Home U.S. Coin Forum
Options

High cost of slabbing fees for mint errors...

2ltdjorn2ltdjorn Posts: 2,329 ✭✭✭✭
As a collector, I can appreciate the need for TPGs within the current market place. However I am often discouraged from submitting coins for grading due to the high cost associated with slabbing, particularly the cost of error coins at PCGS. While I understand the error coin marketplace in general is a smaller circle, and attribution can at time be more challenging. I would be more inclined to submit coins for submission, if maybe a true-view photo was complimentary. I have a few error pieces that do have true view photos, and I find this a necessary when so many of the Error certifications are bland of information concerning the type of error.

What are your thoughts regarding the cost of grading/authenticating mint errors at TPGs?
WTB... errors, New Orleans gold, and circulated 20th key date coins!

Comments

  • EXOJUNKIEEXOJUNKIE Posts: 1,624 ✭✭✭✭✭
    Too expensive on both sides of the street.

    I used to submit errors regularly ATS until they added an extra fee. It is simple, opportunistic greed IMO, especially since ATS does 99%+ of them with in-house employees. image

    Our host, in contrast, uses an outside authenticator (correct me if I'm wrong FW) to whom they send the errors, incurring some amount of additional shipping cost. Seems to me they could reduce the cost of certifying errors by hiring someone to do it in-house at their facility.

    Nowadays, I usually only submit errors if I have something worth four figures or more and I want it entombed for its protection and/or if the error's authenticity is questionable and thus needs to be verified by a third party for potential resale.
    I'm addicted to exonumia ... it is numismatic crack!

    ANA LM

    USAF Retired — 34 years of active military service! 🇺🇸
  • DIMEMANDIMEMAN Posts: 22,403 ✭✭✭✭✭
    I totally agree. We identify the variety when we submit. All they have to do is check the coin with the pick in a book.
  • DIMEMANDIMEMAN Posts: 22,403 ✭✭✭✭✭
    PCGS has it's own variety section. No extra shipping.
  • Type2Type2 Posts: 13,985 ✭✭✭✭✭
    I have 100's if not 1000's i sent in some here and there but with the new fees i'll sell them raw. Befor it was like $18 but now it's moon $$$ to have them graded. image


    Hoard the keys.
  • 2ltdjorn2ltdjorn Posts: 2,329 ✭✭✭✭


    << <i>PCGS has it's own variety section. No extra shipping. >>




    I am not referring to variety attribution, I am referring to genuine mint errors such as off-metals, broadstrikes, double struck coins, or struck thru
    WTB... errors, New Orleans gold, and circulated 20th key date coins!
  • EXOJUNKIEEXOJUNKIE Posts: 1,624 ✭✭✭✭✭


    << <i>

    << <i>PCGS has it's own variety section. No extra shipping. >>




    I am not referring to variety attribution, I am referring to genuine mint errors such as off-metals, broadstrikes, double struck coins, or struck thru >>



    Yeah, two different things here. Varieties (overdates, over-mintmarks, doubled dies, etc.) are all done in-house. Last I was aware, striking errors are sent to FW for attribution and then back to the host for grading and slabbing.
    I'm addicted to exonumia ... it is numismatic crack!

    ANA LM

    USAF Retired — 34 years of active military service! 🇺🇸
  • unclebobunclebob Posts: 433 ✭✭✭
    I feel your pain...

    I have more than a few varieties and I'm trying to figure out the most cost effective way.

    I would love to have them properly attributed and crossed to our host... but at nearly $100 a coin?

    I greatly appreciate this forum and the service they provide, but no thanks...

    I don't need to spend money for somebody to tell me what I already know, because I attributed them before I picked them... simply to stretch my collecting dollar.

    Upon resell, there might be an issue... but I have professional photography skills, a microscope w/camera, and there are enough specialists, resources etc...

    Everyday a couple of specialist cherrypickers get into bidding wars at Ebay over coins with aweful pics.

    List it and they will come!

