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How Can Slabed Coins On Ebay Go For Less Than The Cost?

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Valued Member

United States
117 Posts
 Posted 03/06/2007  12:05 am Show Profile   Bookmark this topic Add pennybright to your friends list Get a Link to this Message Number of Subscribers
This one has baffled me...If it takes x amount of dollars to have a coin authenticated, how can someone auction it at ebay for less than the grading service charges?
New Member
garretterika's Avatar
United States
49 Posts
 Posted 03/06/2007  12:20 am  Show Profile   Bookmark this reply Add garretterika to your friends list Get a Link to this Reply
I don't think everyone pays the same for grading services plus some may submit 50 or 100 or more coins and when 1 or 2 don't come back graded as expected but the rest come back as expected or higher graded, then whatever you sell the low graded ones for is just the cost of doing business. At least that is how it was explained to me when I asked the same question.
Valued Member
United States
117 Posts
 Posted 03/06/2007  12:55 am  Show Profile   Bookmark this reply Add pennybright to your friends list Get a Link to this Reply
Thank you, but that still doesn't explain to my simple mind - if a coin casts ans average of $35.00 to be graded, how can it be sold for less than that? (Taking into consideration that a dealer can use this as a tax write off, and is doing mass business, etc).
I guess my question was more geared for private parties.
Valued Member
United States
459 Posts
 Posted 03/06/2007  01:03 am  Show Profile   Bookmark this reply Add Benji to your friends list Get a Link to this Reply
It doesn't cost $35/coin submission. Preferred customers get huge discounts...$3-$16/coin when submitting 500-1,000 coins to PCGS
Valued Member
United States
470 Posts
 Posted 03/06/2007  09:40 am  Show Profile   Bookmark this reply Add Andrew289 to your friends list Get a Link to this Reply
Simple mind,

They do it because they can.
I've done it just to get rid of inventory that I don't want or need.

Maybe this will make sense to you:

I bought 5 sets of the silver anniversary sets for $500.00 I had them graded for $30.00 a coin...that's another $450.00. So my investment is $950.00.

I get them back and I get 2 ms70 sets ..I sell those for $1,250 each. I get one 69 set..I sell that for $250.00. I get 2 69 reverse proofs sell those individually for $250 each. I get 2 69 unc W's ..sell those individually for $150.00 each. So far, my profit is $2,575 dollars. That's $3,525 in sales minus my initial investment of $950.00.

I have 2 coins left over. 2 proofs that are ms68. While they cost me $30 each to grade, I sell those for $9.99...just to get rid of them. I could care less if I got my money back on them or not.
Pillar of the Community
United States
1026 Posts
 Posted 03/06/2007  10:17 am  Show Profile   Bookmark this reply Add Brucec to your friends list Get a Link to this Reply
ANASC only charges $10.00 per coin for grading and the others from $ 12.00 to $14.00 if you are in no hurry to get your coin or coins back.

And TPG most of them grade their coins themselves so all it cost them is the slab cost of $1.50 to $3.00 depending on what slabs they are using and how many they get at one time.
New Member
United States
30 Posts
 Posted 03/06/2007  10:31 am  Show Profile   Bookmark this reply Add dan12019 to your friends list Get a Link to this Reply
are those two 68s still available for $9.99 each?
Bedrock of the Community
United States
20753 Posts
 Posted 03/06/2007  11:40 am  Show Profile   Bookmark this reply Add just carl to your friends list Get a Link to this Reply
There is another really big reason. The people that had the coins slabbed had no idea of what they are doing. I have seen such a massive amount of nothing coins in slabs and graded at a very low grade. I asked the dealers if they were the ones that had them graded and usually get answers like GEE, I thought those were much better than that. I've seen people with brand new coins right from circulatioin that they had graded. Again, for some reason they think there are people that collect slabbed coins regardless of the coins value and they must be right because they do sell. They will charge a little more than the slabbing fees and anything they get is OK with them. Then the dumy that bought it tries to resell it and finds out he will loose money. Then there are those that just want to get rid of stuff and don't know what it is worth, just want to get rid of stuff and don't care what it's worth, found it in a pile of stuff they inherited, etc.
Valued Member
United States
470 Posts
 Posted 03/06/2007  6:35 pm  Show Profile   Bookmark this reply Add Andrew289 to your friends list Get a Link to this Reply
Sorry Dan ..those 68's are long gone. They made somebody's day, I'm sure.
Bedrock of the Community
Bryan1315's Avatar
United States
14454 Posts
 Posted 03/06/2007  7:12 pm  Show Profile   Bookmark this reply Add Bryan1315 to your friends list Get a Link to this Reply
some people get some of the coins that aren't in demand slabbed just because they want to I guess and if there is no demand for the coin, it being in a slab makes it no more desirable unless it is a very very high grade and I am talking 68 or above anything less than that it is just pocket change in a slab to most collectors
Pillar of the Community
United States
2600 Posts
 Posted 03/06/2007  8:50 pm  Show Profile   Bookmark this reply Add Jim1953 to your friends list Get a Link to this Reply
Hmmmmm, interesting. Jim
Valued Member
United States
117 Posts
 Posted 03/06/2007  9:05 pm  Show Profile   Bookmark this reply Add pennybright to your friends list Get a Link to this Reply
Okay, I didn't want to say anything until I saw the responses, but I found a site where you can type in the barcode numbers, and it will tell you what product that number belongs to. The ones I got from slabbed coins on ebay, came up bread, milk and eggs.
I'll have to dig through my desk mess to find that site.
It just really irked me that scammers can get by with such, and I was pretty well reamed for admitting that I didn't know the proper term or grade. (This was awhile back, and really left a sour note).
Valued Member
morganman's Avatar
United States
397 Posts
 Posted 03/07/2007  06:47 am  Show Profile   Bookmark this reply Add morganman to your friends list Get a Link to this Reply
Pennybright. You are talking about UPC barcode, which is totally different from the grading services barcodes.....

I know the site you are talking about, and it has nothing to do with coin barcodes. You have to go to the various TPG sites to verify them.


MM
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