Determining the value of a coin

[Jay 0]

Hi again everyone, I have another question, this time about understanding how much to pay for a given coin when you go to buy - you may have discussed this several times in the past and so apologies for the repetition.

As a beginner I am looking at keeping aside some money each month to build my collection - maybe £150 or £200. I've bought a copy of the latest Spink Coins of England & the UK which makes interesting reading, as are the articles and comments on various websites such as yours. What baffles me is how dealers varyingly price a given coin of the same grade compared to the Spink quoted price. I guess the spot price of the metal would lead to some variation in price but as a collector how do you decide if you have a good buy in front if you? Is Spink the accepted standard to base a judgement of price on (so that anything cheaper is thereby to be considered a good price) or is that presumption wrong?

One of the George V crowns for sale on this website which I am eyeing at the moment is priced higher than the Spink value - how did you decide that?

Thanks very much, Jay

[azda 979]

Hi again everyone, I have another question, this time about understanding how much to pay for a given coin when you go to buy - you may have discussed this several times in the past and so apologies for the repetition.

As a beginner I am looking at keeping aside some money each month to build my collection - maybe £150 or £200. I've bought a copy of the latest Spink Coins of England & the UK which makes interesting reading, as are the articles and comments on various websites such as yours. What baffles me is how dealers varyingly price a given coin of the same grade compared to the Spink quoted price. I guess the spot price of the metal would lead to some variation in price but as a collector how do you decide if you have a good buy in front if you? Is Spink the accepted standard to base a judgement of price on (so that anything cheaper is thereby to be considered a good price) or is that presumption wrong?

One of the George V crowns for sale on this website which I am eyeing at the moment is priced higher than the Spink value - how did you decide that?

Thanks very much, Jay

Two things in that one sentence.....Firstly dealers have a differing degree of what's a VF coin and EF coin, so that`'s where you come in, you have to know your own onions in that respect. Spinks quoted prices, well, take those with a pinch of salt. Then there's pricing, this comes from varying factors, grade and rarity are 2 of the most important. You mentioned a George V Crown on this website, but never mentioned which or grade, you did mention Spink however, Spink is merely a guide, rarity has no guide, nor does high grade, plus rarity..

Edited January 24, 2013 by azda

[Rob 3,152]

I'm afraid you have to do your own spadework. All price guides are out in both directions on a regular basis, just as some prices are about right. People will list coins for sell at a price that they think they can realise. This may also be over or under the guides. Ultimately the decision is yours. You aren't obligated to buy anything, equally, if you like the coin and the price seems reasonable then you should be happy and any particular guide irrelevant.

[Jay 0]

Hi again everyone, I have another question, this time about understanding how much to pay for a given coin when you go to buy - you may have discussed this several times in the past and so apologies for the repetition.

As a beginner I am looking at keeping aside some money each month to build my collection - maybe £150 or £200. I've bought a copy of the latest Spink Coins of England & the UK which makes interesting reading, as are the articles and comments on various websites such as yours. What baffles me is how dealers varyingly price a given coin of the same grade compared to the Spink quoted price. I guess the spot price of the metal would lead to some variation in price but as a collector how do you decide if you have a good buy in front if you? Is Spink the accepted standard to base a judgement of price on (so that anything cheaper is thereby to be considered a good price) or is that presumption wrong?

One of the George V crowns for sale on this website which I am eyeing at the moment is priced higher than the Spink value - how did you decide that?

Thanks very much, Jay

Two things in that one sentence.....Firstly dealers have a differing degree of what s a VF coin and EF coin, so that`''s where you come in, you have to know your own onions in that respect. Spinks quoted prices, well, take those with a pinch of salt. Then there's pricing, this comes from varying factors, grade and rarity are 2 of the most important. You mentioned a George V Crown on this website, but never mentioned which or grade, you did mention Spink however, Spink is merely a guide, rarity has no guide, nor does high grade, plus rarity..

