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 Replies: 20 / Views: 2,999 |
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Valued Member
United States
455 Posts |
I am curious how others use the Red Book when deciding the value of a coin when purchasing? I know there's a lot of considerations / variations but I wonder how valid the numbers are? I've seen an example where Red Book says a coin is valued at $95 for a MS-64 but then if you go to the grade services website and look up the serial number, it says $77. Not a huge difference but it is when deciding on what to pay for it. Any thoughts on your approach would be greatly appreciated. Dave |
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Bedrock of the Community
13014 Posts |
I use numismedia and ebay completed sales for prices. RedBook is a good reference for coins not covered there but I've found their prices are almost always high |
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Moderator
 United States
56855 Posts |
 totally. John1  |
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Pillar of the Community
United States
1261 Posts |
The problem with Red Book is they work on the prices well before the book is published. So when it comes out the values are already a year old. That's a problem, especially, for gold coins (and silver coins whose value is closely tied to the bullion value.) I'm a type coin collector and like to use it as a reference or guide. It's easy to look up a particular series and see mintage, etc. and establish an estimated value. If I'm really interested in a coin, I'll quickly look up recent auction sales to determine value. That has worked for me. |
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Pillar of the Community
United States
1511 Posts |
with all, but I also feel that numismedia is high on a lot of there prices also. Some of there prices are almost right on, but others are listed higher than RedBook and just way out of the ball park.. I guess it all depends on the type of coin. I'm just like chesterb- I use the RedBook as a reference for other things, as it is an excellent reference! But also like him if I am seriously considering a coin I look up the completed ebay listings, this gives you a much better idea of what people are actually paying.. And now. I just feel that this is a lot closer than both RedBook and numismedia as for certain coins they both tend to be high (quite high in instances) And if you feel like subscribing to the "grey sheet" then this is also a very good idea, many dealers (in my area at least) strictly adhere to the grey sheet values of bid and ask (which is the buy price and sell price listed) I'm just too cheap, lol, all my $ goes to coins, so I use completed listings :) |
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Valued Member
United States
397 Posts |
I simply use it as a ball park, or a starting point. When I come across a nice coin (for example my 1881 IHC I found in a roll a while back), I first pull out the Red Book. Besides glancing at the prices listed in the Red Book I am also looking at the mintage number for that particular coin. Later, after I am done CRH what ever else I have in front of me and I am ready to sort, I go to other sources to get more current prices. I just know that prices in the Red Book are slightly out of date and high. The other thing I like to do is when I am looking at coins online, or at a show, or even at my coin club meeting for our auctions, I like to compare the price of the seller to what other sources like the Red Book is offering. A few times I've seen a coin on ebay and the grade listed matches the Red Book price exactly. It has opened conversations between me and seller to negotiated a different price. |
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Bedrock of the Community
United States
36745 Posts |
Red Book is good for general information but pricing information is outdated by the time the book is released. Best place for up to date pricing is the internet and for wholesale prices "The Grey Sheet".
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Pillar of the Community
United States
797 Posts |
I only use a RedBook for some general info regarding coins (mintage numbers, pictures, mint marks, some grading clues, etc...). I rarely, if ever, use it for pricing. I still have the 2010 RedBook and am in no hurry to get a new one. Greysheets (CDN), completed ebay auctions, and numismedia are my choices for estimating a value. Edited by spaceace
01/09/2013 12:40 pm
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Pillar of the Community
United States
3283 Posts |
I use RedBook to convince my wife that the coins I buy are a good deal.:) It doubles as an inventory source. |
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Moderator
United States
188440 Posts |
Quote: I use numismedia and ebay completed sales for prices. RedBook is a good reference for coins not covered there but I've found their prices are almost always high |
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Bedrock of the Community
Canada
10743 Posts |
Quote:I use RedBook to convince my wife that the coins I buy are a good deal.:)  |
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Valued Member
 United States
455 Posts |
Thanks for all the comments everyone. I was initially using it as my primary source and I quickly realized that wasn't a good strategy  I probably need to have the grey sheet available but I don't want to commit to the funds at this time...even though it could pay for itself after just a few bad coin deals  Edited by Kurrykid
01/09/2013 4:19 pm
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Pillar of the Community
United States
615 Posts |
I only use the Red Book as a reference tool - mintage and so forth. The prices are not very close to what people are willing to pay - the real indicator of value. |
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Pillar of the Community
Russian Federation
5173 Posts |
I tend to either use Numismedia or ask more knowledgeable people. And all too often, I know I might never see another coin of this type, so I buy even if it's at double normal price. Unrelatedly (well somewhat relatedly as it's also about paying for coins)... HippieOutcast, did you by any chance receive my email?  |
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Pillar of the Community
Canada
2781 Posts |
take the Red Book, charltons, or any other "price guide" and cut their numbers in half 'cause if you need to sell that's about what you are going to get for it. as others have said, the books are good reference to determine a key date etc, but the number are pure fluff. ebay completed auctions is probably the most realistic 'true value' (for just about anything) |
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Valued Member
United States
455 Posts |
Quote:take the Red Book, charltons, or any other "price guide" and cut their numbers in half 'cause if you need to sell that's about what you are going to get for it. It seems to me that most of the ebay auctions I see (I've been mostly checking out Morgans) have the Buy It Now price right at the Red Book price. It's not to say they always get that much buts that's what they're trying to get. Dave |
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Replies: 20 / Views: 2,999 |
Posted 01/09/2013 04:35 am
