Why so few gold beaned Lincoln cents
Joey29
Posts: 458 ✭✭✭
I was very surprised to learn if I am correct that there are only 43 Lincoln’s with a gold sticker out of approximately 20,000 Lincoln cents graded by CAC. That is an incredible 1/4 of 1%.! I own the only 1935 gold which happens to be a MS 65 Red. Any thoughts on this phenomenon..
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Lincolns simply aren't that worthy.
The grading companies get them right?
In a perfect world, there should never be a gold CAC. Welcome to a more perfect world.
Copper is risky - can turn into a real garbage pile if not properly holdered.
Perfect world! LOL
Welcome to the pot shards of whatever that might have been.
Pete
Guessing the TPG's have got their Lincoln grading down to a science?
"When they can't find anything wrong with you, they create it!"
Doubt it. Perhaps CAC is harder on Lincoln cents for some reason
I've felt for some time that Lincolns were generally overgraded, but then I'm picky.
Since it is a fairly simple design maybe to get a gold sticker requires a more clearly undergraded coin that has more of an exciting look
Perhaps copper can turn on you even in the slab and CAC doesn’t want to gamble on a copper coin retaining its look, especially at the gold level.
In my experience, CAC has a bias against brown-graded Lincolns. This is unfortunate, as some of the most beautiful slabbed Lincoln cents are designated Brown. Compare the following coins both from PCGS Coinfacts, graded PCGS MS65, the first Brown and the second Red. The Brown coin is mine.
Since there is essentially no guarantee of value from CAC, what exactly does CAC "gamble" with when assigning a bean, gold or otherwise?
This one has a gold sticker.
Lincolns that beautiful are highly sought-after, no matter what the "bean status".
Their reputation?
See: ACG/Accugrade
Yes but CAC does not have to buy back their mistakes like PCGS does.
Lincolns are a series that has been collected by many for a great many years, as such most undegraded (valuable) Lincolns have previously been cracked and resubmitted until most are at a coffin grade. The exception to that is for mid and lower grade common date coins (like your 1935) where the cost benefit is not there to crack and resubmit or submit to CAC for most. The CAC price guide difference between a 1935 in MS65 to MS66 is only $29 dollars. It would cost $20 or more to submit it to CAC, just no upside even with the gold bean. If you had received a green bean on the coin you would be underwater.
My Collection of Old Holders
Never a slave to one plastic brand will I ever be.
They make offers to buy based on the coin being stickered. That's pretty much a buy back, isn't it?
While I have never actually participated in a CAC buy-back, it is my understanding that such buy-back is not guaranteed at any price level.
I have had a few coins over the last 25 years "removed" from the coin market by NGC and PCGS when they missed tooling or other problems, usually brought to their attention by expert dealers. I never once had any hassle from them during this process.
I like that brown!
Reputation.
That’s quite informative reasoning stating that most Lincoln’s are maxed out entirely. But still only 43 out of 20,000. Why wouldn’t your same reasoning apply the same way for Buffalo nickels which are a huge collector favorites? Thanks for your feedback.
It's my understanding CAC makes a market in many of the coins they sticker by posting bid prices for them. If they are inconsistent in their assessment of the coins they sticker and let lesser coins slip through, they'd be gambling that they don't get those coins sent back to them at the bid price they offer.
I would be curious to see a list of these "posted" bid prices for CAC approved coins. There may be such a list for dealers, but i have never seen such a list posted publicly on their website. I have seen disclaimers that no CAC member dealer must purchase sight unseen any CAC approved coin.
You need to join CDN Exchange to see them.
I don't think they do that (post bids publicly).
Well, no- they don't have to. Why should they?
I believe the whole concept of a CAC bean assuring that member dealers will pay the "posted" price for a given coin is not guaranteed by CAC at all.
Whose concept is this?
From your earlier post:
It's my understanding CAC makes a market in many of the coins they sticker by posting bid prices for them. If they are inconsistent in their assessment of the coins they sticker and let lesser coins slip through, they'd be gambling that they don't get those coins sent back to them at the bid price they offer.
When I said "CAC makes a market", I meant John Albanese. I wasn't including dealers who happen to be CAC members.
I am not against CAC. When I sold my Red book collection of US Large Cents (1793-1857) through Goldberg's in 2017, all the coins were shipped to CAC, quite a few came back stickered.
I understand that CAC approval adds value, especially in certain coin markets. My point is that unlike PCGS which guarantees authenticity and grade of their slabbed coins (backed by their own money), CAC guarantees neither.
Instead of just quoting what I wrote I suggest that you actually read what I said, then it will make sense. I never said "most" Lincolns are maxed out, what I did say is that most "valuable" Lincolns are maxed out. In this case valuable meaning key dates and difficult early branch mint coins. I have no doubt that there are many MS64-MS65 common date Lincolns, that could receive a gold bean, however there is little financial incentive to go thru a pile of those common coins and submit them. Would make a great research project for someone.
And to clarify I'm not saying that this is the only reason just one possible piece of the puzzle.
My Collection of Old Holders
Never a slave to one plastic brand will I ever be.
I wasn't talking about guarantees. You asked what they were "gambling" by stickering coins and I offered an opinion on that.
Instead of all this guessing as to the reason for so few gold CAC stickers, why not call CAC and ask JA directly. I am sure he would give some solid input based on his extensive experience. Cheers, RickO
Reputation
Individual dealers post either sight unseen or sight seen bids. When I was a member, I did both depending on the series and price level.