Crackout advice

[CathyDad-migration]

Like many of you, I've read all of Q. David Bowers' recent columns in Coin World about the crackout game. Given that we all may have coins that we would hope are upgrades, possibly older slabs - is there a "best practice" for breaking out a coin that will minimize chances for damage?

 

Would it be better to submit in existing holder for an upgrade?

 

Better to send to the same or competing service?

 

I know I have a few possibles, but would sure appreciate any advice or opinions.

[MarkFeld]

Ken, can you provide the specific coin date, mint-mark (if applicable), grading company and grade? Also, do you feel that you have the expertise to assess the coin's up-grade worthiness?

 

Please don't take offense to the second question - I'd ask it of just about anyone I didn't know, under the circumstances. And, I've seen numerous instances in which a coin owner's optimism was unjustified. Lastly, are you more of the gambler or the conservative type, financially?

 

The answers to the above questions might allow for better advice.

[CathyDad-migration]

No offense taken at all. Let me offer two coins, just for drill. First is a 1907 Saint graded NGC MS-64. I bought this coin from an extremely well respected dealer in 1993. I had talked it over with him and asked for a 63, 64 if he could get into a nice one at a reasonable price. About six months after my request, he called and I did not hesitate to make the buy. It is exceptionally nice--high end for the grade in '93. I recently compared it to every Saint I could find on line (only using specialist numismatic sources and only NGC, PCGS, and ANACS-no eBay alphabet soup graders) and it made a lot of the MS66 examples listed look sick in comparison. Another would be a 1964 PCGS PR69 Kennedy from the days before cameo and deep cameo were attributed and this one would definitely be at least a cameo.

 

I claim no great expertise, but have tried to learn over the years. I feel there are coins that I have held for a number of years that are better than their holders claim. I do not intend to run out and wholesale try to beat the experts. But it might just be fun. And it sure would be interesting.

[gmarguli]

The Kennedy should be submitted to PCGS for Designation Review. Never crack that coin.

 

The Saint can be cracked or resubmitted in the slab. It should make no difference.

[James_OldeTowne]

No offense taken at all. Let me offer two coins, just for drill. First is a 1907 Saint graded NGC MS-64. I bought this coin from an extremely well respected dealer in 1993. I had talked it over with him and asked for a 63, 64 if he could get into a nice one at a reasonable price. About six months after my request, he called and I did not hesitate to make the buy. It is exceptionally nice--high end for the grade in '93. I recently compared it to every Saint I could find on line (only using specialist numismatic sources and only NGC, PCGS, and ANACS-no eBay alphabet soup graders) and it made a lot of the MS66 examples listed look sick in comparison. Another would be a 1964 PCGS PR69 Kennedy from the days before cameo and deep cameo were attributed and this one would definitely be at least a cameo.

Be careful of using "on line" images for sake of comparison. There is no substitute for seeing coins in-hand, and on-line images can be very misleading. I absolutely would not base any crackout/crossover decision on images alone.

[MarkFeld]

I agree with Greg about the Kennedy half and I believe the designation review will cost you less than a regular re-grade. I also agree strongly with James about not making assessments based upon on-line images.

 

If possible, I'd recommend showing the Saint to a knowledgeable dealer to get an opinion on it. I typically recommend re-grade service rather than cracking the coin out (even though it can reduce your chances of an up-grade), because I have seen the latter result in big/bad surprises on many occasions. Those surprises have happened to the sharpest of graders and some of the coins appeared to deserve an up-grade and not a down-grade or body-bag like they received.

[CathyDad-migration]

Thanks again to everybody. I will show the coins before I do anything. I would be very hesitant myself cracking out a coin just because It stands a chance of being damaged, either in the crackout process or the shipment. Even a chance of a scratch inserting into the flip for packing. There are other coins I will also consider after talking to an expert.

[coinman1794]

To follow up on Gregs thought, you should never crack a proof 69 becuase there's no guarrantee you will ever get that grade back, particularly on pre-1970s proofs.