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Is Coin Grading A Scam? How Do I Make Money Doing It?
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- เผยแพร่เมื่อ 18 ส.ค. 2024
- Is Coin Grading A Scam? How Do I Make Money Doing It?
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Is Coin Grading A Scam? How Do I Make Money Doing It?
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Dan, you are the man. I didn't mean to rhyme, it just happened.. 😆. I appreciate your insight into the hobby. You tell it how it is and no sugar coating.
PCGS and NGC should NOT be grading bullion coins. That’s a fictitious market and NONE of these bullion coins were ever released into circulation for the public. This is where numismatics takes a wrong turn. To preserve the hobby only US minted coinage , those that were once put into circulation for use by the public, should be graded. Thus is how we preserve our heritage.
What are you talking about? You want to kill off the world coin market? No more Britannias, Libertads, or Maple Leaves? What about Civil War tokens, are they worthy of your so-called "heritage"?
Besides, it's called Capitalism. Look it up.
I never thought of it that way, I guess that makes some sense. However, what do you think about graded commemorative coins?
You did not mention proofs.I would welcome your thoughts on them being graded.
So agree 🎯 makes look light late night tv ads…
And Daniel has overhead of shop employees himself and he still passes the nice coin on at a good price to us, this is why he's whom I choose to support! I was a small business owner all my life and I know honesty pays in long terms, Sir your father I know is very proud of you. keep living and loving and spreading kindness as you do.
Good stuff Daniel! 1st rule, is if I'm not sure, Anacs was 1 of the 1st grading comp,s and is very affordable to Auth- ur coin! Now ur sure what u have! It's worked just fine just sent 20 coins, started a fresh acc- w/NGC, allo a member over 25 yrs ANA! Thanks Daniel Don't stop educating these people!
I don't think people that are hobbiests, accumulators, or vest pocket dealers understand that there are costs you have to cover as a brick and mortar retailer.
The truth is that you have to take into account how long you'll own a coin, or more properly how long your money is tied up.
The truth is that you are taking the risk of overestimating the grade a coin will receive, or more properly that you are going to take a loss sometimes.
The truth is that if you don't treat people fairly your reputation will suffer and customers will go elsewhere, or in other words you can't make your markups by screwing over someone ever.
You are commendable for the transparency and honesty you exhibit and for putting effort into educating the public.
I've never heard you bad mouth your competition and that's almost unheard of among even the best dealers I know.
You are among the rarest of the rare in today's world. A true gentleman.
Thank you. My competition often have coins I need, so I would rather be friends. Plus I can learn things from them as well.
Thanks again for another great video.
My *personal opinion* is that the grading process takes too long, and the fees are a bit expensive.
I always enjoy your, “ behind the scenes” videos of your shop!
Thanks Daniel - can’t wait to see the coins. I have an order at ANACS right now and waiting for them. Should be a couple more weeks. Cheers!
Yes, it is a scam nor for dealers but for the grading company. Several ways, the grading companies are inconsistent, do not provide the reason for the grade, specific detail for damaged, questionable color, or cleaned. The submitter has only one recouse if they don't agree with the grade, to submit and pay for grading by an alternate company, again different standards and issues. Grading is subjective and that is where the scam begins.
You just said it’s a scam and gave 0 reason for it being a scam
@@CoinCollecter-uh1uw I said coin grading companies are the scammers
I'm still learning, so I appreciate these videos. Mostly I search for quarter errors as I also slowly buy nicer coins. Although yesterday I got two quarter rolls of unopened VT and IL quarters at the bank. Weird.
There are people who have no business sense. I knew a guy involved in a church I was going to for a short time that swore up and down that companies that produce Bibles should not charge ANYTHING for them. They take that same mentality to other business interactions and will always say they are being ripped off. So sad that people do not understand supply and demand. It does flow even to coin dealers. So sad that there are people like that who have no clue. YOU are doing a great and honorable job Daniel.
💯
Hello from Detroit Michigan brother thank you for sharing your knowledge and expertise and for taking us on your adventure into coins i have a sealed Box of pennies from manufacturers bank in Detroit sealed on January 22nd 1980 i hope to be able to open it up soon i pray for some good ones
Thanks for your advice Daniel. Good as always!
