Louis Golino has been a collector of American and world coins since childhood and has written about coins since 2009. In addition to writing about modern coins and other numismatic issues for Coin World, he also has written a regular column for CoinWeek.com since 2011, writes a monthy column for The Numismatist magazine and has written for other coin publications. In 2015, for his CoinWeek column “The Coin Analyst,” he was presented with the Numismatic Literary Guild's award for best online column. He is also a founding member of the Modern Coin Forum.Visit one of our other blogs:
Patience Helps in Modern Numismatics
The author was able to get a great deal on a 70-graded example of the gold dime recently by waiting until the moment was right.
There are of course important exceptions to this advice, and an experienced collector can usually tell whether it is better to strike quickly, as as with last year's American Platinum Eagle proof coin that had an unusually low maximum mintage of 4,000 coins and sold out in 7 minutes. It was challenging for sure, but most people I know who were ready to go at the time of launch were able to place an order if they were prepared and moved quickly.
But there are many other times when those who wait do very well such as items that fall below issue price, which happens a lot in certain segments of the market such as modern commemoratives or proof and mint sets.
Or perhaps you failed to order your 2016-W gold centennial dime before they sold out from the Mint, or you wanted to have one graded but did not get it in time from the Mint to have it graded with first strike and early release labels.
This is why energy expended on studying the market is better than all that kvetching about the Mint, which stresses you out anyway. Instead, astute collectors quickly saw that the gold dimes were grading at a high level with most coins getting 70's from both NGC and PCGS. In fact, the last time I checked the rate of 70's was much lower at NGC, which has not been the trend in the past with many modern issues.
So I decided early on that rather than submit any of my coins for grading, I would wait until the excitement abated, check around for a good deal, and buy an already graded coin. And in fact I was able to purchase an NGC SP70 early release example for the same cost as the issue price plus the grading fee without any of the related expenses or hassles or the risk the coin would come back as a 69.
Each case will be a little different, and that is why it pays to do your homework in modern numismatics.
Update: Last week I discussed the new 2016 Britannia prof coins. I ordered a set of the silver coins and have already received them. They look great in hand, and even better than the pics.