| Author |
 Replies: 9 / Views: 1,393 |
|
|
Pillar of the Community
United States
1613 Posts |
This is a topic which gets posted numerous times. "Should I submit this?". While my question is not to submit a particular coin, it is one which pertains no less. Okay. As an ANA member, one could submit a coin to NGC for $27 plus return shipping. To keep it simple, say the coin is a 1964 Lincoln Cent found in a bank roll. On the cheap side, all said, it cost $40.00 (shipping to NGC). Unless it comes back in a grade above MS66 recouping the cost is highly unlikely should you decide to sell in the future. On ebay, at local dealers and coin shows these trade for less than $30.00 in MS66. So, unless higher, why gamble? What I'm curious about, or more so dumb-founded by, is the number of graded common date coins selling at less than half of the submission. Which is my question. How is the seller making a profit? Obviously they are or they wouldn't be so readily available. Perhaps bought in bulk or from a collection purchase? It seems that the only loser would be the one who initially submitted the coin. What am I missing here? I've been aware for many years that it's generally best to buy already graded rather than submit. With the remainder of Seated Liberty dimes in key/semi-key to complete the series this question crossed my mind. Alas, I won't be getting any of these below submission cost!  ANA member - PAN Member - BCCS Member There are no problems only solutions - the late, great John Lennon
|
|
|
|
Pillar of the Community
United States
5825 Posts |
Bulk submissions is the factor.
A few MS-68 or -69 coins help make up for the lower grades.
And if you luck out and get an MS-70 you've got yourself really covered.
|
|
Pillar of the Community
 United States
5663 Posts |
Agree with @kanga. Using your example of 1964-P Lincolns, if you submit 100 high grade coins and 2 or 3 make 67, you can afford to dump the rest.
|
|
Bedrock of the Community
13014 Posts |
27 isn't the average price not even close and that's just for normal submitters. 70s are basically unheard of as well. One top pop will pay for the whole thing by far even on normal submissions and bulk submissions the cost is single digits a coin from big dealers
You don't have to make money on every coin either, just as a whole
|
|
Pillar of the Community
United States
1667 Posts |
There's also the "I made a mistake getting this graded" scenarios, where newbies sent in stuff for grading they really shouldn't have.
When they go to get out of collecting and sell their collection those mistakes are lumped in with the rest a dealer purchases as a lot. As so the dealer just needs to get back what he paid for the lot plus profit and selling for under grading fees even isn't a factor because the dealer didn't pay for the grading or very much for that particular coin even, it's just some pice they can get a couple bucks for they need to get out of their inventory.
|
|
Pillar of the Community
 United States
1613 Posts |
From the responses, submitting in bulk, makes sense. Especially when the two late night knuckle heads are selling the Innovation Dollars through an auto-ship program at $22.95 each. What the uneducated haven't caught is that they are straight graded, NGC Brilliant Uncirculated. So you know they're making a killing.
Thanks all.
ANA member - PAN Member - BCCS Member There are no problems only solutions - the late, great John Lennon
|
|
Pillar of the Community
United States
7273 Posts |
My local dealer said he rarely if ever send anything for grading. People grade everything from common modern coins to bullion ASE to older coins. I picked up slabbed coins for under $5 to over $100. Since he only pays greybook he can both sell coins that someone shouldn't have slabbed for low cost, in the end the cost of slabbing isn't important to him, he pays by grade. I picked up several slabbed high grade coins for a good price. In the end I'm happy, the dealer is happy and the poor soul that slabbed everything isn't but that's not our concern :) |
|
Bedrock of the Community
13014 Posts |
Quote:
Especially when the two late night knuckle heads are selling the Innovation Dollars through an auto-ship program at $22.95 each. What the uneducated haven't caught is that they are straight graded, NGC Brilliant Uncirculated. So you know they're making a killing.
Overpriced yes, very cheap grading like a couple bucks each yes, making a killing though doubtful giving their production costs. |
|
Bedrock of the Community
United States
20753 Posts |
Sending in coins for grading that are not even worth the cost of that procedure is mostly due to stupidity. So many people think as long as a coin is in a slab it is worth a fortune.
|
|
Valued Member
United States
87 Posts |
Quote:
So many people think as long as a coin is in a slab it is worth a fortune. I have seen so many examples of this through the years, it's not even funny. Personally before I even consider sending a coin/commemorative in for grading I do research on the item I'm thinking about grading. |
| |
Replies: 9 / Views: 1,393 |
|
Posted 01/14/2020 9:53 pm
