Coin Collection - Overgrading and Undergrading Coins
Overgrading:Prior to the advent of the independent grading services, unscrupulous or uneducated dealers made a nice living off new collectors by deliberately overgrading coins or not knowing how to grade themselves. Fortunately, grading services eliminate just about all of this problem by providing an independent grade that is recognized and accepted by virtually every dealer and collector in numismatics. If you don't personally know how to grade coins, don't buy coins that haven't yet been independently certified or graded.
Undergrading: We would all like to buy a coin for a fraction of its true value. But would you do it by deliberately knocking the grade of someone else's coin to undermine its value? A lot of people would, it seems, because this is a common practice in numismatics.
Say you bought a coin for $500 in Extremely Fine condition. You've owned the coin for five years and you decide to sell it and use the money to buy other coins. The market value has gone up slightly since you purchased the coin, so you expect to get offers in the $475 to $525 range. A dealer looks at your coin, comments on what a lovely piece it is, and offers $250. "What?" you exclaim, "How can you offer $250 for an Extremely Fine coin worth more than $500?" The dealer replies calmly, "But your coin is only Very Fine. The catalog price is $200, so I'm being more than fair in offering you $50 over catalog." Welcome to the world of undergrading, which also happens when the buyer still doesn't know how to grade coins.
The problem of undergrading is one of the best reasons we can think of to certify your valuable coins. After you've settled the grading question, you can argue over the price, which is a whole other issue.
When is a profit too much? If a 5 percent markup is fair, what about 10 percent? Is a 25 percent markup unfair? Would a 100 percent profit be unconscionable? Should the profit margin be tied to the cost of a coin, or should it be related to the market price? These questions are ones every dealer struggles with as he attempts to strike a balance between fairness and profitability. We're firm believers that any profit earned in a fair and equitable manner is well-deserved, no matter how large or small. On the other hand, we consider any profit earned by deliberate manipulation of any part of a transaction to be unconscionable — again, no matter how large or small.
Questions and Answers
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Australian high relief silver proof strikes are rapidly becoming a popular collecting genre.
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If you're upgrading from an older Mac running Mac OS X to your new iMac, I have great news for you: Apple includes the Migration Assistant utility application that can help you copy (whoops, I mean, migrate) all sorts of data from your old Mac to your new machine. The list of stuff that gets copied over includes
Currently, all iMac computers ship with these major software applications installed and ready to use:
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