Why I Prefer Slabs

I have to agree on one thing, SCAMMERS are everywhere. It is sickening too.

Tony

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It does bother me that some slabs are traded like a commodity.

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There were, if memory serves, two major reasons that slabs came into existence in the '80s, and this was one of them. Investors were going nuts buying anything and everything in sight, and getting burned on many items. TPGs came into the picture to provide a "safe" vehicle for these folks to acquire, store and swap "rare" coins. Coins are still traded as a commodity this way, and I expect they always will. The part that really bothers me is that some slabs seem to command outrageous prices above and beyond the actual value of the coin inside. I can see paying a few bucks extra for the convenience or the protective factor, but it has gotten way out of line, IMHO.

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What we need them for is authentication and that's how it all began.

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And there is the second major reason.

Sadly, IMHO, the slabbing "game" has become corrupted by greed, especially when dealers or investors or even collectors play the "crack out" game. We all know how it is played, so I won't delve into that here. Suffice it to say that, again IMHO, this game has corrupted the art/science of grading itself by increasing pressure for TPGs to perform up to the expectations of the big money folks who submit loads of coins, many of which were cracked out, by awarding higher grades to these coins than they would have in the past. If the TPGs don't perform in this manner, they will lose customers which translates into lost profits which leads to lost status in the industry and lost jobs ... on and on and on ...

Now as to buying slabbed coins, I have NO opinion on why anyone here would or would not purchase slabbed coins. For collecting purposes, they serve some valid purposes such as authentication and protection (to a certain degree) from the elements, and from clumsy collectors who tend to drop things on occasion (myself included).

They are also handy for people who buy coins sight unseen as they sometimes provide a level of protection, at least in the minds of the buyers, as to grade or value or authenticity, as well as for people who are less knowledgeable about those coins, but still are avid collectors.

I can see the validity of all points presented here. I have purchased slabbed coins and raw coins, and I will continue to do so. But I am always looking at the coin when I decide to make the purchase. The coin, after all, is the important piece of the purchase. The slab is quite secondary.

I am a bit distressed to see how this thread, which started out as a rather civil discussion about the virtues of encapsulated graded coins, rapidly degenerated into a bothersome slugfest and mudslinging contest. C'mon folks. Where do you think you are ... CU Forums ?

I know, I'm pretty much a "nobody" here, but the reason I have become more active here, and I am enjoying this place so much, is because it is a CIVIL place, a NICE place, a place filled, for the most part anyway, with NICE CIVIL friendly helpful folks who just enjoy collecting coins and other numismatic items. I implore you all, may we please keep it that way?

Thanks for your consideration.

Hello all,
I liked that last comment from Tights24 about smiling while you write (OK, type!). That's the spirit in which we should all be posting. I don't mind a bit of tension and drama in a thread, as long we can keep it friendly!

If I have the choice between two similar coins, one raw and one slabbed by PCGS, NGC, or ANACS (and sometimes ICG), I'll take the slab. Obviously, I have to like the coin before I'll consider it for bid or purchase. I appreciate the slab as a second opinion on the coin's overall quality. Since I can't always detect whether a coin has been cleaned, getting the slab helps protect me from making a costly mistake. And, as Trdhrdr007 points out, coins slabbed by the top 3 TPG's are easier to sell.

Even the best TPG's have their limitations and problems, but overall I think they add value to the hobby.

How bout this,,,, let's be

Why do I always stir up controversy. T

People disagree as to what, objectively, is the best way to store our coins. I know we're all here to carry on a courteous but lively conversation and hopefully enjoy the hobby that much better.

The only time I've ever been irritated is when I read some dogmatic post that - whether the poster admits it or not - basically says "there's only one legitimate point of view (Mine), and I just have to laugh at how stupid everyone is who disagrees..." It's condescending and it makes people feel bullied.

With regards to "buy the coin, not the slab", I think I have heard that phrase at least once out of the mouths of just about every collector I've turned to for advice and fellowship. I have always found that a little smug. Of course I'm buying the coin. But once I've seen the coin, maybe I don't know, and have no way of knowing (since I'm a relatively new collector and grading is totally subjective), whether the dealer is asking a fair price.

So, in order to avoid big costly mistakes, it becomes necessary to find a strategy for the future. One way of doing this is to not collect coins that have any value - the good old gooked up rim-dented coin dipped and burnished and buried in the back yard for 50 years. Nothing wrong with that. Kind of like collecting rocks.

Another way is to find a dealer or group of dealers who carry raw coins you like and whose opinions about their own coins have proved to be accurate. Trouble is, you may go through 50 crooks before you find this ideal dealer.

And another way is to buy certified coins graded by a reputable firm from a dealer who knows the approximate market value of a coin in that class and who, because that value was established at least partly by the coin's grade, can't fool you because it's in a holder graded by a group of people who do nothing all day but look at and study coins.

I did not mean to suggest that inexpensive coins have no value. In fact, I keep every coin that passes through my hands and catches my eye, at least for a few months, and store them in flips to examine them frequently. I invariably end my day looking at my change. I love looking at the wild irridescent toning on so many Lincoln cents that have not been kept in sets or slabs, and wondering why some stay red and shiny even through many years of circulation - I have a 1932 cent that's bright red/orange, well struck, and with lots of mint luster. I found it in change. I keep some of those cents in flips and look at them frequently. Lots of things you hear about that can happen to a coin may be in my pockets right now. I keep every Wheat cent I find, and lately, every pre-1982 cent that comes to me through commerce.

In my post, I meant that if you want to have really nice coins, there are other ways to learn than just "the hard way." Expensive coins should have an objective basis for being so expensive. The difference between a 64 and a 67, no matter which 64 or 67 you have in mind, are objectively discernable, and for many many collectors, this is something that can be learned.

I suppose I was a little bit snippy, though. Sorry. I just think that if you can't see beyond your own nose, maybe you need glasses.

I think part of this whole debate also relates to what series of coins you collect. If someone is interested in wheat pennies, then they will probably take the time to become familiar with them and what is a good coin verses a lower quality coin. The more you study that particular series, the better judge you become. There are many people on here that know Morgan silver dollars like the back of their hands, but couldn't help grade a gold coin, which they admit to.

The only way to get good at grading is to practice. But if you buy raw coins online you take a huge risk based on all the fraud and disreputable dealers out there, so slabbed coins is one way to protect yourself (unless you start with raw coin series that are not that valuable and you can afford to make mistakes while you learn). We all want to collect great coins and get them at a bargain. That's human nature. Unfortunately, thievery is human nature as well, so we have to watch out for that as well.

Stehphen420, I have to agree with you about the "buy the coin, not the slab" comment. It's kind of like a mantra for some people and it does make me chuckle when I see it too. That does not mean it's not true, but I still chuckle at it. It's kind of like that's the answer for everything. Just buy the coin, not the slab will cure everything. Unfortunately, it's not that simple for everyone.

Just Carl, your post made me laugh. Thanks! I like your attitude on this issue. Even though you have collected coins for so many years, you still manage to use the system the way it was designed. Sort of blending the old with the new. Good for you.