EDITOR’S NOTE: Because of the influx of hundreds of thousands of Chinese fakes, polluting the U.S. hobby market, Proxiblog recommends holdering all Carson City dollars and gold coins of any denomination. Authenticity is as important as a numerical grade when dealing with rarities.
Do not rely on YouTube or TikTok videos, telling that you have a coin worth thousands and should immediately grade it, only to find out it is damaged (and not an error or variety). That’s a costly lesson. The thinking seems to be along this line: (a) I know what this coin should look like. (b) This coin doesn’t look like that. (c) Ergo, it must be valuable, (d) That’s what the internet states.
True, you can find collectible coins in bank rolls and pocket change. For every Lincoln/wheat reverse cent you find in a roll, you probably went through hundreds if not thousands of cents (depending on what the bank gives you). Moreover, the Wheaties that you find typically would be common and worn, worth less than $5. If you enjoy the hunt, by all means go for it. It trains your eye to estimate a grade.
Holdering coins at PCGS and NGC, the top companies, is expensive. (I do not recommend other companies, although I do buy ANACS holdered coins.) If you go economy with PCGS or NGC, you’re looking at about $45 per coin plus more for mailing and other fees. And then you wait months. Keep in mind that you have to buy an annual membership. Go to the PCGS and NGC sites and see prices. Also, the procedure to submit coins takes time to learn and is beyond the scope of this post. We’re discussing when to grade a coin, not how.
Many will recommend the Red Book, otherwise known as The Guide Book of United States Coins. In it you will learn about key date for each denomination, along with history and expert commentary. This coin shop has a nifty chart:
But there are also condition rarities, or coins that are common in worn or circulated states but rare in uncirculated condition, like the 1884-S Morgan Dollar worth $75,000:
This almost uncirculated 1884-S retails for $500.
This one retails for $175. You can see how the prices are dropping fast from $750,000.
So far, on your quest to grade your coins, you have been advised to buy the Red Book, to know key dates and condition rarities. All this assumes you know how to grade. An amateur or seller might think their coins are flawless, only to learn about common flaws.
Next step: Try to match the condition of your coin with the same date, denomination and mint on PCGS Photograde Online.
Once that is done, find retail and auction values (usually 20-25% less) at PCGS CoinFacts. This is one of the best digital encyclopedias on the market.
Keep in mind that PCGS and NGC are rigorous graders. They find flaws that many experts miss. Here’s an example of a details (scratch) grade for an otherwise amazing Morgan dollar:
So the question about whether you should holder a coin largely depends on you. Have you visited or read the resources mentioned above? Is your coin worth the $45 per item submission charge? Do you even know how to submit? Do you have the patience to wait months for your grades? How will you react when you get a label that spells out exactly what is wrong with your coin in a details holder?
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You can find more information about types, varieties, errors, grading, bidding and buying in Coin News Updated: The Essential Guide to Online Bidding. Please consider buying or gifting the work for a friend, as it underwrites this hobbyist blog. Thank you.
