When submitting, how do you estimate coin value for raw coins?
Zoins
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The service level is determined by coin value but how do you determine coin value for a raw coin when values can change a lot depending on grade, and even if the coin is gradable vs. a details coin?
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Guess
I usually value things at a details or genuine number if in a raw submission.
http://www.pcgs.com/SetRegistry/publishedset.aspx?s=142753
https://www.autismforums.com/media/albums/acrylic-colors-by-rocco.291/
The coin value estimate is for mailing/other insurance when they are mailed back to submitter.
The fine print on the back of the submission form:
Declared Value: Indicate the insurance value for each coin. If you are unsure of the value of your coin, contact a PCGS Authorized Dealer in your area, or reference the PCGS Price Guide to establish a value based upon the grade you feel your coin will qualify for. If you fail to provide a declared value for each coin, your order will be on hold and you authorize PCGS to assign a value of $50 per coin.
It depends on the coin, the spread, etc. For instance, for raw toned coins, I do not usually include much premium (if any) for toning because of a realization that insurance companies are not going to pay a premium in the event of a loss absent some documentation of value which likely doesn't exist. I err on the conservative side for everything. I can always add my own private insurance for return postage once PCGS uploads a tracking number. The only potential downside of this approach is if the coins are damaged while in possession of PCGS. This rarely happens, and to be frank, PCGS and its insurance company aren't going to pay you retail anyway.
As for submission tiers, unless your estimate is grossly off and something that should have been obvious, my experience is that PCGS will not charge you more or call you on it. For instance, in an economy submission I once had two raw coins that broke the $1000 mark (post certification value) that were submitted raw. The coins were treated like any other submission.
What you paid for them.
I use the PCGS Coin Price Guide for my estimate of grade....and down one level.
https://pcgs.com/prices/
Or as Broadstruck suggests...what you paid for them.
Zoins, is this a serious question??
When I was a dealer, I put my grade on the piece and then used the Gray Sheet for advice but not an absolute guide. Obviously if the piece got the expected grade, it would be worth more. Otherwise, why would spend the money to get it graded?
That might be okay unless you have held something for a long time, and the value has increased significantly.
…….or the coin was a gift or the coin was inherited or the coin was found while metal detecting or...…..
Not every coin has been bought.
Worry is the interest you pay on a debt you may not owe.
"Paper money eventually returns to its intrinsic value---zero."----Voltaire
"Everything you say should be true, but not everything true should be said."----Voltaire
Price guides can be a good starting point....then downgrade it at least one grade from what you think it is...
Cheers, RickO
When submitting, how do you estimate coin value for raw coins?
I was serious when I asked if the question above was serious.
when I submit anything to PCGS the whole intent of assigning a value is for insurance and shipping. that's simple, right?? logic dictates that the value should be based on two things: what I think the coin(s) will grade and the value at that grade in the PCGS price guide. this is a point in the submission process where it would seem foolhardy to get "cheap" and under-value something to save a few bucks on the return.
on the odd chance that a package is lost or stolen the insurance will be based upon that value. it seems wiser to me that I pay an extra $10-$20 for the shipping/insurance instead of risking hundreds or thousands with the loss of the package.
Zions share with us the coin your trying to figure out the price on TYIA.
Maybe I have one in my “ gluggo collection “ then I can tell you what I paid.
I put in a guesstimate value halfway between the market value of a raw coin and the perceived value of it being slabbed.
I don’t understand the comment asking if this is a serious question, especially after people posted different approaches. Is there no appreciation for the responses so they were they ignored?
This is a serious question. We all know that prices can go up multiples for a grade increment and also if the coin is gradeable vs. non-gradable. We also know that grading can vary for the same coin and also that the grade assigned may not match what you want. So the non-understanding seems quite strange to me.
I assume that the coin I am submitting will holder at the grade I believe the coin to be and that determines my value.
By the value of my perceived grade.
we do not have that problem shipping from Canada, as coins are not insurable shipping across the border and max $ CAN 500 within the country, UNLESS private insurance at horrendous rates is used.
so I am wondering this: does PCGS send graded coins to Canada with insurance ?
I just want to know if your referring to Civil War Coin. That is what I like to collect. Was that your web site the other day?
Tyia
A coin I shipped was once lost by the Post Office so I can attest to the fact that regardless of how much you insure the coin for, you will only be recompensed for the value you can prove you paid for it, even if it has since increased in value. Numismatic value beyond a receipt means nothing to the Post Office.
I have no idea how the scenario that @PerryHall offered would be handled.
Proof Buffalo Registry Set
Capped Bust Quarters Registry Set
Proof Walking Liberty Halves Registry Set
I just use the pcgs price guide.
Collector, occasional seller
I too use what I paid as the guide. I sometimes buy raw but immediately submit for grading.
If I'm not mistaken the post office requires you to prove what you paid for an item, thus valuing higher than your cost is just a waste of money.
My Collection of Old Holders
Never a slave to one plastic brand will I ever be.
From what @EagleEye and @coinbuf wrote, it seems like paying extra is ineffective. Perhaps there’s some money to be saved here?
I do not have any proof of purchase cost for most of my coins. So I guess I would be out of luck.
This is what I assumed so I have always used my purchase price for the value. Thanks for verifying!
From the USPS Domestic Mail Manual:
3.2 Proof of Value
Either the mailer or the addressee must submit acceptable proof to establish the cost or value of the article at the time it was mailed. Proof of value should be submitted electronically or attached to the claim form under 1.5; otherwise, the claim cannot be processed. Other proof may be requested to help determine an accurate value. Examples are:
a. A sales receipt, paid invoice or bill of sale, or statement of value from a reputable dealer.
Wrong. It is also used to determine which tier you are eligible to submit a coin under. It can make a difference on whether you are forced to divide up a submission and choose a higher priced tier. The cut-off between regular and express is only $3k and then the submission fee doubles. The cut off between economy and regular is a lowly $300. I agree that it is best to be liberal when insuring your package on the way to PCGS. If you're low contact PCGS and see if they will up the coverage for the return or add it yourself through a private carrier.
You should use the replacement cost.
I put what it is worth to me.
Since ownership adds a point, I just value it at one grade point lower than what I think it is.
So if I buy a raw uncirculated 1893-S Morgan for $1000 and send it to Pcgs and it grades MS-62 and has a value of $100,000+ I can only hope to get $1000 back from the USPS if it gets lost?
I use my grade and the Greysheet.
Placing a relatively higher value on your coins reflects your pride of ownership, as well as your estimated grade. Just try sending in a RAW coin with a value of $50,000 just to get their total attention, and reflection in the grading process.
Just try it........
OINK
I’ve wondered about this. With market grading, it seems if there’s an impression of higher price, there could be a corresponding grade.
I'm confused. Why would the grading service care about pride of ownership or an owner's opinion of a coin? Of course an owner's perception is going to be biased.
It could MV or cost plus