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Declared value of a coin sent in for grading?
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Started by silverdrag'n,

37 posts in this topic

silverdrag'n

silverdrag'n

Posted
Posted (edited)

HI Everybody,

I have a coin that's ostensibly worth about 8 bucks and upon a serious look at the coin realized it may be worth 4 to 5 figures. I wish to submit the coin to NGC for review and grading and as part of the process I need to declare the value of the coin. What value should I declare? I'm  a newbie and hope for the best but declaring an astronomical value may not be the thing do do.

 

What are your thoughts on this matter? What value should I  declare, the standard perceived value by coin type, or the hidden value I think the coin has?

 

     

Edited by silverdrag'n
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RWB

RWB

Posted
Posted (edited)

For postal insurance, use the fair market value. But -- be prepared to substantiate your value if the coin is lost. That means photos, auctions of "identical" items, etc., or more depending of declared value.

PS: As a new collector, the odds are your coin is worth $8 or maybe much less. Unusual or old do not equal valuable.

Edited by RWB
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Coinbuf

Coinbuf

Posted
Posted

I suggest you post photos of the coin (both obv and rev in focus and cropped), tell us what you think is making the coin so valuable and lets see if anyone agrees with you.  If your not open to that idea for some odd reason then the only advice I can offer is to insure/declare it for $8 as my guess is that is what the coin is worth.  You can insure/declare the value at your 4 to 5 figure value but that will cost a great bit more money both in shipping and grading fees.

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rocket23

rocket23

Posted
Posted

I sent 3 coins set at 450.00 bucks ......the grading company doesn't put the price tag on the coin YOU and the Public do.......as for insurance I mailed 14 years of child support to an evil witch......yes her MOM was born on Halloween!! Post office never lost a letter........So Write anything you want, just be prepared to back it up.

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Henri Charriere

Henri Charriere

Posted
Posted

You have a luxury few people have.  If I bought a coin for 8USD, and it was lost in transit, none of what you claim on the submission form would be a reflection on the TPGS you sent it to which never got a chance to see it. This is strictly between you and the carrier you chose and what they charged for delivery.

Suppose what you sent in turned out to be an extraordinary find: a 1943 copper penny in very fine condition? Then what? (This scenario reminds me of the time a regular Joe sent in a lottery ticket with a multi-million dollar jackpot to State Lottery offices by regular mail -- no insurance, etc. -- using a regular postage stamp. I would not have done that: no proof of mailing or confirmation of receipt. Too risky.)  The only time I took liberties with what an item cost me was when I began with the final cost to me which included prevailing Fair Market Value, the bribe I had to pay a "detective" to convince the owner to sell (with kickback) PayPal's fee for conversion from USD to Euros -- which did not include the Customs and Border Protection I had to pay in the U.S. to prevent the package from being sent back. Then, I had to have the coin cross-graded for my Set Registry. With all my costs added up,  I discovered I had paid roughly twice what I would have had the coin been available domestically in the "right" holder. (It is unquestionably one of the top three rarest in my collection.)

I belive the suggestion you've received earlier  is the more sensible route and may save you hundreds of dollars and needless heartache.  Submit two of the best photos you can of both the obverse and reverse sides of the coin and let the talented membership here weigh in as to whether what you have is worth formal certification. Best of luck to you!

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Conder101

Conder101

Posted
Posted
On 11/2/2020 at 5:21 PM, Lancek said:

If you send it in at a low tier, and NGC thinks it's more valuable, they will adjust what they charge you.

But it will still be shipped back to you insured for what ever valuation you declared when you shipped it to them.

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silverdrag'n

silverdrag'n

Posted
  • Author
Posted (edited)

Thanks for your reply, it is much appreciated.

About the coin:

When looking at the coin above it doesn't show 
any circulation wear...at all!

I wish you could see the coin as I can. On the 
reverse, the very fine feathers at the very top 
of the right wing (possibly one of the first
areas to show wear) doesn't show any...none!

Now, bag marks and assorted coin marks are 
part of having been put in a bag with other 
coins at the mint. Some of these flaws are to be
expected, but the coin has very high eye appeal
in spite of that.

 

Edited by silverdrag'n
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Just Bob

Just Bob

Posted
Posted

The bag marks are what will keep it from grading MS 67. "Only a few imperfections" is how NGC describes a coin with that lofty grade. Unfortunately, your coin has more than "a few." Nice coin, but, judging strictly by these pictures, I am going to guess maybe MS63/64 at the most. In hand, or at least with closer, sharper pictures, I may have a different opinion.

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Coinbuf

Coinbuf

Posted
Posted

From your photos I think you will be in for a major disappointment if you send that in for grading.  Your opening post had me both curious and confused and I must say that I am still in the same condition.

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VKurtB

VKurtB

Posted
Posted

When anybody puts the word "MS67" in the same post with the pictures above, one does the hobby and this site no good. It is a mundane 1924 dollar. There are gazillions like it out there. There may be more nicer 1924's out there than any other date. They were usually very good strikes.

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Modwriter

Modwriter

Posted
Posted
On 11/9/2020 at 1:23 PM, VKurtB said:

When anybody puts the word "MS67" in the same post with the pictures above, one does the hobby and this site no good. It is a mundane 1924 dollar. There are gazillions like it out there. There may be more nicer 1924's out there than any other date. They were usually very good strikes.

Your hobby is going through some major changes.😎☘

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scopru

scopru

Posted
Posted
6 hours ago, Modwriter said:

Your hobby is going through some major changes.

Yes please simply state what you mean in this case - or do we need to wait until Thursday as you say in another post. meh

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Henri Charriere

Henri Charriere

Posted
Posted

'tis a strange hobby that routinely gives a pass on grade for deeply chop-marked, i.e., (purposefully desecrated) Trade Dollars, but is ready, willing and able to wield a sledgehammer on grading a Peace Dollar which is expected to come bag-marked.  Too bad these things are rarely seen "well-struck with sharp devices with prominent high point details," and with "exceptional eye appeal." Those upper-tier grades are reserved for them.  Still a lovely piece and I like it.

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