You won’t get steered wrong with Daniel, very honest dealer, way and above. I guarantee that, handshake type guy
Thank you.
Very nice nice lesson Daniel. You tell it like it is 😅
I love the St. Helena coins! I think they're some of the most beautiful silver coins out there. It would be nice if the US Mint would take some pointers from East India Trading Company.
This was an interesting one! Maybe sometime you could make a video about "what is market grading?" If you havent made one already. That's something I'd like to know more about. Grading is nice for tricky coins like Buffalo nickels, cameo/DCAM designation, toners that look a little funny, or really high grades 66-69. However with most silver coins up to a 65 I kinda just like them raw. Grading silver up to 65 isn't all that difficult. Sure you lose some deals because you thought a 61 was a 62 but you win a lot of deals if you can cherry pick clear cut 64s that are being sold at 63 price because they're raw. I don't think the grading companies are a scam, but I do think they are unnecessary a lot of the time. That's just me though, lots of people like the coin prisons... I mean "slabs." They're nice for presentation, I just can't justify taking up that much space for 1 coin unless it's a really good one.
I do have that video th-cam.com/video/rzPNrxliUf8/w-d-xo.html
It's older so I might revisit.
@@CoinHELPu Oh great, thanks a lot!
The highest grade I have received is a PR66 after picking the best coin to crack out of a proof set. I havr spent time reviewing samples and have to say the pictures they took look bad compared to the coin live so I think I may be going blind. Lucky I had them shoot pictures so I could see what they see.
Very informative video as always, and I agree 100% with you about ANACS. In my experience, ANACS-graded coins can be a bargain at times and they’re just as good as the “top two”
Whom do you consider the top two, PCGS and ?????????????????????????????????????
@@bradtankersley4867 NGC
And the reason you get a bargain buying anacs coins is? Clearly not as good as the top two, don't take my word for it look at greysheet as they graded the graders.
Thanks Daniel. I'm a little nervous right now..I'm about to enter my coins for auction for the first time...already graded by pcsg...ready for mailing to heritage .wish me luck.
I hope you consulted them first, they don’t just accept any coin amount.
Good luck.Ive been collecting for 45yrs.That was my goal till my best Lincoln's and Washington's got stolen.Pretty much blew that goal.Hard starting over with nicks and modern quarters.Good luck again.
I think grading made for collector coins is a waste of money. People have been encouraged to believe a Proof 70 is SO much more valuable than a Proof 69, when the difference is at a microscopic level. It's basically encouraging the collector's inner OCD. Grading is, however, important for genuine rarities that were made for circulation.
Grading isn’t a scam but I know for a fact big players get a guaranteed amount of MS70 or Proof 70 grades for sending in large quantities of coins. If I cracked the same coin and mailed it, I would get MS69 every time.
That’s not entirely true. Anyone can resubmit and get a different grade. I’ve sent in 70s and got back 70. The math is in the bulk submitters side, the more you send, the better the chance of a higher grade.
Thanks grading is scary
No grading is not a scam grading grading helps to identify what is the quality of the coin also if any error or varieties which by grading the coin help to sell the coin faster send any potential buyer will have more confidence purchasing it knowing that is getting for sure watch they looking for sense was validated by an expert
Awesome video , honesty and education as simple as that, thank you for your time.
Thank you for your common sense approach
You make money by selling something more than what you paid
I dont believe for a minute that ANACS, PCGS, or NGS are "scams". I have used all 3 companies and have come to the conclusion that the graders at all 3 companies are interchangeable and can work for each other.
I agree 100%
great video Daniel 😊🥈🥈🥇
Thanks Daniel. I don't personally thing Coin Grading is a scam as a whole. Its very useful. What I might scratch my head at are the 68+ coins that didnt get a 69. I don't know why they use a +. It either is or is not the next higher grade...IMO. I might use my other hand to scratch my head when a coin is graded at a certain grade and the next higher grade is a huge price jump and the coin looks to be that higher grade. Market manipulation ? We don't know. Honest with you, if it doesn't go in an album for me, it's usually in a slab. It take allot of time for you to do what you do figuring out grades, should I or shouldn't I kind of thing. Even if its only 30 seconds, it still all adds up for you. You might not get a return price for every coin but over all in the lot(s) I'm sure you shoot for the positive cash flow.
