The average value of a PCGS graded coin is $1000

TopographicOceans

I was wondering what it was and I saw on the PCGS home page they say
With over 29 million coins graded commanding a total value of $29 billion

AUandAG

Sure glad I'm below average, in this case (per coin that is !!!)

bob

DIMEMAN

It's my dimes that pulled down all of those Million Dollar coins!

lasvegasteddy

<<< would be lucky if my inventory broke $20 a coin on it's average
and no
i don't even want to look
i still love my 1965 ms63 quarter i'm in $63. on...to see a $ sign and even that $ sign is red with an arrow pointing down...maybe it will read .25 and turn black


but i gotta love these coins i have that don't even get a $ sign...my 68-s lincoln pr67bn...top pop...shows no value at all

TopographicOceans

<< <i>my 68-s lincoln pr67bn...top pop...shows no value at all >>

Then you get to set the price

keyman64

I'd be much more curious as to the MEDIAN value. That information would actually tell us something.

ricko

An old saying in my profession...."Statistics are like a bikini, what they reveal is very revealing - what they conceal is vital." Cheers, RickO

OldEastside

<< <i>An old saying in my profession...."Statistics are like a bikini, what they reveal is very revealing - what they conceal is vital." Cheers, RickO >>



I like that quote

Steve

Davideo

<< <i>I'd be much more curious as to the MEDIAN value. That information would actually tell us something. >>



Indeed, that would be interesting.

puffer

Plus the higher you go up in value the greater the percentages are on resubmissions. What type of statistical averaging are they doing?

SeattleSlammer

<< <i>It's my dimes that pulled down all of those Million Dollar coins! >>





The tens of thousands of 6-7 figure coins easily trump the millions of 2 figure coins.
A median value would be telling like keyman mentioned.

pcgs69

I always just assumed they took the "declared value" from our submission forms, and I'm sure just about every one was/is inflated. Always just figured that..."valued at $XX Billions" was a marketing thing

TopographicOceans

There are three measures of central tendency

Mean - Total of all the numbers divided by the number of elementsMedian - The halfway point where half are above and have are belowMode - The most frequently occurring value

All can be referred to as the average depending on what position you're trying to promote.

If you took the average of these three averages, then you'd really have something

brg5658

<< <i>There are three measures of central tendency

Mean - Total of all the numbers divided by the number of elementsMedian - The halfway point where half are above and have are belowMode - The most frequently occurring value

All can be referred to as the average depending on what position you're trying to promote.

If you took the average of these three averages, then you'd really have something >>



That's completely false. The "average" is synonymous with the arithmetic mean. Those terms are interchangeable. I have been a professional statistician for over a decade, and I have never heard anyone refer to a median or mode as an "average"... not sure where you found that information.

And, by the way, there are many types of "means" -- arithmetic (the one you described), geometric, and harmonic are three different means that I use on a regular basis.

Each of the measures of central tendency are useful for different things. The median would be the most useful in this case (as others have already noted), as that is a mighty long tail to the $10 million 1794 $1. I think people would be surprised how low the mode would be in this case. The hundreds of thousands of low grade common Morgans will do that to you.

crypto79

<< <i>

<< <i>There are three measures of central tendency

Mean - Total of all the numbers divided by the number of elementsMedian - The halfway point where half are above and have are belowMode - The most frequently occurring value

All can be referred to as the average depending on what position you're trying to promote.

If you took the average of these three averages, then you'd really have something >>



That's completely false. The "average" is synonymous with the arithmetic mean. Those terms are interchangeable. I have been a professional statistician for over a decade, and I have never heard anyone refer to a median or mode as an "average"... not sure where you found that information.

And, by the way, there are many types of "means" -- arithmetic (the one you described), geometric, and harmonic are three different means that I use on a regular basis.

Each of the measures of central tendency are useful for different things. The median would be the most useful in this case (as others have already noted), as that is a mighty long tail to the $10 million 1794 $1. I think people would be surprised how low the mode would be in this case. The hundreds of thousands of low grade common Morgans will do that to you. >>



Oh snap

TopographicOceans

Actually it is used quite often by people promoting a certain position.

For example, take a contract negotiation between a teachers union and the school district.
Say there are 21 teachers and each earns the annual salaries listed below.

The teachers union would say the average salary is $21,000 (mode)
The school district would hire a professional statistician like you and say the average salary is $49,952 (mean)
The teacher making $33,000 would say he deserves a raise to $56,000 to earn the average salary (median)

$17,000
$18,000
$20,000
$21,000
$21,000
$21,000
$21,000
$27,000
$29,000
$33,000
$56,000
$58,000
$60,000
$62,000
$63,000
$65,000
$80,000
$89,000
$93,000
$96,000
$99,000

brg5658

<< <i>Actually it is used quite often by people promoting a certain position.

For example, take a contract negotiation between a teachers union and the school district.
Say there are 21 teachers and each earns the annual salaries listed below.

The teachers union would say the average salary is $21,000 (mode)
The school district would hire a professional statistician like you and say the average salary is $49,952 (mean)
The teacher making $33,000 would say he deserves a raise to $56,000 to earn the average salary (median)

$17,000
$18,000
$20,000
$21,000
$21,000
$21,000
$21,000
$27,000
$29,000
$33,000
$56,000
$58,000
$60,000
$62,000
$63,000
$65,000
$80,000
$89,000
$93,000
$96,000
$99,000 >>



You're obviously just making this up as you go. The only profession I can see b@stardizing the term "average" in the way you propose would be a lawyer. But, that doesn't mean it's correct.

mozin

<< <i>Actually it is used quite often by people promoting a certain position.

