Part of the fun and, on occasion, drama of Coingrader Capsule is calling grades as I see them when attempting to crossover holdered coins with PCGS. In my last post, “Online Bidding Errors,” I spoke about a mistake that I had made concerning an 1895-O Morgan Dollar graded AU50 by ANACS.
I needed the coin for my Set Registry, because I keep my coins in a bank box and viewing them online allows me to “visit” my collection.
In my last post I wrote that I had broken a firm online bidder rule, “checking on a coin slabbed by NGC, ANACS and ICG to learn the latest sale prices as listed by PCGS CoinFacts.” I neglected to do that and won the coin on Proxibid for a realized price of $800. Had the coin crossed over successfully to PCGS at AU 50, it would have been worth about $1000, a fair auction price. But Morgans for this date and mint mark in ANACS holders hovered around the $400 mark, about half of what I paid.
I also wrote: “The only thing going for me is my belief the coin will grade at XF45 because it is in an old small ANACS holder, and those seem to crossover well. I give myself a 20% chance at a crossover at AU50. The coin certainly deserves that grade, but a bag mark or two on the obverse lower left field may prevent that. The coin doesn’t looked cleaned. It has luster. It has a chance.”
Well the grade is in. My suspicion proved correct. It graded at XF45.
I consider myself a careful online bidder, and I am disappointed that I did not follow my own crossover rules:
- Do not bid on a coin until you check the latest auction prices on CoinFacts.
- Always bid greysheet, or wholesale, which is about 33% below retail price.
- Never assume a successful crossover of ANACS, NGC or ICG to PCGS, which rejects about 60% of its crossover attempts. In fact, estimate 2-3 points lower. (To check PCGS stats, click here.)
Sometimes the urge to snare a coin in an online auction gets the better of me, I must admit. How about you?
Coin Update is interested in your own online bidding rules concerning graded coins. Do you bid wholesale? Do you use a specific database to guide you? Have you recently tried to crossover coins to PCGS? What was the result?