How do Coins in PCGS holders sell for less than 5 bucks?
SirAnthonyAC
Posts: 646
Hi,
I've always been a little confused about this... how do EBay sellers offer 10 common modern coins, in PCGS holders, and sell a group of them for $100, when it costs $200 to get them certified? Or sell PCGS certified coins for less than the cost to grade them? Even PLATINUM MEMBERSHIP only gives you 8 free submissions but, you're paying $199.00 for the membership.
I'm sure I'm missing something sooooooooooooooooooooooo... please let me know where my error is.
Even if you send in a very large number of coins, and the $20 is discounted, some of these rather common coins sell for less than 5 bucks... how is the seller making any profit on it?
Here are a few quick examples from recent sales on EBay:
1960-P Franklin Half Dollar PCGS MS64FBL OH $19.08
2007 D Adams Dollar PCGS MS63 MS 63 First Day Pos A FDI $12.00
1954-D Franklin Half Dollar PCGS MS64FBL OH $15.70
1986 S PR69 DCAM PCGS STATUE OF LIBERTY DEEP CAMEO COIN $10.50
2007 P Adams Dollar PCGS MS64 MS 64 First Day Pos A FDI $3.20
I've always been a little confused about this... how do EBay sellers offer 10 common modern coins, in PCGS holders, and sell a group of them for $100, when it costs $200 to get them certified? Or sell PCGS certified coins for less than the cost to grade them? Even PLATINUM MEMBERSHIP only gives you 8 free submissions but, you're paying $199.00 for the membership.
I'm sure I'm missing something sooooooooooooooooooooooo... please let me know where my error is.
Even if you send in a very large number of coins, and the $20 is discounted, some of these rather common coins sell for less than 5 bucks... how is the seller making any profit on it?
Here are a few quick examples from recent sales on EBay:
1960-P Franklin Half Dollar PCGS MS64FBL OH $19.08
2007 D Adams Dollar PCGS MS63 MS 63 First Day Pos A FDI $12.00
1954-D Franklin Half Dollar PCGS MS64FBL OH $15.70
1986 S PR69 DCAM PCGS STATUE OF LIBERTY DEEP CAMEO COIN $10.50
2007 P Adams Dollar PCGS MS64 MS 64 First Day Pos A FDI $3.20
0
Comments
The Fees show the lowest is $14? How can you wait 21 days, to get a coin back spend $14 and know it's only worth about $5?
I called the PCGS number, the girl said, it's $14 per coin not 5 coins for $14.... unless she was mistaken?
PCGS Fees
Ummm............
Sellers don't always make a profit.
These are coins that shouldn't have been slabbed, that are being dumped.
Ray
Sometimes the bulk submitters break even on the lower graded coins and make their money on the few nice ones. Sometimes novice submitters send in a bunch of coins from unscreened proof sets or inherited classic coins, thinking surely they have valuable coins in their batch. If they sell the coins at market prices they lose a ton of money.
2) Some of the slabs are mistakes.....the submitter thought they would get higher grades (more $$$) and got stuff not worth the plastic (talk to Madmarty about many of his early AU58s
I've been told I tolerate fools poorly...that may explain things if I have a problem with you. Current ebay items - Nothing at the moment
WH
Worry is the interest you pay on a debt you may not owe.
"Paper money eventually returns to its intrinsic value---zero."----Voltaire
"Everything you say should be true, but not everything true should be said."----Voltaire
WS
San Diego, CA
Hoard the keys.
I'm sure many people use their 8 "free" gradings from platinum membership to make those very tough coins. They are sure their raw 1991 Lincoln is a lock MS 68 Red which would be worth slabbing. It comes back 66. They are in shock because it looks exactly like the other MS 68s they have paid big bucks for.
So you have a very common coin in a very common grade, what's it worth? Sometimes it cost the submitter way more than it is worth.
My Last Can o Spam on eBay
``https://ebay.us/m/KxolR5
it may not be the current seller, as they may have bought it for even less than the current low price
maybe the seller is making even more with shipping and handling
if you want to kill some time, you can check out the submission manually by adding 1 number (or subtracting) to the cert number, remembering nogrades also get assigned a number, many small submitters sequence their submission by denomination and year
The rates are much lower than even the cheapest Modern rate of $14 per coin.
I think its $10 for an MS66 graded coin and the scale goes up according to grade or down according to grade with $8.00 for an MS65 and $6.00 for MS64 and lower. If more than 60% of your coins grade at your minimum specified level then the no-grades are free otherwise they are $2.00 each.
