I bought the American Eagle 2022 One Ounce Silver Proof Coin SAN FRANCISCO (S), how do I know if I should send them in for grading....? 0

[Diamondslayer]

The topic title says it all.

How do I know if I should spend the money on the coin for grading? I don't want to waste my money. I forgot to mention that I bought it on the August 9th within the first hour or so. Does that matter?

American Eagle 2022 One Ounce Silver Proof Coin

SAN FRANCISCO (S)

Edited August 12, 2022 by Diamondslayer

[The Neophyte Numismatist]

In my opinion, you should not.  Graded Silver Eagles can be very tough to sell.  IMO you will get much more milage with a raw coin with more upside in the OGP.

[Diamondslayer]

I forgot to mention that I bought it on the August 9th within the first hour or so. Does that matter?

On 8/12/2022 at 11:50 AM, The Neophyte Numismatist said:

In my opinion, you should not.  Graded Silver Eagles can be very tough to sell.  IMO you will get much more milage with a raw coin with more upside in the OGP.

 

[The Neophyte Numismatist]

 I don't think so.  To me the "early release", "first day of issue" is marketing spin.  I have never cared about getting the first coin of a given year, I focus on trying to get the best coin.

I am not a bullion collector, so I don't want to get too far over my skis.  But, I do know that graded bullion is a double edged sword.  Others will have to chime in.

[Mr.Bill347]

I have a 2022 s proof too. Was thinking of sending it in but..

Modern tier cost
return packaging cost

improved holder cost

handling fee cost

return Shipping cost

to: shipping cost

its just not worth it imo.

[EagleRJO]

On 8/12/2022 at 1:04 PM, The Neophyte Numismatist said:

 I don't think so.  To me the "early release", "first day of issue" is marketing spin.  I have never cared about getting the first coin of a given year, I focus on trying to get the best coin.

Agree, I collect ASEs and would never pay a premium for any of those marketing spins given it is only a designation that a TPG received the coin for grading within an arbitrary period of time from the release.  Some say it's supposed to be a sharper strike coin, but how many dies are used and at what times.  The US Mint apparently doesn't say exactly for specific coins.

On 8/12/2022 at 1:04 PM, The Neophyte Numismatist said:

I am not a bullion collector, so I don't want to get too far over my skis.  But, I do know that graded bullion is a double edged sword.  Others will have to chime in.

I collect bullion coins and bars, both silver and gold, and I would never have a bullion coin graded.  You will lose money.  But the OP is talking about a Proof coin from the US Mint, not bullion that they don't even sell, and you have to get through a dealer.  Check out going prices for various slabbed Proof ASEs, but I think unless you're sure it would grade out PR-70 it may a loser without one of the marketing designations.

[JT2]

I am not a fan of sending these in ............However if you must.  do not take them out of the original USPS mailer and ship them to NGC.

[VKurtB]

The NEXT time I send ANY American Eagle coin (silver, gold, platinum, or palladium) in for grading will be the FIRST time. And I’ve been getting them (not all metals all years) since 1986.

 
It’s the biggest scam going in numismatics. You. Will. Lose. Money. 
 

That said, the most commonly submitted coin is the American Silver Eagle. Nobody ever accused coin people of being particularly smart. 

[Sandon]

      You've purchased this coin directly from the U.S. mint, so you know it's genuine.  You can tell by looking at is that it's flawless or nearly so and will almost certainly grade PF 69 or 70. (If you see a major flaw, you should return it within the seven days allowed.)  It's common in either grade, although for some reason (ignorance?) there are people who will pay a premium for a "70". It's housed in a protective capsule and can be attractively displayed in its box of issue.  Why on earth would you want to spend money submit it for grading?  Collect coins, not grading service labels!

[VKurtB]

Note: there ARE hundreds of people who would say, “Heck yeah, send it in!” But overwhelmingly they would have no earthly reason why that makes sense. They clearly believe SOMETHING that is not true. The less they think about it, the easier they can sleep. 

[Diamondslayer]

Would you buy a diamond without paperwork? I kinda feel the same way about coins, but maybe I am biased since I am a diamond wholesaler. lol. I looked at the prices for grading and BAM. It is expensive. Still making up my mind though. 

On 8/12/2022 at 5:20 PM, VKurtB said:

Note: there ARE hundreds of people who would say, “Heck yeah, send it in!” But overwhelmingly they would have no earthly reason why that makes sense. They clearly believe SOMETHING that is not true. The less they think about it, the easier they can sleep. 

 

[VKurtB]

On 8/12/2022 at 5:48 PM, Diamondslayer said:

Would you buy a diamond without paperwork? I kinda feel the same way about coins, but maybe I am biased since I am a diamond wholesaler. lol. I looked at the prices for grading and BAM. It is expensive. Still making up my mind though. 

 

There is Mint paperwork included. There will be no shortage of former trees involved. I just don’t see why you need someone else’s paperwork. Grading is vastly overdone. Less plastic means your local “greenie” activists can NOT picket your house. 

Edited August 12, 2022 by VKurtB

[EagleRJO]

On 8/12/2022 at 6:11 PM, Sandon said:

Collect coins, not grading service labels!

Gotta like that comment. 😉

[RuthBrown]

On 8/13/2022 at 3:19 AM, VKurtB said:

The NEXT time I send ANY American Eagle coin (silver, gold, platinum, or palladium) in for grading will be the FIRST time. And I’ve been getting them (not all metals all years) since 1986.

 
It’s the biggest scam going in numismatics. You. Will. Lose. Money. 
 

That said, the most commonly submitted coin is the American Silver Eagle. Nobody ever accused coin people of being particularly smart. 

I will keep that in my mind.
 

Spoiler

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Edited August 26, 2022 by RuthBrown