Cheap PCGS slabbed coins on ebay.....

ChrisMiller

I keep seeing modern coins turn up on ebay that are slabbed by PCGS and selling in the range of $10 - $15. How are these sellers making any profit?

If i understand it correctly, PCGS charges $10 / coin to slab them, then you add in the shipping costs to get them to PCGS, and the listing fee with ebay, the final value fee with ebay, the cost of the proof set they cracked it out of, their time invested in all of this, etc. Where is the profit in that?

Personally I wouldn't take the time to ship anything for less than $10 profit but thats just me. Am I missing something?

kieferscoins

Bulk submissions. You get a discounted rate over 100 coins with the smae dates. Crack hundreds of proof sets, take them to a major show (save on that way shipping) and only have to pay one way shipping and the submission fees. They have to make some money off it, or most people wouldn't do it.

Cameron Kiefer

jom

What makes you think they are making a profit?

jom

kranky

What jom is hinting at is that if a dealer submits 100 coins hoping for all MS67s, he's likely to get some MS66s back. Maybe the MS66 is only worth $10. Well, he already paid for the slab, and getting $10 is better than nothing.

kieferscoins

I agree with Kranky. They may make more on some coins, but loose on others.

Cameron Kiefer

baccaruda

he's likely hoping for a few high grades that will pay for the whole batch and then just cut loose the lower grade stuff for whatever he can get.

JLW

Chris,
Their loss, your gain, especially if you can combine auctions to save on shipping. I've acquired a few this way, nice to get a slabbed coin from a respected company for just a little over raw coin value.
Joe