Coin grading question

[Morakai]

When I go to grade a coin, it's basically the same principle as anything else right? Condition, year, flaws, Yada Yada. I'm into this for collecting, even the "trash" coins, because I like the story of them. I'm sure not going to have everything graded so could I get a couple pointers on what to keep an eye out for, specifically? 

I have a 1960 penny that looks to me could be fresh from the mint. It's very crisp. That would be worth grading right? 

[coinsandmedals]

Believe it or not, this is actually a complex question. The answer depends on several factors.

Why are you grading the coin? Is it to preserve it for future generations? Is it because it is valuable? Does it have some sentimental value that makes it subjectively valuable to you? Do you just think it is cool and you want it in a slab?

The answers to these questions will go a long way in helping figure out if the coin needs to be graded. If your end goal is to add value to the coin by having it graded than you need to factor in how much the grading, shipping, and handling fees will be for that process. If your goal is to add value then it would make no sense to spend $30 to grade a coin that is only worth a couple of dollars raw. The value cutoff for what some consider worth grading is dependent upon the individual. This is not to say that coins low in value should not or have not been graded. I see plenty of coins sell on eBay for far less than the actual cost of grading.

As a personal example, I have graded coins that were worth about $50 despite the fact that it typically costs about $28 a coin to grade using the economy tier (including shipping both ways, the grading fee, and the handling fee). I graded those types of coins because I liked them and I wanted to have them in a slab. For instance, my last submission included 2 coins that were worth just as much ungraded as graded but I sent them to NGC because I liked them and I wanted them in the slab. Other coins I have graded because they were valuable, and yet others I have graded because they were sentimental to me. In fact, I have a 1928 S peace dollar my grandfather gave me (it might be worth $20 on a good day for the condition) that I plan to submit at some point because of its sentimental value. So in short, it just depends on what your end goal is.

[Davids5104]

Need pictures.  Lincoln cents have RD RB and BN designations.  Grades of MS 66 and lower are not grades that makes this worth submitting.  So you would need a 67 or higher to economically make it worth while.  Let a local dealer look at it.  

[Numismatic, A.A.S.]

6 hours ago, Morakai said:

When I go to grade a coin, it's basically the same principle as anything else right? Condition, year, flaws, Yada Yada. I'm into this for collecting, even the "trash" coins, because I like the story of them. I'm sure not going to have everything graded so could I get a couple pointers on what to keep an eye out for, specifically? 

I have a 1960 penny that looks to me could be fresh from the mint. It's very crisp. That would be worth grading right? 

And some coins you don't really grade. Many bullion coins you don't, the 1960 I wouldn't. Keep yes, slab no...keep an eye on what you like because business wise you might have to move it. When deciding which coins to keep in my box of twenty I ended up keeping another box...if your pulling from pocket change right now "W" quarters and 1983 quarters always...list is huge my friend.....peace

[JKK]

You might want to be precise with your terminology. Getting a coin graded by a grading service, and grading a coin, are two different activities. The former costs money; the latter is free. There are bullion coins, for example, that you would neither grade nor have graded. Many others you might grade, for your own purposes, but not have graded. Some few, presumably those most valuable, you might grade (if for no other reason than you need a ballpark idea of value) and then have graded.

[Morakai]

I really appreciate all the help and responses here. And also the patience with my still probably ignorant questions. I'm still basically just looking through pocket change currently, looking for the rares, etc. Mainly, I want to collect what I find metal detecting, etc. But I'm doing it the right way and am now looking for property to be able to walk. 

I haven't even looked into local coin dealers, but I certainly will. I just want to learn as much as possible from trusted sources. Thank you! 

[JKK]

None of your questions are dumb. Part of this is learning how we talk, part is learning how we do what we do. I have more respect for someone who goes ahead and asks, taking the risk of sounding foolish (not that you did), than I would for someone who remains in a status of lower knowledge due to fear of taking that risk.

[Crawtomatic]

On 5/8/2019 at 5:17 AM, Morakai said:

I really appreciate all the help and responses here. And also the patience with my still probably ignorant questions. I'm still basically just looking through pocket change currently, looking for the rares, etc. Mainly, I want to collect what I find metal detecting, etc. But I'm doing it the right way and am now looking for property to be able to walk. 

