PCGS The Standart for the Rare Coin Industry

"`Trends' values are listed for coins which totally and by strict market standards meet the requirements at each grade level. Coins which are so-called borderline usually are and fall back to the next lowest grade level. The coin values in `Trends' are for coins which do not exhibit any one of the many problems which may be a part of the coin's history. Problems such as harsh cleaning, heavy scratches, whizzing, rim or other surface damage can lower substantially the value of a coin, even though technically it is in a grade which may carry a much higher value.

"Color and eye appeal are important. If a coin has attractive color or better than average eye appeal, then it is reasonable to assume its market value may be greater than the `Trends' value listed in that grade. Demand for top quality coins is increasing today. If the coin is dull for the grade, then the value will probably be less and so will the demand."

Dealers' fixed prices: Catalogues and advertisements of dealers provide a guide to what certain coins can actually be bought for in the marketplace. Of course, some prices may be unrealistically high, and listed prices which seem to be too low may be for undesirable coins, but by and large a great deal of information is available from these listings.

Electronic trading systems: Bid and ask prices posted on electronic trading systems and computer bulletin boards.

Experience: This may be the single most important factor used here at Bowers and Merena Galleries. Experience covers a wide variety of factors, including knowledge of market demand, the availability of other items of comparable quality (not only grade, but overall quality), etc. Experience is what makes a professional numismatist valuable to his clients.

Guide Book: A Guide Book of U.S. Coins, published annually, is a very valuable source of information concerning mintage figures, which varieties exist for which series, historical information, etc. Pricing data is very valuable for all except the most actively traded series. The book is prepared a year in advance, and the 1994-dated edition was released in July 1993. The Guide Book reports prices, it does not create them, thus it can lag behind the market. Kenneth E. Bressett is the editor. Nickname: Redbook.