If your local coin shop sends its better coins into PGCS to be slabbed...

clw54

then it stands to good reason their more expensive raw stuff either came back in a bag or was never sent because the dealer suspected it would be bagged. I noticed recently my local coin shop had more PCGS stuff than usual, which I figured was because they'd been purchasing PCGS slabs. It turned out they'd been sending the better raw coins in themselves. This sends up a warning flag that their unslabbed stuff would be best to avoid, and it also explains why their raw coins aren't looking as good as usual. From now on I'm only buying their certified coins.

kranky

That makes a lot of sense, but you have to allow for the fact that some coins just aren't worth the slabbing fee.

Fairlaneman

Claw not all of them. A guy I like dealing with usually will not send anything in unless it is absolutely necessary or if someone requests that he do so. He buys everything so at times he has alot of Slabbed Stuff and at other times he has much Raw Stuff. Back to the worn out saying "Buy the Coin Not the holder".

Ken

Flash

Claw... which coin shop are you referring too?

nwcs

The local coin shop guy does it all on the cheap. He is an authorized PCGS dealer and will do a submission for someone, but when he sends a submission it's always to PCI. Yes, I know. And he prices by grade. So a MS64 from PCI is the same price as a MS64 from PCGS and NGC. At least he's consistent. I was looking at some and saw a few OK ones. One 1880S Morgan was in a PCI 66 holder and when you saw all the fingerprints... ARGH. Beautiful piece otherwise. Best eagle I ever saw on a Morgan. But I wouldn't pay a 66 price for it, and certainly not with a coin shop surcharge!

ARCO

There is large local dealer in business for 40 years now in Salt Lake and they sell slabbed coins, but have loads of key date raw coins that they ask full premium but don't have slabbed. Currently they have a Good 1901-S quarter, a 1896-S XF/AU quarter both of which have as many or more counterfeits as legitimate coins. They also have an AU 1916-D merc, they had an XF 1856 Flying Eagle cent, and many more coins that I would never buy raw.

I personally dont understand it as, as it seems so easy to submit them, especially a $3,000 plus coin for a mere $30.00 or so seems like they are hiding something, and as a buyer it is not worth the risk.

Tyler

fcloud

My local dealer here, told me I am foolish for sending coins in, and that he will only pay what he wants if you try to sell him a coin. So, I'm in there about three weeks ago and he tells me he has this really nice 1931-D Mercury Dime that he will let me have for $350, and if I don't take it he is sending it in because it is at least a MS66FB (he sent it to NGC, and I hope he gets his grade). It sure was a nice coin, but I don't think I saw an MS66FB the bands were there, but I think it will grade lower. I think it is funny that I am wrong for sending stuff in, yet when something comes along, he can't wait to send it in. I guess I learned something here. Anyway you can't blame the dealers for doing this. After all they are in business to make a profit. If they don't profit, we don't have coin shops to go to.

Android

As long as it isn't a widely counterfeited coin, I like buying raw coins and sending them in for grading myself. That's a big part of the fun of collecting for me. My dealer's grading opinions are very similar to mine, so it's a slam dunk for me when he has some nice raw stuff to pick through.

Andy

DesertLizard

Collectors tend to be a naive gullible and optimistic bunch.

Remember coin dealers work in their business full time. They know every angle and are not about to let someone have something for nothing. It makes zero sense. If you had a business would you give away merchandise or sell at cost?

If a coin is worth more than $100 it had better be in a slab or you are asking for trouble.

CLW54, great observation! Hope the newbies are listening.

Woodwind

I agree -- this is an excellent observation. I have not run into this situation yet, but I will look out for it if and when I ever buy more high end raw coins.

michael

i wonder waht collectors did before 1987 with coin buying before the advent of slabbing?

and what would happen to a major grading services holdered coins if they were to go out of business?

i am sure some would be okie if you bought the coin not the holder but lots of coins in holders where the holder makes most of the price what would happen??

sincerely michael