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 Replies: 22 / Views: 3,736 |
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Pillar of the Community
United States
851 Posts |
I have recently been offered an 1860 Seated Liberty dollar graded Proof 63 from ANACS. The coin is stunning and has beautiful fields with some toning around the perimeter. The ANACS slab is the 2nd generation so it is at least 2-3 years old. I saw the coin in hand today and the gentleman selling it told me he would put it on hold for me so I left him a $100 down payment. The book value for such a coin is $5000 but he said I could have it for $3200 cash. If I crossed it over to NGC and got the same grade from them(which I think would be 100% possible), should I get the coin? The obverse has no marks at all while the reverse has the slightest amount of chatter(nothing noticeable without a loop). All in all the coin is being sold to me for several hundred under grey sheet. What are your opinions?   Edited by coins92
06/20/2010 10:34 pm
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Pillar of the Community
United States
2661 Posts |
I must ask, why crack it out and get it regraded?
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Pillar of the Community
 United States
851 Posts |
Not regraded but placed in an NGC holder. It seems coins of the same grade achieve higher prices at auction when in an NGC or PCGS holder. I think people believe they are purchasing a coin that has been more stringently graded.
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Pillar of the Community
United States
581 Posts |
Bottom line...At least in my eyes.
If the seller knows about the value of the coin, and is willing to part at that reduced rate, go for it.
The last round of coins that I purchased, the guy sold them to me for a steal. He knew what he had, and just wanted to move them on to a fellow collector.
He also may consider that the piece, although stunning in your words, may never realize full graysheet value.
I also collect so many other things that going by a "book" price is nothing more than a guide. no comic, toy, or train dealer ever expect to get "Book or guide" value. (it's just a starting price for major haggling)
I personally am still getting used to this is what is in the book, so that's what I want, and they expect to get it.
I just wish I had 3200 to pop for a coin....go for it I say
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Moderator
 United States
23522 Posts |
That's a rather good price, if you're confident it'll cross.
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Pillar of the Community
United States
851 Posts |
Yes Mr. Whisker, there is absolutely nothing about this coin that would prohibit it from achieving market value. The man that is selling it to me is rather young probablably no more than 25 and I think he is offering a deal to a fellow collector that is in the same age range as him.
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Pillar of the Community
United States
851 Posts |
Dave I am quite sure it would cross. Even a PF 63 ANACS Slab sold for $3300 back in 2007.
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Bedrock of the Community
United States
19935 Posts |
What are grey sheet bid and ask?
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Pillar of the Community
United States
851 Posts |
Back in 2007 the Numismedia wholesale was $4000. I don't remember exactly what he said the Grey Sheet was but I believe it was $3600.
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Pillar of the Community
United States
851 Posts |
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Bedrock of the Community
United States
10982 Posts |
Quote:
I don't remember exactly what he said the Grey Sheet was but I believe it was $3600.
The May 2010 Greysheet lists $3900 in PR63. It does not split out Bid/Ask for these types of coins but only a single price noted as the highest wholesale offer. The $3200 price seems fair if the coin has good eye appeal. One thing I would keep in mind is that the market for this piece is limited and thus you would tie up a lot of money in an illiquid coin. |
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Valued Member
United States
254 Posts |
Yes, the market is limited and in case NGC sees something on the coin that prevents it from grading, it could be a serious financial hit. it's risky but if you are 100% sure of your grading skills, then it may be a good buy.
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Pillar of the Community
United States
851 Posts |
I don't feel the market would be that limited if I take it to the Philly Expo like I plan on doing.
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Pillar of the Community
United States
1882 Posts |
Quote:
in case NGC sees something on the coin that prevents it from grading, it could be a serious financial hit. A coin can be submitted for crossover grade still in the ANACS slab. Only risk doing it that way is the cost of submitting. |
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Pillar of the Community
United States
2335 Posts |
I'm not so sure this is that good of a deal. Almost any collector that would be looking for a coin in this price range is probably fairly savvy about pricing. They would be fully aware of greysheet pricing & would expect to pay that. Any dealer interested in the coin knows that & would make an offer that they could profit from. If $3900 is greysheet a dealer probably would expect to buy from a collector at 5-10% less, or somewhere around $35-3600 & possibly less.
If the gentleman you are buying from is not a dealer I suspect he is offering the coin to you for slightly more than the best offer he got from a dealer. If you are buying as a collector that's a good thing. If you are expecting to resell for a profit you may find yourself in the same place the seller is.....with a really nice coin that will only make a profit if you can find the right collector.
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Pillar of the Community
United States
851 Posts |
My main goal is trading. I have done well trading with dealers. Have you ever heard of the story of the man who traded a pen for a house? If so this is sort of my goal. I figure such a coin is rare enough to always hold a premium. You are correct in saying that it would be a tough sell at regular 50 table regional coin shows, but at National coin shows such as the Whitman Expos, I don't think it would be difficult at all.
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Replies: 22 / Views: 3,736 |
Posted 06/06/2010 5:20 pm
