You Can Throw The Greysheet Away Because ...

...not everyone has one.

...does not list varieties (or does it?)

...does not take into consideration colorful or undesirable toning.

Dave, unfortunately, I have disagree with you (and that's not often!).

Yes, the original and primary goal of the Greysheet is for wholesale transactions. However, that's not really how it's used in the mainstream any more. In fact, if you go to sell most type material (excluding very desirable and/or rare stuff), wholesale pricing takes place pretty much away from the Sheet. The Sheet is still used as a point of reference but the rules have changed so-to-speak.

Perhaps years ago when collectors either weren't savvy enough to know about the Sheet or thought they couldn't get one, then this may have been a bit more true. Today, the savvy collector uses the Sheet as a bargaining tool and the dealers are keenly aware of it and it's party of the coin dealing game on bourse floors everywhere.

Unfortunately, for many coins, the Sheet actually represents RETAIL prices! Now, that's not what it's meant to represent. But, the editors of the Sheet, for whatever reason (and this can be a very hot political topic) are either unable or don't wish to actively update every figure on the Sheet as it relates to the current market conditions.

I dare you to find a single dealer willing to pay "wholesale" (off the sheet) for most any (again, except the small handful in strong demand) Proof or Mint Set. If you do, you found a rube and you could make a fortune off of him. Dealers have a hard time selling those sets at amounts at Sheet and often times discount from there. That's just a single obvious example.

For common material, which is the vast majority of what we probably own (myself included, even though I would consider most of what I have better than average quality), the game is basically the same. The first thing that happens when a collector goes to a dealer or even another collector is the Sheet comes out, then the negotiating begins. At a show, you'll do the same negotiations with a dealer and depending on this mood, how his sales have been, the coin itself, you might be able to buy it at, under, or just over what's considered "wholesale"

What we know as "Retail" comes into play with those that advertise/BIN their coins online and are looking for that certain collector who wants that particular coin. Also, some of the "big boy" coin companies have a virtual no-haggle price or very little "wiggle room" on the given price...and those are your true Retailers.

The Internet has actually made the coin buying/selling game a very efficient market and the concept of wholesale/retail is quite muddied.

I'm a dealer and I have to agree; the Grey sheet does represent the new retail, when dealing with a savy or long time buyer. For other buyers we use the sheet as a guide then apply a percentage based on a number of local factors.

To answer the original question; for me the greysheet goes out the window when dealing with LWC that have a truly full strike. I would rather have a superb AU coin with a full strike than an MS66RD with an ordinary strike.

The same thing with Buffalo nickels and certain Full Step nickels.

I haven't paid attention to price guides since I was a kid. The reason I stopped collecting Morgans is that everybody else decided to collect them too and prices went through the roof. Same with Barbers. They are too high priced in my personal opinion. Emphasis on "my personal opinion". Price guides are for investors. I pay what I percieve as a good price. If it means paying more for a coin I really want or turning away key coin I think is over valued.

Original free circulated and mint state Liberty Seated coinage of all denominations. Most of what is being offered now at the various auction companies are over graded, dipped, cleaned in non details holders, or have other problems.

Hmm, this question has provoked a bit of debate. But it confirms
my suspicion that specialists know a LOT more than the people who make price guides.
And that is based upon knowledge gained from collecting and studying and selling a given series.

Knowledge is Key to Collecting Success - Just WHERE did I see that?

Nothing unfair about that or anything you said.

But it was created as a wholesale list, is still published as a wholesale list, and since everybody has the numbers and is throwing them at each other as no more than a bargaining tool....

....it's useless.

Basically validating the topic.