Observations from an old coin collector.

[WoodenJefferson]

 

 

Twenty or so years ago, way back in the latter 80’s, these little plastic slabs with coins nestled into their bowels started to appear in the coin shops and from dealers across the country. When I first encountered one I asked “What is it, what does it represent and who is this company that is telling me in advance what the grade is?” At first glance, these were unique in the market place but it took literally thousands and thousands of man-hours to instill into our hobby that a 3rd party looking at and then charging for this service made a whole lot of sense.

 

Let me tell you, you did not see untold thousands of pretty colored coins in the 60’s, 70’s and even into the early 80’s. There were peripheral toned coins available that came out of albums and other collections but you really had to look for them. Generic gold and silver coins followed the market and only the very select coins sold for more than bullion prices. There were spikes for many of the series along the way, Morgan’s, Walking Liberty’s seen their heydays and then plunge into oblivion only to be revived…it was the nature of the beast, speculation was rampant.

 

Then just as suddenly as the little slabs appeared, along came another phenomenon and that was the internet. This vehicle allowed anyone the opportunity to sell their stuff from A to Z, without much protection to the buyer. Coins in top tier plastic being sold on the net and in the Brick & Mortar shops at least gave the buyer some assurance that what they are about to spend money on is worthy of the price about to be paid.

 

For me, getting used to the idea of a third party for buyer protection did take some time, now we have a 4th party that is going to assure us of the party of 3rd part. ~holding head~ It’s like déjà vu all over again. Once again I find it hard to accept change until I see it in action and then in preventing the hazards that it claims it’s going to protect us from.

 

Change is usually good if it is done in a timely fashion by professionals and in a professional manner. Time will tell, till then the opinionated will speak out whether it be yea or nay and the debate goes on.

 

Collectors will continue to seek what for them brings pleasure, others will seek what brings little or no risk, yet will call themselves collectors.

 

What ever the moniker, we all have our passions that we foster and protect but the future of this hobby is upon us now…it is up to all of us to ensure that Numismatics maintains its integrity.

 

~Woody~

 

[ldhair]

Great post Woody.

One thing is for sure.

This a crazy hobby.

[conqueror]

In the 80s while collecting $5 to $10 coins,I had no idea what third party grading was or even cared. Then in the early 90s when I bought coins from teletrade (over the phone bidding) thinking that Tpg was a way to put a value on a coin without first seeing the coins. Now returning to collecting coins in the recent month, i'm overwhelmed with all the changes and inforamation that are available. Who knows what the next ten years will bring. Only thing that I'm sure of is that i got lots of catching up to do and i got all the time in the world.

 

John

[MikeInFL]

Well said, sir...Mike

[James_OldeTowne]

Woody, well said. I agree with your sentiments.

[rbrown4]

Well said Woody. Certainly a perspective and analogy to be considered for those that will.

 

Rey

[bsshog40]

To think this is just our hobby that we have to get use to. I'm sure this new technology that changes every 6 months get most of us in all our daily routines now. Nice post WJ.

[Keleum]

Woody, its good to hear voice of reason. Newbies like me, don't have the history to know the impact of these movers and shakers of the business.

 

[rrantique]

Great Post Woody. Kinda reminds me of this back in 80's journey into the unknown.

[MikeKing]

an interesting and informative rendition about a history either we've forgotten or are too new in the hobby to have known.

 

[joejeweler-migration]

Hi Woody,......i think time will tell whether this new service will take hold. One thing we all know for sure is that there are a substantial number of overgraded or other problem coins in slabs by all the grading services. Coins with AT, spots, altered surfaces, .......or just plain ugly toning show up in even NGC and PCGS holders.

 

So,......when we have a group that intends to make a market in coins they have the opportunity to examine ahead of time and afix a label stating it as such,.....i don't see a problem. No one HAS to have their coins go thru this process, and can choose to keeps things as it had been before.

 

As i pointed out somewhere else on the forum,.....a similiar process has been going on for years now with the "Photo Sealed" Flying Eagle and Indian Head Cent series of coins and done by Rick Snow of Eagle Eye Coins. Since he will buy any so certified coin at a predetermined "minimum" price in his pink sheet publication, ......he has made a market in them and knows what to expect before he even sees the coin. (or better said what NOT to expect!)

 

.............so this is more of an expansion on the idea for many more series of coins. If it didn't work in the marketplace Rick Snow wouldn't still be doing it. Also, these coins always seem to be in demand because an expert in the series has stated it meets the marketplace standard for the grade. I have two myself,......and on my PCGS MS65RB 1877 Indian Cent i do feel much better having it so certified.