Damaged NGC slab to sell

Monday morning was not a great start for me. I had 3 bags I was bringing to work - my backpack, my lunch container and my tote bag which included 5 slabbed coins that I was showing to a fellow collector during lunch break. It was hectic getting out - my wife telling me something on the way out, my daughters car needed a battery jump, and I'm getting out late. Anyway, I placed the tote bag on the passenger car seat. As I shut the passenger door, the tote bag fell off the seat to the right and the door contacted it. Two slabs were damaged but the coins looked fine.

One coin is a PCGS MS64 Franklin which will be removed from the slab and contained in a 2X2 - the value is not much for resubmitting. The other is a 1925 California commen half in MS62 per the photo attachments. It was a good hit as a piece of the case chipped off.

I took this to a dealer who low balled me for the coin and also said the coin would need to be regraded based on the case. He said this would cost $120 where they said they would not profit (yeah, sure). I heard some cheesy selling spiels in the discussion.

I am also going to the Central States show in the spring and NGC will be there, so I could submit it and save some shipping costs.

Based on the slab damage, would this coin require a regrade? I want to sell it and perhaps I can sell it raw or get a new slab. Any thoughts?

 

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@Dimedude2 what was the dealer offer for it in the cracked slab vs your asking price?
I see MS 62 (PCGS and NGC) selling for $182.50-$250 on eBay (only 5 total sales); the prices are basically the same at MS 63. Raw and details UNC pieces are in the $130-$180 range.


As far as NGC costs, reholder is $13 vs economy grading at $23 (if NGC thinks the damage to the slab is serious enough to compromise the coin). However, you also have to account for the $10 handling fee per invoice, the $20+ return shipping, and any amount that it costs you to ship to NGC. So with just one coin, you are looking at a minimum of $43 for a reholder. If you have more coins to send (probably want to grade all of them at $23 each), then you can lower the per coin cost. Occasionally NGC has a special for show grading (they did at Central States in 2023) and that could also help out (as it takes away the return shipping cost).

Knowing the costs at NGC, you might be better off trying to sell the coin as-is (maybe not to a dealer but online-eBay or here on the forum).

 

They offered a very low ball 100 dollars for the coin, and the guy treated me like I was an idiot with his statements - “buy the coin not the holder” even before he actually looked at the coin. I talked to another dealer offering $170 as if it were raw.

 

Yes, using Grey Sheet numbers, the $100 offer is on the low side. The piece is like a raw coin now because, as someone else noted, the reholder fees for one coin are really high compared to the value of the piece. Most collectors would not want a piece with a slab which is that badly damaged.

The Grey Sheet says the California commemorative is worth $140 in EF vs. $185 in MS-62. The lack of a price spread makes this coin harder to sell.

I wonder if the $140 EF bid is really valid. As a collector, if you are willing to pay $140 plus the implied retail markup, why not pay another $45+ and get an MS-62, or even an MS-63 which is bid at $225? These are the thoughts that run through dealers’ and collectors’ minds. You could use the money to buy an MS-63, which is a much more desirable grade.

 

I agree John that you have to consider the coin as raw. I just thought 100 from a place known for many as credible is a slap in the face.

 

What is deductible on Homeowners/Auto insurance coverage?

Does the HO 4 have a usually standard $300 limit on coins? Was the auto parked on your driveway when the incident happened?

Make the claim anyway, and if denied, it is a deductible loss on 1040, including the cost to re-holder.

I know stuff, sometimes, and insurance companies do not have a fondness for me.

 

I do not agree that the "raw" value is somehow lower, at all. The CDN pricing is for certified OR Uncertified (RAW), as long as Grade adheres to the current leading standard.

 

I'm not a collector of them but I would have sold it to the dealer that offered $170 and moved on.
Your in a tough place with this one, good luck.

 

My home owners insurance deductable is $5000. There's no way I will get State Farm involved here.

I am leaning toward selling it for $170 and moving on. I have one in a higher grade.

 

You need to find a new coin dealer.

 

It's nice to see the slab protected the coin. I think I would sell it and let someone else pay NGC for a new holder.

 

If the coin still equals the current leading grading standard for the encapsulated TPG Grade, why not just keep it?

BTW, did you mean $500? I hope so.....

 

Maybe, maybe not. Homeowner's insurance has gotten out of hand. Many people are opting for catastrophic coverage only anymore. Hello from Florida!

 

Don't take this the wrong way, but....I won't be visiting.

 

C'mon...........put a little excitement in your life. September is ALWAYS interesting.

 

I second the idea of selling to the dealer that offered $170. With eBay fees of about 13% and shipping being another $5 (usps ground advantage), you would need to sell for around $200 to net the same amount. Considering non-damaged slabs have brought less, that could be a challenge. And the costs to reholder are more than any benefit when you have a $170 offer on the table.

 

Survived a Residency @ Miami Beach Hospital. I'm good.

 

That's interesting. My father graduated from the University of Miami Medical School.