"Dealers obviously won't sell under-graded coins."
RYK
Posts: 35,800 ✭✭✭✭✭
From the Pinnacle ANA show report:
"...By shows end, activity on the bourse floor grew a bit quiet. Several factors contributed. Fatigue, the drop in generic gold prices, but also grading was extremely tight. This factor always leads to a dearth of fresh material. (Dealers obviously won't sell under-graded coins.) It made it tougher, but as usual, we managed to find some great coins. Had we not received first shot on several dealers' coins, this would not have been the case. Our show purchases will begin posting today and will continue throughout the week."
Does that mean that only overgraded and properly graded coins are offered for sale?
It is interesting because in the paragrah above the one selected, the author states that coins are selling for what they are and less so for the number on the holder, which most collectors would probably agree is good:
"One of the defining aspects of these auctions mirrors the market in general. Coins are selling on their own basis, and only secondarily for the grade on their holder. This trend has always existed, but it seems to have become more pronounced. One of many examples was a 1917-S Type 1 quarter in PCGS MS67FH in the Heritage sale that realized $9775, while the James Lull specimen with fabulous color brought $17,825 in Bowers. "
Link to Pinnacle market report
"...By shows end, activity on the bourse floor grew a bit quiet. Several factors contributed. Fatigue, the drop in generic gold prices, but also grading was extremely tight. This factor always leads to a dearth of fresh material. (Dealers obviously won't sell under-graded coins.) It made it tougher, but as usual, we managed to find some great coins. Had we not received first shot on several dealers' coins, this would not have been the case. Our show purchases will begin posting today and will continue throughout the week."
Does that mean that only overgraded and properly graded coins are offered for sale?
It is interesting because in the paragrah above the one selected, the author states that coins are selling for what they are and less so for the number on the holder, which most collectors would probably agree is good:
"One of the defining aspects of these auctions mirrors the market in general. Coins are selling on their own basis, and only secondarily for the grade on their holder. This trend has always existed, but it seems to have become more pronounced. One of many examples was a 1917-S Type 1 quarter in PCGS MS67FH in the Heritage sale that realized $9775, while the James Lull specimen with fabulous color brought $17,825 in Bowers. "
Link to Pinnacle market report
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Comments
<< <i>Does that mean that only overgraded and properly graded coins are offered for sale? >>
Well, for the most part I think so. If you have something graded 64 and you are confident it would go 65 even after factoring in the idea that ownership adds a point, you'd crack it out and resubmit, most likely.
If we're talking about a common Morgan graded 63 and you think it's 64, it's not worth the cost and the hassle. But when there's enough payback getting to the next grade (like 64 to 65), I think most would resubmit the coin.
In honor of the memory of Cpl. Michael E. Thompson
Aren't those two statements by Pinnacle inconsistent? If coins are being sold for what they are, how can it be stated that coins that are undergraded are not sold by dealers?
I have to check out their inventory, now!
Didn't wanna get me no trade
Never want to be like papa
Working for the boss every night and day
--"Happy", by the Rolling Stones (1972)
Didn't wanna get me no trade
Never want to be like papa
Working for the boss every night and day
--"Happy", by the Rolling Stones (1972)
Considering the gradeflation happening the past couple of years, "conservation" and dipping, makes you wonder what will happen when the market tanks (think 80's-90's) & "market accept" isn't quite so acceptable anymore...
I'd give you the world, just because...
Speak to me of loved ones, favorite places and things, loves lost and gained, tears shed for joy and sorrow, of when I see the sparkle in your eye ...
and the blackness when the dream dies, of lovers, fools, adventurers and kings while I sip my wine and contemplate the Chi.
Russ, NCNE
I would be willing to wager that salesmanship is just as important of an aspect for a coin dealer as it is for any other retailer of anything else.
If you sell high end clothes, you aren't going to ignore the rip in the package and think the buyer is going to look past it, because buyers know they are paying for the clothes not the package. Granted that some buyers trust their eye enough to look beyond the plastic. Other buyers don't (though they should, by all means, work on that). A good salesperson does not ignore the details, and expect a better buyer.
To whoever said that eventually all coins in plastic will be overgraded, I could not agree more - law of averages and long time horizon suggests that is completely true.