Early Commeratives / gold
whyb
Posts: 26 ✭
Hello,
I inherited a coin and currency collection. I have done extensive research on the currency and currently have notes out for grading. However, I do not feel as comfortable with the coins. Looking at the pricing guides to get coins graded by PCGS, which tier would original commemorative (1892-1954) silver coins fall under? Just for the commemoratives alone, I inherited 26 coins. Of these 26 coins, 18 coins are ungraded. What is the most cost effective way of submitting these additional coins for grading?
And what is the general consensus for getting gold graded? Is it only worth while to get pre-bullion gold coins graded or would newer coins be worthwhile too?
I was thinking of getting things graded @ the upcoming Whitman Expo. Thoughts?
Thanks,
Mike
Comments
Unless the commems are of exceptional grade or one of the scarcer issues, they are often not worth grading. The $30+ slab fee is more than the spread from 60 to 64 for some of those issues. It is impossible to give any more specific assessment than that.
Even $20 Libs and Saints are "bullion gold coins" unless in exceptional grade. In some cases, a modern coin of exceptional grade is more worth slabbing than a 60/61 $20 Lib. Heck MS63 common date $20 Saints are bullion coins and not worth slabbing unless worried about authenticity.
Thank you @jmlanzaf for the information. I think most if not some will grade higher than 64 (if I'm thinking they'll be 65-68, would that then become a place to consider grading?
From what I've seen of the modern gold commemorative coins, it seems like they have to be graded MS or PR-70, or they are nothing. I don't think that it would be worth your while to send those pieces in for grading.
Bill, they're the original commermorative coins, not modern. And as for gold, I meant literal gold coins, not gold commeratives.
aded. What is the most cost effective way of submitting these additional coins for grading?
If you are talking early commems, 68 would be incredibly high and worth it. 65 would depend on the specific one.
If you are talking about the pre-1933 gold, 65 or above would be worth it.
If you are talking about modern gold, 65-68 would not be worth it.
Don't take this the wrong way, but if you can tell the difference between a 64/65/66, then I would think you would already know the answer to the question about what to slab. If you don't know what's worth slabbing, I'm not sure you could tell the difference between a 64/65/66. It takes a fair bit of coin experience to grade accurately.
The main advantage to having any U.S. gold certified is that it supports the fact that it is genuine. This very important for gold dollars and three dollar gold pieces because so many of them were counterfeited. For the other coins, it's less important, but the importance goes down as the gold content goes up. For example common date, circualted and low end Unc. $20 gold coins are now selling for close to melt from what I've heard. I have to warn you that I'm going from what I've heard, not personal experience regarding the high denomination gold.
Good luck !!!
That would be a good show to get opinions and guidance from dealers with tables and other board members here that go about your coins in person. You will save a lot in grading fees by only sending in the coins for which it really makes sense, which will be some number between all and none, inclusive.
As for which tier the classic commems fall under, some are economy, and others regular, because of that $300 value threshold.
Keeper of the VAM Catalog • Professional Coin Imaging • Prime Number Set • World Coins in Early America • British Trade Dollars
If you just want to sell them send them off to Great Collections and they will get them graded for you before listing.
You could send them in through a dealer and pay around $20 for the non-gold coins, but the classic commems. are hard to sell, except for the Pan-Pac and other popular 50c issues. The Isabella is popular in average and above mintstate. All issues are worth slabbing at around gem and above.
So PCGS would run $20-$30 a coin through a dealer, the most marketable. NGC a little less, and their gold option is $20 a coin through dealers and fast. Anacs and ICG would run $10-$12 a coin, at least you would get serious graders assess them. If you did good images and posted here you would get a better idea.
Thank you everyone for the feedback and comments. > @jmlanzaf said:
This is great advice and I'm not taking it the wrong way. I appreciate your input. I would NOT be able to determine the difference in grade.
What is Great Collections? I am more interested in selling the inherited collection, than building upon it.
Great Collections is a relatively new (within the last ten years) auction house that has earned a very solid reputation for low seller's fees, good service, large collector following and trust. Many folks sell coins through them and I believe they have a program where they might submit your raw coins for you for certification, if needed.
The advice you have received from @jmlanzaf is excellent. If you do not know how to grade within the incredibly small grade windows of MS68 and higher then you are setting yourself up for an expensive lesson. If possible, have a knowledgeable dealer pre-screen the coins for you and expect to pay a negotiated price upfront. It shouldn't be a large cost, but will give you an idea of the quality you are dealing with. After that, get in touch with Great Collections and see if they can work with you. I would then suggest you sell the coins and move on; in other words, don't sink unnecessary funds into something you do not want to keep. In my opinion, you are best off with PCGS for certification as it has the largest following and generally receives higher bids (though at the expense of sometimes being more conservative in grade). Good luck.
In honor of the memory of Cpl. Michael E. Thompson
Great advice, thank you Tom. I certainly don't want to short change myself but also spending all of that upfront money is a very prospect. I do have a collection myself, just coins never really stuck with me because of the major learning curve going in. Which leads to your next point of having a dealer, with a pre-negotiated price, give me an honest opinion. Wonderful idea. Does anyone know of such a person in the Anne Arundel County, MD area?
@whyb...Welcome aboard.... You have received great advice from members above....I certainly could not improve upon it...Please let us know what you do and how it turns out....That information will also help other new members by reading about your experiences. Cheers, RickO