Draped Bust Large Cent and Greysheet Question

Tyrock

I recently purchased an 1807/6 Draped Bust Large Cent graded PCGS VF-20. It's a Sheldon 273 variety (large 7). By the way, I was amused to learn that Dr. Sheldon was born right here in RI. I'm not able to post a photo of the large cent, but it's a decent piece. I know that when it comes to large cents and Liberty Seated coinage, the greysheet isn't very reliable. What other series is the greysheet not appropriate for?

BillJones

It has been my experience that the Gray Sheet has been traditionally too low on just about any early U.S. coin (1793 - 1814) that is very nice or even properly graded. As you have noted the prices for early copper are especially inaccurate. As a dealer I found it impossible to buy properly early copper from from other dealers. The numbers were simply beyond low, unless you were looking a problem coins with rough surfaces or other problems.

As for prices that are too high, their numbers for rolls of coins like common date Indian cents in Good and full date Buffalo Nickels are well off. I found the Gray Sheet numbers to be the retail amounts, not the wholesale amounts.

Walkerguy21D

Like a lot of things, it's hard to generalize.....common date Barbers can be found at Sheet prices, tough dates not so much. For years they were way off the mark on the better halves and quarters, but a number of price jumps have occurred, and the market
is a little quieter than it used to be, so prices aren't quite so out of line.
Anything with outstanding eye appeal is probably under priced on the Sheet, as those types of coins trade on an individual basis.
Proof sets historically are way OVERPRICED on the Greysheet.

Best thing is to study your markets and know a deal when you see one. With the proliferation of the CCE, it's gotten harder to find great deals, as few are slaves to the Sheet anymore. But once in a while you get lucky. I've found a number of nice large cents over the years at around sheet prices, but it takes a lot of looking, and you aren't going to find these at the major EAC dealer's tables. BTW, by nice I mean by my pedestrian mid-grade standards, not Bill's off the charts high grade eye poppers! But as an example, a major dealer of collector coins of all series had a problem free Fine+ 1809 cent with nice light brown surfaces at FUN a year or so ago.
When he got out his Sheet to price it to me, I had a hard time maintaining a poker face, as such a coin generally commands quite a bit more.

BillJones

Walkerbuy21D, I presume that the 1809 large cent you found was raw? It's hard to believe that a dealer would sell a certified example for Gray Sheet "bid."

ColonelJessup

I once walked into a Stacks auction without a grey sheet and asked DaveW what a 71-CC 25c bid in VF-XF. He rather sensibly and moderately (quintessential Wnuck) that it was likely they'd be less than accurate. MY response.. "I've got to have something to triple".


Bill is right on target with his analysis. Get to know a few major EAC dealers. You'd be surprised at what they'll teach you. And you'll be closer to the center of distribution. Who are they?


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