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 Replies: 14 / Views: 1,973 |
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Valued Member
United States
131 Posts |
Hi, everyone, I've just returned to this wonderful hobby, and I have a question, prompted by my recent visit to the store. I saw a very nice Lincoln 1909 VDB, MS63, and they wanted $25. I passed. I also saw a Lincoln 43 D MS66, and they wanted $60. I also passed. My question is this: How do you determine how much you'd pay for a coin? Do you start with the Red Book? Search the internet? Other sources? Have you determined a 'formula' you follow that you'd be willing to share? Thanks a million in advance. |
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Pillar of the Community
United States
7189 Posts |
It all comes down to you and the availability of coins you are interested in. Yes use a Red Book and other guides such as PCGS and also monitor ebay sales. If you use ebay watch the coins of interest to you and set yourself a price you would pay. Don't get caught in a bidding war and over pay, there will be another example down the road. |
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Bedrock of the Community
13014 Posts |
http://www.numismedia.com/fmv/fmv.shtmlThat site is also good for ballpark figures for coins. Completed ebay sales as well when watching things on there give you an idea of the value. At the end of the day though the answer is really how bad do you want the coin. Ugly coins will usually go for a little less than their fair market value while very nice examples could fetch more.
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Rest in Peace
United States
4078 Posts |
 With both of the above. Learn about as much as you can then some. |
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Pillar of the Community
United States
1817 Posts |
Personally, the questions I ask myself over the purchase of a coin are: Do I need it to complete a set? Is this coin worth the money in the grade it is listed in? Will the dealer/owner be willing to negotiate or is the price firm? Remember that grading is an art, not a science. Not all MS63 coins are going to be the same, there are other factors that don't get factored into the grade, strike, toning, eye appeal, and also whether it's been cleaned or not. Original untoned coins over 50 years old are not easy to find. When you've decided on a coin to chase after, looking at completed ebay auctions, Numismedia, etc., is good advice, and gives you a good ballpark figure of what to pay on an equivalent coin. Your references to the two coins are on the high side of reasonable, which tells me there is some wiggle room with the owner, particularly if I drop a couple or three Bennies in his store. |
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Pillar of the Community
United States
3540 Posts |
The other item...experience. The MORE coins you look at, the better you become at judging what price is a good price. Grading is subjective. Price is based upon grade. TPG (third party grading services) grades are NOT perfect. Just Lincoln Cent color is the difference of 50% in some cases. Red, Red Brown, Brown...not even counting the actual grade. LEARN the series you are trying to collect. I would "buy the book" first. Actually, buy SEVERAL on your particular series. Buffalo nickels - at any given time, you can can two of the same date and mintmark from the 20's, graded the same, and it is OBVIOUS which coin has better strike (20's are known for weak strikes from worn dies) and REAL luster (NOT toning, but natural luster). Mercury dimes are the same. Indian cents...they are a couple of encyclopedia's amongst themselves. Can be said about several series. |
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Valued Member
United States
157 Posts |
subscribe to"coins" magazine
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Valued Member
United States
98 Posts |
I make unrealistically low bids on examples of coins I like on ebay, then watch what happens. After about 3 or 4 pass by you start to get a good sense for the market. Sometimes I'll find the coins later for a better price at a show or dealer. A lot of people have critism of ebay, to me it's indispensible ... I probably wouldn't be nearly as active a collector without it. Like anything, you have to use a little common sense about what you're bidding on: who's selling it, where they are located, what kind of return policy they have etc... |
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Bedrock of the Community
13014 Posts |
Quote:A lot of people have critism of ebay, to me it's indispensible ... I probably wouldn't be nearly as active a collector without it. Ive gotten a lot of my collection from there. You can find basically anything and its very easy to price compare on there. Even developed a relationship with one dealer who sells to me off of there for a lower price now who has by far the best prices I've been able to find on mondern commems |
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Bedrock of the Community
United States
20753 Posts |
With coins like the ones you mentioned, I would just look them up in the latest Red Book, reduce the price by about 25% shown. Then if that is about what was asked, I'd consider that price. BUT I'd still try to haggle the price down anyway. |
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Bedrock of the Community
United States
36724 Posts |
If the coins are in TPG slabs then you can feel safer that the grade stated is what it is. You can search ebay for an idea on price, check their closed sales. If the coins are raw, then you'll need to know more about grading before taking the guys word for it. Coin World puts out a monthly price magazine that is helpful for determining an approximate retail value. If you want to get serious, get a subscription to the Coin Dealer Newsletter (Gray Sheet). It will give you the wholesale bid and ask prices which can help you work a deal with the dealer. |
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Pillar of the Community
United States
613 Posts |
I think ebay (multiple auctions over time for a similar coin)gives you an unfiltered, raw view of collector psychology and ultimately what the "market price" is. Studying ebay results and waiting for your pitch is the way to go. |
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Pillar of the Community
United States
3283 Posts |
When I'm shopping for a coin I'm usually watching ebay and have checked with my local coin shop. I get a sense for what things are going for and try to get maybe a click or two condition wise increase so I feel like I got a "deal". While I'm looking, I'm usually getting more "coin allowance" so I end up spending more the longer I wait. I'm always watching this site and will get stuff here that strikes me, more of an impulse buy, as well as things I see at auctions, antique dealers and ebay and where ever impulse buys can occur. These are usually lower priced coins and I do little or no price shopping for these. |
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Pillar of the Community
United States
594 Posts |
Quote:
Have you determined a 'formula' you follow that you'd be willing to share? It depends on who is yelling at me the loudest. The little red guy with horns standing on my left shoulder, or the other little guy with the halo standing on my right shoulder. Unfortunately, it normally is the guy on the left that wins.  |
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Pillar of the Community
United States
8516 Posts |
The 1909 VDB MS63 is a good buy at 25 bucks. Especially having it in hand to inspect.
Oregon coin geek.....*** GO BEAVS ! ! ! ***
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Replies: 14 / Views: 1,973 |
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Posted 07/14/2012 3:26 pm
