• When you click on links to various merchants on this site and make a purchase, this can result in this site earning a commission. Affiliate programs and affiliations include, but are not limited to, the eBay Partner Network.

Archived

This topic is now archived and is closed to further replies.

What do you expect in a "Guide Book" or "Price Guide?"

Started by RWB,

19 posts in this topic

physics-fan3.14

physics-fan3.14

Posted
Posted

If we're talking about a Price Guide, I'd expect logical, reasonable, up-to-date pricing. I'd also expect some discussion of how they arrived at their prices.

 

I'm not entirely sure what you mean by "Guide Book." Are you referring to something like the individual series books, such as what Whitman puts out (as an example, your Peace Dollar book?) If so, many of these follow a fairly standard pattern - discussion of the origin and history of the series, the design and process of creating it (and ultimately, its demise). I would expect a date by date analysis. And then I would expect something on any varieties, errors, oddities, patterns, etc.

 

What I do like seeing, but which many don't include, is in depth analysis of strike, luster, handling, etc., for each date. Every issue is different, and knowing what to look for is important when specializing in the series.

 

If any varieties are mentioned (DDO, RPM, etc.) they MUST be illustrated. It does absolutely no good to mention a variety and then not illustrate it.

 

I'd also like to see exceptional examples for each date - the highest graded, the one that sold for the most (and why), some with spectacular eye appeal. I always enjoy seeing these pinnacles of perfection.

Link to comment
Share on other sites
Afterword

Afterword

Posted
Posted

I find Heritage's and Great Collections' prices realized archives sufficient. The images of the coins provide information you cannot find in a standard guide.

 

What makes one MS-66 more desirable to potential buyers than another MS-66, can only be discerned from an image combined with prices realized.

Link to comment
Share on other sites
coinman_23885

coinman_23885

Posted
Posted
Mintages and estimated surviving examples. A low mintage coin heavily saved early is misleading.

 

I'd also expect some discussion of how they arrived at their prices.

 

If so, many of these follow a fairly standard pattern - discussion of the origin and history of the series, the design and process of creating it (and ultimately, its demise). I would expect a date by date analysis. And then I would expect something on any varieties, errors, oddities, patterns, etc.

 

What I do like seeing, but which many don't include, is in depth analysis of strike, luster, handling, etc., for each date. Every issue is different, and knowing what to look for is important when specializing in the series.

 

If any varieties are mentioned (DDO, RPM, etc.) they MUST be illustrated. It does absolutely no good to mention a variety and then not illustrate it.

 

I'd also like to see exceptional examples for each date - the highest graded, the one that sold for the most (and why), some with spectacular eye appeal. I always enjoy seeing these pinnacles of perfection.

 

I agree with the excerpted quotes above. I also think Afterword's post has merit, but this is going to be an inherent flaw in all price guides. I think Physics-fan's idea concerning photographs of examples would help ameliorate some of this (or at least as much as I think is possible without viewing the auction archives).

 

Another thing I would add is that I think the price guides should include a range and not one specific value, which is misleading to novices. Since I like 1936-1942 cameo coins, I will use those as an example and specifically the Mercury Dime series. A 1939 or 1942 PF67 CAMEO dime that has only marginal contrasts and just makes a cameo is worth somewhere in the $2000-$2500, maybe a bit more. Truly superb examples with strong frost are routinely selling above the $4000 mark (based on auction records, and a decent number of dealer/other private offerings that I can verify). Many price guides will average all of these values together and come up with a number in the middle, which is too high for the mediocre coins and too low for the higher end - it is never accurate. If I were writing the price guide value for the coin, I would write it as a range with a footnote that explains the ranges. I would also have an appendix with auction prices realized.

Link to comment
Share on other sites
BillJones

BillJones

Posted
Posted

Price guides have to be updated constantly. When I started as a collector in the 1960s, each edition of the Red Book was eagerly anticipated. It was "the bible" for basic pricing. Now it's out of date before it's printed. The book still has some use for relative prices.

 

A guild book is exactly what it says it is. Yes, there are prices, but the more valuable information is in the mintages, major varieties and historical information . I still keep the latest edition of the Red Book on my desk, and I'm into almost on a daily basis. I can't remember everything about mintages and the like, and don't really want to clutter my brain with that stuff. I know the better dates and what's rare and what's not, but the nuts and bolts stuff is in the Red Book.

 

I have a complete "researcher's quality" set of Red Books from the first edition, so have I have kept that collection up over the years. In the 1970s some of those books were very prone to falling apart. I hold my breath whenever I need to open one of those.

 

The Red Book has gotten better in recent years. If you have bought one in the last five to ten years, you owe it to yourself to make the investment.

 

Link to comment
Share on other sites
physics-fan3.14

physics-fan3.14

Posted
Posted
Price guides have to be updated constantly. When I started as a collector in the 1960s, each edition of the Red Book was eagerly anticipated. It was "the bible" for basic pricing. Now it's out of date before it's printed. The book still has some use for relative prices.

 

Things moved a lot slower, back then. With the internet, prices can change overnight. My understanding is that it took a bit longer back then - things were more stable (usually). This is exacerbated by the fact that in the 60's, coins were mostly a collector item. Now, with slabbing and investing, coins have become commodities.

Link to comment
Share on other sites
RWB

RWB

Posted
  • Author
Posted

An anecdote from Dave Bowers: When he was just starting in the coin business in the mid-1950s he could buy many items from Numismatist ads by west coast dealers and sell to east coast dealers at a profit. There was no telex or other rapid communication system. For example S-VDB cents were cheaper in San Francisco than in New York, and Bowers could profit from the discrepancy.

 

I remember this still being true in more limited circumstances. 1960 small date cents could be bought retail in the east and shipped to western dealers at a profit. One of my school friends did this for several months - made enough to buy his first used car.

Link to comment
Share on other sites
Nutmeg Coin

Nutmeg Coin

Posted
Posted

I was talking to an MA dealer about under priced coins and he said if it wasn't in Redbook he didn't want to hear about it, ie varieties and value added. There may be a type of fundamentalism that develops around authoritative books. In pricing there is no substitute to going online. Example: I was at the Parsippany show today where Ken Fagone had an 1890-O Morgan that was PCGS gem certified, lots of originality and eye appeal, toning. He said CDN bid was over $2K in MS65, he bought it for $1200 and wanted a little over $1400, definite CAC material IMO. I went on HA and checked auction records which were regularly under $2K in MS65. Plus the seller lost the 17.5% due to the HA seller fee. There are many factors to compare coins with and it is very hard to compare price sheets with certified coins in terms of what they will sell for.

Link to comment
Share on other sites
bourse28

bourse28

Posted
Posted

The more grades it covers, the better. It should be easily readable and accepted by the industry.

 

For US Coins, I prefer CW Values. I also look at TPG priceguides and CDN to gauge wholesale. I also have a current copy of the Redbook.

 

A description of what the prices are based on and who is managing it.

 

 

Link to comment
Share on other sites
CCRider-migration

CCRider-migration

Posted
Posted

To answer your questions...

 

A "Guide Book" should have enough information to make it useful for both the rank beginner or the experienced collector. My idea for the ideal "guide book" would be the annual Red Book.

 

As far as a "Price Guide" goes, I guess the main thing to remember here is that it should be intended to be used as a "guide", and NOT a "Price Bible"! I saw this as the case in dealing in sports cards years ago...

Link to comment
Share on other sites
Go to topic listing