houses or dealers to sell them at. This will help them after you are gone to get the most out of your collection. I have seen many estates where the widow know nothing about coins and someone has tried to buy her coins for almost nothing. I had a older lady contact me last May wondering about some GSA Morgans that her husband had left her. She saw that her husband had bought them in the 1970's and a man who lives close to her wanted to buy them for $50 each and she ask me if that was too much. I informed her about there value and She was a little upset that this man tried to rip her off. So if your wife and/or kids are not coin collectors leave them detailed instructions on what your coins are worth and who you trust to buy them at a fair price. Jim

 

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Can't argue with that! Strong argument for grading.

 

why not just do that and skip the entombment?? it costs much less...

 

Ditto friend: i did the same thing. i use to buy nice graded sil dollars, crack them out and put them in the good old dansco. saved the little pieces of paper and closed the book. then realizing no one collects in my family, i had them regraded by anacs. they graded all the coins exactly as ngc and pcgs did. except one of the dollars (1890-cc) came back a grade higher (ms64). cost me a bit but it will be worth it down the long road. today i still buy graded coins just for the reasons you mentioned above. i've told the family how to look up prices (as a guide of course) so when time comes, they won't get ripped off as bad. anyhow, thats my two cents worth.

 

Unfortunately, those same coins in NGC or PCGS slabs will command higher prices as opposed to them being in ANACS slabs.

Chris

 

Good options here. I hear of too many "deals" that were snapped up by coin dealers buying uncertified coins for a lump sum, not itemized so the recipients have no idea of value. I have heard cases where relatives were able to take their turn on their share of the estate as they go around and each picks something. I was speaking with an elderly gentleman who has all his coins raw and naked, though many would grade MS with advantage to sharp sellers.

In most cases once medical problems develop quickly it is too late to get them certified and valued properly.

 

I can understand why people like to get coins graded for their family, but I have much more fun teaching my son about them. Hopefully, he will be the fifth generation to carry on the family collection.

 

:foot-mouth: Well the holders are pretty nifty.

 

I completely agree with your logic, but there is another side to be wary of. Don't spend $30 to have a $20 coin graded and you have to watch out for those details grades.

 

In my experience, you can "ripped off" even with graded coins! Sure, the grade usually is firm and can't get any worse, but if you look at eBay, the same graded coin goes for different prices depending on the demand/bid at a certain time frame.

A grief stricken spouse is susceptible to preying buyers who will offer below book price just to move the coins.

The surviving spouse or childeren should wait after an unfortunate demise and not try and sell them the first year. During that time, they need do do research and find reputable buyers/dealers.

Leaving detailed instructions to survivors can be helpful, but prices change almost daily in this business. And getting coins graded by NGC vs PCGS is a turkey shoot as we all know as more people seem to trust PCGS. Having NGC or other grading services can also be a detriment.

My advice: Although this is not always practical and possible, I think the coins, graded or not, should be turned into cash BEFORE an impending demise.

I often ask collectors what they plan to eventually do with their collection and you'd be surprised how many haven't really thought about it (or want to think about it!).

 

I don't know about you, but I haven't the least idea when I am going to die - and that is just counting natural causes. When you tack on tornadoes, terrorists, car wrecks, etc., I really don't know.

BTW, yes graded coins pricing is not absolute, but try comparing that to raw coins on eBay!

 

so why not keep the receipt, which shows price paid, and try for more. if the coin shows to be a fake, you know what dealer to get your money back from, if he/she is reputable. oh wait, you died 60+ years from now and that dealer is dead, and the business is gone??? it's a fake!!! they won't receive anything anyway!!! if it is real, it cost ME, not her, money. i'm dead and she paid NOTHING! skip the tpg, keep your receipt, and give a list of reputable dealers. it's all profit to your spouse (if real), who didn't pay a dime anyway. but she has a $$ to aim for.

 

I am sure the buyers are going to be real impress by how much you over paid for your coins. That will really encourage them to pay more for your coins. And those eBay skeptics will be ready willing and able to believe your piece of paper when they hardly believe anything sold on eBay is real. Oh! Besides that, those dealers offering $50 each for the GSA Morgans would really be impressed knowing you got them for $20 each.

 

Hi, In my house we do not have his or hers money, we are a team, husband and wife share the money together and as far as keep the receipt that is good advice as you will need the receipt for the tax man. And if I buy a coin that is fake I would rather know within weeks rather than in years so I can do something about the person who sells fake coins as it is a crime. Knowing if a coin is fake or real is a even stronger case for getting your coins graded buy PCGS or NGC.

 

hence is said DEALERS, not ebay dredge... you don't need to show a dealer what was paid, but if he's not in the ballpark (85%) after 60 years, then either inflation hasn't occurred (yeah right, with fiat money), or he's no better than a buying gold place. however, receipts give a BALLPARK figure of what to expect.

 

ngc and pcgs DO NOT guarantee a coin's authenticity outside of united states coins. FACT. look it up on their website, which is from where i got my information. 80%+ of my collection is not united states coins, but instead are roman and medieval coins. those are NOT guaranteed by pcgs and ngc. i guess a receipt to the dealer on vcoins, which says coins are guaranteed for life, is as good as a tpg.

 

The gradeing of a coin will add more to the cost you have in the coin .
The gradeing cost the shipping cost will only add to how much more money you will have invested into it.
How long after you had to pay more than the greysheet cost for the coin the shipping and the cost to grade it will it take to get you any profit in the coin.
If its 50 years or more your kids may get to see it but not your wife.
And after you are not around any amount its sold for will be fine with them as they paid nothing for all the time you spent to get all this done.
I see it as a waste of time but a money maker for gradeing companys and usps and the insuranc company.
Seems it a hype about nothing.

 

Let's say I have 1000 coins in my collection and I get them all graded. Even if I got them all graded at $30 each, that's 30k total just to get them graded, not counting how much I paid for them. I'd say it would be several generations before my family made any money from them. Who knows if that $100 coin is only worth $110 in a hundred years but I spend $80 on it and spent $30 to get it graded, my family just broke even.

I say the better plan is to educate your family in what you have and how to get the best money in case you die. Leaving instructions is also a good approach but grading coins, not so much in my opinion with the above scenario I pointed out. I don't think coins are good investment. If I were to invest 30k in grading coins that already have value without the slapped opinionated grade on it, well, I can just say I could turn 30k into a whole lot more money to leave my family instead of using it to grade coins in hopes it's a good return investment.

To each their own though. I left a note with my collection as well for my family in case I die, it says, "I enjoyed collecting these, I hope you enjoy them too."

 

I gave up on worrying if there would ever be any profit. I'm guilty of paying way too much for something really cool. Something I just had to own. That really puts a hole in the bottom of the profit bucket.

I do worry about leaving my family with the task of selling it off. For me, I felt it best to slab everything worth about $500+. That helps my family slow down a bit and take a strong look at the coin. With that and good records, they will do just fine. This works for me because my family had to put up with me and my addiction for many years. We each need a different plan but receipts and records should be on top of the list.