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If PCGS Gets a Submission of 86,000 Raw Morgans...
coirn
Posts: 500
...does that slow down all other submissions that have already been entered?
Is there any information out yet who this large submitter is? Heritage? Possibly Littleton? Fair is fair. When this dealer checks his submission form on line, how many pages would the final draft be?
Is there any information out yet who this large submitter is? Heritage? Possibly Littleton? Fair is fair. When this dealer checks his submission form on line, how many pages would the final draft be?
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-Paul
I would love to read the details.
<< <i>...does that slow down all other submissions that have already been entered?
Is there any information out yet who this large submitter is? Heritage? Possibly Littleton? Fair is fair. When this dealer checks his submission form on line, how many pages would the final draft be? >>
I believe that there is a limit on even bulk submissions. At 200 coins per submission, one would need 430 forms. Can you imagine pulling up in a U-Haul on public friday? I'm sure that PCGS would be happy to accomodate you!!
Keep an eye on the pop reports.
<< <i>I believe that there is a limit on even bulk submissions. At 200 coins per submission, one would need 430 forms. Can you imagine pulling up in a U-Haul on public friday? I'm sure that PCGS would be happy to accomodate you!! >>
Dude do the math Bajjjerfan....You submit 86,000 Morgans in one bulk submisson PCGS will throw out the rule book for you.
silver/bullion companies.
bob
Looking for Top Pop Mercury Dime Varieties & High Grade Mercury Dime Toners.
"“Those who sacrifice liberty for security/safety deserve neither.“(Benjamin Franklin)
"I only golf on days that end in 'Y'" (DE59)
-Paul
<< <i>If its true, I am glad I do not collect Morgans, someone's pop report is headed for disaster. LOL >>
I would worry more about common date 63-64"s tanking, surprising that the GS bid is still up on these, if there were some rare dates it would prove that the dollars were socked away many moons ago-----------BigE
<< <i>I wonder what special price they negotiated with PCGS for all those Morgans. >>
I would venture to guess south of $5 a coin.
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<< <i>
<< <i>I wonder what special price they negotiated with PCGS for all those Morgans. >>
I would venture to guess south of $5 a coin. >>
Not worth it at that price. They would only make a gross profit of about $1/coin and would probably just break even after expenses
Who is the magazine that printed this? I don't know who "the TMZ of the coin world" is
Lafayette Grading Set
<< <i>I would think ~10 a coin >>
I agree. That's a $2 discount.
<< <i>Do you think they dropped them off and will pick them up to avoid postage fees? >>
86,000 one ounce coins is 5,375 pounds and silver at ~$40 a ounce ~$3,440,000 melt value.
<< <i>
<< <i>I would think ~10 a coin >>
I agree. That's a $2 discount. >>
$2 discount on 86,000 coins?
I would think the discount would be more than that.
If they were my coins and I couldn't get more than a $2 break, I'm sorry, but I'd tell them to go whistle.
"“Those who sacrifice liberty for security/safety deserve neither.“(Benjamin Franklin)
"I only golf on days that end in 'Y'" (DE59)
Bulk grading rates are negotiable and depending on the minimum grade(s) requested the discounts can be substantial. PCGS tends to be more aggressive with discounting bulk rates than NGC is.
For some lower grade minimum coins, PCGS has been known to charge in the area of $4/ coin.
Authorized dealer for PCGS, PCGS Currency, NGC, NCS, PMG, CAC. Member of the PNG, ANA. Member dealer of CoinPlex and CCE/FACTS as "CH5"
<< <i>
<< <i>
<< <i>I would think ~10 a coin >>
I agree. That's a $2 discount. >>
$2 discount on 86,000 coins?
I would think the discount would be more than that.
If they were my coins and I couldn't get more than a $2 break, I'm sorry, but I'd tell them to go whistle. >>
Then where is the profit? Think of the time the graders would have to spend on these LOW margin coins when they could be doing coins at a $45/coin rate. Would you rather have graders grading $45 coins or $8 coins?
