Coin or Label? posted by Paw Paw & NaNa

[CSJournals-migration]

"I don't get it"

 

Just like Tom Hanks in the movie "BIG", I don't get it. I like to watch coin shows on TV, or at least I used to. I do not want to offend any one, but could someone please explain why the coin shows are emphasizing "First Releases", "First Strikes", "Early Releases", or whatever else the grading services come up with. Are we being sold coins or labels? What differance does it make whether the coin was minted in January or December? I don't get it! I think I'll switch the channel to "Duck Dynasty", it makes more sense.

 

See more journals by Paw Paw & NaNa

[Jack Robinson]

First of anything just sounds better...

 

Beware, however, first dosen,t always mean more value... TV coin shows survive on impulse buyers...IMHO. Some of their prices are often more then 30% over FMV. Plus, postage and othere fees.

Again, my opinion.

[Six Mile Rick]

Duck Dynasty is the only "REAL" show on T-V. Much better than those coin show gimmicks.

[Yevrah1]

I record the coin shows and FF thru them for a laugh. .

 

These sellers suck all the potential profit from the coins they sell. They emphasize the 'First' for newbies and suckers.

 

They sell a PCGS ASE MS70 "First Strike" for $129.95 plus 6.99 shipping. I bought mine off eBay (same coin, grade and TPG) for $71.95 including shipping.

 

Now that is real shock and awe!

[Mr Bo Jingles]

All the early release labels are a scam, period. The best way to not get sucked into such lunacy is to not watch Darryl and Darryl on TV selling coins.

 

There is no such meaning as "pedigree" when it comes to coin collecting. There is "provenance" and the TV goofs are trying to get their customers to believe one word means the same as the other and it isn't true.

 

In the 1800's a first strike would be very desireable because that's when you have your best chance at getting a DPL or PL coin before the die dulls. Today there is no such concern as the mint has the technology to ensure the last coin struck is as perfect as the first.

 

If it were labeled from a major collection such as the Binion Hoard that might be cool to own one if it doesn't come with much of a premium to the coin because of the provenance and history of that person.

 

That's my 3 cents for what it's worth!

 

Happy Collecting!

 

[jpcienkus]

This is the way I see the "First Strike, Early Release, SF Label...." shenanigans.

 

The mintage on ASE bullion coins is so high and the coins will never be in circulation, so they are trying to create scarcity with First Strike, SF mint, etc... Scarcity will allow them to demand higher prices.

 

BTW, I like watching the shows as well. My favorite is Art and Coin TV. Over the past few months, I've learned a lot about coin history and what date/mint mark combinations can be rare. Rick Tomaska is on the show and he love's proof Kennedy's and Frankie's. While his prices are astronomically high for his coins, I learn a lot about the series and which coins to add to a collection. I don't collect either of the series, but I spot buy some of the rarer ones from other sources.

 

Anyway, this past month, Art and Coin TV was selling bullion ASE's from the 1st 20 monster boxes shipped by the U.S. Mint. So the label was saying coin is MS70, from box #1 from the mint and you could buy serial number -001. The first deal was 20 MS70's from the 1st 20 boxes minted in 2013 with serial number -001 from each box. They also had a letter from NGC confirming this claim and they shipped you the green monster box with the mint label saying it was box 1. They did this for the first 20 boxes. So if you wanted box 7, you got the 7th MS70 to come out of each of the 1st 20 boxes. Kind of a neat idea, but the price for Box 1 #1 was somewhere in the neighborhood of $7K. It was totally hilarious to watch. Knowing the mintage for these coins will be in the 35-40 million range, they are looking for ways to make these coins rare.

[SquirreL]

 

 

 

As some one who has collected raw coins since the early 70's and just got into graded coins in just over a year I think some on this forum need not to try and be 'elitists'. Yes, Im more than aware that a lot of it is hype to sell more coins on these shows. I too laugh at the over exaggerated claims on how they are giving you a value . Just last night I was watching one of them and they were saying how a coin I just got off eBay for $22 shipped ( same grade and grading company ) was worth $139 but they were selling it for $79 at 'rock bottom prices'.

