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'82 Commemorative Confusion...

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Custer's Avatar
United States
7 Posts
 Posted 02/25/2007  12:44 pm Show Profile   Bookmark this topic Add Custer to your friends list Get a Link to this Message Number of Subscribers
Let me start by saying that I'm not sure if this belongs in this forum or the ebay one. It doesn't involve a specific ebay auction. But ebay is part of the question. If I'm in the wrong place I apologize.

I searched the forum for my question but didn't find a clear answer. Here's the deal...

My dad has one of the '82 Washington Commemorative Proofs. It's never been cracked open. The PCGS Price Guide lists the 69 at $30 and the 70 at $275. Yet on ebay the best ones are routinely selling for around $5-$10 (ungraded).

So here are my questions...

1. Is this just a supply/demand issue?
2. Can a coin from the Mint that remains uncracked and stays in the box grade lower than a 70?
3. Is ebay a reliable barometer since many who buy coins there do so without doing any homework (pay way too much or way too little)?
4. Is it worth sending in to be graded? Most of the one's selling on ebay are not (or are graded by third-rates). Is this a red flag?

I know that PCGS prices are dealer ask averages across the market. And I understand buying and selling coins on ebay is a bit like the Wild West.

I guess the spread seems really extreme and I was just wondering if anyone could give me some insight.

Thanks so much!

Chris
Edited by Custer
02/25/2007 12:46 pm
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Spider5689's Avatar
United States
2269 Posts
 Posted 02/25/2007  12:59 pm  Show Profile   Bookmark this reply Add Spider5689 to your friends list Get a Link to this Reply
To answer your first question, it is a supply and demand issue. There were over 2 million of the uncirculated and nearly 5 million proof half dollars produced by the mint. Those are very high mintages for a commemorative. To answer your second question, any coin from the mint can grade lower. The mint packaging doesn't determine the grade of a coin, environmental damage can occure even if the coin is still in the original mint packaging, thus lowering the grade of the coin. Prices for coins vary on ebay from auction to auction. It is good at giving you a general idea. Getting it graded is clearly up to you.
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tights24's Avatar
United States
2254 Posts
 Posted 02/25/2007  1:55 pm  Show Profile   Bookmark this reply Add tights24 to your friends list Get a Link to this Reply
Spider hit the nail on the head with all of his replies.

1. Very much so, especially since supply is readily available (4.9 million proofs)
2. Coins can grade anything, even in original mint packaging. Usually from PF65-70.
3. I think ebay is a great barometer if you're looking to sell, but you can also check/compare with places like Heritage Auctions and other online sellers.
4. Up to you for grading, but unless it's a 70, I honestly don't think it would be worth it in my opinion.

As for your curiosity on pricing, keep in mind the PCGS prices online are very high compared to the market. I think these are generally prices based on what the most expensive example ever sold for. In the 2007 RedBook, it lists PF67 at $6.50 compared to PCGS PF67 at $12....As far as I know, the RedBook is a much better gauge to current value than the online "guide".

Hope this helps.
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Custer's Avatar
United States
7 Posts
 Posted 02/26/2007  08:00 am  Show Profile   Bookmark this reply Add Custer to your friends list Get a Link to this Reply
Thanks guys for the input. Pretty much what I was thinking too.
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