Submitting Coins

[newprepper]

At what point do you consider sending a coin for grading? Do you base it on value? Or just value to you? It seems pretty expensive to get coins graded. I'm just wondering where the line is. Thanks

[mkman123]

Tuning in myself as submitting coins is pricey and adds up. Wonder what the criterias are that people use submitting coins to our hosts.

[dimefreak]

Potential........ otherwise if its for myself I get it slabbed because I have to yn's. The one handles coins better than some dealers I know. The other doesnt care and grabs them however he pleases. Also most of my coins are toned and I like to think that the slab will preserve the current state. Not always the case but it makes me feel better

 

[Mozin]

My advice is to buy one more expensive coin, and forget about the five or so lesser coins. Anything worth a few hundred dollars deserves to be sent to the grading service.

[James_OldeTowne]

At what point do you consider sending a coin for grading? Do you base it on value? Or just value to you? It seems pretty expensive to get coins graded. I'm just wondering where the line is. Thanks

I think that loosely $500 is a good rule of thumb. Of course, send in EVERY gold coin regardless just for authenticity purposes (unless it's a horrible wreck of a coin with no numismatic value).

[MarkFeld]

For most people, the main reason to submit coins is to add value (and, to a lesser extent liquidity).

 

Here are a few scenarios where the above might apply:

 

1) The submitter owns a coin which is frequently counterfeited. So regardless of the grade, the coin might sell for more and more easily, once certified by a highly regarded grading company.

 

2) The submitter owns a common coin, rather low value coin - say, for example, a 1938-D Buffalo Nickel or a modern commemorative coin, obtained from the U.S. Mint.

 

But the difference in value between two grades (such as MS66 and MS67 for the nickel or Proof 69 and Proof 70 for the commemorative), might be considerably more than the cost to have the coin graded. If it appears as if the coin might deserve the higher of those two grades, it might pay to have it graded.

 

3) The submitter owns a scarce or rare coin of high value. And the difference in value between two grades might be considerably more than the cost to have the coin graded. If it appears as if the coin might deserve the higher of those two grades, it might pay to have it graded.

 

4) The submitter owns a coin which is a scarce, but difficult to attribute variety. Getting the coin certified might help bring a higher price and make the coin more liquid.

 

Some collectors don't care a whole lot about making money or selling. But some of these same collectors plan to leave coins to their heirs, who might feel very differently.

 

I see a lot of coins get submitted for grading, which represent a huge waste of money. And I see many others, where the owner/seller left a lot of money on the table, by not first having the coin graded.

 

 

[Raisethis2]

As usual Mark has the correct approach.

 

I personally cannot understand for the life of me why I see $10 coins in PCGS and NGC Holders. This just never computes.

 

I generally purchase lower valued coins ($100-$150) that to me have a great look or potential. If I really think they'll get there, I'll submit what I think is an MS 65 common Morgan that I bought for MS 64 money. The way I see it if I can buy a coin for $45-$60 then turn it into a keeper I'm way ahead of the game. If it comes back as a MS 64 I'll usually sell it and just about break even because people prefer slabbed Dollars anyway and will pay near asking price at auction.

 

I almost always send in 5 or more to get the Economy Rate and will deliver them at shows to avoid mailing and insurance costs to keep my costs as low as possible. In think TPG's will continue to raise prices until the submission of extremely common materials slows dramatically.

 

[coinman_23885]

At what point do you consider sending a coin for grading? Do you base it on value? Or just value to you? It seems pretty expensive to get coins graded. I'm just wondering where the line is. Thanks

I think that loosely $500 is a good rule of thumb. Of course, send in EVERY gold coin regardless just for authenticity purposes (unless it's a horrible wreck of a coin with no numismatic value).

 

I like Mr. Feld's approach, but I agree with you too. As Mark alludes to, there is a trade off between the risk of wasting money on grading fees versus potential return. This obviously varies on multiple factors (such as those discussed in Mr. Field's post), but I think $500 is a good general rule of thumb.