With all of the schlock on the market, are collectors losing sight of what is truly PQ?

Longacre · June 27, 2007 1:32AM

I read an interesting article in the JR E-Newsletter. In it, someone quoted an excerpt of an article in CW as follows,

"The dearth of high-quality coins is leading to new definitions of "nice but ordinary" for some buyers. As pointed out by more than one dealer, coins that were passed by a few years ago as nice, but rather ordinary, compared to true premium-quality coins, are now being seen as above average. Many buyers today either have not been exposed to the superb coins encountered more often a few years ago, or have forgotten what they look like. So some coins are becoming acceptable to certain buyers who lack the experience with many outstanding coins or are lowering their standards a little just to be able to buy something."

Do you agree with this statement? Because of the lack of quality coins available, have we lost sight of what is truly a PQ coin, and what is schlock?

66Tbird · June 27, 2007 1:36AM

I agree I'm afraid.

ziggy29 · June 27, 2007 1:40AM

I think you may be on to something. In particular, what would have been "just a little better than schlock" three years ago is being called PQ now. The market seems to be forgetting what "PQ" really is...and when something truly PQ shows up, it's like a pool of sharks swimming to blood in the water and eating it up with little regard to expense.

RYK · June 27, 2007 1:47AM

I think that this is part of the Great Bifurcation.

In the old days, there was low-end for the grade, okay for the grade, and nice (or PQ) for the grade, and these categories existed in a continuum. Now, there is crap and good (PQ) stuff, and the PQ category is now much larger than the old one.

In a similar vein, many would argue that the social classes have bifurcated. In the old days, there were lower, middle, and upper class people, in a continuum. Now, there are poor people (like Russ) and rich people (like Longacre)

, with the size of the group of rich people being considerably larger than before.

CalGold · June 27, 2007 1:54AM

The premise has no meaning without the establishment of definitions and parameters based on grade. What does he mean when he talks about “superb” and “pq” and “ordinary” coins? Does superb mean an MS67 coin in a 67 holder, or does it mean an MS67 coin in a 65 holder? If it’s the former, then one explanation is that those are very low pop coins and were always scarce and were never widely available despite what he seems to recall--we tend to remember the extraordinary more clearly than the ordinary. And given the growth in demand and sales volume in the last few years a lot of them have been purchased and are off the market for now. If it’s the latter, then those have all been upgraded and are now in MS67 holders and he’s not going to see many 67s in 65 holders any more and should not be surprised.

Oh, and if by superb he means old gold with original patina, those have all been dipped and upgraded.

CG

oreville · June 27, 2007 1:58AM

Yes.

We have been spoiled by the plentiful supply of PQ coins available in the 1990's and early 2000's.

We are now in a period of normalcy in which most of the previously available PQ coins have been locked away for a long time. This new era looks more the second half of the 1970's in which you could not find nice coins for the grade.

Get used to it.

ARCO · June 27, 2007 2:04AM

So PQ coins were just floating around all over to be had at any ol' time in the good old past, while the more common coins that outnumber the PQ ones ten million to one were somehow off the market or avoidable?

I think that numismatics is much more democratic and dispersed now. Sellers have more options than just their local dealer or regional specialist when selling, and buyers the same. PQ coins exist for buyers in exactly the same proportion today as they did in the past. A person just pays a lot for them.

Tyler

MidLifeCrisis · June 27, 2007 3:58AM

Some great points have been made already. I'd like to add that collectors must always make a decision to either A) Buy what's available or

Wait and hope something better comes along. This is true for most coins - classics and moderns...while there are obvious exceptions for great rarities that only come to market once or twice in a lifetime.

Therefore, PQ is a relative term. PQ compared to what? Compared to high end coins held long term in collections and unavailable? Compared to other coins of the same grade, date, mint mark and series currently available? Compared to your fellow collector's coins in your local coin club?

Doesn't matter. What is truly PQ to you may not be truly PQ to me. Beauty is in the eye of the beholder. We say buy what you like all the time because it's true. If you like a coin, then by that definition alone it is a premium quality coin. If you buy certified coins from top tier TPG's then you have the advantage of comparing several coins slabbed in the same grade by the same service. If you buy raw, you must rely on your own taste and judgement, or possibly ask a trusted dealer or collector to give you their opinion.

Most of our hobby is based simply on opinion...you have to ask yourself who's opinion matters most.

AlaBill · June 27, 2007 4:06AM

I clearly understand that a TRUE PQ coin requires paying up, but who do you trust to determine PQ.

What dealers can you rely on to help you determine PQ if you are new to this hobby or less experienced?

If you pay up for the PQ coin how can you make certain you get paid for the PQ aspect when selling the coin years later?

richardshipp · June 27, 2007 4:08AM

Clearly a "schlock" must not be what I thought it was

roadrunner · June 27, 2007 6:58AM

As each newbie collector or dealer shows up or branches out, they become indoctrinated into today's level of
quality.....which is not all that impressive compared to 20 years ago. And it appears the standard has continued
to lower. Hence a new legion of people who think decent "schlock" is PO. Or that PQ means not-misgraded.

roadrunner

291fifth · June 27, 2007 7:41AM

Yes. There is so much swill on the market, much of it in major brand TPG holders, that collectors are losing touch with reality.

bidask · June 27, 2007 7:46AM

True PQ classic coins are hard to find.

drtom77 · June 27, 2007 10:10AM

I collect Seated Proofs. I have been aware that the number of really nice coins has dropped significantly. Ten years ago I would have had many more coins in most auctions to choose from. Now I look at entire sales and find myself going back through with the thought, "I have some money to spend, there must be something acceptable here." Often there is not. Bottom line, I agree

droopyd · June 27, 2007 10:16AM

I'm finding it somewhat more difficult to find material that I really and truly like. It's still out there, though it's getting harder to find. And a lot of it is still raw, as many older collectors never bought into the plastic game. I think people are missing the boat when they only look at certified coins -- there are some unslabbed gems out there at not unreasonable price points.

elwood · June 27, 2007 10:26AM

<< <i>So PQ coins were just floating around all over to be had at any ol' time in the good old past, >>

Yes, in many instances they were.

Today they are either locked up in collections or have been destroyed by this crack-out game that's being played.

With all of the schlock on the market, are collectors losing sight of what is truly PQ?

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