"A question about me?"
"No, us."
Posted on 03/05/2016 11:01:32 PM PST by zeugma
This is really a trivial question, but I figured posting it in chat that I might see a a response or two. I have a Proof 1989 (s) American Eagle silver dollar. (in original packaging). I was looking around at pricing on the thing, and ran into something really weird when I did an amazon search for it. I'm getting a lot of results at approximately $70 or so, and some at $300. They seem to be clustered around these two values.
Does anyone know what's up with that? Is it a matter of grading? I'm not really into the whole numismatic thing like I was when I was (much) younger, but am a bit confused with the results I'm seeing. I mean, I wouldn't figure there would be a whole lot of difference grade-wise between any two proof strikes in the plastic capsule.
Is it just sellers being stupid, asking 3X what the thing should be priced at, or is there something specific I should be looking for?
When you see the prices you probably see a certified grade with them? Look at EBAY. people send them away to be graded. A perfect coin is a 70. What one buys from the mint will not always be a 70. Generally early strikes are better. A 70 grade is much rarer than a 69 which should account for the difference in price. Ungraded for that specific coin will not sell for the same price as a graded coin. I forget how much it costs to grade. Like $25-35 i believe. CGC is a good site. They grade comics, coins, magazines.
I’m not an expert on Eagles. It’s possible that first year Eagles 1986 in proof carry a much higher price. It’s possible that people who want proof Eagles are willing to pay lots more;’ or that sellers want to list prices so high they never sell but they create the impression that there is a high market for them. Is it marked proof from the Mint, or is it enclosed in a plastic slab from NGC or PCGA? That service costs about $18 per coin.
Put it on ebay for at least 7 days.
I am a bookseller and wrestle with valuation all the time. What makes my Shakespeare set worth $1600 when you can buy almost the same set for $895?
As others have said, it’s not a simple matter of looking the price up and not knowing the difference between grading, overall appearance, specific condition and use (for coins, a numeric number is given then they are graded from uncirculated and down, but even different sellers can differ. Coins, I think, have that same problem. The price difference you see can be a puzzle. Information about the coin you have should be compared to the others you see as given by a reputable dealer. If my copy of Dharma Bums is not really that great looking, you might think it is priced on the high side. But when you realize it was a “hippy” book that almost never survived in even good condition, let alone near fine, as is mine, then you realize that the supply of them in “good” condition is plentiful. But is that what you want? If you are a real collector, usually you want the best available.
One word about ebay or Amazon it is not uncommon for a buyer to pay for a lower graded object and insist it is not in the condition you said it was. High res pictures aplenty and make sure the description is accurate, if you go that way. Remember, a coin dealer will give you about half or less of the coin retail value, but the buyer on the internet sometimes offers the same amount, with intentions of reselling or just “getting a good deal.” Be sure of what you have, if the amount is all over the place, look for why; some coins are more deeply struck, some have imperfections from the mint that increase or decrease value, some are not rated, etc. Do your home work or take less from a reputable dealer. Good luck! It’s jungle out there!
BTW, on Ebay enter your info. in search field then hit ‘search’. Then, go to the bottom of the left column and select ‘sold listings’.. You will then see all SOLD items and their final sale price. A dollar value shown in GREEN is a FINAL price representing a completed auction!
PF69 is selling for about $70 on Amazon, PF70 certified is selling for $300.
Does kind of make me think about it though. If you get really lucky and get early strikes on your proofs, you can make a mint (uh, no pun intended), but in order to tell, unless you're an expert in such things, you essentially have to pay almost half it's value (if it's a standard proof) to determine if it's a better one. Sigh.
Still, it's a beautiful coin. Love the proofs. I have the 75th anniversary set where they did the normal and 'reverse' proof. It's freaking astounding. I'm thinking that set would probably be worth having it graded.
Yeah, it looks like that's what I'm seeing. I just don't have the knowledge to tell the difference between the two. I'd sell the thing if I thought I could get $300 for it, but I'm not willing to spend $30-40 to find out. :-(
Thanks to all who responded. FR is a great resource.
Welcome to the coin market. The only way it really works out is if you're a coin shop and you're having a hundred or more coins graded at a shot; price drops dramatically per coin, and the maybe 10% that will be of the higher grade justifies the cost.
An individual getting a single coin graded? If you think about it, overall labor in handling that coin from receiving it, to keeping it identified as to the owner, to making sure it gets back to the owner (and not mixed with another coin) - that $30-$40 is likely losing money for the grading company.
Ungraded (PCGS Or NGC) in Proof 69 would be the ones in the $50.-$70. range, and graded PR-70 would fetch $300.-$400. Yours might grade out to PR-70, but would cost $32.(in person drop off @ coin show) to $53. (w/shipping/insurance) to find out.
http://www.pcgscoinfacts.com/Coin/Detail/9802
http://www.pcgs.com/servicesandfees/
Agreed. For a single coin, unless it's something pretty extraordinary, it doesn't seem to make sense. What might make more sense, for someone like myself who has just been an occasional collector, (other than proofs, the vast majority of what I have coin-wise was purchased for face value when I was much younger, and worked in a grocery store as a cashier), it might make sense to take the ones that I think might be worthwhile to a local guy, and have him give an opinion on what he thinks would be worth having a professional grade for.
APMEX is carrying a 1989 S (San Francisco Mint) PCGS graded MS 70 (Mint State 70--a 'perfect' proof coin)at $499.99, while the same year and mint mark proof coin PCGS graded MS 69 only runs $62.99
It is only worth, what you are willing to sell it for, and what you can get someone to buy it for.
Silver ounce coins are going for 18 dollars for random years...
Take the three hundred dollars,
"A question about me?"
"No, us."
Have you touched the coin itself? With your fingers?
Whatever “sales” price you find, take off about 20-30% for whatever you can expect to get for it.
No. PRoofs come in plastic capsules. I use surgical gloves when handling coins that aren't encapsulated, except 'junk' silver.
Just found this in my spam folder. $40 MS70 Eagles
FYI.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.