I think.
But then, you have to submit a minimum of 100 coins which are of the same series but can be of sdifferent date and mintmark designations. So.........given that.....I could submit 100 IKE dollars, have them all grade at MS64 or less and only pay $6.00 per slab! If there are any Type 2's in the lot, then they get sold for two to three hundred each if not more!
The name is LEE!
In honor of the memory of Cpl. Michael E. Thompson
...
<< <i>Even coins that are sent in via the Economy tier, instead of bulk submission, can sell for only a few dollars each. A few years ago I sent in 40-50 nicely toned, silver Roosevelt dimes and decided to play the "PCGS lottery". That is, I submitted some coins that I did not think deserved to be graded, but did so because it seems that PCGS always rewards me with some high grades for those pieces. The grades received on a few coins paid for all the coins, all the submissions and the postage while the grades received on a few more coins were so low (MS65) that I had to sell the coins individually for $5-$10 each. >>
I agreee with this 100%. Last year I bought a very nice set of Jefferson Nickels mounted in a big Capital Plastics lucite board. I then sent the nicest ten coins from the set to PCGS. By "nicest" I mean those with full steps, or key dates, plus a few pretty toners. My profits from four of those coins paid for the whole set, plus a good portion of my submission fees. The rest I just threw up on eBay at a $.99 start. Best of all, I still have the other 130 or so coins as a raw set.
Here are two of the four coins that paid for the set: 1939-S and 1939-D. I also made a 1938-D in PCGS 66FS from the same collection. And here are a couple that sold for way less than the grading fees: 1947 and 1948-D.
I wish I could say I made money, or at least broke even, on every coin I've ever submitted. However, I can say that when you look at the aggregate of all the coins on a given invoice, I've turned a profit on almost every submission. The few that I lost money on, that's just part of my numismatic tuition.
Sean Reynolds
"Keep in mind that most of what passes as numismatic information is no more than tested opinion at best, and marketing blather at worst. However, I try to choose my words carefully, since I know that you guys are always watching." - Joe O'Connor
<< <i>They made their money on the higher graded coins, >>
Maybe.
Box of 20
Here's how this can happen...
1. Dealer sends in a lot of coins...some get what Wayne called the money grade and and sell for big money. Some get OK grade. A few are clunkers that shouldn't have been sent in. They get graded accordingly and then dealer (or collector) dumps them for whatever they can get.
2. People send in some really weird stuff for their "free" Collectors Club submission. Stuff no one would ever pay to send in. You would be amazed at what we see! When sold, this stuff may only be worth a buck or two, even in a PCGS holder.
3. Dealers and collectors make mistakes...send in coins that grade much lower than they thought. If they sell, the price could be very low.
4. Dealers buy collections...some of the low value stuff might be figured in the deal at zero or close to it. So if you pay a buck, you can sell for three or four dollars and make a profit.
We don't slab super cheap coins and feed them to the arket, though that is a thought. And I don't believe we've ever had a $3 or $4 bulk service.
David
<< <i>I maintain the PCGS grades lots of common coins that they just pick up at the bank and distributes them through various channels. >>
Huh?
Russ, NCNE
I think back to when buyers were paying over $100 for modern Lincolns in proof 69 cameo.
Some people were very confrontational when I refused to buy or sell them.
At a recent show I saw a huge KFC bucket loaded with them for $16 at several different tables.
The same goes for some Jefferson nickels and Roosevelt dimes. You can buy all of these slabbed by PCGS and NGC in slabs that "only" made pr 68 for under $10.
I don't believe I've ever seen an uncirculated business strike or proof ever sell this cheap whether or not they made the desired grade.
This is not meant to knock moderns in general but as can be seen there is a much higher risk playing the crack out game with them. One grade difference can decide if the coin is valuable or practically worthless. Dave W
David J Weygant Rare Coins website: www.djwcoin.com
<< <i>
<< <i>I maintain the PCGS grades lots of common coins that they just pick up at the bank and distributes them through various channels. >>
Huh?
Russ, NCNE >>
I fear there's a flaw in somebodys maintainence!
<< <i>I maintain the PCGS grades lots of common coins that they just pick up at the bank and distributes them through various channels. >>
Sample slabs?
Worry is the interest you pay on a debt you may not owe.
"Paper money eventually returns to its intrinsic value---zero."----Voltaire
"Everything you say should be true, but not everything true should be said."----Voltaire