Getting a Coin Graded - Puff Cigar Discussion Forums
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post #1 of 27 Old 12-04-2019, 04:35 PM Thread Starter
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Getting a Coin Graded

I know a few yoos guys are into collecting coins. I don't know much about it, but my son got into it a few years back. He wants to get a coin graded, so I thought I'd ping the forum for advice. It looks like to get a coin graded, you either have to join the PCGS or the NGC and use their service. Or, find a reputable dealer and they will send the coin in on your behalf. Does that sound about right? And advice?



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post #2 of 27 Old 12-04-2019, 04:40 PM
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That pretty much sums it up.


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post #3 of 27 Old 12-04-2019, 05:29 PM
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You can get a yearly Associate membership at NGC for $25 which gives direct submission privileges.
Depending on the coin it will cost between $17 and $35 plus some shipping to get it graded but do read carefully


https://www.ngccoin.com/submit/services-fees/ngc/
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post #4 of 27 Old 12-04-2019, 05:45 PM
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Quote:
Originally Posted by Fusion View Post
You can get a yearly Associate membership at NGC for $25 which gives direct submission privileges.
Depending on the coin it will cost between $17 and $35 plus some shipping to get it graded but do read carefully


https://www.ngccoin.com/submit/services-fees/ngc/


Correct. Keep in mind, budget grading takes weeks (5-8 weeks). Additional designations and special labels cost more, express grading costs more, COA grading costs more, etc. With shipping and insurance both ways, expect to spend over $100 (plus membership).

PCGS has a bigger collector market and slightly higher premiums but also costs about $60 to join. Expect to spend $150 if you get the works and want the coin back in less than a month (on a top of membership cost). If you arenít in a hurry and get a plain blue label, you are looking at around $50 and 2-3 months turnaround.

Thatís exactly why itís usually better to just buy a graded coin instead of going through the trouble, spending time and money, risking a low grade


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post #5 of 27 Old 12-05-2019, 01:31 AM Thread Starter
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Excellent advice, thank you! Buying graded coins to save the trouble makes huge sense. He's got one coin that he spent a few hundred bucks on that he wants to get graded. There's no rush so I might just do the cheapest option.



Would you guys recommend a rookie like myself going into a coin shop, or should I be well versed in the ways of coins and come in with a magnifying glass. If I wanted to get him a graded silver eagle for example, that seems pretty straight forward. Or am I dealing with having to spot fakes like fake cubans? My kid wants to go to a shop and I'm dreading it. The amount of times I'll have to say no is gonna be a problem.
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post #6 of 27 Old 12-05-2019, 02:36 AM
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Quote:
Originally Posted by JohnBrody15 View Post
Excellent advice, thank you! Buying graded coins to save the trouble makes huge sense. He's got one coin that he spent a few hundred bucks on that he wants to get graded. There's no rush so I might just do the cheapest option.



Would you guys recommend a rookie like myself going into a coin shop, or should I be well versed in the ways of coins and come in with a magnifying glass. If I wanted to get him a graded silver eagle for example, that seems pretty straight forward. Or am I dealing with having to spot fakes like fake cubans? My kid wants to go to a shop and I'm dreading it. The amount of times I'll have to say no is gonna be a problem.


There are more fake coins out there than fake Cubans. Unless you are well versed, stick to reputable sources. Major dealers to start with. Coin shops (not pawn shops) can be great. If he is into collecting, he should establish relationships with a few coin shops and their owners/employees. Look for ones thatíd been around for a long time and have great reviews. Just like cigars, there is a lot to learn but itís a fun journey if you are into it. Read books, go to coin shows, join numismatic communities. eBay is the wild Wild West, proceed with caution.......like if you were buying a rare DuPont lighter on eBay


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post #7 of 27 Old 12-05-2019, 08:13 AM
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Some great advice here. Getting a coin graded is not always a good idea. If the coin is worth $200 and you spend another $100 to get it graded. It's not automatically now worth $300. It's still esentially a $200 coin, it just makes it easier to trade or sell it. Especially online where the buyer doesn't have the opportunity to inspect the coin in person.

Also, grading is a very subjective thing, even at the best grading services. Especially when you get up to the MS grade coins. There's a chance that the coin comes back graded lower than what you figured which can turn a $200 coin to a $50 coin.

The one plus side is that getting the coin graded isn't a back-breaking expense. Let's be honest here. Most of the members of Puff smoke $100's of dollars of tobacco products monthly. Grading the coin can also help him learn about grading and it does add a little bit of cool to have one of your favorite coins inspected, graded, tagged and displayed in a nice box.

Sometimes coin shops will send your coin in to have it graded along with their submissions. They obviously charge for this service. But it may be cheaper than joining one of the services if you only have one coin to submit.
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post #8 of 27 Old 12-05-2019, 10:28 AM
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Lots of great info here fella's.
I many times thought about coin collections.
As has been said buyer beware.
Still it is a worth while investment most off the time.
I just recently got into old paper money.
Very attractive to look at.
IMHO and a lot lighter to move around.
Yet another slope to head down.
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post #9 of 27 Old 12-05-2019, 11:53 AM
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my grandfather was a coin collector and i have considered the hobby multiple times

the skeptic in me does worry about sending something that was unopened to a faceless organization and trusting them to be honest. none of us are above temptation.
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post #10 of 27 Old 12-05-2019, 12:41 PM
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Very interesting info here. Thanks for sharing.
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