Sorry, I missed stating the detail of that coin for sale here - it's the 1927 proof Crown. Thanks for the comments about Spink - I guess I am trying to understand that judgement you are referring to. It can't be an exact science I suppose and at the end of the day it would be limited by how much someone is willing to pay for a given coin, yet again you don't want to be a sucker and pay stupid money...

[azda 979]

1927 crown, most common

[declanwmagee 122]

Quite often I'll overprice a coin because I don't want to sell it just yet - because I rather like having it in the Shop.

Some of us weren't born to be businessmen!

[Jay 0]

Quite often I'll overprice a coin because I don't want to sell it just yet - because I rather like having it in the Shop.

Some of us weren't born to be businessmen!

Ha ha I can understand that - I'm the same. It's combining work with pleasure which can't be a bad thing! Thanks for all your answers.

[TomGoodheart 403]

It's a tricky area. Spink (AFAIK) base their prices on sales data. Which means that for commoner coins they are fairly accurate at the time the volumeis complied (which can be months before actual publication, of course). But for rarities that only come up once ina few years prices can be way out of what someone is prepared to pay.

I imagine that dealers' prices are more .. up to date .. but grading (however much people try) isn't an exact science, coins can be rarer (or commoner!) than recognised and someone in the know will be prepared to pay considerably more (or less). And we can all be swayed by 'the market' but if you watch any of those TV antiques programmes you'll know that one day something can struggle to get over the auction reserve, other days the price can rocket because two buyers both want it.

And that's another aspect. A coin can be as rare as hen's teeth, but if there are only two people who want it and one of those has an example it could go for a bargain price. Some types of coins are just much more popular than scarcity should make them (wreath crowns, civil war coinage, that sort of thing) and will always do well.

Really there's no absolute price. It's down to what YOU think a coin is worth on the day. But knowing your stuff certainly helps. That's why people buy old auction catalogues, not really for the prices (though that helps, more up-to-date info is available on line) more to compare the coin they have seen with one from one of the calssic collections of the past. Well, that's what I do anyway! And if I can buy a nicer coin than Joe Numismatist's or whoever, or better, one he didn't have well, I might be prepared to pay a bit more for it ..

Oh, and once again, one of my favourite numismatic quotes from the into to the Coincraft catalogue where Richard Lobel quotes an early mentor of his who said "when you go to value a coin it is what you have not seen rather than what you have seen that matters" and this is particularly true of grading.

Some very common coins are almost impossible to find in decent condition and guides like Spink may not reflect that. The key of course, is knowing which!

Edited January 24, 2013 by TomGoodheart

[Coinery 1,157]

Quite often I'll overprice a coin because I don't want to sell it just yet - because I rather like having it in the Shop.

Some of us weren't born to be businessmen!

Spot on, Declan, I'm from the same mould! Also, as Rob said, it's also about a stab at what you think you can get for a coin because, hobbiest or business man, most of us are hoping to buy something else with the released funds!

I actually like Spink's book because I physically can't remember everything about everything I see. However, Spink's takes it's prices from hopefully a lot of different sales, which will have included an infinite amount of coin faults. To clarify the complexity of value, I have a BU 1936 penny which I'm really pleased with and can't conceive of bettering, however, I also have a beautiful, luminous, burgundy-toned '36 which, I couldn't value less!

Also, I have three different elizabeth I 3d's, which fall under the same spink number, but one is around 6 x rarer than the others, and would sell well above the spink price guide...that's what you're up against! Enjoy!

[Gary1000 41]

And of course an over valued coin has some bargaining room

[Peckris 579]

You've had some great replies I'd only add a couple more points :

1. Eye appeal is everything. A coin either has it, or it doesn't and that might apply to two coins of the same grade - the one with eye appeal will naturally sell for a premium over the other one. How much of a premium? Well, how long is a piece of string! It depends on so many factors : how popular that coin is with collectors, how easy or difficult to find really attractive examples, how strong the difference between them in terms of appeal. As Rob says, you have to do the spadework yourself on this, and learn from inevitable mistakes (we all make 'em!)

