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THE 10 GREATEST MYTHS OF ‘SLABBED’ COINS

1630Boston1630Boston Posts: 13,772 ✭✭✭✭✭

THE 10 GREATEST MYTHS OF ‘SLABBED’ COINS
by Scott A. Travers
.
MYTH NO. 1: You can’t get ripped off when you buy a certified coin.
MYTH NO. 2: All slabbed Mint State-65 coins are created equal.
MYTH NO. 3: Population and census reports tell you exactly how many coins are available.
MYTH NO. 4: Slabbing has established a completely fixed, totally consistent grading standard.
MYTH NO. 5: Slabbed coins protect you against volatility and make better investments than unslabbed coins.
MYTH NO. 6: A coin can’t deteriorate once it is encapsulated in a slab.
MYTH NO. 7: Slabbed coins can always be liquidated at Coin Dealer Newsletter prices.
MYTH NO. 8: Slabbing has attracted billions of dollars from Wall Street, and the money is here to stay.
MYTH NO. 9: Inexpensive slabbed coins are always worth at least as much as the fee you pay to get them certified.
MYTH NO. 10: It’s easy to crack slabbed coins out of their holders.
.
You can read his take on each of these here if you like https://www.usgoldexpert.com/articles/the-10-greatest-myths-of-slabbed-coins/

Successful transactions with : MICHAELDIXON, Manorcourtman, Bochiman, bolivarshagnasty, AUandAG, onlyroosies, chumley, Weiss, jdimmick, BAJJERFAN, gene1978, TJM965, Smittys, GRANDAM, JTHawaii, mainejoe, softparade, derryb

Bad transactions with : nobody to date

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    1630Boston1630Boston Posts: 13,772 ✭✭✭✭✭

    @jmlanzaf said:
    I don't think those are all even common beliefs.

    I also think some of them are at least partly true.

    NO. 10 ?

    Successful transactions with : MICHAELDIXON, Manorcourtman, Bochiman, bolivarshagnasty, AUandAG, onlyroosies, chumley, Weiss, jdimmick, BAJJERFAN, gene1978, TJM965, Smittys, GRANDAM, JTHawaii, mainejoe, softparade, derryb

    Bad transactions with : nobody to date

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    jmlanzafjmlanzaf Posts: 31,903 ✭✭✭✭✭

    @1630Boston said:

    @jmlanzaf said:
    I don't think those are all even common beliefs.

    I also think some of them are at least partly true.

    NO. 10 ?

    Yes, 10 is mostly true. It's definitely true for the 3 majors in standard size.

    But I don't hear people talk about the Wall Street money. That has to be an insider thing. Same with CDN pricing.

    And I don't know many people that think grading is 100% consistent or that all 65s are created equal. At the risk of derailing your thread, the popularity of CAC proves that a significant percentage of the collector community believe the opposite.

    Many (most?) People know #6 isn't true.

    And #5 is half true. Nothing protects against volatility but determining and realizing value is certainly easier with slabbed coins.

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    Namvet69Namvet69 Posts: 8,671 ✭✭✭✭✭

    It is food for thought, especially that collectors need to do their homework.

    BST: endeavor1967, synchr, kliao, Outhaul, Donttellthewife, U1Chicago, ajaan, mCarney1173, SurfinHi, MWallace, Sandman70gt, mustanggt, Pittstate03, Lazybones, Walkerguy21D, coinandcurrency242 , thebigeng, Collectorcoins, JimTyler, USMarine6, Elkevvo, Coll3ctor, Yorkshireman, CUKevin, ranshdow, CoinHunter4, bennybravo, Centsearcher, braddick, Windycity, ZoidMeister, mirabela, JJM, RichURich, Bullsitter, jmski52, LukeMarshall

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    telephoto1telephoto1 Posts: 4,746 ✭✭✭✭✭
    edited March 15, 2023 9:25AM

    @jmlanzaf said:
    I don't think those are all even common beliefs.

    I also think some of them are at least partly true.

    I've heard all 10 over time, true or not, plus #11... "(TPG name here)'s price guide is good for evaluating what your pieces are worth".

    Edit to add #12... "If the label has (High profile collector/dealer/etc.)'s name on it, I'll always get more money for it when I liquidate it".


    RIP Mom- 1932-2012
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    jmlanzafjmlanzaf Posts: 31,903 ✭✭✭✭✭

    @telephoto1 said:

    @jmlanzaf said:
    I don't think those are all even common beliefs.

    I also think some of them are at least partly true.

    I've heard all 10 over time, true or not, plus #11... "(TPG name here)'s price guide is good for evaluating what your pieces are worth".

    Edit to add #12... "If the label has (High profile collector/dealer/etc.)'s name on it, I'll always get more money for it when I liquidate it".

