Should I get coins graded if I'm not planning on selling them? How do you determine their "Per Coin Value" on the Order Form? 0

[Macquel]

I have a couple of coins (1961 and 1943 pennies) that are in pretty decent condition. I am not a dealer - I don't think I could ever part with my coins! - but I am curious about their grades. Is it worth having your coins graded if you're not going to sell them? I know these aren't going to be groundbreaking MS70 or anything like that. I just want to know where they're at on the scale.

Also, I noticed that on the order form that I'm supposed to list a "Per Coin Value." I'm a little confused with that. Wouldn't their grade determine their value (based on the current market)? How am I supposed to list a coin value if I don't yet know the grade? Isn't that the whole point of sending them in? I've looked at NGC's coin grading guide, but I still feel like a professional would know better than me what these are valued at...

Thanks in advance for the advice! Hope you're all having a fantastic day. 

[Rummy13]

@Macquelif you post clear pics of the front and back of your coins some of the people here can give you an idea of the gread.

[Coinbuf]

"Is it worth having your coins graded if you're not going to sell them?"   There is no simple answer to this question and many times it comes down to personal preference/wants as opposed to value or worth.    Both of the two coins you have asked about (1943 & 1961 Lincoln cents) are super common unless in the uber high MS grades of 67 or higher; so from a pure value standpoint its a waste of money to send in either of those two coins for grading unless you are confident that they could grade high enough.   However many coins are sent in to the TPG's for grading that are/were never worth the cost of grading, some because the sender wants to test his/her grading skills against what the TPG grades at.   Some are sent in because the sender wants the coin in a holder to protect a sentimental coin, perhaps a coin given by a family member or some type of remembrance.   Because I am a life long Lincoln collector I know that those two coins are not worth sending in for grading to me; it may provide you a different type of value and for that reason be worth sending in for you.

"How am I supposed to list a coin value if I don't yet know the grade?"   The section for value is there because the grading tier and return postage is calculated on the value of the coin, NGC expects that you already have an idea as to what you grade the coin(s) and can assign a value derived from your assigned grade.  For example the economy tier has a max value of $300 per coin, coins that you think have a value greater than $300 should be submitted under the early bird tier instead.  In your case I'm very sure that both of the coins you have are well under the $300 value each so you can use the economy tier (unless you want faster service) and use a value of $20 each for those two coins.   If you want faster service you can use the more expensive early bird tier.   If for some reason your grade is way low and the value of the coins is significantly higher than your assigned value after NGC has assigned their grades they may contact you with additional grading and shipping charges, I suspect that you are very likely to not have that happen.

Edited April 6, 2021 by Coinbuf

[GBrad]

Coinbuf...... that is some EXCELLENT info you just supplied and explained to this member. Very well written and completely on point. Good job!!👍

[GoldFinger1969]

2 hours ago, Macquel said:

I have a couple of coins (1961 and 1943 pennies) that are in pretty decent condition. I am not a dealer - I don't think I could ever part with my coins! - but I am curious about their grades. Is it worth having your coins graded if you're not going to sell them? I know these aren't going to be groundbreaking MS70 or anything like that. I just want to know where they're at on the scale....Also, I noticed that on the order form that I'm supposed to list a "Per Coin Value." I'm a little confused with that. Wouldn't their grade determine their value (based on the current market)? How am I supposed to list a coin value if I don't yet know the grade? Isn't that the whole point of sending them in? I've looked at NGC's coin grading guide, but I still feel like a professional would know better than me what these are valued at...Thanks in advance for the advice! Hope you're all having a fantastic day. 

(1)  1st....Welcome !! 

(2)  Read Coinbufs post above.....it depends on how valuable the coins are.  Unless the coins have sentimental value for yourself and you don't care about cost we usually say it doesn't pay to grade/slab the coin if it isn't worth $50.  Of course, dealers get bulk discounts and sell to people like me so I've actually bought a graded/slabbed coin as cheap as $20 or $25.  The cost of the grading and slab is at least $10-$15 so it's worth at least that.

(3)  I think you approximate the value but listen to the veterans here who have submitted.  I've never done it. 

(4)  What coins are you interested in collecting, accumulating, buying ?

[Modwriter]

6 hours ago, Coinbuf said:

1.)"some because the sender wants to test his/her grading skills against what the TPG grades at."  

2.)"Some are sent in because the sender wants the coin in a holder to protect a sentimental coin, perhaps a coin given by a family member or some type of remembrance."

