Boy I just wasted a ton of grading fees....

canadacolornut · December 18, 2009 7:18PM

14 submissions, not a single PL 67 or MS 66.

You might be thinking "cry me a river" but these are coins that I reviewed several times and I do know
something about grading the series and the PCGS standards.

I wasn't expecting a wind fall but I was counting on at least one or two PL 67's and MS 66s.

So what I have now is 14 coins that are going NOwhere in the registry sets and, frankly,
I'll be very luck to recover any more than half the grading and postage fees from selling
them on Ebay.

Meanwhile I picked up two nice PCGS PL 66 Red cents that DID upgrade the set for less than
$32.00.

I think I'm quitting the roll and PL set cherry picking and lie in the weeds hoping to pluck
them off every now and then.

I just hope I live long enough to complete something

Hussulo · December 18, 2009 9:52PM

Thats bad news. Sorry.

Thats the trouble when your shooting for a high MS grade, especially when it is for coins that are worth significantly less as a grade below.
Sometimes I think its easier to buy modern coins already graded MS66+ plus as it saves the heart ache, but this option is obviously less fun.

This is one of the reasons why I don't collect more modern coins. There seems to be a huge jump up in prices for higher grades.
In the UK modern coins graded Unc fetch the same price with normally little or no premium for ones that are slightly better.

Congrats on the two 66 Red cents.

JCMhouston · December 19, 2009 1:00AM

I feel your pain.

coinkat · December 19, 2009 6:07AM

What did you submit?

lathmach · December 19, 2009 6:27AM

If you want slabbed coins..........
buy slabbed coins.

Nuff Said

canadacolornut · December 19, 2009 7:01AM

I formed the basis of my collection over about 25 years, cherry picking coins out of original rolls, mint sets, proof sets, proof like sets, etc.

It was fun and profitable for a very long time-sold some coins that I paid as little as 3 to 5 bucks for; for prices ranging from several hundred
dollars to as much as $13,000.

So if I wanted slabbed coins I'd do my best to find them raw, grade them and get them certified and slabbed. Time consuming and somewhat risky
but the math worked nicely.

Today, however, with PCGS's very tight grading standards, the scarcity of fresh material, and the fact that I have to purchase it basically blind, by
mail, rather than sitting in a dealer's store going through material, the math isn't working at all. Yes, I've found a few nuggets in the past year
or so-a few beautifully toned, split bands, full steps or variety coins that I paid very little for coming back with high grades and high values.
But the trend is working against me for doing that any more.

So, yes, in today's market and since I have to buy blind or based on a dealer's description, your axiom is correct:

"If you want slabbed coins, buy slabbed coins".

The submissions I'm talking about are Canadian mint set and pl coins from the Elizabeth series; mostly from 1954 through the early sixties.

I pretty much bombed out there, as i noted......

ASUtodd · December 19, 2009 8:41AM

Maybe you should start taking your coins to a dealer that can tell you what the grade of the coin is before you send it in.....

canadacolornut · December 19, 2009 10:09AM

That may be a good idea; but that's also saying that I think the average dealer will know more about grading
the series than I do which, while it's a distinct possibility, I'm not very sure of.

The possible edge I see there is that maybe dealer submissions get a more sanguine view from the graders?

I don't know if this is the case or not but your suggestion may be a good one if I can find a dealer that I think
can help.

Right now I'm working with a guy who says he is a former PCGS grader; buying a few raw coins from him
and sending them in to see if he scores any better.

If he does then this is the route I will probably take.

Good suggestion though.....

Boy I just wasted a ton of grading fees....

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