EVERTHING YOU WANTED TO KNOW ABOUT BUYING

& SELLING COINSBy

Michael S. Fey, Ph.D.

The Numismatic Market

• U.S. & Foreign coins

• Paper Money

• Tokens

• Medals

• Encased Postage Stamps

• Exonumia (Related items such as coin glass, coin art, coin jewelry etc.)

COLLECTION VS.

ACCUMULATION

• Accumulation—not organized; bag or drawer full of coins; pulled from circulation and handed down.

• Collection—organized, typically in albums or flips, carefully protected against environmental damage; date/mint mark order; typically includes Mint products and purchased coins from dealers.

Grading Guides

• Official A.N.A Grading Standards for US Coins-American Numismatic Association

• Coin World’s Making the Grade.• Grading Professionals & Grading Services• Scale 1-70 (Strike, Luster, Contact Marks,

Overall Eye Appeal); Circ.1-AU58’ MS 60-70 (Good, VG, Fine, VF, Ex Fine, Almost Uncirculated)

Variety Guides & Collector Clubs

• Cherrypickers’ Guide—Bill Fivaz & J.T. Stanton• Top 100 Morgan Dollars: The VAM Keys—

Michael S. Fey, Ph.D. & Jeff Oxman• Bust Half Dollars—Al Overton,

Glenn Pederson, M.D.

• Early American Copper—EAC, Sheldon, Noyes

• Join ANA & Access LibraryErrors & Varieties

Population Reports

• PCGS, NGC, ANACS Hard copy

• Online Reports

• Rare vs. Modern

• High Grade “Condition Census”

• Cost: $15-30 per coin; recommended for $200+ coins

Pricing Guides

• The Official Red Book, A Guide Book of U.S. Coins—Ed. Ken Bressett (since 1947)

• The Official Blue Book, A Handbook of U.S. Coins (Selling)-- Ed. Ken Bressett

• Krause Standard Catalog of World Coins• Coin Dealer Newsletter (CDN)-Blue Sheet &

Graysheet• Coin World Trends, Numismatic News, CoinAge• Auction Prices Realized (ie. Heritage, Stacks,

Bowers & Merena)

Pricing• Based on Supply and Demand• Wholesale vs. Retail (Buying/Selling Spread) • Highly dependent on metallic composition (gold,

silver, copper, bi-metallic)• Highly correlated with grade• Highly correlated with variety• Somewhat correlated with age• Raw vs. Certified (PCGS, NGC, ICG, ANACS)

Buying

• For the Joy of Collecting—For Fun Only

• Collector-Investor—For Fun & Profit

• Investing—ROI only consideration

• Engage a trustworthy Professional

• Buy the books, read, study, take ANA courses, visit shops, shows, seminars

• Start with PCGS/NGC Certified Coins

Selling• Buy Pricing/Grading Guides (Blue Book)• Get Appraisals from trustworthy dealers (shops, shows, professionals)• Check prices for comparables on E-Bay• Consider wholesale vs. retail• Consider sales effort--time• Consider best option: holding vs. selling

Copyright 2007 Michael S. Fey, Ph..D., RCI 973-252-4000; Feyms@aol.com