Great post Coinbuf. I have more reasons to submit coins in for grading. If you dont mind. I am NOT suggesting the OP send coins in for grading.

3). For the novelty. The quality of being new, original, or unusual.

4.) For a Registry set.

5.) Authenticity and Preservation.

6.) Easier re-sale liquidity. 

7.)Preserved for life.

DISCLAIMER: I am NOT advising the OP or anybody else for to submit their coins for grading. 

[Macquel]

@Coinbuf Thank you very much for that detailed reply! I had assumed grading was for resale only, so it's nice to see other reasons for doing so. I was actually considering at least sending in the 1943 because it's the coin that my grandfather gave me when I was a teenager, the coin that basically sparked my interest in coin collecting and the history of coins ("wow, a penny that isn't brown? That's so cool!"). I'd like to have it better preserved for sentimental reasons. And it's good to know that the NGC would contact me for additional charges if the coin was worth a lot more than I had anticipated. I know the odds of that happening are VERY unlikely, but it's still good to know.

 

Thanks @GoldFinger1969 and @Modwriter for the additional information! You've all been very helpful.

[GoldFinger1969]

1 minute ago, Macquel said:

@Coinbuf Thank you very much for that detailed reply! I Thanks @GoldFinger1969 and @Modwriter for the additional information! You've all been very helpful.

Macquel,besides the pluses of having the coin in a slab and graded, think of all the things that can happen when you touch a sentimental coin that you love that may be worth even only $20 or a Saint-Gaudens Double Eagle worth $2,000:

• You or a friend you are showing it to can touch it with dirty, oily fingers -- eventually, they can impact the coin.
• You can drop it
• A person you give it to for closer inspection as you show it off can scratch it with their nails.
• Market value for your knowledge and/or insurance purposes is not clear without grading
• It's tougher to display the coin without a slab

I have those little plastic frame holder-like things that can hold all but the 5-ounce coin slabs.  Makes displaying them easy and nice. 

[GoldFinger1969]

33 minutes ago, Macquel said:

I was actually considering at least sending in the 1943 because it's the coin that my grandfather gave me when I was a teenager, the coin that basically sparked my interest in coin collecting and the history of coins ("wow, a penny that isn't brown? That's so cool!").

That's a coin that I would think is worthy of being graded and more importantly PROTECTED in a slab.

Now, how to do it is the question.  To join a program for multiple submissions when you might only have 1 or 2 coins you want to submit seems a waste (and expensive).  Maybe talk to your LCS (maybe you can piggy-back on their submissions) and/or at a future coin show that is big enough you can have it graded/slabbed on-site like they were doing at FUN 2020.  I'm not an expert having never done this, so listen to the vets here.

In the meantime, protect that coin by putting it in some form of plastic sleeve or at least a nice velvet pouch (can get them on Amazon for like $10 for 20 or something like that).

Edited April 7, 2021 by GoldFinger1969

[RWB]

1 hour ago, Macquel said:

I'd like to have it better preserved for sentimental reasons.

If you want to preserve the coins for personal sentiment, consider buying  high quality coin capsules from Wizard Coin Supply or other coin supply sellers. These will protect the coins from damage, and as well from tarnish, as the TPG holders. "Coin-tain" or similar capsules will cost a few cents each compared to $25 to $35 for "grading" from a TPG. With no present need for authentication or grading, why waste the money?

[GoldFinger1969]

25 minutes ago, RWB said:

With no present need for authentication or grading, why waste the money?

Roger makes some excellent points.  You can always submit it and get it graded/slabbed down the line if you feel it's worth it at that time.

[Conder101]

On 4/7/2021 at 11:27 AM, Macquel said:

I was actually considering at least sending in the 1943 because it's the coin that my grandfather gave me when I was a teenager, the coin that basically sparked my interest in coin collecting and the history of coins ("wow, a penny that isn't brown? That's so cool!").

That is reasonable.  But one thing to consider.  If the coin has any wear on it at all it is worth less than a dollar.  You could put it in a good quality generic shell that will protect and preserve it just about as well as a TPG slab at a cost of about $1 to $2 while you can pretty much figure $35 or more to sent it to a TPG.  (Send just the one coin it's closer to $60, and that doesn't include the fees to join the club to get submission privilege's.)  Sentimental value is fine but, in my opinion, it doesn't justify overpaying for protecting it.

The generic shell also allows you to make up your own custom label stating why it is important to you and where you got it.

Edited April 8, 2021 by Conder101