Should you have your coin graded? My thoughts below.
Pofy17
Posts: 10 ✭
Again I am new to writing on forums but I do have a lot of knowledge. One question I hear by many individuals is “Should I have this or that graded?”
The simple answer is; Once research has been done and if it indeed what you have is a rare error, rare coin in very good or pristine condition then by all means YES!!!! However “newbies” be advised that unless you definitely know that you have something great I would say just put the coin in a flip and enjoy it. Remember grading can be expensive and many people have errored by having a coin graded that is only worth between face value and possibly a few dollars but the cost of grading was more than the coins value. By all means if you feel you want to spend away with grading then go ahead, just keep my words in mind! Also know that you may be disappointed with the results!
Final words of wisdom, I take a personal joy in this hobby and love the coins and connections with people that I meet. If this is you then awesome, but please do not get into numismatics with the get rich quick line of thinking because you will be disappointed. There is a reason that some coins go for a lot of money, one important fact is rarity! I think many people do not understand the word rare, and are certain they will be the one to find a “1943 copper cent” highly unlikely!!!!! So as I say to all people who have questions is to do the research and learn and just be careful before sending those coins out for grading, don’t get in over your head!!!
Happy Hunting!!!! ✌️
Comments
It can be amusing.
I tell them just get it graded and add the grading cost to to the item inventory cost. Then just mark it up cost plus accordingly unless MV amt higher then go with that number. It’s not Rocket science. It’s called sales mgt.
@Cougar1978 I see what you mean I just air on the side of caution
Somewhat disagree.
Slab it if you want it in a slab regardless of value or rarity.
Slab it if the cost is less than the potential increase in value, even if it's common.
There are numerous reasons to pay for the slab even if the slab doesn't pay (registry sets, pedigree, etc.)
I also see what he meant in his post that’s copied below. But in many cases that would be terrible advice.
Also, you might err on the side of caution but I doubt that you air on the side of caution.😉
“I tell them just get it graded and add the grading cost to to the item inventory cost. Then just mark it up cost plus accordingly unless MV amt higher then go with that number. It’s not Rocket science. It’s called sales mgt”
Mark Feld* of Heritage Auctions*Unless otherwise noted, my posts here represent my personal opinions.
Mistype I hope this site isn’t full of spelling nazis lmao
There are, fundamentally, four reasons to get a coin slabbed:
- Preservation. Really only necessary for the upper-end extreme of high-graded coins.
- Identification and attribution. Really only necessary when you don't have anyone else to ask about a coin's identity.
- Authentication. Really only necessary for coins where counterfeits are prevalent (especially high-value coins).
- Commoditization. Really only necessary if you are investing/speculating in coins and/or intend to sell in the near future.
If the coins aren't super-high-grade, you already know what the coins are, their authenticity is not really being questioned, and you have no desire or intent to sell them - then slabbing is mostly a waste of your money and the slab company's time.
Roman emperor Marcus Aurelius, "Meditations"
Apparently I have been awarded the DPOTD twice.
I have slabbed a few low value coins for learning purposes and because I just wanted they in a slab to help with storage/uniformity with the rest of my collection. For example, I had the coin that first sparked my interest in collecting as a YN slabbed - an Ike worth a couple bucks - but totally worth it (to me). It might be a “waste” of money sometimes - but my primary concern in these cases is not making money but rather having fun.
Coins are like diamonds…and they require a lot of research and patience. If you’re lucky and find an honest dealer you can learn a lot and not get ripped off. When I lived in Belgium and was in the market for a nice diamond for my wife (at the time) the choices in Antwerp and dealers ready to take your money was overwhelming. But I found a little ‘hole in the wall’ jeweler and we quickly became friends. He showed me how to cut diamonds, what to look for, and told me to bring anything to him so he could check it out….but he said he would ALWAYS get me the best deal…guaranteed. Turns out he was a very well respected dealer and knew EVERY DIAMOND he’d ever had like the back of his hand. I only dealt with him….and friends and family felt comfortable knowing they would get quality diamonds/precious stones and not get ripped off. I have found a few coin dealers that are in it for the money, so if you buy a raw coin from them you may be getting an expensive lesson in “coin grading/worth.” If you like what you see, look around at similar coins and make sure it’s what you really want. Educate yourself the best you can. I’ve gotten coins that looked amazing…only to have them come back graded as ‘questionable color’ ‘details’ or ‘cleaned’…..all while thinking they were real winners. Be careful out there, but enjoy and have fun! 😉
What Sapyx said...
I am so far ahead in the grading game from both profits and lessons learned from mistakes.
Train yourself, because there are few venues for mentors. 2D computer pics won't help you.
I can think of one submission in the past few years where I lost money on a modern submission.
It is a skill to hone. Use it or lose it.
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