I haven't even looked into local coin dealers, but I certainly will. I just want to learn as much as possible from trusted sources. Thank you! 

Keep in mind that most coins you find metal detecting won't carry much numismatic value due to environmental damage or corrosion.  Anything with precious metal content (silver, gold) will have that going for it.  Unless, of course, you're one of those lucky SOB's in the northeast part of the States pulling chain cents and early coppers out of the ground - even with the expected damage they still have numismatic value.

If just searching pocket change, consider the coin roll hunting avenue to get a feel for things.  Every bank will give out boxes of pennies, nickels, dimes, quarters easily - half dollars might take a request and come back next week.  With pennies, same thing my son does, you can sort the copper from the zinc ones and hold onto the copper until you have 10 pounds or so.  The margin is small but if you sell them on eBay you could net about $18-20 after shipping & fees (small flat rate box) on what's roughly $14 of pennies.  The real benefit is you get to personally look at 2,500 pennies at your own pace and you'll start to pickup on nuances of the design and coin with the outside (rarely) chance to pull something of extra value.  The downside is you'll come across XF to AU coins occasionally and they'll slowly become your standard of "very nice examples".  It's like wine tasting (I presume) every once in a while you'll have to look at a true mint state coin to remind yourself that XF and AU isn't the cream of the crop.

One thing I've noticed through it all with son, though, is that he's got a better eye in grading a coin between Good and VF grades than I do. Whereas I'm better at the mint state items.  So if I'm ever staring at a well worn circulated Buffalo nickel and I'm on the fence about it I'll ask him to take a quick look and at least then I have a second opinion to consider if I'm being too harsh or not.

Anyway, I'm rambling, but there's many ways to enjoy this hobby and lots of people willing to share their experiences. 

[Morakai]

I went and got a few rolls today to see what I could dind. I haven't even looked how to grade yet. But I do see why that is important so I will definitely look into that very soon. I'm still strung out on just actually looking at the coins with appreciation for the first time in my life. 

I'm really trying to get my wheat penny collection by doing this but I can see that's going to be slow going. Would you happen to have any suggestions on going that route? I'm pretty skeptical about just buying "unsorted wheat penny rolls." 

So there are the old silver coins mixed in those boxes and rolls from banks? I only know about getting rolls, myself. My girlfriend runs a diner so Im able to swap my excess for ones from there. And it's a bunch of old timey farmers that surely, one of those old boys are sitting on that good stuff! 

I'm not holding on very strongly about finding any good coins from detecting really. I live in Indiana so yeah, not much. Morgan was a town away during his Civil War raid but it's a rarity to find anything from that time. And I live on the outskirts of Rockford, Indiana. Which is the outskirts of Seymour. Indiana. If you haven't heard of the Reno Brothers Gang, look into them. First moving train robbers in America and just a brutal badass gang that buried money and gold from here, to st Louis, to Canada and back. 

Anyway, I appreciate any more pointers and would happily discuss the Renos!

[Mohawk]

When you're talking about a Wheat cent collection.....are you talking about the whole thing from 1909-1958 or some other span?  It may be possible to assemble a set of them from 1940 or so to 1958 out of circulation, aside from the steels, but it would be a slow go.  The full 1909-1958 set would be impossible from circulation.  What I would suggest is finding a good local dealer or two to start with.  That way, you can look at a lot of coins at one time and in one place, allowing you to see many different examples of coins in various grades from both ends of the spectrum.  Also, a good dealer is a source of something very important aside from coins: knowledge.  And, from what I've experienced, most dealers are more than willing to share their knowledge provided you buy some coins and supplies from them and you visit the shop at times where they aren't too busy.  Busy times aren't good for in-depth interchanges which are the best learning experiences as the dealer will have to help a lot of customers.  I would also say that you're correct to be skeptical of the "unsearched Wheat rolls".  I'd say that, by this point in time, all accumulations of Wheats have been searched numerous times.  However, you can pick up rolls of Wheats at a dealer that, though they have been searched, you can get many different dates from that will be fairly priced and you'll have fun looking through them because you will find older coins, steels and other interesting stuff.

It seems like you have an interest in history.  That's good, and it will serve you well in this hobby.  Many of us started in this hobby through a love of history.  I myself am interested in history, though not US history.  I enjoy Roman history a lot among other stuff, but US history never grabbed me.  However, there are many members here who are into US history, so I'm sure you'll find some like-minded folks. 

