New Coin Collector 0

[Jennifer Temple]

I am a new coin collector and when looking up the value of these coins they seem to be worth grading can anyone help?

[Hoghead515]

I wouldnt have them graded. I cost alot of money to have them graded. They are not worth the value you will pay. You can buy examples of those already graded cheaper than you can send those in. 

[J P M]

Welcome Jennifer, Hog is correct I would just leave them the way they are and buy some MS quality all ready graded coins. If you have any questions on a coin before you spend your hard earned money make a thread for the coin you are looking to buy and post it on that thread. There are many here who will help you to learn what to look for in a coin.

Edited May 2, 2022 by J P Mashoke

[Greenstang]

Welcome to the Forum

 

Both those coins were graded by what is known as a "basement slabber", not one of the recognised TPG's so you can't put too much trust in the grades. 

Unless both those coins would grade a high MS, it would cost way more to grade than what they are worth.

 

 

[JT2]

you got .35 cents that someone tried to make look like $35..  we have these people in the hobby that love to push these types of products on new and unsuspecting collectors... this really burns us honest collectors up and makes us angry.   we should march!!  

[JKK]

I call slabs like that JGS--Joe's Grading Service. I could as easily start my own, with the same initials, and be about as credible. But I feel for the new collector, because there is no way for them to know until they are told. There are three reputable grading services: ANACS, NGC, PCGS. There's no telling how many JGSes there are, but none of them matter.

The coins themselves look nice enough, but so very common that there is no demand. This is the case with most business strikes, with rare exceptions, from 1965 on. While we probably all check our change to some degree, we are also aware that finding anything big in pocket change is a lottery-level rarity. There are just too many examples of each issue.

Since you're a new collector, let's take the dime and do a dive. It's a 71-D and they say it's BU, a classification no longer the standard, but I remember when it was. All right. In my most recent Coin World--the prices in which have only a casual acquaintance with what happens on the bourse--the condition listings begin at AU-50 and that says $0.15. At MS-63 (likely the most optimistic grade), it rises to $0.60--less than you pay to get a bottle of pop from a machine. At MS-66, $8.00; at MS-67, $60.00. Even then, it's not worth slabbing from a money standpoint because its most optimistic value about equals how much slabbing would cost you. If you found an MS-68, yeah, that's about what it would take to make sense, but if those were at all common, they would certainly not show up in change because it would take less than a minute in a change purse for MS-68 to become MS-60 or AU-58. Would probably happen the instant it touched any other coin.

Not that you said anything about getting these out of change, but that's usually where people start, and this is good for new collectors to realize. So how does one collect? Simple: you decide what you like. Our club president collects elongates (smashed pennies). I don't get it, but it's what he likes. Our VP collects errors. I get it, but I don't much care about them. Our treasurer collects Oregon tokens. I sort of get that, because he's a webfooted homegrown boy from Grants Pass and Oregon State and he loves his homeland, but the only Oregon item I ever got (a Federal Reserve Note issued in OR) I turned around and sold to him. I like world coins, medieval, Byzantine, and ancient coins, so those are what I collect. I have a modest US collection, but I don't add to it these days. You are the one who decides what you like, even if it's parking tokens or poker chips or so-called dollars or proof wheat pennies.

[Coinbuf]

Welcome to the forum, the advice you received above is correct those coins are just slightly better (and worth about the same) than the change in your purse.   Here is a link to an ebay buy it now auction for an MS65 1980-P quarter, it is listed at $15.99.  

1980-P

If you were a bulk submitter of coins and received the bulk discount, after ebay fees that price would be just about breakeven.   I am assuming that you are not a bulk submitter so you would pay more than the $20 (auction price plus shipping and maybe tax) this coin is being offered at, and it is possible that your coin would grade lower than MS65 and thus be worth even less.

I have seen a great many people over the past few years spend a great deal of money to have pocket change like this slabbed and graded.   Perhaps out of desperation mixed with misinformation from a number of click bait internet sites, but whatever the story those folks have lost what money they had.   I hope you are wise enough not to fall for the bogus get rich quick scams that are so prevalent on many social media sites like fakebook and insta.

[JKK]

Coinbuf is absolutely right. Also, given that a 66 is worth $8 optimistically, you could buy 3-6 of those with the grading money. To me, that's always the killer argument: Would I rather have a piece of plastic or another coin? That's not a difficult decision for me.

[The Neophyte Numismatist]

First - congrats on finding a great hobby - history, art, and economics rolled into one.  On the topic of economics, before submitting any coins to a TPG consider the following:

• the cost of the coin already graded (buying it in a holder)
• the true cost of having the coin graded ("making" the coin)
• Understand the Sheldon Scale and the impact it has on coin pricing

After you learn this you will know:

• 99%++ of the time, submitting a coins you like/find are not worth submitting
  • There are significant drop-offs in value when you don't "make the grade"
    • With modern coins, even MS60-65 grades will likely be underwater financially.
      • Membership fees, grading fees, and two-way shipping can really eat into value.
• Only PCGS and NGC graded coins are regarded as reliable grading companies by majority of collectors
  • When learning grading and pricing use the only two listed above

Edited May 2, 2022 by The Neophyte Numismatist

[VKurtB]

On 5/2/2022 at 8:08 AM, JT2 said:

you got .35 cents that someone tried to make look like $35..  we have these people in the hobby that love to push these types of products on new and unsuspecting collectors... this really burns us honest collectors up and makes us angry.   we should march!!  