    I don't think you will lose all of that much value.


    Enjoy the coin... not the label!




    image
  • ctf_error_coinsctf_error_coins Posts: 15,433 ✭✭✭✭✭
    I probably have at least 200 Major mint errors that should be certified.

    The cost of doing so is prohibitive.

    So for now all my money goes into buying metal and not plastic.



  • TwoSides2aCoinTwoSides2aCoin Posts: 44,572 ✭✭✭✭✭
    If there were a two tiered system for errors it might generate greater revenues. Not certain of the logistical nightmare that could cause, but in the case of "bulk".. there should be some "breaks".
  • crazyhounddogcrazyhounddog Posts: 14,059 ✭✭✭✭✭
    I would rather have a population report on errors !!
    The bitterness of "Poor Quality" is remembered long after the sweetness of low price is forgotten.
  • WaterSportWaterSport Posts: 6,913 ✭✭✭✭✭
    Regarding copper, I first just send varieties in to see if they will even grade because of the high percentage tossed back as questionable color. There was a real problem in the passed just getting them attributed correctly or even at all. That seems to have improved. I am no longer sending in photographs or letters from experts any longer. But I also do not waste my time on circulated examples. The coin plus slab and variety attribution are around $100 a coin and often it does not bring that money let alone a profit in return. So its just one of the many games we play.

    WS
    Proud recipient of the coveted PCGS Forum "You Suck" Award Thursday July 19, 2007 11:33 PM and December 30th, 2011 at 8:50 PM.
  • 19Lyds19Lyds Posts: 26,492 ✭✭✭✭
    My error submitting has been dramatically curtailed due to the $50 and now $55 Dollar Fees imposed upon the collector. No more 1% or 2% clips for me. Heck, even sintered planchets are off the list!

    However, if its a 4 figure coin or even a 3 figure coin, I'll send it in.
    I decided to change calling the bathroom the John and renamed it the Jim. I feel so much better saying I went to the Jim this morning.



    The name is LEE!
  • GrumpyEdGrumpyEd Posts: 4,749 ✭✭✭
    It is prohibitive.
    I guess I don't understand the business side of it but it seems like simple errors with some notation like "off center" without asking for percent or other simple errors and maybe all CPG varieties could be done at a lower fee. I'd think it would result in many more coins being sent in.
    Maybe it's asking too much, I'd be happy if they just added a few more big varieties to the list of ones that can be sent normally.
    Ed
  • DCWDCW Posts: 7,610 ✭✭✭✭✭
    I agree with all the comments thus far. All they have to do is verify the variety and print a label. This shouldn't cost that much. There is relatively little research involved, because they will only slab cherrypicker varieties.
    It's simply shortsighted. PCGS would make much more money slabbing a large number of coins at a lower price than a few at an outrageous fee.

    Dead Cat Waltz Exonumia
    "Coin collecting for outcasts..."

  • dbcoindbcoin Posts: 2,200 ✭✭
    PCGS would make much more money slabbing a large number of coins at a lower price than a few at an outrageous fee.


    Yeah because low margins is what every business strives for. Why don't you let these guys worry about running the business and you guys collect your coins?
  • I meet plenty of people that would like to enjoy the hobby but it is simply to expensive and intimedateing .This dose the hobby no good......oh well.

    Maybe start haveing "no slabs" coin shows.I will not spend 150 bucks for someone to tell me I have a dime. That's just common sense.I just purchased a slag inclusion error penny that will never see a slab.I enjoy the hobby so I'll just keep on collecting and learning.
    Mark Anderson
  • dbcoindbcoin Posts: 2,200 ✭✭
    It's not called the Hobby of Kings because it's a cheap hobby. CLCT said their last quarter was powered by expensive submissions at shows. Obviously there are some who will pay to get to the front of the line and not complain

Leave a Comment

BoldItalicStrikethroughOrdered listUnordered list
Emoji
Image
Align leftAlign centerAlign rightToggle HTML viewToggle full pageToggle lights
Drop image/file