Coin Price Guides - A Beginner's Lesson...Or, Why You Don't Need Them

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Ben The Coin Geek
Old Pueblo Coin

[silvertopaz]

I don't know a lot about coin values. I've collected for over 60 years, buying and selling here and there. Up grading and starting something new. The Red Book is one of my go to price guides. Take the price in the Red Book and multiple by .70 (70%), for the most part that's the amount you will get. Silver bullion will sell at 10 to 15% under market. The high end Silver Eagles in BU, you would be very lucky to get 3 to 5 dollars over spot. The high graded silver bullion 69 and 70 you may get 20 to 30 % over spot. There are thousands of them. Keep in mind the Dealer needs to make money on the deal. But shop around to get the best price.

[donaldinnewmexico]

Hi, Ben. A coin is always worth more when I am selling it and less when I am buying it. Home, Home, On The Range. Where the Beer and the Whiskey River Takes My Mind. *TYU*

[weststephan]

I was doing some clearing out of boxes and came across 2 red coin price guides. Funny thing is my dad’s book is from 1960 when he was 13 years old and mine is from 1985 when I was 13.

[DJbabynoneck]

For particular coins I like to use great collections sold listings. IMO that is a pretty realistic price one can expect to receive when selling a coin on their own.

[cgcoins]

Excellent video! I hope lots of people watch this... people who say they've gotten "a great deal" all the time drive me crazy!

[waynebrower]

I use Greysheet as a guide to tell me if I am paying a reasonable price for the coin. I rarely go above Greysheet in my bids. Most coin dealers will pay a little below Greysheet and sell a little above greysheet. These prices seem more realistic as compared to PCGS and NGC. The guide assures me that I am not grossly overpaying for my purchase and that I am more likely to recoup or increase my money paid if I decide to sell the coin.

[TiHerr]

Great post. I’ll give you my painful example. I sold a nicely toned 1883-CC in NGC MS67+ on Heritage a couple years ago. NGC price guide was $13, 000 at the time. It sold for $3400. Take the TPG price guides with a grain of salt (or a salt lick).

[Ontario]

I agree. Coin price guides are just that, guides. I like the reference you made about the "commodification" of coins. I sadly agree with you. I usually start with recent auction results when possible. This tells you what collectors are actually paying for a particular coin. The way prices are moving today, I generally confine myself to sales made during the last 6-12 months. Depending on what I am buying, I consult the websites of multiple dealers as well. I will also consult ebay, but carefully. There is almost too much information about coins and currency today it can be overwhelming. It still comes back to: Collect what you like and have fun. Great Video and advice. Thanks!!

[j.sayler]

For many coins, I've found PCGS' on-line price guide about 20% too high. But on that same website, they also show prices realized for actual coins, over many years, and you can click on a price and see that individual coin's photo from the auction. Actual prices realized are the best indicator for coins of say $500 and above.

[CBPowerPlays]

Great stuff Ben. I keep a Red Book around to learn more about coins, rather than a price guide. Recent auctions, in any market, are a good gauge of where the current prices are at.

[dionjohnson]

Yes these Manuals are very helpful, when pricing and purchases they are my go to guides

[michaelp]

PCGS provides sold prices on their website/phone app. They also provide links to those sales (eBay, stacks, Heritage), so you can see a picture of the sold coin. These resources are good for grading a coin too.

[richardmetcalf]

Good advice Ben. When I first started stacking/ collecting, I thought PCGS, and NGC price guides were solid. I didn't realize that wasn't even close when I made my first sale! Disappointment was the result. The gray sheet is about as close as you are going to get to a guide as to what you might expect for selling. The Market is constantly changing. What is hot today might not be tomorrow.

[conzo]

Thanks for the great info! I’m not a newbie, but this is a great video to help starters while learning the ropes!

[rustybracewell]

Really great advice. I know I've may have over paid here and there, but when I over paid, my confidence in the seller in the quality of his description of the coin made the difference. Out side of that, it all boils down to who I'm buying from and the trust that I have in that seller as to what I'll pay. What I will say is that no one should ever buy coins, pawn shop, reason being is that each sells clerk seems to be a 'complete expert" in diamonds, guns, coins. Well an "expert" on reading the software on their store computer that is. Example is when they tell you the silver value of Liberty Head Nickels, DUH

[roberthansen]

Back in the early 60's I would buy the blue book every year and the red book every other year. It took a while but as I grew older I figured out that a coin was worth whatever I was willing to pay for it. In those days, I would review the sale prices in coin world adds. Nowadays, if I see a nice coin and am willing to pay the price, I go for it.

[MarkBh]

Great analogy to housing and car prices. Coins are unique and prices are ranges and trends. Research recent sales and price points from reputable sources (Redbook, Heritage, Great Collections, quality dealer websites...) and make your own decision on what you're comfortable paying for a specific set of coins you have in mind including varying conditions. Just like buying a car or house. Great discussion, Ben. Thanks.

[zephrynk]

There seems to be two separate coin markets: that of raw coins and that of graded coins. Since many people feel secure purchasing graded coins, the auction market (great collections, heritage, eBay, etc) gives a good indication of the price you can expect to get. On the other hand, given the uncertainty of whether a coin is authentic, has been cleaned, has been artificially toned, etc, it's much more difficult to buy with confidence and creates a coin price penalty.

[bigidiot]

I like the price guides to tell me what ballpark I should be looking in at least. Is the coin I’m looking at $100, $1000, $10000? An exact value isn’t super important beyond that.

[waynebrower]

I have had good experiences being able to buy slabbed coins graded buy PCGS and NGC on ebay at or below greysheet prices.