Judging Coins for Submission 1 1

[Bill Schroeder]

I have many questions being new to the world of coin grading. I recently inherited an incredibly large number of coins from a relative’s estate who has passed. They were collecting coins from multiple sources for over 50 years. Some of these coins may obviously be quite valuable and a subset to determine their value will need to have NGC assessments.

As I go through this large collection, I have found a set of 1957 D pennies that are of very high quality but I find it extremely daunting to try to determine which coins would be worth submitting for grading. It is a little bit difficult to determine the cost of grading and I will continue to try to determine this as they do not want to spend a lot of money on coins which may have not enough value to justify grading. I have been able to determine that I have approximately 124 of the 1957 D coins which seemed to be greater than 60 on the scale.

I have investigated as best I can regarding the higher grades and have magnification devices that I have used to investigate the surface of the coin for flaws and contact errors.

Could you please comment on what constitutes a hairline as this appears to be somewhat controversial when I look on the Internet?

Could you please comment on what constitutes a minuscule abrasion or wear mark? A subset of these coins do have a small number of wear marks and if I can determine for myself what constitutes minuscule I may be able to determine if the coin is valuable enough to submit for grading.

Additionally, I am very concerned that if I handle the coins very much that I may actually damage them, and wonder how I can avoid this. They are also not in individual storage containers. Could you please advise me on how to store these coins so that they do not undergo damage while I am examining them? Is a paper coin storage envelope going to damage the coins?

Have spent a significant amount of time looking at and trying to understand the submission form and what actually I will be charged for a submission. It appears that this depends upon my assessment of the actual value that I will assign to the coin upon submission. If the coin is valued above this on your assessment will this require me to pay more or the higher price as listed on the tier?

Since I anticipate submitting coins I would like to know where you get the packaging that you suggest that it be sent in.

I suppose at this point that you must realize that I am not a numismatist in any way. I much appreciate your advice. Thank you very much.

Dr. Bill Schroeder

[KaileeS CS]

Hello @Bill Schroeder, thank you for contacting us. I have sent you a direct message with the answer to your questions above. Please kindly check your messages when you are able.

Thank you!

[Sandon]

    The vast majority of 1957-D Lincoln cents, even bright red uncirculated ones, are worth substantially less than what it would cost you to have them third-party graded. The mint coined over a billion 1957-D cents, and dealers and collectors saved many uncirculated 5,000 coin bags. In typical grades such as MS 64 RD, they have a retail list value of $10 or less. The NGC Price Guide lists a MS 66 RD gem at $35 retail, and a dealer might only pay half of that price. The NGC grading fee alone is $23 per coin at the "Economy" tier. (Dealers sometimes get bulk discounts for submitting large numbers of coins of the same series, but it would still unlikely be worthwhile.)  Only a coin that grades MS 67 RD or higher, which is very scarce, would be worth the cost of third-party grading, and you would have to have substantial experience in grading coins yourself to determine if any of your coins has a chance of grading that high. Someone who is "not a numismatist in any way" has no business submitting coins to grading services.

  In many states the law requires that the property of a deceased person be professionally appraised as part of the probate process.  If the coins were not already so appraised, a lawyer should be consulted to ensure compliance with the law. In any case, you should obtain an appraisal from a coin dealer or other person who has the necessary expertise to evaluate these coins.

[VKurtB]

I STRONGLY suggest that anyone who self-describes as "I am not a numismatist in any way" NEVER EVER EVER consider having ANY coins graded. Ever! Did I mention "NEVER EVER"?