PCGS used as source for pricing quotes...
slipgate
Posts: 2,301 ✭✭
Here is my take on quoting PCGS prices in auctions, etc...
As far as I know - PCGS is the only place to find "free" coin prices/values. I use it when I shop and I know a lot of people that also use it. It has become the de facto standard for pricing coins. Whether it is entirely valid or not is questionable, but as a de facto standard, it is frequently and correctly quoted and used to compare prices.
I would venture a guess that most collectors do not get the grey sheet or redbook or any other payfor resource as a price guide. When I say most, understand that doesn't necessarily mean most of this board - most of this board may get the pay sheets.
As far as I know - PCGS is the only place to find "free" coin prices/values. I use it when I shop and I know a lot of people that also use it. It has become the de facto standard for pricing coins. Whether it is entirely valid or not is questionable, but as a de facto standard, it is frequently and correctly quoted and used to compare prices.
I would venture a guess that most collectors do not get the grey sheet or redbook or any other payfor resource as a price guide. When I say most, understand that doesn't necessarily mean most of this board - most of this board may get the pay sheets.
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Comments
<< <i>Use Heritage and Teletrade prices realized. They're free. >>
I agree with the ape.
I also am not disputing that a 2nd or 3rd tier grading service certainly can not command the same price for the same top tier graded product. But that is a totally different issue.
If someone has a graded coin - whether they graded it themself or whether PCGS graded it - I feel using the PCGS price guide as a quote for current value/worth, is valid.
<< <i>I don't agree that Teletrade and other auction houses are viable sources for pricing information. Perhaps I am wrong, but I believe the majority of coins are not sold through these sources. Auction prices can vary wildly from street prices. They also can vary wildy from even themselves, using the same auction house. I have seen many coins that have 30-80% pricing differences in the same coin, at the same auction house, in the same grade, sold in a several month span.
I also am not disputing that a 2nd or 3rd tier grading service certainly can not command the same price for the same top tier graded product. But that is a totally different issue.
If someone has a graded coin - whether they graded it themself or whether PCGS graded it - I feel using the PCGS price guide as a quote for current value/worth, is valid. >>
OK
A real good example is a PCGS MS67 1945P Merc Dime. PCGS has it at 40 bucks. Heck I cannot remember the last time one went for 40 bucks. Usually they are at about 70 or more. At auction they go for more than 40 also. Hmmmm.....
Ken
<< <i>
I agree with the ape.
That's one smart monkey
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But my point is still that the PCGS price guide is a valid, recognizeable pricing quote to use when selling coins. And I still maintain that it has become the de facto standard. The prices may not be to somes liking, and in many cases are not accurate, but at some point, this was someone's opinion of the value of the coin at the grade. I'm assuming that the person that updates these prices knows something of the hobby.
I am not disputing at all a buyers decision to do or not to do their own research and come up with their own price. But PCGS is a recognized and respected source of numismatic data - this is why it is widely quoted.
ER: The point is not how the grade was arrived at, if you believe the grade, then pricing info, PCGS or Auction, is valid for that grade. As others have stated (in other threads), the PCGS price guide is not for just PCGS graded coins, it is for coins - period.
I was not aware of this. I have purchased quite a few coins and never used it. Actually, I did use it several years ago and learned quickly two things:
1. You get what you pay for (or work for). There is no free lunch in coins (or coin pricing). It takes a little bit of research to find accurate and current pricing.
2. For everything I bought using the PCGS price guide as a benchmark, I overpaid.
Same here. I guess I have been doing it wrong.
It is a standard for no other reason than it is the most widely used/quoted source. It doesn't become a standard because you agree or disagree with it, or because you have heard if it or have not heard of it, or because it is right or wrong, it becomes a standard because people use it.
...from wikipedia...
A de facto standard is a technical or other standard that is so dominant that everybody seems to follow it like an authorized standard. The de jure standard may be different: one example is the act of speeding found on highways. Although the de jure standard is to drive at the speed limit or slower, in many places the de facto standard is to drive at the speed limit or slightly faster.
Another example: there is no law preventing a 27th letter such as Þ (thorn) from being added to the alphabet; indeed, letters were added centuries ago without much difficulty. But today one is prevented from doing so by the practical difficulties involved, and thus there is a de facto limit on modifications to the alphabet; it is impractical to add such a letter as no one will recognize it.
A de facto standard is sometimes not formalized and may simply rely on the fact that someone has come up with a good idea that is liked so much that it is copied. Typical creators of de facto standards are individual companies, corporations, and consortia. In computing, de facto standards can sometimes become de jure standards due to market superiority. For example, JavaScript by Netscape (standardized as ECMAScript) and parts of DOM Level 0 (standardized in DOM Level 1/2 HTML Specification).
Have you ever seen a seller use it when the PCGS price guide quote was lower than true market value of a coin? I have not.
Have you ever seen a seller at a coin show pull out the PCGS price guide to formulate a bid for your coin? I have not.
I have never seen a regular buyer/seller of rare date gold use this "de facto" standard price guide.
Certainly there are a few holes in the guide where market prices are actually higher than guide, but 90% of real world prices are lower than guide, often times much lower. The worst is when sellers have coins in so-called third world slabs and quote the PCGS guide. These are sellers looking for bidiots, unfortunately all it takes are two bidiots to over bid and over pay, and it happens over and over. Be careful out there.
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I agree with the ape.
That's one smart monkey >>
It's an orangutan but it seems to have a serious eye and mouth twitch. . .
Semper ubi sub ubi
<< <i>
<< <i>
<< <i>
I agree with the ape.
That's one smart monkey >>
It's an orangutan but it seems to have a serious eye and mouth twitch. . . >>
Orangutans are apes.
They came out with the new contest, and are revising the price guide frequently. Hype to the max IMO!
Heritage has the real deal (actual auction results)