FOR THOSE OF YOU OUT THERE WHO THINK BULK GRADING LINCOLNS IS EASY....
wondercoin
Posts: 16,979 ✭✭✭✭✭
I would appreciate it if someone could link my latest ebay auction for 372 PCGS-MS66RD Lincoln cents with an opening bid of under $10 and No reserve! I am running this auction for free for a friend who took his first shot at bulk grading Memorial cents at PCGS from the early 1980's to late 1990's. LET ME FIRST SAY I DID NOT EVEN BOTHER LOOKING AT THE COINS, SO THIS IS NOT INTENDED TO QUESTION PCGS' GRADING WHATSOEVER - ALL 372 COINS COULD BE PROPERLY GRADED AS FAR AS I KNOW. Let's assume they are for this discussion.
My intention is to show how slabbing modern coins is often times not as "easy" and "profitable" as one might expect. I understand from the owner of these Lincolns that he spent the necessary man hours sorting through more than 20,000 Lincolns to select these coins. After that great "time expense", my understanding is the cheapest bulk rate service runs around $8/coin - close to $3,000 for these coins. Obviously, there was a cost associated with buying these 20,000+ coins in the first place and breaking up original rolls rendered mostly worthless after they are "picked through".
I recommended to the submitter that he basically "cut his losses" and let the entire lot of 372 PCGS-MS66RD coins go in a single ebay auction, which I agreed to conduct at no charge. As I mentioned in the auction, there was a fair amount of MS67RD coins graded (a couple hundred roughly best I can tell) and a couple handfuls of MS68RD common dated coins as well. But, that group of coins will likely be sold around break even when they are all disposed of. Bascially, one can chalk this up to multi-thousands of dollars lost, not to mention the HUGE amount of time expended in obtaining these submission coins in the first place.
Out of 20,000 Lincolns - 0 graded MS69RD as well.
Feel free to believe a 1980's Lincoln in MS69RD is "pocket change", I have no intention of trying to talk you out of it. But, for those out there who have tried to slab super grade Memorials and have failed -as you see, you are not alone. I thought this was interesting and wanted to share the story with you - again, I am donating my time to assist in disposing of these coins
Wondercoin
My intention is to show how slabbing modern coins is often times not as "easy" and "profitable" as one might expect. I understand from the owner of these Lincolns that he spent the necessary man hours sorting through more than 20,000 Lincolns to select these coins. After that great "time expense", my understanding is the cheapest bulk rate service runs around $8/coin - close to $3,000 for these coins. Obviously, there was a cost associated with buying these 20,000+ coins in the first place and breaking up original rolls rendered mostly worthless after they are "picked through".
I recommended to the submitter that he basically "cut his losses" and let the entire lot of 372 PCGS-MS66RD coins go in a single ebay auction, which I agreed to conduct at no charge. As I mentioned in the auction, there was a fair amount of MS67RD coins graded (a couple hundred roughly best I can tell) and a couple handfuls of MS68RD common dated coins as well. But, that group of coins will likely be sold around break even when they are all disposed of. Bascially, one can chalk this up to multi-thousands of dollars lost, not to mention the HUGE amount of time expended in obtaining these submission coins in the first place.
Out of 20,000 Lincolns - 0 graded MS69RD as well.
Feel free to believe a 1980's Lincoln in MS69RD is "pocket change", I have no intention of trying to talk you out of it. But, for those out there who have tried to slab super grade Memorials and have failed -as you see, you are not alone. I thought this was interesting and wanted to share the story with you - again, I am donating my time to assist in disposing of these coins
Wondercoin
Please visit my website at www.wondercoins.com and my ebay auctions under my user name www.wondercoin.com.
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Comments
I know how tough it really is Mitch.
who boasts of twenty years experience in his craft
while in fact he has had only one year of experience...
twenty times.
Tom
> Shipping and handling: US $100.00
I don't think you would make $$$ on S&H. It sounds that these coins would weight over 30 lbs
If a forum member wins the lot and can pick up the coins in S CA., of course there will be no shipping charge at all and its my treat for lunch
Wondercoin
P.S. Thanks you guys for the links
if the minimum grade to slab is 66 then all the 65's and lower come back unslabbed
DON'T you pay the same anyway for all the coins? why wouldn't you want some 65s, 64s, 63s???
Wondercoin
Mark: My pain will only be shipping out nearly 50 pounds, as Roger suggests
As for the comment concerning MS67RD being break even at best - I totally agree. Remember, there is also a cost attached to buying (400)+ original rolls in the first place. You can easy pay upwards of a couple dollars premium per roll to get the fresh rolls. Then, when you pour the 19,000++ rejects down the "Coinstar" machine, you cash out about 91 cents on the dollar. So, tack on aonother $1000 loss here as well.
I also agree with the "micro grade" comment - I have not personally submitted a bulk lot of MS coins to PCGS all year as I recall. I also prefer sending in the "cream of the cream", even if I have to pay $65/coin to slab them. This isn't to say other bulk submitters are not doing very well with their bulk lots.
Wondercoin
<< <i>Those coins aren't even profitable in 7. >>
But apparently they're registry quality in 6.
Russ, NCNE
I will gladly underwrite Mitchells costs for the course
Go BIG or GO HOME. ©Bill
If AT LEAST 60 % make the grade you pay $8 per coin FOR ALL COINS SUBMITTED (or only those slabbed???) WHETHER OR NOT THEY GET SLABBED - i.e make the grade.
If LESS THAN 60% make the grade you pay $5 per coin FOR ALL COINS SUBMITTED WHETHER OR NOT THEY GET SLABBED - i.e make the grade.
If someone knows better please correct me.
Thanks,
Roger
p.s. Mark, as to your comment "I think bulk grading coins is lazy and detrimental to the series"
I agree that "bulk submitting" is not good for the pop of the date submitted when an "unprofitable" minimum grade (OR NONE AT ALL) is specified, but it DOES help to further accentuate the relative rarity of the higher graded coins (AND to reduce the toal % of the total PCGS graded pop that they represent) of the same date. e.g., the 87-D now has 114 6's, 179 7's but still only 15 8's (this may not be the best example given the dates in the lot, but a good example of what I'm saying).
p.p.s. Sorry for all my usual "edits"
The later date Lincolns are relatively easy to find in very high grade in mint sets. Anyone
with access to these who desires the cents would be well advised to look here first.
It seems curious that each time a modern coin is being searched for the first time, that many
other coins are "destroyed" in the process. There are very thin markets destroying mint and
proof sets for the nicest Ikes or halfs, or destroying Lincoln rolls for the finest coins. Nickel
rolls have long been searched for varieties OR six steps and the remainder put in circulation.
How many of these coins will still be available when there are collectors for the MS-60's?
BTW how long did the bulk service take?