There are no Bargains

Lessons learned on the bourse floor were fundamental in my early numismatic days. I listened, especially if they had some nice coins.

One of the most impactful sayings I ever heard from an older coin dealer was, “if you haven’t lost money on coins, you aren’t buying many coins.” No one likes losing money, but false expectations are often worse. No one likes thinking they have a gem only to find its cubic zirconia. At the very least, we all want to get what we’ve paid for, right?

Prior to PCGS coming into the numismatic world in 1986, oftentimes the questions “how much?” or “what do you grade it?” were synonymous. An outright price also indicates grade, but the grade, too, can indicate price. With PCGS-graded coins, an individual is able check valuations via PCGS Price Guide or many other readily available sources based on the PCGS grade.

The question “what’s it grade?” is just another variation of “how much is it worth?”

Terminology and methodology change, but ultimately we’re all trying to avoid bad deals. PCGS verifies a piece’s authenticity first and then its grade. Originality, especially in terms of any alterations to a coin's surface or color, can both or in combination result in PCGS choosing not to grade a coin.

Coins that have issues may be eligible for grading at PCGS but will in those cases receive a net “Details” grade based on the particulars with the specific coin. Superficial problems generally don’t result in a No Grade, but much of that determination is based on whether there has been any metal movement or disturbance.

Even the lightest friction, especially if done intentionally, can result in a No Grade. The bottom line is that cleaning coins is bad. PCGS graders are very proficient at spotting any surface disturbances on a coin, cleaning among them. The rule of thumb is you will not enhance the value of your coin by cleaning it!

Strike, luster, surface abrasions, spots, and eye appeal are just a few of the factors that determine grade. Wear is everything in terms of grade because it directly affects the design details that remain after the wear. Generally, the high points of a coin’s surfaces receive wear or friction first.

When evaluating coins, find PCGS coins similar to your coin. You must compare the same issue by date and mintmark or at the very least a coin of the same design type. Compare your coin with an honest eye to the graded coin(s) image(s). Do not expect perfect results. Lighting, camera angles, background, and multiple filtering issues can all affect how a coin looks in an image.

Once you have taken the time to compare your coin to graded examples of the same date / mint and type you will start to develop an eye for that item. Once again, don’t waste your time comparing different coin types. Start with the basics and learn the idiosyncrasies of a single issue first. If you can find six to 10 high-resolution coin images of the coin you are trying to learn to grade (preferably in a range of grades) you can place your coin in the order (grade) of preservation as compared to the graded examples. The magnificent PCGS TrueView images are absolutely superb for viewing coins for this and other personal numismatic education purposes.

PCGS maintains grading sets of most highly traded U.S. coins. Grading sets are just that – sets of the same coin in progressive grades: MS61, MS62, MS63, MS64, etc. PCGS has maintained strict grading standards since its inception nearly 40 years ago. Because of PCGS consistency and quality control, PCGS-graded coins often trade sight unseen based on their PCGS grade.

Are ungraded coins a “bad” deal? Not if the price is right and you have some knowledge on what you’re buying.

But do educate yourself. And remember, there are no bargains!