I went on vacation to Colorado Springs and I had some coins that I wanted to sell, I took them to offer them to a cook shop that supposedly was the one that paid the best, I sold the uncertified coins because they seemed good to me at the price they gave me But when I told him that I had certificates and knew the prices, he told me that he paid them the same, he told me that ngc and pcgs set a very high price and that he did not pay those prices, he told me that it was not worth sending a certificate coins, because it was more difficult to sell them, I kept the certified ones, I'll find where to sell them, when it's time
Good video Daniel
Are modern bullion coins with ms 70 grades worth more than selling them raw ?
I have a tough time taking modern coins seriously in MS70. I honestly think big companies get those grades handed to them for submitting large quantities of coins for grading. Are they really MS70 or just handed over as such for the company as a guaranteed holder graded?
Grading companies are not a scam, they are a racket.
There is definitely all kinds of ways to do this. The problem is in this business I'm afraid it's one of those deals that it's who you know. If coins are valued on someone's opinion then why wouldn't you want to be good friends with that person.
It's not about who you know, it's how experienced you are at grading coins.
@@CoinHELPu coins should have never been valued from someone's opinion. So one person gives his opinion and grades the coin right? Now that coin is worth let's say $20K, if that person made a mistake and missed something that could be a $10K difference and I just think that there isn't any room for mistakes in grading coins.
JMO, but I believe the grading of Silver Eagles is a scam. It is a bullion coin and never will you find it in circulation or get eagles in change. The first coin minted should be exactly like the last coin minted, although there may be a few exceptions and some may slip through, but the mint has quality control. Early release, the first-day issue is ridiculous. I only buy raw Eagles when the premiums are not out of line.
Not necessarily you, but many others.
Good video Daniel!!
when a coin shop says your Morgan Dollar is only worth the melt value. 😂 Gotta love their tactics and what they say to people. They'll lie to you all day long and feel good about it too
I don't know what coin shop you go to but I know of plenty that pay above melt for Morgan Dollars.
Sounds like you just laugh at them and know not to take their offer:)
@@RobertLee-wi5kc sounds like I just laugh at who?
Thanks Sir
Thank you for your help😊
I really have to wonder if the grading tier has any effect on the grade a coin receives. I know, I know... the coins are supposedly "anonymized" and all that, I've watched all the corporate explainer videos. But I'm not a particularly trusting soul to begin with, and I have found the maxim "you get what you pay for" to be generally accurate. And after my latest NGC Economy Tier submission, I've actually canceled the auto-renew on my Platinum Membership. I mean, what do these guys have against Ben Franklin anyway? 😂
You do realize the graders don’t see the tier…
@@CoinCollecter-uh1uw I realize that's what the grading companies assert. I'm just not 100% convinced that it's true, based on my own results. I realize that correlation doesn't prove causation, and it's likely a coincidence. But it does seem that when I pay for standard vs economy, the coins come back with grades that are more in line with what I expected. I can't be the only one who has experienced this phenomenon.
@@TheSteveBoyd Hate to say it but which guys are you going to have grade the valuable coins, experienced or the new guy. last grade report I saw had PCGS as best with 85% accurate mnn isnt that like a B and that was the best Ngc and Anacs lower. Thats why most of the site unseen lots price in the rejects.
1940 S 1949 S عندي 5سنت
What is the biggest determining factor when you decided which coins to send in for grading?
Grade then value in that grade.
Coin grading has given the grading companies the ability to control the industry.... say it any way you want, its a fact, that is true. Its the grading companing that run this industry.... They can make you or break you...
They don't control it, collectors and dealer/collectors control it, it doesn't matter how many coins PCGS or NGC grades or how much they claim they're worth. If no one is buying then they are out.
I think you are smarter than the average bear.
So you're saying a plastic case is going to stop silver from toning? What happens to that grade once it starts toning?
