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 Replies: 12 / Views: 2,057 |
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Valued Member
United States
402 Posts |
 Decided to give my Morgans a rest and finish up on my Lincoln proofs. I found out I can buy DCAMPR69 PCGS and NGC common date proof coins for as little as $3 to $7 dollars apiece if you dig hard enough on the Internet. MY question is, with the price of grading coins how can these coins be sold so cheaply? I do notice that DCAMPR70 are roughly 25-50 times more expensive than DCAMPR69. Am I right in thinking the only way you can get these proofs is out of a proof set or do dealers have some way of getting them in bulk without buying proof sets? Secondly, I think they submit these coins for grading hoping to get a PR70 designation and the rest are sold for whatever they bring even at a loss. I am not a slabbed coin collector but it cost me very little difference to buy a DCAM proof coin unslabbed as against one in a PCGS or NGC slab so I opt to go for the slab even though some of my proofs could be a DCAMPR70 if I submitted them which I can not afford to do. Your thoughts! edgman/Tom are 
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Moderator
 United States
187702 Posts |
I believe many of the low cost slabs were part of a bulk submission, hoping for the occasional (and very profitable) PR70. They see it as an acceptable risk to take the loss on several PR69 (and lower) graded slabs to get some PR70 slabs.
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Pillar of the Community
United States
6326 Posts |
I will be needing to make a foray into this as well for some affordable Proofs. (not necessarily "slabbed" though I suppose). I can only do so much with P&D Mint Sets and buying Proof Sets to crack for the album. Pre-'58's will most likely be bought, by me, individually versus Post-'58's. I've got a long way to go to get my Dansco closer to completion ! ...but it's coming along nicely ! ...  (And of course, there are a few Lincolns which I'll NEVER own !)My "circulation" album will likely have to be robbed for "early dates" to put in my new one ! .....  Edited by eaglefoot
06/02/2010 11:42 am
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Bedrock of the Community
United States
17884 Posts |
You have it figured out exactly. The cents are only available in proof sets and the dealers have to buy sets and break them up to get them. They then submit them in bulk to get a much lower rate on the slabbing. Anything less than PR-70 is blown out at less than cost just to get rid of them and recover part of their capital, and they make their profit on the deal by selling the PF-70's at high prices. The gamble is if they don't get enough 70's they lose money.
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Valued Member
 United States
402 Posts |
Glad you guys seem to agree with me. But, here is the second part. Do you think the unslabbed proof coins at shows, ebay, etc. are coins that were not submitted for slabbing because the dealers could probably see that the coin would never make a PR70 so they put them in 2x2's and are selling them ungraded? If so, since those coins will hardly ever be a PR70 and maybe even lower than a PR69, don't you think I would be better off buying the slabbed ones (only PCGS or NGC) that are a true PR69 since they are almost the same prices as unslabbed? Wow, hope you understand what I was getting at. Wore myself out typing this. I'm looking at 4 bottles of single malt scotch that I (and wifey) brought home from Paris recently and trying to decide which one would go down better right now. The heck with the coins. edgman/Tom are (Caol Ila 15yr old won) |
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Moderator
United States
187702 Posts |
Quote:Do you think the unslabbed proof coins at shows, ebay, etc. are coins that were not submitted for slabbing because the dealers could probably see that the coin would never make a PR70 so they put them in 2x2's and are selling them ungraded? Not every dealer plays the "PR70" game, but every dealer knows that proof coins sell for more separately than they do as sets. Quote:
I would be better off buying the slabbed ones (only PCGS or NGC) that are a true PR69 since they are almost the same prices as unslabbed? If you can get the slabbed PR69 coin for about the same price as the raw, and your goal is to have a collection of slabbed coins, then buy the one in the slab. If you are just going to crack it out, then you probably want to buy the raw coin if they are the same. Just be sure to look at both coins. Which one has better eye appeal to you. That is the coin you want to buy. I am one of the naysayers. I think PR70 and MS70 grade coins are a myth. I have never been able to see a difference; I would never pay PR70 or MS70 prices for something that I cannot see. |
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Valued Member
United States
402 Posts |
jbuck
I agree with you. I would never buy a high priced PR70 myself and think anyone paying those prices for them are making a mistake and throwing money away.
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Pillar of the Community
United States
1534 Posts |
MS and PR-70 coins generally appeal to those involved in the registry competition aspect of the hobby. Normal collectors who do not play the registry set game provided by PCGS and NGC usually do not prefer or have a desire for MS and PR-70 coins.
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Valued Member
United States
402 Posts |
Wheatguy
Thats a great explanation but how many collectors are involved in registry sets? I'll bet probably not one in 10,000. And I did not know registry sets included modern proof coins. Cant say, dont know that much about registry sets.
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Moderator
United States
187702 Posts |
I think that if there is a coin made, there is probably a registry set for it.
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Pillar of the Community
United States
1534 Posts |
Quote:
Thats a great explanation but how many collectors are involved in registry sets? I'll bet probably not one in 10,000. And I did not know registry sets included modern proof coins. Cant say, dont know that much about registry sets. No, much more than that. Go to the PCGS website for a glimpse and you'll see that there are tons of different registry sets and a fair number of people attempting to beat their competitors. |
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Valued Member
United States
258 Posts |
A coin grading at proof 68 or 69 is a very pretty thing. Should it be a cameo or an ultra cameo so much the better! Forget the ms and proof 70's as it is a waste of capitol. For those of us who love beautiful coins in our collection most of us are happy with our coins that grade in mint state 65 or proof 68 or 69. More than that is generally redundant. I have seen some ugly coins grading high so as long as you select carefully you will do even better. Remember buy the coin, not the container.
Many dealers like me don't submit common coins (and modern proof coins are VERY common) to the grading companies as it is generally a waste of money. Why bother when you can buy the same coins for less than $12.00 all day long on the internet? Let some other dealer pay for the "slabbing" and you get to cherry pick for chump change and we don't have to worry about what grade they will give the coin. Then if you choose to sell it get a premium over what you paid for it (which will be easy if you chose carefully). Best wishes on your cherrypicking! Sincerely, John Leckrone
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Valued Member
United States
402 Posts |
"Cherrypickin" is exactly what I am doing. In my time it was called "Pearl Diving". If its slabbed or unslabbed for basically the same price I most always go for the slab (PCGS, NGC or sometimes ANACS only). Can't go wrong that way unless its counterfeit. If you want to dig you can find some nice buys out there.
edgman
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Replies: 12 / Views: 2,057 |
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Posted 06/02/2010 11:41 am
