Bulk Submissions!
I just sent my first 2 bulk submissions for grading. I may not get many super high grades, but I am hoping for one or two out of the 250 coins I just submitted. Taking in consideration the costs of all of the coins, grading, and shipping fees, the total costs equate to about $16 per coin. So, if I sell all of these coins, I need to get $4,000 just to break even. If any of you have any experiences with bulk submissions, please discuss some things on here.
Thank you!
-True Money!
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Replies to This Discussion
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Permalink Reply by Buffalo on -
The biggest one I have done was 160 coins. As I mentioned before, the cost was considerably lower to submit them through a PCGS authorized dealer than as a PCGS member. As far as grades, they were unopened rolls and received 17 MS70 and 143 MS69.
I did another one previously for 100 hand-picked Lincoln Commemorative dollars when those first came out. I submitted those directly and something like 48 or 49 graded PR70, all the rest graded 69 except for one 67 that I probably sorted into the wrong group by mistake. My experience has been that the grading seems to be consistent whether the coins are submitted as bulk or a regular submission. I have read comments where people think it makes a difference but I haven't seen that personally.
Good luck with your submissions!
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Permalink Reply by Buffalo on
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Thinking back again on the Lincoln submission, I think something like 10-20 of those were MS instead of PR.
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Permalink Reply by True Money on -
Thanks Buffalo. I think PCGS has recently ammended the bulk program to a minimum of 120 coins per submission with a maximum of 5 different coin numbers. The price has been raised from $10 to $12 per coin as well. The only problem with these bulk submissions is that all coins must be submitted in the original mint package or in rolls. No loose coins in mylar flips are accepted under the bulk guidelines.
-True Money!
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Permalink Reply by Buffalo on
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The online info at the PCGS website and the Bulk Submission agreement still show a minimum of 100 coins, so I think that is still the same. As you said, they did raise the fee to $12 per coin with maximum value per coin up to $300. When I sent all those Lincoln dollars in I think I just sent them in the Mint capsules if I remember right.
I have a quantity of original Proof and Mint sets also and had originally intended to have a lot of those graded, but had pretty much decided against it due to the expense. I am looking forward to seeing your results, so please let us know how they do.
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Permalink Reply by True Money on
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How much is this bulk submission fee through an authorized dealer? The vast majority of these sets were unopened when I bought them from my best friend. Another reason I had them graded and slabbed is for the protection along with the opportunity to reveal the true beauty of the coins that is masked by the film they were packaged in by the U.S. Mint back in the pre-1968 era. I just hope I did not make a bad decision to spend the additional $3100 to get these 250 coins graded.
-True Money!
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Permalink Reply by Buffalo on
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I think it depends on the particular dealer. From what I have heard anyways, the dealers have rates that are either negotiated individually or maybe it depends on the volume they do, but either way it was a lot less. When I sent the 160 through the dealer, the slabs did have specialty labels requiring extra fees so that also probably made a big difference, and half of the coins would have been over the $300 value limit. It ended up with the total cost including the small fee the dealer tacked on to do it being right at half of what it would have been for 160 coins at the $10 rate plus the extra label fees. And like I said, 80 of the coins would have been at a higher rate anyways due to the value and the other 80 wouldn't have met the minimum quantity for bulk, so the actual saving was more than half. The best thing to do would be to get a quote from a particular dealer because like I said I don't know that they all pay the same rates or charge the same to do the submission.
Overall, the grading I have done has added enough value to be well worthwhile, but there have been times it really didn't also and I was more concerned with just protecting a coin. I have put some in air-tites, some in mylar flips or 2x2's, some graded, etc. Sometimes you just have to look at it from the standpoint of what you are trying to accomplish, compare values raw and graded, and make the best choice you can from there.
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Permalink Reply by True Money on
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From what I can tell, only a very small percentage of the coins I submitted will qualify for cameo designations, if any. But, the quality of them should earn grades of PR66 to PR69 and even one or two PR70s is a possibility. Obviously, I want to keep the highest grades in my personal collection and sell off the remainder of the coins to recoup my money. I already have a 1964 quarter graded PR70 by PCGS. It is the highest grade with a population of 36 coins. Hopefully, I can score some high grades and possibly complete a PR70 (non-cameo) set.
-True Money!
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Permalink Reply by Buffalo on
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I hope you get some good grades out of them. A lot of times especially if they don't get cameo or deep cameo, it's hard to recover the grading expenses even on some being fairly high grades. But you could also get a few really good PR70's that would make the whole thing worthwhile by themselves, so again good luck on them.
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Permalink Reply by True Money on
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I will let you know what grades the coins get. I am very proud of the USPS. I shipped the package Monday morning and PCGS received it mid-day Tuesday. Now PCGS needs to confirm my shipment. I don't want to get my hopes too high, but some of these coins are of real high quality since they had not been opened since they were originally packaged. You can tell on these sets. Most of these sets you see have been opened and mishandled for years, destroying any chances of getting the gem grades of 67 to 70.
-True Money!
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Permalink Reply by True Money on
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I just got my bulk submission grades back from PCGS. It may be a week or so before I actually receive them. It will take a little time to actually photograph these coins. Some of these definitely offer some education on grading, just as expected from PCGS. I did receive a few CAM and DCAM designations, though very few. The major surprise for me was the unexpected and uncharged attributions of a certain variety on 2 coins.
-True Money!
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Permalink Reply by Buffalo on
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How did you do on your grades? The uncharged attributions could have been from certain PCGS coin numbers being a variety in itself. The 1914/3 is one I ran into before, the coin number 3924 is the 1914 Nickel, the coin number 93924 is the one version of the 1914/3 that PCGS recognizes and attributes at no extra charge. Your's might have been the same kind of situation where PCGS had an existing coin number that included the attribution and they graded your coins as that instead.
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Permalink Reply by True Money on
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They were not elite, but I did get some PR68s, only one 69, and some CAM and DCAM designations. The variety was the 1964 Kennedy Half Accented Hair. I thought that one or two may have been the variety when I submitted them. However, it is extremely difficult to discern anything within the government packaging. I will examine each coin thoroughly when I get them to look for other varieties that may not have been graded as such.
-True Money!
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