For example, take a contract negotiation between a teachers union and the school district.
Say there are 21 teachers and each earns the annual salaries listed below.

The teachers union would say the average salary is $21,000 (mode)
The school district would hire a professional statistician like you and say the average salary is $49,952 (mean)
The teacher making $33,000 would say he deserves a raise to $56,000 to earn the average salary (median)

$17,000
$18,000
$20,000
$21,000
$21,000
$21,000
$21,000
$27,000
$29,000
$33,000
$56,000
$58,000
$60,000
$62,000
$63,000
$65,000
$80,000
$89,000
$93,000
$96,000
$99,000 >>




You obviously have a grudge against teachers. What you are saying is nonsense. Makes me think you had problems with your own teachers, back when you were a young student. How about you talk about coins here in this PCGS Coin Forum, and leave your personal problems with your old teachers, to talk about in some other forum?

Barberian

<< <i>

<< <i>Actually it is used quite often by people promoting a certain position.

For example, take a contract negotiation between a teachers union and the school district.
Say there are 21 teachers and each earns the annual salaries listed below.

The teachers union would say the average salary is $21,000 (mode)
The school district would hire a professional statistician like you and say the average salary is $49,952 (mean)
The teacher making $33,000 would say he deserves a raise to $56,000 to earn the average salary (median)

$17,000
$18,000
$20,000
$21,000
$21,000
$21,000
$21,000
$27,000
$29,000
$33,000
$56,000
$58,000
$60,000
$62,000
$63,000
$65,000
$80,000
$89,000
$93,000
$96,000
$99,000 >>




You obviously have a grudge against teachers. What you are saying is nonsense. Makes me think you had problems with your own teachers, back when you were a young student. How about you talk about coins here in this PCGS Coin Forum, and leave your personal problems with your old teachers, to talk about in some other forum? >>



LOL! I guess we found out who's a disgruntled teacher here.

PerryHall

With all the cracked out coins and some coins being submitted numerous times to get "the grade it deserves" there is no way to determine the average value of a PCGS graded coin. Also, this average value is based on the owners declared value and we know how accurate that can be.

astrorat

<< <i>

<< <i>Actually it is used quite often by people promoting a certain position.

For example, take a contract negotiation between a teachers union and the school district.
Say there are 21 teachers and each earns the annual salaries listed below.

The teachers union would say the average salary is $21,000 (mode)
The school district would hire a professional statistician like you and say the average salary is $49,952 (mean)
The teacher making $33,000 would say he deserves a raise to $56,000 to earn the average salary (median)

$17,000
$18,000
$20,000
$21,000
$21,000
$21,000
$21,000
$27,000
$29,000
$33,000
$56,000
$58,000
$60,000
$62,000
$63,000
$65,000
$80,000
$89,000
$93,000
$96,000
$99,000 >>




You obviously have a grudge against teachers. What you are saying is nonsense. Makes me think you had problems with your own teachers, back when you were a young student. How about you talk about coins here in this PCGS Coin Forum, and leave your personal problems with your old teachers, to talk about in some other forum? >>

I guess we know whose teachers made $17,000.

brg5658

nevermind.

DeepCoin

The example shown regarding teacher salaries is a great example of how statistics can be used to confuse an issue. If the salaries were all for a teacher with the exact same amount of experience, there might be some comparison, but the difference between someone who is a beginner as opposed to someone with 35 years experience, not to mention longevity increases, compromises the comparison.

The other thing that has been completely left out of the conversation is standard deviation. Any reasonable discussion of means must include the standard deviation.

Once again, this is a complex condition that is NOT simple to explain to people who are not trained in statistics. What seems to be a simple example is not when looked at in detail.

I DO love the earlier bikini quote! And I intend to use it in the future, so I will try and attribute it as best I can.

BAJJERFAN

<< <i>I always just assumed they took the "declared value" from our submission forms, and I'm sure just about every one was/is inflated. Always just figured that..."valued at $XX Billions" was a marketing thing >>



I expect they use price guide prices. Once a coin is graded and entered into the database, it likely gets the price guide price assigned automatically.

brg5658

<< <i>An old saying in my profession...."Statistics are like a bikini, what they reveal is very revealing - what they conceal is vital." Cheers, RickO >>



That quote is attributed to Aaron Levenstein -- and spoken like a true lawyer he was.

Statistics are a tool, and when mis-used, like anything, they cause confusion. That doesn't mean they are always misleading or inherently bad -- the interpreter is the problem, not the statistics themselves.

Another problem is that most people think that the utility of statistics ends at the calculation of means and standard deviations. That may be where the education in statistics ends for business-speak-professionals (LLB, JD, and MBA-types), but statistics as a field is a part of almost every facet of modern day life.

99% of what a statistician does is build models that attempt to fit or explain observations in nature. These models can be simple linear relationships or extremely complicated forecasting or prediction models (e.g., Netflix often knows better than you whether you will like a movie before you watch it).

How do you think drugs are approved and proven useful for treating disease? Statistical models.

How do you think that every message you send over the internet is kept safe and secure? Statistical models.

How do you think your bank determines if you are credit-worthy for a home loan or new credit card? Statistical models.

Yes, statistics and statistical models are misused every day and in every field. That's what you get when everyone thinks they are "weekend statistician warriors" -- no training but like to play around with numbers. I don't practice law or medicine, or make believe that I can. Yet, lawyers and medical doctors often think they know how to build statistical models and interpret the findings. That is where the problems start...the "weekend statistician warriors" get it wrong most of the time. Add in the ridiculous media and "journalists" of the 24-hour news cycle, and you can see why there is confusion.

Unknown

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