| Understanding Coin Price Guides
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| | "silent assumption" built in to their
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| By Robert L Taylor, JD
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| | guide; which is that the Grade that YOU
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| There are many coin price guides
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| | decide upon, is True or Accurate, and
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| published; weekly, bi-weekly, monthly
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| | that such Grade is based on the ANA
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| and annually. They come in the form of
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| | Standards.
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| magazines, newsprint, "hot sheets", and
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| | The first difficulty that arises is that
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| books. All of us have referred to one
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| | most people never know if the Grade that
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| of these from time to time to ascertain
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| | they have decided upon is Accurate. Of
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| what a particular coin might be worth.
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| | course, this difficulty never comes into
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| Yet, few of us stop to think about what
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| | question, if the coin is Professionally
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| we are getting from any one of these
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| | Graded by an appropriate company. There
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| Price Guides, beyond the price or value
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| | are only four (4) reputable Professional
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| of a coin. After all, don't price
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| | Grading companies that strictly follow
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| guides, just give you the price? What
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| | the Guidelines set by the ANA, and they
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| else is there?
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| | are: PCGS, NCG, ICG, and ANACS.
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| Basic to an understanding of price guides
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| | The second difficulty arises because of
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| are two things: 1) the Grade of the
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| | this "silent assumption" or Foundation of
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| Coin; and 2) the Foundation of the
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| | all price guides is whether or not the
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| price guide. Knowing the Grade of the
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| | Grade has been decided upon using the
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| Coin is required before one can begin.
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| | Guidelines or Standards established by
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| Saying so seems to be obvious, but what
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| | the ANA. If you don't have the skills
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| more does it mean?
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| | and training of a professional coin
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| Unless the coin is Graded by an
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| | grader, the decision is probably
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| appropriate Professional Grading Company,
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| | questionable.
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| which has designated what Grade and
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| | Even if you do have the skills and
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| Identity has been assigned to the coin,
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| | training of a professional coin grader,
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| most of us are making an assumption about
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| | the decision is still probably
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| the actual Grade. This assumption we
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| | questionable. Why? Because even
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| make can be very dangerous because of:
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| | professional coin graders have differing
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| a) the difficulty in grading a coin;
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| | opinions. This is why the reputable
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| and, b) the different possible outcomes
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| | professional coin grading companies
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| or results that occur. One Grade "point"
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| | require the opinions of three (3)
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| or level can make the difference in
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| | professional coin graders to arrive at
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| hundreds or thousands of dollars in the
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| | the "Grade" designation to be placed on
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| Value of a Coin.
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| | every coin.
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| Price Guides assume that YOU already Know
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| | The obvious conclusion is that a Serious
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| the Grade of the Coin. This is why we
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| | Coin Collector is going to invest in rare
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| have the First Rule of Coin Collecting:
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| | and modern coins that are graded by one
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| Know the Grade of Your Coin.
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| | of the Top Four reputable Grading
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| Secondly, ALL Price Guides are founded on
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| | companies. It is the only certain way
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| the same Principle, which is that the
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| | to eliminate the disagreements and
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| Coin, whose price you are looking up, has
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| | arguments about the Grade of Any coin
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| been Graded using one Grading Standard.
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| | being Bought or Sold! It is the only
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| That Grading Standard is set by the ANA -
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| | certain way one can Value their coin
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| American Numismatic Association - and is
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| | collection. It also eliminates "getting
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| entitled the Official Grading Standards
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| | taken" or cheated buying raw coins.
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| For US Coins.
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| | Have fun collecting your Perfect Coins!
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| Therefore, ALL Price Guides have a
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