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PROOF SET GRADING

Being new to this business of coin collecting and having a large amount of proof sets, do you believe it would be a good idea to grade them, since they (we hope) come out pretty high. Your thoughts would be appreciated...Thank you.
zayda

Comments

  • RussRuss Posts: 48,515 ✭✭✭
    What years? Besides condition, era is important. From 1973 on there isn't much upside unless you hit the PR70 lotto.

    Russ, NCNE
  • krankykranky Posts: 8,709 ✭✭✭
    My first thought is that it isn't a good idea to get modern proofs slabbed. Like Russ said, you'd have to get grades of PR70 to make it worthwhile, and the chances of that are very slim.

    New collectors, please educate yourself before spending money on coins; there are people who believe that using numismatic knowledge to rip the naïve is what this hobby is all about.

  • Thanks for your reply, but yesterday on tv they were selling platinum coins dated 1997 and they were graded I think PR70 the70 is right, but the PR maybe wrong. They were selling 4 coins all slabbed for about $4,000.00. Any further thoughts.
    zayda
  • Who were they graded by? Logic would tell you that if PR70 or MS70 coins are appearing on TV, then they're not that rare - hence they're overpriced.
  • RussRuss Posts: 48,515 ✭✭✭


    << <i>Logic would tell you that if PR70 or MS70 coins are appearing on TV, then they're not that rare - hence they're overpriced. >>



    You could condense that to simply:

    Logic would tell you that if they are appearing on TV they're overpriced.

    Russ, NCNE
  • MyqqyMyqqy Posts: 9,777
    but yesterday on tv they were selling platinum coins dated 1997 and they were graded I think PR70

    Were they graded by ICG?

    I think it takes a lot of experience to learn how TPG's grade proof coins, and it could be an expensive lesson if you just start sending in whatever sets you happen to have lying around.....
    My style is impetuous, my defense is impregnable !
  • Coin Vault is a joke. Pay no attention to people who sell coins on TV. It's all crap & it's not rare!

    Glenn

  • I am asking a lot of questions, but from your answers it appears that all grading ain't what we should have. In other words what is pushed on tv may not be as accurate as it should be. Thanks again you guys have been very helpful.
    zayda
  • People say it is hard to get a 70 rating for a coin. Last night on TV they were selling the new gold presidents coin and they "guaranteed" PR70. They were slabbed and certified they said. People say 70 is hard to get. Where do they get so many?
    zayda
  • ahooka454ahooka454 Posts: 3,466
    You got to remember, coin manufacturing is getting better with new technology. Lots of modern coins especially proofs will grade 68,69,70 than ever before.
    Any coins you see on TV take a grain of salt with them. The prices will be way high. They claim the coins are rare when in fact they are not. Before buying any coins on TV one should buy several books on the series they like or the coin hobby in general.


    On the Tv they also sell Platinum & gold plated coins and say they are rare and sure to go up in value becasue they are gold & platinum. They are crap. They shope someone unknowing in the hobby buys them and waits to resell them for a nice little profit. They try to sell them and they are crushed when they find out they bought crap.


    I agree that depending on the years of your proof sets, and depending on the grades, some of them may not be worth sending in.

    Have you checked them for varietues? Like double dies, RPMs and other fun errors.



  • Just curious, what show are you watching, Coin Vault, or Coin collector, (I think thats what it called).

    You mention Platinum, very expensive even from the mint. So is Gold if you are talking First Spouse gold coins.

    If you mean Presidential Dollars, rather than real gold, thats different.
    (Old man) Look I had a lovely supper, and all I said to my wife was, “That piece of halibut was good enough for Jehovah”.

    (Priest) BLASPHEMY he said it again, did you hear him?
  • BillJonesBillJones Posts: 33,427 ✭✭✭✭✭


    << <i>People say it is hard to get a 70 rating for a coin. Last night on TV they were selling the new gold presidents coin and they "guaranteed" PR70. They were slabbed and certified they said. People say 70 is hard to get. Where do they get so many? >>



    The PR-70s that are harder get are PCGS PR-70s, and those are slabs that bring the most money. I’m guessing that the coins you saw on TV were graded by NGC or ICG. Those companies give out more PR-70s and their PR-70s sell for less in the market.

    The guys on TV buy up large number of Proof sets. They send them to the grading services to be bulk graded. They can set parameters in advance that say in so many words, “Don’t bother to put a coin in a slab if it won’t grade PR-70.” Under those circumstances some coins are not graded while others are, and they get back a fair number of PR-70 coins. Given the prices they charge for the PR-70s, it more than makes up for the “failures.”
    Retired dealer and avid collector of U.S. type coins, 19th century presidential campaign medalets and selected medals. In recent years I have been working on a set of British coins - at least one coin from each king or queen who issued pieces that are collectible. I am also collecting at least one coin for each Roman emperor from Julius Caesar to ... ?
  • astroratastrorat Posts: 9,221 ✭✭✭✭✭


    << <i>People say it is hard to get a 70 rating for a coin. Last night on TV they were selling the new gold presidents coin and they "guaranteed" PR70. They were slabbed and certified they said. People say 70 is hard to get. Where do they get so many? >>



    One simple answer is that it depends on who is grading the coin a "70." A quick search on eBay and you get the impression that 70's are more common than sauce at a BBQ.

    In case this was not very clear (which is understandable), there is no single grading standard to which the TPGs adhere. So, when a coin is offered at a certain grade (and in particular the stratospheric grades of 68-70), its perceived value greatly depends on which company graded it. Thus, a PR-70 coin from PCGS, NGC, ICG, and ANACS while all "perfect" in the eyes of the respective company's graders is not treated equally by the wallets of the marketplace. Coins graded by other companies should be viewed very carefully to ensure that YOU agree with the grade.

    Lane
    Numismatist Ordinaire
    See http://www.doubledimes.com for a free online reference for US twenty-cent pieces

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