CLCT gross margin is something like 60% see gross margin divide gross profit by total revenue. And that is at an avg coin rate of $15. So that means it costs about $6/coin just to break even. Then you have to worry about warranty costs, etc. I wouldn't do this for less then $10/coin
<< <i>
<< <i>
<< <i>
<< <i>I would think ~10 a coin >>
I agree. That's a $2 discount. >>
$2 discount on 86,000 coins?
I would think the discount would be more than that.
If they were my coins and I couldn't get more than a $2 break, I'm sorry, but I'd tell them to go whistle. >>
Then where is the profit? Think of the time the graders would have to spend on these LOW margin coins when they could be doing coins at a $45/coin rate. Would you rather have graders grading $45 coins or $8 coins?
CLCT gross margin is something like 60% see gross margin divide gross profit by total revenue. And that is at an avg coin rate of $15. So that means it costs about $6/coin just to break even. Then you have to worry about warranty costs, etc. I wouldn't do this for less then $10/coin >>
You're not looking at the big picture.
There's 86,000 coins!!
I'm sure the graders can create their own little 'short cuts' in grading these coins to maximize their profit potential.
Think of it...
They're not skipping from a half-dime to a large cent and then to a Morgan dollar.
Many of these dollars can be graded at the same time and personally, I would highly doubt three graders will inspect every coin (just my opinion).
"“Those who sacrifice liberty for security/safety deserve neither.“(Benjamin Franklin)
"I only golf on days that end in 'Y'" (DE59)
<< <i>Then where is the profit? Think of the time the graders would have to spend on these LOW margin coins when they could be doing coins at a $45/coin rate. Would you rather have graders grading $45 coins or $8 coins?
CLCT gross margin is something like 60% see gross margin divide gross profit by total revenue. And that is at an avg coin rate of $15. So that means it costs about $6/coin just to break even. Then you have to worry about warranty costs, etc. I wouldn't do this for less then $10/coin >>
The graders who grade the bulk orders are not the same people who grade "on the line". Bulk is a totally different process. Volume compensates for the low margins.
Don't believe me about the rates? Call Deborah or Miles directly and get a price quote straight from the source.
Authorized dealer for PCGS, PCGS Currency, NGC, NCS, PMG, CAC. Member of the PNG, ANA. Member dealer of CoinPlex and CCE/FACTS as "CH5"
86K at what 100 a pop- 8.6 mil versus a melt value of 90% of 45.+ in change?
Even IF the deal was to grade this many at 4-5 a coin- the cost factor is 344- 430K- or what could be a net profit of 8.1 mil in a very short time frame
smoebody was hold in flush for this deal folks. 86K in Morgans is not a major haul- but it is going to change those pop reports in the week to come!
Who can move 86,000 Morgans in a short period of time? I can only think of the Home Shopping Network right now.
Looking for Top Pop Mercury Dime Varieties & High Grade Mercury Dime Toners.
<< <i>Someone should print out/save the current Morgan Pop Reports in order to do a comparison in a few weeks etc. It would be ineresting to see what happens.
Who can move 86,000 Morgans in a short period of time? I can only think of the Home Shopping Network right now. >>
Think the price guide might start to show some RED when they are released to the marketplace?
I've been told I tolerate fools poorly...that may explain things if I have a problem with you. Current ebay items - Nothing at the moment
<< <i>
<< <i>Someone should print out/save the current Morgan Pop Reports in order to do a comparison in a few weeks etc. It would be ineresting to see what happens.
Who can move 86,000 Morgans in a short period of time? I can only think of the Home Shopping Network right now. >>
Think the price guide might start to show some RED when they are released to the marketplace? >>
Doubt that like hell. Especially if they are being marketed by HSN, which sells slabbed coins at an average markup of 125% of CDN. If anything, bids should get a boost from the sales of these.
"Everything is on its way to somewhere. Everything." - George Malley, Phenomenon
http://www.american-legacy-coins.com
<< <i>
<< <i>...
The graders who grade the bulk orders are not the same people who grade "on the line". Bulk is a totally different process. Volume compensates for the low margins.
... >>
That makes me feel a lot better about submitting circulated Capped Bust Half Dollars.
<< <i>Someone should print out/save the current Morgan Pop Reports in order to do a comparison in a few weeks etc. It would be ineresting to see what happens.
