EVERTHING YOU WANTED TO KNOW ABOUT BUYING & SELLING COINS By Michael S. Fey, Ph.D.
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Transcript of EVERTHING YOU WANTED TO KNOW ABOUT BUYING & SELLING COINS By Michael S. Fey, Ph.D.
EVERTHING YOU WANTED TO KNOW ABOUT BUYING
& SELLING COINSBy
Michael S. Fey, Ph.D.
The Numismatic Market
• U.S. & Foreign coins
• Paper Money
• Tokens
• Medals
• Encased Postage Stamps
• Exonumia (Related items such as coin glass, coin art, coin jewelry etc.)
COLLECTION VS.
ACCUMULATION
• Accumulation—not organized; bag or drawer full of coins; pulled from circulation and handed down.
• Collection—organized, typically in albums or flips, carefully protected against environmental damage; date/mint mark order; typically includes Mint products and purchased coins from dealers.
Grading Guides
• Official A.N.A Grading Standards for US Coins-American Numismatic Association
• Coin World’s Making the Grade.• Grading Professionals & Grading Services• Scale 1-70 (Strike, Luster, Contact Marks,
Overall Eye Appeal); Circ.1-AU58’ MS 60-70 (Good, VG, Fine, VF, Ex Fine, Almost Uncirculated)
Variety Guides & Collector Clubs
• Cherrypickers’ Guide—Bill Fivaz & J.T. Stanton• Top 100 Morgan Dollars: The VAM Keys—
Michael S. Fey, Ph.D. & Jeff Oxman• Bust Half Dollars—Al Overton,
Glenn Pederson, M.D.
• Early American Copper—EAC, Sheldon, Noyes
• Join ANA & Access LibraryErrors & Varieties
Population Reports
• PCGS, NGC, ANACS Hard copy
• Online Reports
• Rare vs. Modern
• High Grade “Condition Census”
• Cost: $15-30 per coin; recommended for $200+ coins
Pricing Guides
• The Official Red Book, A Guide Book of U.S. Coins—Ed. Ken Bressett (since 1947)
• The Official Blue Book, A Handbook of U.S. Coins (Selling)-- Ed. Ken Bressett
• Krause Standard Catalog of World Coins• Coin Dealer Newsletter (CDN)-Blue Sheet &
Graysheet• Coin World Trends, Numismatic News, CoinAge• Auction Prices Realized (ie. Heritage, Stacks,
Bowers & Merena)
Pricing• Based on Supply and Demand• Wholesale vs. Retail (Buying/Selling Spread) • Highly dependent on metallic composition (gold,
silver, copper, bi-metallic)• Highly correlated with grade• Highly correlated with variety• Somewhat correlated with age• Raw vs. Certified (PCGS, NGC, ICG, ANACS)
Buying
• For the Joy of Collecting—For Fun Only
• Collector-Investor—For Fun & Profit
• Investing—ROI only consideration
• Engage a trustworthy Professional
• Buy the books, read, study, take ANA courses, visit shops, shows, seminars
• Start with PCGS/NGC Certified Coins
Selling• Buy Pricing/Grading Guides (Blue Book)• Get Appraisals from trustworthy dealers (shops, shows, professionals)• Check prices for comparables on E-Bay• Consider wholesale vs. retail• Consider sales effort--time• Consider best option: holding vs. selling
Copyright 2007 Michael S. Fey, Ph..D., RCI 973-252-4000; [email protected]