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 Replies: 11 / Views: 1,326 |
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Valued Member
United States
59 Posts |
I am total new to all this, and could use some advice. I have an 1786 Vermontensium Ryder 8 coin and have checked it out all over on the Internet. Should I have it graded? Does it make the coin worth more? I've had offers for 3 and 4 hundred dollars for it, but I am finding them selling at auctions over 1 thousand. Any suggestions?
Christy
E-Mail removed by forum Mod
Topic moved to Classic Forum
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Pillar of the Community
United States
1291 Posts |
 Christy - Welcome to the forum. I have no expertise on the coin you mentioned but just be patient, I have no doubt you're about to receive great advice from others who do. In the meantime, it would be helpful if you could post a photo or two of the coin. |
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Pillar of the Community
United States
2049 Posts |
It depends...do you plan to sell it down the road? If yes, then I would make the small investment to get it certified/authenticated. If you plan to keep it in your collection forever, then I dont see any need to get it graded unless you really absolutely have to know. :)
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Valued Member
United States
156 Posts |
Grading doesn't necessarily make the coin worth more. What grading does is expand the potential market so that the coin has a higher chance of selling for its full value. A coin that is in a top-tier third party slab is: 1) authentic, 2) problem-free (unless noted on the slab), and 3)protected. These three factors, along with the third party grade, increase buyer confidence in the coin so they are more willing to pay top dollar.
Now is it worth it to have a coin graded, even if you are not going to sell it? For a valuable coin, the answer may still be yes. Do you want to resolve any doubts about its authenticity? Add it to your insurance policy? Have it protected in a customized plastic case? Make sure it doesn't accidentally get spent? If you answered yes to any of these questions, you may want to send it in.
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Moderator
 United States
23522 Posts |
Great advice from Buzzard above. Particularly: Quote:
Do you want to resolve any doubts about its authenticity? Add it to your insurance policy? Both of these points definitely apply to your coin. If it's authentic, it needs to be on your policy. And it definitely needs to be reliably authenticated and graded - value varies widely by grade. |
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Pillar of the Community
United States
1984 Posts |
If you decide to look for a dealer to bring them to in Michigan for an appraisal, I'd be happy to tell you about their reputation and their general propensity to pay fair prices (or not). Generally speaking unless you KNOW what something is worth through an honest appraiser or your own solid research (the experts on this site are a stellar resources in their own right), I recommend not taking offers to buy as a substitute for 'value.'
Also I agree with SuperDave and Buzzard regarding those salient points of authenticity and insurance, especially for items potentially worth more than a couple hundred that may need special attention in the form of a Valuables Rider with your homeowner's policy.
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Moderator
United States
16677 Posts |
Christy, I have seen your coin on another thread and IMO has had a light cleaning in the past. This coin is still very scarce and yes, I would send it in. I would suggest PCGS. They will authenticate and encapsulate the coin whether cleaned or not. It will be authenticated under their new service tier of "genuine" not gradable (whatever that means). There are a couple reasons I would do this. First, long term storage and protection of your Vermontensium is very important. This is a historically significant coin that IMO, deserves being "slabbed". Now, if I was wrong and the coin comes back graded and not cleaned, even better! Second, this is not a low dollar coin. I would have it TPG'd just for the resale aspect if you ever plan on selling it. You will get more $ for it. I believe your coin is in the VG level so $1000 or more is a bit high. But, with coins like this, it depends on the supply and demand aspect. This particular issue does not attract much attention from type collectors, mainly Colonial folks but like I said, you don't encounter these all that often. Go to any major coin show and tell me how many you see. That says it all. swcoin.ecrater.com
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Bedrock of the Community
United States
20753 Posts |
WELCOME TO THE FORUM.
I sort of dissagree with sending it in for slabbing. The reason I say sort of is it depends on your plans for that coin. Of course if you plan on selling soon, yes, have it slabbed and possibly by PCGS.
And yes as a general rule you can charge more for that in a slab. However, if you do not have plans on selling that coin or any coin, what purpose would it serve to have it slabbed? To protect the coin? You could do that yourself with just a properly sealed 2x2 or similar plastic flip. Authenticated? Why now? If you have it and keep it, what difference does that make now. It either is or isn't real and for now, why worry about it.
Another thing is the way the Chinese are counterfeiting coins and in slabs, it will soon enough make little difference if your coin is in a slab or not.
The main thing you should consider is just how you like your coins. If you are a slab coin person and want mountains of plastic slabs, then have it slabbed. If you just want to enjoy the hobby and appreciate your coins as they are, put them in a 2x2 and forget the extra cost of slabbing.
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Pillar of the Community
United States
1083 Posts |
I just sent my first coin in for grading. I bought a 1851 Three Cent Silver at an auction Saturday that I think is MS-65 for an XF price. There has to be something wrong - you just don't get something for nothing (at least I don't, )but I can't see anything that would bring the grade down. It is certainly authentic. I think if you have a potentially valuable coin, or you are unsure of authenticity, you increase the marketability by having it slabbed. If mine comes back from PCGS as a 63 or less, I will crack it out and use it to upgrade my 7070. If it really is a 65 it is going to be sold. I love obscene profits! |
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Valued Member
 United States
59 Posts |
Good grief, I agree with everyone! I do plan on selling my coins, if they had been inherited it would be one thing, but since they were found I have no sentimental attachment to them. And yes, obscene profit?  Also, what does IMO stand for? |
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Moderator
United States
16677 Posts |
IMO (in my opinion). My reason for slabbing with PCGS Christy is long term storage, very long term storage. A 2X2 is great as well as some of the Intercept Shield holders (Large Cent size should be fine for this coin). I plan on passing this coin down to my kids, then hopefully their kids and so on. This coin could be in there for centuries. Who knows. They might crack it out and sell it for all I know! What just carl said makes very good sense. You just have to decide what your specific needs are. If you plan on selling it, I would go with PCGS Period. Again, just my opinion and experience.
swcoin.ecrater.com
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Bedrock of the Community
United States
17884 Posts |
I don't agree with grading on principle, but I can understand why others do it. If you must have it slabbed, first check with the company to make sure they will attribute the coin by variety. Often they don't. And when you get it back, make sure the attribution is correct. The TPG's quite often get the attributions wrong. Frankly, if I recall from another forum the Ryder 8 is actually a scarcer variety. Most average speculator types don't really care about coins like this one, and they probably could care less about the variety. This type of coin is going to be of more interest to a specialist in the series, and they aren't going to care if it is slabbed or not. Many if not most collectors of these varieties actually prefer their coin not slabbed. |
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Replies: 11 / Views: 1,326 |
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Posted 01/18/2009 12:29 am