2. Spink is just a guide, and notorious for overpricing many modern coins, but possibly underpricing some of the older ones. Take what is listed there with a pinch of salt, and do your own research : e.g. do BU 1936 pennies (not a difficult date) really sell on eBay for as much as Spink lists?

[Accumulator 52]

A coin is worth as much as someone is prepared to pay for it, so the starting point is to know what has been actually paid for a similar example. Generally, the only realised (as opposed to advertised) prices that you can obtain are from auctions, so this is usually my starting point. For the rarer coins I always check the various on-line resources such as individual auction house listings of realised prices and more general services like mcsearch.info. For the more mainstream coins, eBay is an invaluable resource (but do check the actual condition of the coins sold rather than their advertised condition).

I tend only to use Spink as a general guide to coins that I don't collect, if that makes sense? For that purpose it's unbeatable as a quick reference look-up. For the coins I do collect, I have a selection of books and other resources providing far more detail.

So to summarise, If you are looking to buy a coin try as best you can to independently asses it's market value and then pay no more that that figure. Of course, in the real world, we all fall for a particular coin at times and pay over the odds!

[Jay 0]

There's been some great replies and suggestions here - thanks, I'm grateful for all that really useful information. What's becoming clear to me is that this is a key part of the enjoyment of collecting. Cheers, Jay

[1949threepence 3,367]

Hi again everyone, I have another question, this time about understanding how much to pay for a given coin when you go to buy - you may have discussed this several times in the past and so apologies for the repetition.

As a beginner I am looking at keeping aside some money each month to build my collection - maybe £150 or £200. I've bought a copy of the latest Spink Coins of England & the UK which makes interesting reading, as are the articles and comments on various websites such as yours. What baffles me is how dealers varyingly price a given coin of the same grade compared to the Spink quoted price. I guess the spot price of the metal would lead to some variation in price but as a collector how do you decide if you have a good buy in front if you? Is Spink the accepted standard to base a judgement of price on (so that anything cheaper is thereby to be considered a good price) or is that presumption wrong?

One of the George V crowns for sale on this website which I am eyeing at the moment is priced higher than the Spink value - how did you decide that?

Thanks very much, Jay

Price guides for coins are just that "guides". They don't necessarily reflect reality.

Coin appeal consists of four factors, a) Rarity, Grade, c) Eye appeal, d) Popularity of the series concerned. You have to take all that into account when determining what a coin is worth to you, and whether you should buy it. Assuming your target type is popular, always aim high as far as grade is concerned, but strongly take into account the highly important concomitant factor of attractiveness. Just because a coin is GEF, say, doesn't necessarily mean it will actually look as good as a coin which is GVF.

You might have to take a hit on grade, if your given specific target is rare, but take my advice and NEVER buy "clear date" or other space fillers. You will invariably regret it and want to upgrade.

[Peckris 579]

Hi again everyone, I have another question, this time about understanding how much to pay for a given coin when you go to buy - you may have discussed this several times in the past and so apologies for the repetition.

As a beginner I am looking at keeping aside some money each month to build my collection - maybe £150 or £200. I've bought a copy of the latest Spink Coins of England & the UK which makes interesting reading, as are the articles and comments on various websites such as yours. What baffles me is how dealers varyingly price a given coin of the same grade compared to the Spink quoted price. I guess the spot price of the metal would lead to some variation in price but as a collector how do you decide if you have a good buy in front if you? Is Spink the accepted standard to base a judgement of price on (so that anything cheaper is thereby to be considered a good price) or is that presumption wrong?

One of the George V crowns for sale on this website which I am eyeing at the moment is priced higher than the Spink value - how did you decide that?

Thanks very much, Jay

Price guides for coins are just that "guides". They don't necessarily reflect reality.

