EVERTHING YOU WANTED TO KNOW ABOUT BUYING & SELLING COINS By Michael S. Fey, Ph.D.

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Presentation transcript:

EVERTHING YOU WANTED TO KNOW ABOUT BUYING & SELLING COINS By 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 (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 Library Errors & 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 ;