amateur question..

[yonico]

hey guys..

my name is johnny. i'm new here on the boards, just joined yesterday (though i've been reading here for some time now). i collect mostly silver dollars - morgans and peace dollars.

i have 2 questions i need help with..

 

1. what coins are worth sending to grading? i mean how do you decide what coins to submit and which not, i know it's not only by price or rarity. for example, i picked up a nice 1858 flying eagle last week for only $32, i know its FMV is somewhere around $75-$80, and if it's graded VF even $120. but the coin dealer in my neighborhood says it's a waste of time and money to grade these coins. also i showed him a 1908-s IHC which i know is a key date but he says anything less than EF is not worth submitting.

yeah.. so how do you choose the coins you submit for grading?

 

2. a friend of mind who's a new collector sent me pics of this lincoln penny in the pics bellow, asking me if that was a DDR or not. i have no experience with error coins so i thought i might ask here in the forum. sorry about the poor quality of the images, i get it in e-mail from him like this.

please excuse me if this is not the right board to post this on :0

 

your help is very much appreciated. thank you!

[Coinsman63]

I don't submit coins for grading and slabbing; however, I know the general rule of thumb is anything MS64+ with some rare coins grading MS63. Anything extremely rare, as well as most error coins(true errors which happened at the Mint and not after leaving the Mint).

 

You have to weigh 1 thing, IMHO, when you're deciding whether to submit a coin(s) to a TPG:

 

1. Is the coin's value going to outweight the expense you'll incur submitting it for grading and slabing, ie submission fees and roundtrip shipping.

 

If you believe the value of the coin is going to be less than the cost of submitting it to a TPG, then keep it in a 2x2 or an album.

[cpm9ball]

Welcome to the neighborhood, Johnny!

 

It looks like the Lincoln cent has machine doubling (also called mechanical doubling or strike doubling) because it looks flat and shelf-like. It also appears to have corrosion damage and is only worth face value.

 

You will probably get varying responses to your question of whether or not to spend the money to have a coin graded. Some collectors will set a minimum value of $100, $200 or $300. If you ever plan to sell any of these coins, then anything below, say, $150 would not be worth the cost of grading. Suppose you buy a coin for $100 and it has a fair market value of $150 if it grades appropriately. It will cost you $20-$30 for grading, including shipping and insurance. But, what you also have to consider is will you be able to sell it for $150. A coin, any coin, is only worth what someone is willing to pay for it, and that is why some collectors (who may double as dealers on the side) usually set higher limits on the value of the coins they choose to have graded.

 

On the other hand, if the coins are solely for your personal collection & enjoyment and you intend to leave it to your heirs to dispose of them, then it really doesn't matter. If you simply like having your coins professionally graded and protected in a slab, you can do whatever pleases you.

 

Chris

[johnny9434]

welcome to the boards. theres plenty of knowlegde to go around

[James Mayer-migration]

This is what I do, keep in mind its a novices point of view but

 

1) Learn to grading scale of the company you send it into. (to know, the best you can, what the coin will be slabbed as)

 

2) Know what the coin is really worth if slabbed VS raw.

 

3) I mostly only would send in a coin that is over 300$+ and/or much more liquid if slabbed I.e 1909 S VDB, 1916-d Dime ECT.