Best of luck with your new hobby!

~Tom

[Morakai]

I have plans to go out to a guy that my father used to absolutely love, tomorrow. His name is Kenny Wray. He actually found a jar of gold coins years ago, metal detecting an old church. Great dude that actually has treasure hunt parties for kids every year. Does the shop out of his home. 

I wouldn't say that I have a huge love for American history so much. I love local lore tho. As world history, Norsemen are my favorite. Now my family name is from Gerlinghausen, Germany. They brought the name to America and americanized, turned to Garlinghouse. My ggggrandfather John Garlinghouse served in the revolutionary War stationed in NJ and Canada. His son, also served in that and also the war of 1812. Pretty neat seeing their names on manifest coming over from Norway to America. Katherine Hepburns mother is actually a Garlinghouse, and my blood. Pretty neat. 

Thank you sir for the pointer in my pursuit of the impossible. I would have been looking forever for the wheat pennies I'd never find. I didn't even think about it. Everything I've already gone through, I have found only 7, and 3 are 1944s. Regardless, I really do enjoy it and I'm going to hoard all this copper for years haha. 

 

-Tyrel

[Travis Hale]

On topic, what kind of grade would be given key dates such as these? Thanks for any help.

[Matt_dac]

On 5/8/2019 at 6:17 AM, Morakai said:

I really appreciate all the help and responses here. And also the patience with my still probably ignorant questions. I'm still basically just looking through pocket change currently, looking for the rares, etc. Mainly, I want to collect what I find metal detecting, etc. But I'm doing it the right way and am now looking for property to be able to walk. 

I haven't even looked into local coin dealers, but I certainly will. I just want to learn as much as possible from trusted sources. Thank you! 

There is nothing wrong with that - it's how most of us began collecting and can be fun.  I still look at my pocket change and you will find some keepers.  I found a 1910 Wheat penny last year in change - how cool is that? 

It would be fun to assemble a set of 1909-1958 Wheat cents, and keep in mind you can buy the entire set online for roughly $300 (excluding the 4 key dates).  I'm talking well circulated coins in a Whitman folder or such.

Enjoy the journey. 

[Travis Hale]

Tyrel,

depending on where you are, I live in a place & have 70 acres to metal detect on if you’d like. I found just walking barber dimes & mercury dimes. There are also several old houses from th early 1900’s I own on them. One is my great, great grandfathers. I still have not checked everything in that house, especially the attic. He was known to not trust banks & always hid his money. He was a wealthy businessman back then & the road I’m on is actually named after him. I’m looking to tear that house down anyway, so if interested, let me know. I also have several complete sets of wheats in very good condition including the key dates if you’re interested & I do this hobby for the passion & knowledge, not get rich quick sort of thing. I’ve collected from all over the world as a missionary since I was 6. People gave me coins, I was able to buy them over there cheap because back then $20 was a months salary to them. I bought a $20 ruble coin in the Ukraine from the 1700’s for $20. It was worth $80,000 this year. So, I was in China & Russia before the curtain fell & before all this fake garbage was on the market. I still have many coins that can’t be graded by any of our graders because they’ve never seen them before. There are Internaional graders that do help. I actually was able to dig up Roman era coins at a site in Israel & they allowed me to keep them. 

Its a thrill to collect & so much to learn. I learn new information every day. Not just online information either. I read the records during the civil war & union soldiers were hauling a wagon of gold when they were spotted by the confederate soldiers. They buried the gold to get it back later & left as fast as possible. This book is not online, but a local historical book. The place this happened was in my parish, on my land somewhere on the back end side. The markers are all right & ive been needing to metal detect down there for sure. The contents were bars & coins in an old chest locked & inventoried. There’s been other places people in this area have checked, but I believe I know the general place. If you’re ever up for an old fashion gold hunt, let me know & we’ll fulfill it. I assume by me saying parish instead of county that you know it’s Louisiana I’m talking about. It’s always a great experience & fun anyway to start out at any time. Louisiana is riddled with tales of gold etc. the state sort of lives in a lost time it seems. Anyhow, I wish you blessings on your hunts.

 

Travis

 

P.S. Don’t ever take one person opinion about grading or the coin you have. Opinions are like under arms, every ones got at least two & they all stink. Research, learning yourself is key....