I swear I’m going out to march around my house several times, right after the rerun of Big Bang Theory. 

[Hoghead515]

 

 

 

On 5/2/2022 at 8:38 PM, VKurtB said:

I swear I’m going out to march around my house several times, right after the rerun of Big Bang Theory. 

Im gonna go out make about 3 laps around the hotel. 

[VKurtB]

On 5/2/2022 at 7:38 PM, VKurtB said:

I swear I’m going out to march around my house several times, right after the rerun of Big Bang Theory. 

I have to admit it. I have a “thing” for Kaley Cuoco. 

[GoldFinger1969]

On 5/2/2022 at 9:05 PM, VKurtB said:

I have to admit it. I have a “thing” for Kaley Cuoco. 

Is that like George Costanza's "thing" for Marisa Tomei ? 

[VKurtB]

On 5/12/2022 at 9:58 AM, GoldFinger1969 said:

Is that like George Costanza's "thing" for Marisa Tomei ? 

Almost exactly. 

[GoldFinger1969]

We get these newbies...they post once or twice....then they disappear.

Is it our deodorant ? 

[VKurtB]

On 5/12/2022 at 10:34 PM, GoldFinger1969 said:

We get these newbies...they post once or twice....then they disappear.

Is it our deodorant ? 

If they’re Millennials or Gen Z, the truth comes across to them as meanness and they have to go to a safe space and have themselves a good cry. If collecting ever does collapse as a hobby, THAT will be the proximate cause. It’s too mean. 

[The Neophyte Numismatist]

On 5/13/2022 at 7:52 PM, VKurtB said:

If they’re Millennials or Gen Z, the truth comes across to them as meanness and they have to go to a safe space and have themselves a good cry. If collecting ever does collapse as a hobby, THAT will be the proximate cause. It’s too mean. 

It doesn't have to be mean.

[VKurtB]

On 5/13/2022 at 7:15 PM, The Neophyte Numismatist said:

It doesn't have to be mean.

And the truth doesn’t need “padding” either. 

[Just Bob]

On 5/12/2022 at 10:34 PM, GoldFinger1969 said:

We get these newbies...they post once or twice....then they disappear.

Is it our deodorant ? 

"I don't wear deodorant. I put a bay leaf under each arm. Doesn't stop me from sweating, but now I smell like soup."

 

George Carlin - back when he was funny.

[The Neophyte Numismatist]

On 5/13/2022 at 8:17 PM, VKurtB said:

And the truth doesn’t need “padding” either. 

Completely agree.  I cringe when I read facts padded with insults and opinions.

[Alex in PA.]

On 5/12/2022 at 11:34 PM, GoldFinger1969 said:

Is it our deodorant ?

No, they forget their 'Sign In' names - they have so many.   

Edited May 14, 2022 by Alex in PA.

[VKurtB]

I don’t know if the hobby writ large can do without the “snowflakes”, but I know for certain that I can. 

[VKurtB]

On 5/13/2022 at 7:15 PM, The Neophyte Numismatist said:

It doesn't have to be mean.

Have you ever been to a large coin show? It’s not for the easily upset. It’s cold, hard frankness on steroids. 

[J P M]

On 5/14/2022 at 3:40 PM, VKurtB said:

Have you ever been to a large coin show? It’s not for the easily upset. It’s cold, hard frankness on steroids. 

I would love it Tables full of Archie Bunkers and Don Rickles .Now that would be F.U.N.

[VKurtB]

On 5/14/2022 at 5:27 PM, J P Mashoke said:

I would love it Tables full of Archie Bunkers and Don Rickles .Now that would be F.U.N.

It’s more like they have no time for Barney the Dinosaur feeeeelings. 

[Mr.Bill347]

Sometimes I feel like Jack Klugman in the ODD couple!

[The Neophyte Numismatist]

On 5/14/2022 at 3:40 PM, VKurtB said:

Have you ever been to a large coin show? It’s not for the easily upset. It’s cold, hard frankness on steroids. 

I have...  I have not had issues.  I lead with kindness and negotiate with respect.  I don't always get the deal, but I command respect regardless.  I find that dealers are coming to shows to sell coins, so if I am respectful and negotiate within reason - it is reciprocated. 

[GoldFinger1969]

On 5/14/2022 at 3:40 PM, VKurtB said:

Have you ever been to a large coin show? It’s not for the easily upset. It’s cold, hard frankness on steroids. 

I don't know....I went to FUN 2020 and everybody was super-nice, cordial, and helpful.  I can't remember one rude or obnoxious dealer and I literally stopped by a few hundred.

[GoldFinger1969]

On 5/14/2022 at 7:24 PM, Mr.Bill347 said:

Sometimes I feel like Jack Klugman in the ODD couple!

Clean your bedroom !   - Felix