I never said that at all, toning continues no matter what a coin is stored in. Toning doesn't lessen or increase the grade of a coin either.
Sir ako Po may no mintmark na dime 1975 3pc magkano Po bili ninyo sa isa. Dito po ako sa pilipinas. Salamatpo.
Is really worth sending my modern collector coins to get graded? What’s the benefit unless I want to sell them????
Guess I’ll answer your question with my opinion. If you can get your coins into a holder with grades, it can protect the coin(s) from further damage and preserve its condition and also have an estimate of how much your coin(s) are worth.
Ok ok. I have just one question for Daniel. Mr. Daniel the question is...have you ever and I mean ever tried to convince another person that their coin was worth less than what you really knew the coin was worth? Here's my favorite question. Have you ever graded a coin based on personal gain? And if you have then did you grade the coin to fall more in your favor? Before you answer I just hope that you can be 110% honest with these answers.
I could lie here and you would never know the wiser. No one is going to openly admit they did something crooked on purpose. I recommend reading the comments and the reviews on my Portsmouth Coin & Currency coin shop, then take into consideration my 1,200 videos, free help community, etc. I hate liars and my name is worth more than money.
@@CoinHELPu you recommend what? It's just a question
@@CoinHELPu let's talk about the term cleaned coins. There isn't many coins out there that are tarnished that are actually worth a lot is there? And if they are tarnished and sent to NGC they come back as recommendation: have coin restored. And it's a MS 65 for just under $90K. If it had a different date then it wouldn't be anywhere near $90K. Why isn't there any tarnished coins that are of great value. I mean tarnished coins should be very pricey and in high demand but that's not the case here. I believe there in high demand to be bought cheap, then cleaned, then sold for more. All the high priced coins are infact clean coins. Not cleaned coins but clean
@@CoinHELPu and your saying that you might have gotten over on someone on accident?
@@CoinHELPu I really hope you don't think I'm calling you a liar or slandering you and your business in any way. Not at all. When these questions are asked there asked to someone that can provide truth not calling someone out. I'm coming to you because I'm looking for truth and your one of the few that can do that
Hi Mr Daniel..I you don't know me but I'm a big fan of yours I was wondering if you can give me your opinion or input on this error 1964 nickel please!..🙏🏾
This is NOT the place for this and he tells you everytime.
I think it's a scam. If you look at pcsg's grades - all the high dollar labels are almost always graded 70.
If generally an Anacs coin sells for less, then how come you didn't send them to PCGS instead?
Thanks for sharing, Daniel.
Because the fees are much higher.
@@CoinHELPuBut if the retail value of PCGS (or NGC) is also higher, and more people prefer the PCGS/NGC holder, wouldn’t it be worth it to go with one of the top two? Seems to me if I would end up making the same net profit after fees, but there’s more demand for it in a PCGS holder, that’s the route I’d go because it would sell quicker. Maybe ANACS is fine for a coin with a lower retail value (say under $100 to $150), but I’d think the spread would favor you as the dealer using PCGS or NGC above that level. Just my opinion, and I recognize your opinion may differ.
@@alwaysseekingsilver it’s not an opinion it is math. I would have doubled my submission fees if sent to PCGS or NGC. I would have lost hundreds of dollars. Most of these coins are worth $100 or less.
I’m thinking of sending some coins to ANACS… why did you choose to send to them and not another option?
Because these are mostly low value coins and their fees are cheaper.
@@CoinHELPu gotcha! Thanks for the response
Simple you just sell them to people who don't know about coins, but they trust you.
What do you advise? It is a scam
Watch my video, it isn’t.
Seems like quite a bit of money for an opinion.
It's well worth it when you cherry pick coins and know what you're looking at.
🙄... Or buy them from customers absurdly cheap knowing that you're going to flip it for large profits
@@timosman9172 or accuse an honest man of ripping people off for profit. Nice try troll. I take acceptation to your comment, would love you to say it to my face. I have yet have someone do that or to any dealer, there’s coins shows all over the United States, go to one and tell all the dealers what you just said.
You nake money by scamming other people. The majority of coins that are graded are worth the price in silver. Silver eagles are not worth anything graded.