Who can move 86,000 Morgans in a short period of time? I can only think of the Home Shopping Network right now. >>
Any of the major firms that run national radio ads can move that volume. Listen to AM talk radio and there are a couple of precious metals firms that pay big bucks to advertise. Unfortunately, the dark side of the business, is that those firms will move them at double or triple the GS price to their "select" clients.
As far as pricing and grading, I'm sure that PCGS is calling in their part timers and retraining their part time crew of modern guys to handle the Morgans. A day of training and review and any of the modern guys will be Morgan ready. 86,000 may sound like a lot of coins, but think about all the modern first strike submissions and how many thousands of coins came in quickly in each wave of new releases. Keep in mind that a competent and trained grader can do 200+ coins an hour. Call in the part time crew and that pile of 86,000 coins will be down pretty quick.
And, at the rate silver is going, by the time PCGS is done grading them in a month or two, they could pay off the national debt.
<< <i>
<< <i>I believe that there is a limit on even bulk submissions. At 200 coins per submission, one would need 430 forms. Can you imagine pulling up in a U-Haul on public friday? I'm sure that PCGS would be happy to accomodate you!! >>
Dude do the math Bajjjerfan....You submit 86,000 Morgans in one bulk submisson PCGS will throw out the rule book for you.
No doubt they would. I don't think they would put everyone else on hold until they were finished tho. I wonder if they are 86 original bags.
<< <i>I wonder what special price they negotiated with PCGS for all those Morgans. >>
Maybe that is what got them to up the PCGS price guide as of late?
<< <i>
<< <i>
<< <i>
<< <i>I would think ~10 a coin >>
I agree. That's a $2 discount. >>
$2 discount on 86,000 coins?
I would think the discount would be more than that.
If they were my coins and I couldn't get more than a $2 break, I'm sorry, but I'd tell them to go whistle. >>
Then where is the profit? Think of the time the graders would have to spend on these LOW margin coins when they could be doing coins at a $45/coin rate. Would you rather have graders grading $45 coins or $8 coins?
CLCT gross margin is something like 60% see gross margin divide gross profit by total revenue. And that is at an avg coin rate of $15. So that means it costs about $6/coin just to break even. Then you have to worry about warranty costs, etc. I wouldn't do this for less then $10/coin >>
I doubt they would have their top graders doing these unless there were some high value coins in there too.
Somebody banking on PCGS 63/64 Morgans going up.
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<< <i>I think bulk takes a back seat to all other submissions? >>
Bulk is a separate department with different graders. I once had a bulk submission of 120 coins turned around in 5 days.
The name is LEE!
<< <i>
<< <i>I wonder what special price they negotiated with PCGS for all those Morgans. >>
I would venture to guess south of $5 a coin. >>
I would venture to guess a base rate of $10.00 per coin as spelled out in the bulk submission guidelines. Higher graded coins such as MS66 and MS67 would get up into the $20 and $30 per coin rates. A certain number may also fall below the minimum acceptable grade as well.
PCGS does not "negotiate" their professional expertise.
The name is LEE!
<< <i>It is true that 86,000 coins were submitted in one bulk deal. Who the submitter is is confidential information.
Bulk grading rates are negotiable and depending on the minimum grade(s) requested the discounts can be substantial. PCGS tends to be more aggressive with discounting bulk rates than NGC is.
For some lower grade minimum coins, PCGS has been known to charge in the area of $4/ coin. >>
Seriously?
If they can do that and show a profit then charging $10 for a "reholder" on Attribution of PCGS slabbed coins must really give the CU stock a boost!
The name is LEE!
ms63 morgans were $30 only a couple of months ago. ms64's were $46.
Now with silver double the going value of $15-$20 an ounce to $40-$45 an ounce-
ms63 at $60 and 64's at $95 are really nothing to go crazy about.
and no I dont think the price will drop especially if they were common dates.
I mean, it's not like there aren't literally MILLIONS of Morgans left out there to be graded.
The curious thing about this is the virtual SIZE of the submission. Who could have accumulated 86,000 Morgans?
At $30 apiece its $2.322M and at todays market price thats $3.56M!
The name is LEE!