 

BUT! I did learn a bit watching these shows when I crossed over to the grading / encased coin game. And why are you always saying ' its about the coin not the label of the case' yet you're posting on a grading companies web page?

And you have a 'competitive' set in your registry? You DO care about the case at least. Sorry, this was on the 'control panel' feed and it just reminded me of why I dont post here too much in fear of being flamed.

 

BTW - 'you' is used in a general term, not directed at anyone in particular

 

 

[Mr Bo Jingles]

Hey SquirreL

 

You make a good point. Let me try to clarify. The coin grading company makes a difference in my book. I prefer NGC to PCGS because I feel NGC is a much more conservative grading company overall. I am sure some feel the other way. Those people are probably posting on the PCGS forum pages this morning.

 

After that there is no added value to a coin with a special label. None whatsoever. There is no premium to having a first strike or early release or anything like that. I am sure Tomaska dreams of standing at the end of the press to catch ASE's as they come off the line so he can call them "Everest" coins or some other nonsense he has in his brain.

 

Those shows are meant for people who have no idea of what they are doing and while I do agree with Joe that you can learn things from the shows (and I am embarrassed to say I do watch them as well from time to time to see the coins) mostly what I have learned is what NOT to do as a collector.

 

I don't think we are acting like "elitists", but rather savvy collectors (again, my opinion and I know there are people that won't agree and I am cool with that too) and while I certainly don't care if anybody spends $139 on a "First Strike" ASE that is really worth about $45 at MS70 with the grading, one shouldn't feel badly when others kinda of point out the craziness of that line of thinking.

 

Oh, BTW, I do think cases mean something. I love GSA Holders!

[Rawhide427-migration]

Hello Paw Paw:

I have to echo part of what has been said here by a few collectors. There are so many of these coins produced, and so many in 69 & 70, WHAT does one do to get "scarcity"? Invent a label! I mean, these are bullion coins to begin with. They were not intended to be rare collectibles. Yet, I see them selling on TV for as much as some Franklin halves & even some of the lower graded Accented Hair Kennedy's which are exponentially more rare than any Eagle will ever be save the 1995 W.

 

I too enjoy watching the coin shows. Sometimes I end up yelling at the screen over the OUTRAGEOUS prices one or two guys charge for their coins. I sure would LOVE to sell some of my proof Franklin halves to one guy for what he seems to think they are worth! But that is another story.

 

My one concern is that new collectors get burned so bad, they leave the hobby. The coin collecting hobby needs fresh blood. And I fear that someone new who pays up big for a one ounce MS-70 Silver Eagle with the early release/first strike/ low number box/ picture of George Washington crossing the Delaware/ John Mercanti signed, ad infinitum , will get so upset when they find out what the bid side of all that "stuff" is, they will go back to collecting Budweiser merchandise, or whatever.

 

{OFF TOPIC}

I do have to give Barry Chappel of ACTV credit for his gold call in 2000-2001. I remember watching him with his charts & graphs, talking about his double major in economics and saying that gold was WAY WAY too cheap. He predicted $1500 an ounce back then, and he was correct. It didn't happen over night, but he didn't say it would. At the time he was banking on all the loose money the Fed Chairman Alan Greenspan was pumping into the system for Y2K, etc. That looks like a mosquito on an elephant Now compared to the current wave of monetary easing. And, Barry has again said we are going to have a huge spike in precious metal prices. He says when it comes, it will come quickly, and I for one have to agree.

 

Best Regards,

Doug

 

 

 

[jpcienkus]

 

BUT! I did learn a bit watching these shows when I crossed over to the grading / encased coin game. And why are you always saying ' its about the coin not the label of the case' yet you're posting on a grading companies web page?

And you have a 'competitive' set in your registry? You DO care about the case at least. Sorry, this was on the 'control panel' feed and it just reminded me of why I dont post here too much in fear of being flamed.

 

BTW - 'you' is used in a general term, not directed at anyone in particular

 

 

What this actually means to me is that you still need to examine the coin you are purchasing in a slab regardless of the grade listed on the label. For example, I have bought coins graded MS63 because I felt they were under graded and I liked them.

 

I visit this site primarily to learn from other collectors who have more knowledge than I do and also to help impart what I have learned to others. I in no way shape or form consider myself an expert.