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Should I pay Red Book prices for coins?

Gam3rBlakeGam3rBlake Posts: 165 ✭✭✭
in Q & A Forum

My local dealer usually uses the Blue Book for offers and the Red Book for sale. I’m wondering if Red Book is accurate or if I’m just getting ripped off?

Comments

  • DontTellTheWifeDontTellTheWife Posts: 610 ✭✭✭

    It really depends upon the coin, demon, date , Mm , etc and.... more importantly the quality!!! Of each particular coin.

    Widgets, junk silver, common stuff, mint products, redbook , no way!!

    Early copper with nice smooth chocalate surfaces, graded coins w cac stickers, etc, ......maybe.

    It also sounds like if you are asking this question, you may be a beginner, buying "starter" coins on a starter budget( and please dont take that the wrong way, we all started there!!!) So for the things you are buying, again , km guessing, perhaps redboik prices may be a bit strong.

    But more importantly, if you are learning from him about coins, that is priceless!!!! Just dont do it forever.

    Hope this helps, enjoy the hunt.

  • ifthevamzarockinifthevamzarockin Posts: 8,902 ✭✭✭✭✭

    The Red Book or any other price guide is just that.... a guide.

    You can check sold listings on ebay or other auction venues to get a better idea of current prices.

  • JBKJBK Posts: 15,678 ✭✭✭✭✭

    I agree with the above.

    Red Book prices are prepared well in advance of the date you are buying.

    I always understood that they were high (above realistic retail) for most coins. Highly desirable coins, unique coins, or coins that have recently become hot are some exceptions.

  • TurtleCatTurtleCat Posts: 4,605 ✭✭✭✭✭

    Generally speaking, no. The red book is a good way to know the kinds of pricing a coin may have but the market can shift a lot during the time.

    I do think blue book for buying is a good way to not maximize the value of a coin, especially certified ones. Looking at online sources and CDN gray sheet will give you a solid foundation of pricing.

    TurtleCat Gold Dollars

  • Gam3rBlakeGam3rBlake Posts: 165 ✭✭✭

    @DontTellTheWife said:
    It really depends upon the coin, demon, date , Mm , etc and.... more importantly the quality!!! Of each particular coin.

    Widgets, junk silver, common stuff, mint products, redbook , no way!!

    Early copper with nice smooth chocalate surfaces, graded coins w cac stickers, etc, ......maybe.

    It also sounds like if you are asking this question, you may be a beginner, buying "starter" coins on a starter budget( and please dont take that the wrong way, we all started there!!!) So for the things you are buying, again , km guessing, perhaps redboik prices may be a bit strong.

    But more importantly, if you are learning from him about coins, that is priceless!!!! Just dont do it forever.

    Hope this helps, enjoy the hunt.

    Well it’s not so much that I’m a beginner but rather how my local coin shop seems to operate. Whenever I want to buy a coin my local dealer pulls out the Red Book and gives me the price in there. But whenever I want to sell a coin he pulls out the Blue Book and offers me whatever it’s priced in there.

    For example I paid $850 for this coin.

  • ifthevamzarockinifthevamzarockin Posts: 8,902 ✭✭✭✭✭

    @ Gam3rBlake "For example I paid $850 for this coin."

    If that was a recent purchase it would seem like a very good deal. ;)

    Sold ebay listings
    https://www.ebay.com/sch/i.html?_from=R40&_nkw=1932+10+gold+indian+ms63&_sacat=0&LH_TitleDesc=0&rt=nc&LH_Sold=1&LH_Complete=1

  • Gam3rBlakeGam3rBlake Posts: 165 ✭✭✭

    @ifthevamzarockin said:
    @ Gam3rBlake "For example I paid $850 for this coin."

    If that was a recent purchase it would seem like a very good deal. ;)

    Sold ebay listings
    https://www.ebay.com/sch/i.html?_from=R40&_nkw=1932+10+gold+indian+ms63&_sacat=0&LH_TitleDesc=0&rt=nc&LH_Sold=1&LH_Complete=1

    Oh no it wasn’t recent. 😆

    It’s got 0.48 Troy oz of gold so if I bought it at that price now it would be less than melt value. 😜

    I bought it back when gold was $1400 an ounce back in 2016 but I just wasn’t sure how to tell what it’s worth now? Gold prices have risen so it should be worth more now than in 2016.

  • ifthevamzarockinifthevamzarockin Posts: 8,902 ✭✭✭✭✭

    "Oh no it wasn’t recent. 😆"
    .
    .

    I was gonna say....... go back for more! :D

  • Gam3rBlakeGam3rBlake Posts: 165 ✭✭✭

    @ifthevamzarockin said:
    "Oh no it wasn’t recent. 😆"
    .
    .

    I was gonna say....... go back for more! :D

    😂 lol! I would for sure!

    I bought a $2.50 gold Indian back then too for $350 I believe.

  • Namvet69Namvet69 Posts: 9,010 ✭✭✭✭✭

    Depends on who's doing the grading. No Ouija board pricing for me. Peace Roy

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  • RelaxnRelaxn Posts: 996 ✭✭✭✭✭

    For Barber quarters and Halves in VF, XF and AU then yes pay red book prices pretty much across the board... For other stuff the red book is for ... well not for active collectors.

    Auction history that is readily available through coinfacts is your best for pricing IMHO

  • JimnightJimnight Posts: 10,846 ✭✭✭✭✭

    Times may come when one might pay higher than red book.

  • Gam3rBlakeGam3rBlake Posts: 165 ✭✭✭

    @Jimnight said:
    Times may come when one might pay higher than red book.

    That happened to me with APMEX

    Red book said my 1932 $10 Indian Head Gold Eagle was worth $950 but when I offered to sell it to APMEX they offered me $1,004 for it.

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