Coin appeal consists of four factors, a) Rarity, Grade, c) Eye appeal, d) Popularity of the series concerned. You have to take all that into account when determining what a coin is worth to you, and whether you should buy it. Assuming your target type is popular, always aim high as far as grade is concerned, but strongly take into account the highly important concomitant factor of attractiveness. Just because a coin is GEF, say, doesn't necessarily mean it will actually look as good as a coin which is GVF.

You might have to take a hit on grade, if your given specific target is rare, but take my advice and NEVER buy "clear date" or other space fillers. You will invariably regret it and want to upgrade.

is whereas b( could be bc.

[1949threepence 3,367]

Hi again everyone, I have another question, this time about understanding how much to pay for a given coin when you go to buy - you may have discussed this several times in the past and so apologies for the repetition.

As a beginner I am looking at keeping aside some money each month to build my collection - maybe £150 or £200. I've bought a copy of the latest Spink Coins of England & the UK which makes interesting reading, as are the articles and comments on various websites such as yours. What baffles me is how dealers varyingly price a given coin of the same grade compared to the Spink quoted price. I guess the spot price of the metal would lead to some variation in price but as a collector how do you decide if you have a good buy in front if you? Is Spink the accepted standard to base a judgement of price on (so that anything cheaper is thereby to be considered a good price) or is that presumption wrong?

One of the George V crowns for sale on this website which I am eyeing at the moment is priced higher than the Spink value - how did you decide that?

Thanks very much, Jay

Price guides for coins are just that "guides". They don't necessarily reflect reality.

Coin appeal consists of four factors, a) Rarity, Grade, c) Eye appeal, d) Popularity of the series concerned. You have to take all that into account when determining what a coin is worth to you, and whether you should buy it. Assuming your target type is popular, always aim high as far as grade is concerned, but strongly take into account the highly important concomitant factor of attractiveness. Just because a coin is GEF, say, doesn't necessarily mean it will actually look as good as a coin which is GVF.

You might have to take a hit on grade, if your given specific target is rare, but take my advice and NEVER buy "clear date" or other space fillers. You will invariably regret it and want to upgrade.

is whereas b( could be bc.

I think I'll be cool, and stick to nunbers from now on.......

[Peckris 579]

Hi again everyone, I have another question, this time about understanding how much to pay for a given coin when you go to buy - you may have discussed this several times in the past and so apologies for the repetition.

As a beginner I am looking at keeping aside some money each month to build my collection - maybe £150 or £200. I've bought a copy of the latest Spink Coins of England & the UK which makes interesting reading, as are the articles and comments on various websites such as yours. What baffles me is how dealers varyingly price a given coin of the same grade compared to the Spink quoted price. I guess the spot price of the metal would lead to some variation in price but as a collector how do you decide if you have a good buy in front if you? Is Spink the accepted standard to base a judgement of price on (so that anything cheaper is thereby to be considered a good price) or is that presumption wrong?

One of the George V crowns for sale on this website which I am eyeing at the moment is priced higher than the Spink value - how did you decide that?

Thanks very much, Jay

Price guides for coins are just that "guides". They don't necessarily reflect reality.

Coin appeal consists of four factors, a) Rarity, Grade, c) Eye appeal, d) Popularity of the series concerned. You have to take all that into account when determining what a coin is worth to you, and whether you should buy it. Assuming your target type is popular, always aim high as far as grade is concerned, but strongly take into account the highly important concomitant factor of attractiveness. Just because a coin is GEF, say, doesn't necessarily mean it will actually look as good as a coin which is GVF.

You might have to take a hit on grade, if your given specific target is rare, but take my advice and NEVER buy "clear date" or other space fillers. You will invariably regret it and want to upgrade.

is whereas b( could be bc.

I think I'll be cool, and stick to nunbers from now on.......

Very poorly designed emoticon - they could at least have made it instead of