Red Book Prices?

hjohn74

I just bought the latest Red Book (2003). I noticed some of the prices are higher and some are lower than what I've seen in the market. How does Red Book determine their prices? Who uses Red Book to determine prices for coin purchases? If not the Red Book, what do you use?

dorkkarl

i prefer "trends" over the redbook, but heritage "value index" seems like a very good & accurate pricing method.

K S

nucklehead

Red book prices are just ballpark figures, most dealers I've dealt with use the grey sheet as it's published each week and reflect the latest trends.

construct

When I'm in the market for something, I watch ebay auctions to see what similar coins are going for. I use the red book to jog my memory of what I've seen. There are some series where the red book is decidedly less than helpful. Like gold, for instance.

Twowood

Looks like the range is App'xly. $6.95 (Spiral) to $11.00 (H/C), give or take a few cents. Twowood

hookooekoo

If Red Book is all you have to go on, I've come up with the following rule of thumb...

Average Date Coins - Take about 10% off of Red Book
Semi-Key Date Coins - Full Red Book Price
Key Date Coins - Add about 10 over Red Book

Does anyone have a better suggestion on how to determine a fair price to pay for a coin WHEN RED BOOK IS THE ONLY REFERENCE AT HAND?

P.S. If you're going to TRY to use Red Book to help determine the value of Gold Coins, you have to at least account for the market value of gold TODAY vs the market value Red Book used (I seem to recall Red Book publishes what market value they used for gold coins, but I don't have one with me to verify).

hjohn74

No, I use more than the Red Book. I was just wondering how they come up with their prices and how accurately they reflect the market. I really like the Heritage Index; however, when I try using it with one of their auctions, I never win. I wonder, does the index value include the "buyer's premium" or is that just the bid price?

michael

only buy great books the red book is a very good book it would be a great book if they eliminated all the prices and left all the other information!!!!!! to make this book you mentioned on here would be a great book
just when you look at it look at everythnig else and ignore the prices then the book for you and me will be a great book!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

wow that was a great thread you started on here keep them coming

sincerely michael

CalGold

In order to get the annual Redbook into print they have to compile thousands of prices months before the annual issue is sent off to the printers. As a result the prices shown will never be up to date. They also used to caution (I haven't looked at a recent copy) that well struck coins will sell more than the prices shown.

The best use of the Redbook prices is to guage whether you have a valuable coin--in other words to get a ballpark idea.

As to the Heritage Value Index--I am really puzzled by that one. It is often much lower than prevailing prices. Sometimes Heritage's price for a coin in their own inventory is higher than their own Value Index, and even higher than the Trends and other prices they show. I applaud them for their candor, but I kind of wonder what the guys who wrote the text books for Marketing 101 would have to say about that.

RLinn

<< <i>In order to get the annual Redbook into print they have to compile thousands of prices months before the annual issue is sent off to the printers....As to the Heritage Value Index--I am really puzzled by that one. It is often much lower than prevailing prices. >>

Great point on Redbook pricing and I agree with Michael that the Redbook's greatest value is in the information about coins and not the pricing.

As for the Heritage system I have had the same thoughts. It seems like their value index more accurately reflects Heritage pricing for average pieces and they don't hesitate to exceed their index for PQ items.

hjohn74

Agreed. The Red Book has great information about the coins. I really like having the mintage of the coin I'm researching right on my bookshelf.

I agree with the Heritage critiques. Their regular sale prices are at times higher, if not much higher, than the Heritage Index. I've taken my maximum bid amount and divided it by the bid premium so the premium would be factored into my total bid. Never works, so I guess I'll just have to max my bid and pay the premium too.

coppercoins

My opinion on the Red Book...

For what I do, it's useless. Even for the few die varieties listed for the Lincoln cent in the Red Book, at least one is a photograph of a completely different die variety, and half of the others are listed with incorrect terminology.

For the generalist just getting started, it's a good resource for basic information, as long as they aren't using the values or grading information contained therein. For that information I recommend the Coin World Trends or the CDN, but alas, most don't have access to the latter. For the grading information, I think a thorough read of the ANA grading guide is plenty sufficient. If with the descriptions given for each grade of each series and the chapters of information and instructions at the beginning of the book don't suffice, nothing will.

The Red Book...for beginners, one thumb up. Beyond beginner stage, two thumbs down.

shortdj

IMO, Redbook is good for reference info only and to use lightly as a price gauge. My local dealer though, uses COIN PRICES magazine for his prices. Seems to him, the markup they have stating retail prices are good enough for him. Also helps me when I can just look at MY magazine and know right off the bat what the price is for what I may be looking for!

coppercoins

It is good when you can buy a magazine and have your local dealer's prices right in front of you, but all too often (by nature) they use the CDN, as mine and others I know do. I'm not a dealer, but if I were, I think I would go with the CDN since it is the standard for dealers. Unfortunately, most of us can't afford over $300 a year for a subscription.

dorkkarl

<< <i>As to the Heritage Value Index--I am really puzzled by that one. It is often much lower than prevailing prices. Sometimes Heritage's price for a coin in their own inventory is higher than their own Value Index, and even higher than the Trends and other prices they show. >>

bear in mind that it would be a useful tool in BUYING coins. i've found that if i can buy coins fomr HVI or less, i'm doing real well. in fact, i do use my redbook - & mark it up w/ my own prices. in fact, i'm using a 1998 edition because it's so much of a hassle to transcribe my notes to a newer ed. (although i have a newer 1 - compliments of heritage).

K S

richbeat

Page 3 of the red book: "Coin values listed in the Guide Book are retail prices averaged from data supplied by contributors several months before publication. The coin market is so active in some categories that values can easily change during this period. Prices are shown as a guide and are not intended to serve as a price-list for any dealer's stock."