newbie help requested
timber100
Posts: 863 ✭
Hello all, I have been reading/following this forum for a few months trying to learn about coins. I have learned some things and have really enjoyed the reading the posts. You all seem very knowledgeable and friendly so I decided to join the forum. I have been collecting proof sets over the past years starting with the state quarters for my kids and buying some silver eagles and I am starting to enjoy collecting coins more and more. I have finally decided that I should try to learn more about grading and perhaps send some of my proofs in to get graded. From your posts I have determined that NGC or PCGS would be the best places to have coins graded but I am unsure if any of my proofs, (quarters and silver eagles) would be good enough to send in for grading. I was thinking of buying some NGC and PCGS slabbed MS-69s and PF-69s from ebay to look at them and determine what a graded 69 actually looks like. If possible I would also buy a MS-70 and PF 70 eagle to see what they look like compared to the 69s. My questions are:
1. Does this plan make any sense as far as trying to learn what a good coin looks like?
I have a 10X loop, is that basically all I need to look at the coins?
Also, I noted that I can buy a NGC slabbed 2007 eagle for 29 dollars or less on Ebay and about 4 bucks to ship it. If a 2007 proof eagle costs 29.95 plus shipping from the mint, how do the sellers make money on the coin if they bought it for 29.95, paid for shipping and paid to have it graded, then sell it for 29 dollars?
Do they just sell the 69s for a loss and make the money back on the 70s?
Thanks in advance for any help or advice.
1. Does this plan make any sense as far as trying to learn what a good coin looks like?
I have a 10X loop, is that basically all I need to look at the coins?
Also, I noted that I can buy a NGC slabbed 2007 eagle for 29 dollars or less on Ebay and about 4 bucks to ship it. If a 2007 proof eagle costs 29.95 plus shipping from the mint, how do the sellers make money on the coin if they bought it for 29.95, paid for shipping and paid to have it graded, then sell it for 29 dollars?
Do they just sell the 69s for a loss and make the money back on the 70s?
Thanks in advance for any help or advice.
0
Comments
Connor Numismatics Website
I see that you are a Steelers fan, so you obviously have exceptional taste and judgment.
I like collecting the bullion coins, like the silver eagles, for their aesthetic appeal.
As for your question, I am not a huge fan of slabbed bullion coins. Someone will certainly come along and tell you how great it is to buy a proof silver eagle from the mint and get it into a PCGS 70 slab (BTW, PCGS generally gives out far fewer 70's than NGC) and flip it to some other sucker for beaucoup bucks. That's just not my style.
As for differentiating the 69's from the 70's, many of us think that it is somewhat unpredictable. Sure, if the coin has an obvious hit or mark, a 70 is out of the question, but if you go to a coin show and look at a bunch of raw proof SAE's and a bunch of 69's and a bunch of 70's, there is a good chance that you will conclude that they all look the same.
Best wishes, good luck, and GO STEELERS!
<< <i>1. Does this plan make any sense as far as trying to learn what a good coin looks like? >>
Actually, it's an excellent plan. Modern PR69's can be had dirt cheap, and getting a sampling from each grading company would be an excellent way to learn. Be aware, however, that current grading standards are not necessarily the same as previous grading standards.
Russ, NCNE
I believe graders use 5 to 7x to grade modern stuff.
As far as pr70 versus pr69, you will go nuts trying to find the difference.
I have spent hours prescreening proofs and uncs, only to get 69's.
Like others have said, crack out a pr70 and resubmit it. There is a strong posibility it will come back pr69.
Enjoy the hobby, and stay away from milk.
<< <i>If I can by a pf-69 slabbed 2007 eagle on Ebay for cheaper than I could buy it from the mint, would it not be better to buy it from ebay, assuming all I wanted was a 2007 eagle coin >>
If you don't care about the mint packaging, yes it's better. When it comes to ultra moderns, cheaper is always better. Plus it fits with your goal of learning how the TPG's grade.
The reason many ultra moderns get submitted even though PR69's sell for less than mint issue price is that the submitter was shooting for the magic PR70 grade and missed the mark.
Russ, NCNE
Grading proofs takes some learning at you might want to try some inexpensive ones first. When you can see a few different levels of quality you'll know you're getting close. I haven't looked at enough MS-69's and '70's to know if they're any easier but many say they aren't. Don't be discouraged if you don't see it right away.
Russ has a clue. I suggest you follow his advice. In my opinion Coin transactions follow no hard and fast rule. You need to research each coin's selling price over time to get a good idea of what one might expect to pay for it.
---------------------------------------------------------------------------------------------------------------------------------------
BONGO HURTLES ALONG THE RAIN SODDEN HIGHWAY OF LIFE ON UNDERINFLATED BALD RETREAD TIRES
I personally have almost all MS-69 Silver Eagles. I'm not looking to flip the coins, I just enjoy looking at them, and there isn't enough difference in a 69 and 70 to see the difference with the naked eye. If you start to collect coins a little older and don't want to pay the big prices for the high grades, you'll see a big difference in coins within a grade. That is where knowledge and looking at a lot of coins will pay off.
Hoard the keys.