    I've heard them at least once. But I don't think many of them are broadly held.

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    vplite99vplite99 Posts: 1,181 ✭✭✭✭✭

    Interesting, although I disagree that several points are "myths".

    Vplite99
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    telephoto1telephoto1 Posts: 4,746 ✭✭✭✭✭

    @jmlanzaf said:

    @telephoto1 said:

    @jmlanzaf said:
    I don't think those are all even common beliefs.

    I also think some of them are at least partly true.

    I've heard all 10 over time, true or not, plus #11... "(TPG name here)'s price guide is good for evaluating what your pieces are worth".

    Edit to add #12... "If the label has (High profile collector/dealer/etc.)'s name on it, I'll always get more money for it when I liquidate it".

    I've heard them at least once. But I don't think many of them are broadly held.

    I hear 3,4,5, and 7 all the time and they've been espoused here more than once over the years.


    RIP Mom- 1932-2012
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    BryceMBryceM Posts: 11,732 ✭✭✭✭✭

    If people understood the definition of "subjective" and "objective", it would clear up about 90% of the issues around professional grading.

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    TrampTramp Posts: 652 ✭✭✭✭✭

    @coastaljerseyguy said:
    What about new # 11 - If its slabbed, it can't be counterfeit.

    Wouldn't that fall into #1?

    USAF (Ret.) 1985 - 2005. E-4B Aircraft Maintenance Crew Chief and Contracting Officer.
    My current Registry sets:
    ✓ Everyman Mint State Carson City Morgan Dollars (1878 – 1893)
    ✓ Everyman Mint State Lincoln Cents (1909 – 1958)
    ✓ Morgan Dollar GSA Hoard (1878 – 1891)

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    The_Dinosaur_ManThe_Dinosaur_Man Posts: 836 ✭✭✭✭✭

    13 Coins will not tarnish in the holder

    Custom album maker and numismatic photographer, see my portfolio here: (http://www.donahuenumismatics.com/).

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    dsessomdsessom Posts: 2,212 ✭✭✭✭✭

    @The_Dinosaur_Man said:

    13 Coins will not tarnish in the holder

    That's #6

    MYTH NO. 6: A coin can’t deteriorate once it is encapsulated in a slab. :)

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    BillJonesBillJones Posts: 33,481 ✭✭✭✭✭

    MYTH NO. 10: It’s easy to crack slabbed coins out of their holders.

    I don't agree with this unless you are trying to get into a SEGS holder. Those things are made of Krytonite.

    Retired dealer and avid collector of U.S. type coins, 19th century presidential campaign medalets and selected medals. In recent years I have been working on a set of British coins - at least one coin from each king or queen who issued pieces that are collectible. I am also collecting at least one coin for each Roman emperor from Julius Caesar to ... ?
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    I hate it when slabbed coins are described with some level of misdirection, sophistication and creativity. Like when there is only one coin in the population report at MS67 but there are four at MS68 and seven at MS69. You can guarantee the seller will state is ‘the only coin graded at MS67!!!!’ Some poor misguided (and unaware of the population reports) will end up paying over the odds.

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    bearcavebearcave Posts: 3,993 ✭✭✭✭✭

    B)

    Ken
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    jkrkjkrk Posts: 966 ✭✭✭✭✭

    @1630Boston said:
    THE 10 GREATEST MYTHS OF ‘SLABBED’ COINS
    by Scott A. Travers
    .
    MYTH NO. 1: You can’t get ripped off when you buy a certified coin.
    MYTH NO. 2: All slabbed Mint State-65 coins are created equal.
    MYTH NO. 3: Population and census reports tell you exactly how many coins are available.
    MYTH NO. 4: Slabbing has established a completely fixed, totally consistent grading standard.
    MYTH NO. 5: Slabbed coins protect you against volatility and make better investments than unslabbed coins.
    MYTH NO. 6: A coin can’t deteriorate once it is encapsulated in a slab.
    MYTH NO. 7: Slabbed coins can always be liquidated at Coin Dealer Newsletter prices.
    MYTH NO. 8: Slabbing has attracted billions of dollars from Wall Street, and the money is here to stay.
    MYTH NO. 9: Inexpensive slabbed coins are always worth at least as much as the fee you pay to get them certified.
    MYTH NO. 10: It’s easy to crack slabbed coins out of their holders.
    .
    You can read his take on each of these here if you like https://www.usgoldexpert.com/articles/the-10-greatest-myths-of-slabbed-coins/

    Ill help - I'll play industry guru.

