Question regarding coins that have already been graded

[Joon]

Hi everyone,
I have a question regarding some coins I purchased from Littleton coin co. - I bought most of my coins from them when I began coin collecting in 1980's. I never really checked them out for errors. All of these coins come in enclosed cello wrappers that have the coin and grading info. I have left them all in their original wrappers and decided to check out some of my older purchases. And, much to my surprise I actually found two coins that are doubled die, a 1962 proof quarter and a more recent purchase of a 1964 Roosevelt dime. Since they are in their wrappers I'm not sure if I want to take them out and start possibly damaging them. I'm not sure what to do, I would like to get them graded especially the proof quarter. Any help you can give me would be greatly appreciated. Thanks, Joon

[Daniel]

They’re not worth more in Littleton holders and you need an expert to tell you if you do have a doubled die, before you potentially make a mistake and send them off for grading.

[Joon]

Hi Daniel,
Thank you for your input, I know that I have ddo and ddr on these two coins, I have checked it out and believe that these are the real deal. I will take the wrapper off them and post a photo if you could verify that it is what I think it is. I have been coin collecting for awhile have watched many of your videos and respect your opinion. My husband doesn't really want me to expend money to get them graded but, I'm not sure that would be the best route. I have quite a collection of error coins and after watching your videos I weeded out the ones that were not really errors, just damaged coins. Thanks again. PS. I ordered your $49. mystery coins, I loved it, I was going to video opening my package but, the shipping was so fast I didn't have time to set everything. Thanks again. -Joon

[Earle42]

I actually found two coins that are doubled die, a 1962 proof quarter and a more recent purchase of a 1964 Roosevelt dime.

1. You need to check them out at vrietyvista.com to se if they are actual doubled dies or some form of non-collectable doubling.

2. It would also be very smart to check out the SOLD prices of similar coins that have been slabbed and graded on eBay auctions. Senind gin coins like this is very probably going to put you in the (deeply) in hole financially as compared to what the vlaues of the coins actually are. The companies do not like to give out the money grades on slabs. The more rare the "money level grades" are kept, the more valuable those slabs become and the more business the companies get from people trying to get those money grades.

And one more long, but important piece of information for you if, like many are thinking slabbing any coins.
If you enjoy losing money, skip reading the following essay

The Insider's Guide to Using Grading Companies
-or-
Thinking of Slabbing? Make sure you understand the Facts...or You Could Lose Money.

Popular mistaken mindset:
1. The grading companies are not a way that the majority of people, even those with a great deal of experience who know what they are doing, are going to be able to use in order to make huge personal profits. Many people start using grading companies thinking they will find a way to finance their hobby, but they learn a hard lesson quickly.

In general, the coin you have found in circulation is NOT going to make huge profits if slabbed. Way too many people pad the pockets of the companies and get nothing in return b/c they THINK (youtube videos!) they have something rare.

Professional predicting not possible:
2. Watch some of Daniel's videos where he gets slabbed coins back from the grading companies. Note even people who live, eat, breath, and deal coins for a living (like Daniel) can accurately predict what grade the companies will give. And...the "fault" (not really a fault) is in a widespread mistaken perception people get from being exposed to all the slabs being sold nowadays:

a. Coin grading companies are a business out to make a profit - this is why they exist. They use a system where allegedly three, but in reality its normally two, graders look at each coin and give an opinion. The company videos showing the process make you believe this is a relaxed and paced process of studying each coin. In fact one PCGS video shows a number of guys sitting around a table discussing what they think a specific coin should be graded as (on youtube somewhere - sorry no link). Uh uh.

b. If you take a PCGS graded coin slabbed as MS64, break it out, and resubmit it to PCGS, you are never guaranteed the same grade again. The slabbed coin might come back MS62 (extreme and a bad day for graders), 63, 64, 65, 66 (extreme and a great day for you!). This is b/c the process is all subjective: No scientific/verifiable standards or methods are used. This subjectivity makes for greater company profits since people resubmit the same coin trying to get a higher (better price when selling) grade. In the 90s the companies, at great expense, created better (their own words) scientific methods not relying upon human opinion. No doubt the large profit from the re-slabbing game fell. The companies abandoned the science and went back to their less accurate systems.

c. It needs be mentioned that the fewer the "money grade" slabs a company assigns, the more prices of said slabs climbs. Thus more business is generated b/c more people pay to slab coins hoping to get that "money grade" slab. And the companies do keep records (accessible online) of how many of the higher graded slabs exist for each coin. While the idea of keeping money grade slabs minimized is speculative, there has been some convincing evidence of this being reality.

But..this is all hearsay without proof. So...
Grading the Coin Graders

Here is another good read from someone there at the start of the grading companies:
Hobby negative impacts from slabbing companies

Error on errors:
3. People also seem to think grading companies will examine a coin to see if they can find an error and then slab it as such. But again, they ONLY GRADE coins. The companies will NOT try to find and ID an error for you. You must FIRST ID the error yourself, CHECK to see if the company you want to use recognizes that specific error, PAY them to verify the error on the label, and then you may or may not actually get what you pay for! The companies have a bad reputation for attributing errors incorrectly.

Link to and read (download if you want it) the pdf link in my signature as an eye opening example. Sadly, the verifiable data presented from the PCGS website shows trusting people have spent thousands of dollars on many slabbed coins that are not what the companies claims/slabbed the coins to be.

Cost concerns:
4. B/c people do not understand the businesses, so very many people end up with spending far more money to slab a coin than the coin is worth. The companies profit greatly with membership fees, submission fees, insurance fees, shipping fees and extra (chosen) fees. ANACs does not have all these fees though.


You don't have to throw in the towel over these companies...but education about the reality of them will put you on the right pathway to dealing with them in a legit way without losing money in the process.


And…if you just like to collect slabbed coins for what they are, which makes losing/making money from slabs irrelevant, then of course enjoy them!"

[Paul]

[DSCoins]

I agree