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 Replies: 15 / Views: 2,022 |
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Valued Member
United States
225 Posts |
I am just starting the collection of coins. at this time all I have is the Internet to take a look. Along with this I use different pricing forums to see what the fair market value is. And I am confused. I will give two examples of my confusion. I purchased a Morgan silver dollar 1882 all o/s NACS MS66 for 51 dollars. And a 1890 7P Morgan dollar. NACS 67 for 80 dollars. Both are in slabs. According to the charts, both are worth a lot more. What is going on? |
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Pillar of the Community
United States
1370 Posts |
unfortunately NACS is considered a basement slabber and their coins tend to be grossly over-graded and many times are problem coins (cleaned). Pictures would help in determining the actual grade. If you are going to be buying slabbed coins stick with PCGS, NGC, ANACS and ICG. Those for the most part are safe bets.....however the advice I've always gotten has been buy the coin not the holder. Also  |
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Pillar of the Community
United States
2150 Posts |
Yes as shadowtrooper said, NACS is not considered a reputable grading company. When first starting out it is best to stick with the top 3 TPG's. |
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Bedrock of the Community
United States
10982 Posts |
Stick with the major grading companies which are PCGS, NGC, and ANACS. |
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Pillar of the Community
United States
863 Posts |
and charts such as Red Book are often overpriced |
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Valued Member
 United States
225 Posts |
I appreciate the feedback. As with everything one does, there is a learning curve to go through. Knowledge just doesn't happen. Question. Would another grading service take one of these coins and rate it knowing it had been graded already?
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Valued Member
United States
492 Posts |
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Valued Member
United States
492 Posts |
Sorry, I thought the PCGS link would go straight to the correct FAQ. Didn't check it before submitting response.
Just search for "How do I submit a coin that was graded by another company?" on that page. It's pretty much right in the middle of the list.
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Valued Member
United States
225 Posts |
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Moderator
 United States
23522 Posts |
Quote:
Would another grading service take one of these coins and rate it knowing it had been graded already?
Of course they would, because if you go that way you're going to crack those coins out of the original slab before you send them. Nobody will ever know they were in NACS slabs. I don't think I'd bother, in your shoes. You've learned the lesson rather cheaply by comparison to some, Tjmcman. Chances are, neither coin is actually Mint State in any grade, or cleaned/altered, but at least you didn't invest 4-figure sums in them. |
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Valued Member
United States
225 Posts |
It will be a couple of days before I get to see the coings (currently overseas). As I was purchasing these two coins, I was thinking something was up, but there was no way to find out except to take the plunge. I appreciate everyones feedback. To be frank, this system reminds me a bit of the financial ratings agencies being paid by the bundlers to grade mortgage based investments bundles.
If I am to become serious in this hobby, there is a lot to learn and there is really no way to learn except by doing. These two coins muddy the waters, though. I understand ratings are subjective but with a rotten apple in the group of raters, doesn't that lower the credibility of the whole system?
Again, thanks all for the discussion. I look forward to future discussions and learnings.
Terry McManus
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Pillar of the Community
United States
2150 Posts |
You would be surprised at the number of " not so kosher" grading companies out there. Just starting out I would say the best thing to do is to read, read, read. Forums like these and the number of numismatic books and publications on the market are extremely valuable to the hobby.
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Valued Member
United States
368 Posts |
Are you overseas?....Or are the coins? "Graded" coins from NACS coming from overseas.....sounds "fishy". Good Luck!
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Pillar of the Community
United States
2757 Posts |
RedBook prices are like the MSRP, you should never actually pay that, and you certainly can't sell something for it.
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Pillar of the Community
United States
4989 Posts |
Actual coin values can be found in the coin dealer newsletter. Well worth getting an issue or two: www.greysheet.com These are the prices that clean problem free coins will sell for at auction or on ebay. The only reason to ever pay more is if you find a local dealer that is VERY FRIENDLY, VERY HELPFUL, and VERY TRUSTWORTHY. Sadly, most of them are just in it for the buck and will buy coins at 50% of wholesale and sell them at 200% of wholesale. For that reason, many new investors get disgusted with the hobby since they perceive it as a huge money loser and a rip-off. |
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Valued Member
United States
225 Posts |
Hey everyone. I wanted to thank you for the feedback on this. It's been a dynamic month..trip back to the states (I am working in Japan), my daughter got married, spent a few days at home and then back to Japan. I was able to take photos of some of my coins to continue the studying. It's been interesting going from a hopeful buyer to someone digitally viewing coins with time to analyse. A learning experience.
Thanks again,
Terry McManus
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Replies: 15 / Views: 2,022 |
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Posted 06/10/2012 7:44 pm
