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 Replies: 19 / Views: 3,563 |
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Pillar of the Community
United States
1348 Posts |
With there over priced prices (I just looked up large cents on ebay vs the RedBook)why do we continue to buy this book? To another point; Why don;t they get more realistic prices so a dealer can literally say, "See here, the coin is worth this much" and it actually means he is right. understanding!!!that silver and gold are another story, but a bust dime shouldn't change that much with the silver market. Edited by w1a9c8k5
06/10/2012 09:59 am
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Valued Member
United States
55 Posts |
The RedBook provides great pictures and mintages etc, just a lot of information, but you can't expect a price to stay the same on all coins for a year straight. The prices are outdated before its even published. Supply and demand can change quickly, and the RedBook can't forecast the changes. Prices are easy to find out, just look at realized auctions, or subscribe to the greysheet. |
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Valued Member
United States
59 Posts |
That's why they have a blue book,  RedBook is as close as you will get PERIOD. Edited by Missy_2012
06/10/2012 11:46 am
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Pillar of the Community
 United States
1348 Posts |
I understand prices change throughout the year. Especially with gold and silver. On the reverse Large Cents and bust dimes and older rare stuff doesn't change that much. I was at an auction today paying $13 dollars for F-VF coins listed in the RedBook for $35 in G condition. Not silver either. You would think with the millions of dollars in books sales they have they could at least do what we all have to do and look at completed auctions. It would be much easier on the whole Coin World if a book was actually correct and stood behind it. |
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Bedrock of the Community
United States
20753 Posts |
You really have to try to understand Whitmans situation too. They have a large series of books on coins to get out every year. I too realize that is far from a decent excuse why their Red Book prices are so far off. Originally the Red Book was and basically still is SUPPOSED to be the highest possible price for a coin. The Blue Book was SUPPOSED to be the lowest possible price for a coin. Neither were SUPPOSED to be used as an actual price evaluator on coins. Just the lowest and highest possible prices and you should find yours somewhere in between. Most people realize this and find the Red Book is excessively more usefull for coin information. Mintage quantities for normal and Proofs, info on Proofs, Uncirc sets, Grading, error explanations and on and on with just information on coins. Where else could you find general info on almost every coin ever made in the USA? The main thing is never use the Red Book for pricing. |
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Pillar of the Community
Australia
560 Posts |
I do not rely on books for pricing, though I thought you were talking about Mao Tse Dung's book when I saw the title.
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Pillar of the Community
United States
1348 Posts |
Carl that makes a little more sense. You would just think a company would put in the effort to put up a book where I could go into a coin shop and look at coin, look up the price, and be able to show the dealer and not hear, "That books is way to low. no one uses that book." Then I could show him complete auctions that reflect what the book is saying.
I guess I am asking for a Utopia though.
hmmmmmmmmmm. who here has tech skills? Make a phone ap for coin pricing that would reflex the price of gold and silver automatically. An app that would go into the depth of bust dimes and such. That could be useful. Not just a simple melt guide. Something that would take into the factor of the silver and the numismatic value with realistic market prices. I'd buy it!
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Pillar of the Community
United States
1620 Posts |
I like the RedBook its a good reference guide and of course your not gonna sell a coin at a price you see in book the people today want a deal on everything I was just looking at the 1955 DDO on ebay some asking 2000 or more for a 1955 DDO nobody is gonna pay that much in todays market 1969 s DDO in ms 65 the Red Book says 55000 unless your rich and at an auction full of rich people who just have money to spend your never gonna get that much for a coin its just a reference guide and a good one I think |
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Pillar of the Community
United States
1348 Posts |
Quote:The RedBook provides great pictures and mintages etc, just a lot of information, but you can't expect a price to stay the same on all coins for a year straight. The prices are outdated before its even published. Supply and demand can change quickly, and the RedBook can't forecast the changes. Prices are easy to find out, just look at realized auctions, or subscribe to the greysheet. This is exactly why this should be made! My goodness thats my whole point get a book that goes off past auctions/sales so if I walk into a coin shop and I'm hunting for a 1834 bust dime I pull of this legendary book and know that if I'm hunting for this dime in VF the past auction average for the last year was $55. Not $80 like the RedBook states. Even coin dealers offer less than greysheet now. They use it just to get the bare minimum price and then cut it by 20% |
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Moderator
 United States
16677 Posts |
As a Colonial collector, I can tell you, if those were the actual prices of most, I'd be buying a lot more. Try and find a St. Patrick Halfpenny in VG for what they say...good luck.
swcoin.ecrater.com
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Pillar of the Community
United States
1348 Posts |
like I said we need something thats spot on within 10% not within 40%
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Valued Member
Australia
243 Posts |
I'm a moderator on a popular high school students forum in Australia and one of the most popular threads that comes up is an "estimate my final mark". With this, its a guessing game due to the nature of the system. So what I tell people is "an estimate is often unreliable and inaccurate. It can however, give you a general idea of what you might get based on the information your provide". Now what does this have to do with Red Book? Its a similar principle when it comes to the values in Red Book "the values are often unreliable and inaccurate, but they can give you a general idea of what a coin might be worth". Red Book is just a guide, it gives you a ball park figure on what a coin might be worth. The true value of a coin is whatever a collector is willing to pay - this is impossible to predict accurately. |
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Bedrock of the Community
United States
20753 Posts |
Back to me making excuses for Whitman. One of the many problems with the Red Book is it is a book, not a magazine or newsletter. Some of those come out weekly or monthly. Producing a book with numerous variations in size, covers, etc. takes time. The Red Book, like almost any book is possibly being tabulated, inspected, proof read, compiled, etc. a long, long time prior to being issued. And too it comes out only once a year. Very possibly prices are estamated almost a year prior to the issue date. It takes a lot of time to produce a book with all the info this one has and that to Whitman is probably more inportant than the price accuracy. If there is a sudden downfall in coin pricese during the last Months of preparation, there is no way they would stop production to correct this. What many fail to remember is that there is no such thing as an actual price for any coin. There is no manufacturers suggested list price for coins. The only true, accurate, realistic price is what is noted on the coins. A Quarter Dollar is only a Quarter Dollar and if someone is willing to pay a thousand dollars for that, then that is now the price. |
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Pillar of the Community
United States
1348 Posts |
Blah I guess this will never be truely fixed. If it does, if a book comes out every year with average auction prices and suchi would buy it in a heart beat
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Pillar of the Community
United States
1348 Posts |
Quote:
Working with Q. David Bowers, Kenneth E. Bressett, and other legendary numismatists, Whitman offers the most historically accurate references. Inside the pages of the Whitman line, collectors can find pricing grids, mintages, populations, historical information, tips on collecting and much more. Whitman Publishing takes pride in its commitment to providing the best in numismatic literature. BLAH!  |
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Bedrock of the Community
United States
12437 Posts |
Quote:1969 s DDO in ms 65 the Red Book says 55000 unless your rich and at an auction full of rich people who just have money to spend your never gonna get that much for a coin That is one of the cases of the RedBook being on the low end of value. 1969-S DDOs are incredibly rare and valuable and you will NEVER find an MS65 example for 55k, double that number and then you will be getting close to the actual value of an MS65. A 69-S DDO in MS64RB sold for 80.5k in Feb 2012 and an MS63RD sold for 57.5k in Oct 2011, both from Heritage Auctions. Mint State 69-S DDOs are rare enough that a major auction is the only proper venue to sell one. |
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Replies: 19 / Views: 3,563 |
Posted 06/10/2012 11:45 am
