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 Replies: 18 / Views: 2,533 |
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Valued Member
United States
148 Posts |
Ok. I'm new to coin collecting, but why is there such a variation in fmv prices of coins. From Red Book, to various Web sites... Just take one coin and it's condition and there are prices all over the place. What does everyone use as a general guide? Thank you |
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New Member
United States
4 Posts |
You must understand this. A coin is not always worth what resources say they are. Coins are only worth what someone is willing to pay for them. But resources usually have a pretty decent ballpark range.
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Bedrock of the Community
United States
36744 Posts |
Remember that the Red Book is printed once a year. Coin magazines come out once a month, Grey Sheet comes out once a week, internet prices are often updated every day. All prices are just a guide and coins can be bought for less or more depending on who you buy from. |
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Valued Member
United States
123 Posts |
As for a general guide heritage auctions provides history of all their sales with great pictures. They have a lot of activity and most coins can be found with a recent sale/price. Just remember it's not just the grade but also the overall eye appeal that will go into determining the final price.
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Pillar of the Community
United States
597 Posts |
a coin as with any other object or service is only worth what one can sell it for. so prices are taken from sales some get records of sales form one location and another will get sales records from other places they then average the sale prices to get a decent result. one sale can blow an averege off from one book to another
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Moderator
 United States
56855 Posts |
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Bedrock of the Community
13014 Posts |
Numis is what I use. That and completed ebay auctions. |
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Bedrock of the Community
United States
20753 Posts |
 As you check out more and more web sites for and about coins you will see that ALL prices are kind of a guess. There are numerous web sites, coin magazines, coin books, etc with prices for coins. All are just Guides. None are really solid, real, positive, accurate, etc. prices. Since there is no such thing as a manuafacturers suggested price listing on coins, the prices are what someone will pay for one. On a Quarter it is stated it is worth 25Cents or 1/4 of a dollar yet some sell for thousands. WHY? Why not? If you had a car and wanted to sell it. I ask how much and you say $10,000. If I pay that, then that is what it is worth regardless of the so called prices on cars. Some say the Grey sheet is the bible on coins. Yet almost any coin show you go to dealers sell and buy coins for less and more than that document. It's all just a big game and hobby. |
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Valued Member
 United States
148 Posts |
Yes, I understand. I just know that gold and mostly silver coins are being melted because of the price of precious metals. I am going through lots of silver coins and want to save them either because of low mintage number or because of errors or condition, so I'm trying to figure out what is a legitimate FMV price. I mean if I can find a CC Morgan dollar in somewhat good shape, it's worth a lot more than just $28 of silver that someone will get paid for the melt value. If I can find a lot of unique silver coins, it's worth to group them together and send to a legitimate auction house as these are getting melted hand over fist and will disappear.... |
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Bedrock of the Community
13014 Posts |
Quote:I just know that gold and mostly silver coins are being melted because of the price of precious metals. I am going through lots of silver coins and want to save them either because of low mintage number or because of errors or condition, so I'm trying to figure out what is a legitimate FMV price. I mean if I can find a CC Morgan dollar in somewhat good shape, it's worth a lot more than just $28 of silver that someone will get paid for the melt value. If I can find a lot of unique silver coins, it's worth to group them together and send to a legitimate auction house as these are getting melted hand over fist and will disappear.... The ones being melted arent US currency, or they shouldnt be anyway as that is illegal to do so. But you are right some coins only go for their silver or gold value and dont have any sort of collectable premium on top of that. Generally the ones with just bullion value are the old circulation coins that had silver in them. Morgans in terrible shape from some of the common dates go for that as well. But for prices use numismedia its not 100 percent accurate but its close enough to give you an idea and will definitely be good enough to know if things are just worth melt or not |
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Bedrock of the Community
United States
20753 Posts |
Quote:
The ones being melted arent US currency, or they shouldnt be anyway as that is illegal to do so. US coins are being melted constantly. And every type regardless of dates. Jewlers are melting them for the Silver and smelters are melting them all for metal. Most jewlers and smelter people could care less about any so called laws about doing that. It is also illegal to murder people but that too goes on all the time. |
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Bedrock of the Community
13014 Posts |
Quote:
US coins are being melted constantly. And every type regardless of dates. Jewlers are melting them for the Silver and smelters are melting them all for metal. Most jewlers and smelter people could care less about any so called laws about doing that.
It is also illegal to murder people but that too goes on all the time. No legitimate place would melt them down its just not worth the risk but youre right it does happen and any place that does should be reported |
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Bedrock of the Community
United States
17884 Posts |
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The ones being melted arent US currency, or they shouldnt be anyway as that is illegal to do so. A common misconception. Melting down silver US coins is perfectly legal and has been since the anti-melting legislation of 1965 was repealed in 1971 or 72. The only coins currently illegal to melt down are cents and non-silver five cent pieces. |
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Bedrock of the Community
13014 Posts |
Condor didnt know that. Not sure what the logic behind that is
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Moderator
United States
188342 Posts |
Melting silver dimes and quarters would not create a shortage in the current cash supply, but melting cents and nickels will.
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Bedrock of the Community
13014 Posts |
Jbuck, thats probably very true. Actually now that I think about it it probably has more to do with money. Replacing pennies costs the mint money. Nickels I think are real boardline now, but replacing dollar coins or halves they would make money so probably just dont care
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Replies: 18 / Views: 2,533 |
Posted 06/16/2012 4:10 pm