    1) If I pay 25% above guide for a slabbed common MS62 Saint... was I ripped off?
    2)Why do collectors send their coins to CAC?
    3)I hate the word exactly. I guess at everything. My guess, others estimate as well?
    4)See number 2, twice.
    5)The only thing that protects against volatility is a good hedge. Better investment? The world believes so..therefore i can't quibble.
    6)Don't know. Thinking about dropping my 1907 MS 65 Saint into a can of soda as a test?
    7)Call CDN and ask them for a bid.
    8)Wall St will supply whatever products people demand. My question.. will money stay in the banks?
    9)I've never seen an inexpensive coin.
    10)After I take the slabbed 65 out of the can of soda, I'll try the hammer to test the thesis.

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    DeplorableDanDeplorableDan Posts: 2,534 ✭✭✭✭✭
    1. “You can’t get ripped off when you buy a certified coin.”

    -Obviously you can, but your chances of getting ripped off are significantly reduced with certified coins

    1. “All slabbed Mint State-65 coins are created equal.”

    -Of course not, but if you were to buy a pcgs ms65 on eBay, chances are it’s going to be more accurately graded than a coin in a 2x2 labeled “gem BU” on eBay.

    I could go down that entire list like this. I appreciate what the author was trying to do by pointing out that collectors need to remain vigilant even buying certified, but the fact remains that buying slabbed is inherently safer and less risky than buying raw, especially for novices. It’s important that we don’t take this list out of context without consideration of the rest of the authors article, especially his last sentence:

    “The truth–not the myth–is that even under a searchlight, slabbing still looks very good indeed.”

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    jmlanzafjmlanzaf Posts: 31,903 ✭✭✭✭✭

    @BillJones said:

    MYTH NO. 10: It’s easy to crack slabbed coins out of their holders.

    I don't agree with this unless you are trying to get into a SEGS holder. Those things are made of Krytonite.

    Exactly. The big three are easy.

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    burfle23burfle23 Posts: 2,191 ✭✭✭✭✭

    I'm sorry, who is Scott A. Travers and has anything changed since 2009?

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    No HeadlightsNo Headlights Posts: 2,038 ✭✭✭✭✭

    @Namvet69 said:
    It is food for thought, especially that collectors need to do their homework.

    Spot on. It's your money. Learn before you buy. There is certainly junk coins wrapped in plastic. But the grading companies have created lots of good in our hobby. They are here to stay!

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    JWPJWP Posts: 17,630 ✭✭✭✭✭

    @coastaljerseyguy said:
    What about new # 11 - If its slabbed, it can't be counterfeit.

    I have 2 Henning Nickels that are slabbed by ICG and they are marked" Counterfeit".

    USN & USAF retired 1971-1993
    Successful Transactions with more than 100 Members

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    kazkaz Posts: 9,067 ✭✭✭✭✭

    @burfle23 said:
    I'm sorry, who is Scott A. Travers and has anything changed since 2009?

    He wrote "The Coin Collector's Survival Manual," a very useful text for beginning collectors. I think it's had a couple of editions.

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    1630Boston1630Boston Posts: 13,772 ✭✭✭✭✭
    edited March 15, 2023 6:25PM

    @burfle23 said:
    I'm sorry, who is Scott A. Travers and has anything changed since 2009?**.

    /
    Of course, much has changed since 2009..
    .

    Who is Scott ? ? ?
    .

    Scott A. Travers (born November 12, 1961, in New York, NY) is an American numismatist and author. Travers is considered to be aprominent consumer advocate for coin collectors, informing the public about common and potential scams.

    Travers has authored seven books on the subject of coin collecting. He has been an Editor of COINage magazine since 1984.] From 1997 to 1999, Travers served as Vice President of the American Numismatic Association. His expertise has been cited by such news publications as The Wall Street Journal, the Los Angeles Times, CNBC, and others.

    Travers was also a coin valuation consultant for the Federal Trade Commission
    .
    .
    Awards
    1978 Young Numismatist of the Year, American Numismatic Association
    1984 Outstanding Adult Advisor, American Numismatic Association
    1992 Glenn Smedley Memorial Award, American Numismatic Association
    1999 Glenn Smedley Memorial Award, American Numismatic Association
    2003 Presidential Award, American Numismatic Association
    2010 Numismatic Ambassador Award, Numismatic News
    2016 Burnett Anderson Memorial Award for Excellence in Numismatic Writing, American Numismatic Association.
    2017 Century Club Award, American Numismatic Association
    .
    .
    .
    He did a lot more for the hobby than I could ever imagine doing.
    Just My Humble Opinion.
    boston

    Successful transactions with : MICHAELDIXON, Manorcourtman, Bochiman, bolivarshagnasty, AUandAG, onlyroosies, chumley, Weiss, jdimmick, BAJJERFAN, gene1978, TJM965, Smittys, GRANDAM, JTHawaii, mainejoe, softparade, derryb

    Bad transactions with : nobody to date

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    burfle23burfle23 Posts: 2,191 ✭✭✭✭✭

    Obviously well loved by the ANA; impressive...

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