Three Reasons Why You Should Not Attempt Coin Grading Services Yourself

Coin grading services provide a niche service that cannot and should not be done by amateur coin collectors. It takes professional coin graders years of training and practice to note what makes a mint coin mint, and a lesser-graded coin less than mint. There are several subtleties in this field, and several reasons why you should not attempt coin grading services yourself.

Your Level of Expertise

Even if you have been collecting coins for years, that does not mean you have the necessary expertise to grade coins. Collecting coins and grading coins are related, but very different, fields. Without coin grading expertise, you could mistakenly lessen or increase the value of a coin that is either less or greater in value than the grade you give it. People could lose money buying and selling incorrectly graded coins.

Loss of Money

A coin you grade higher sells for more money. If the coin is not that good, the buyer loses money buying the coin and you could be charged with fraud. You could also be sued for the return of the money when the coin is properly graded and found to be wanting.

Conversely, if you make a mistake grading a coin at a lesser value, only to find later that the coin was much better than you graded it, you would profit from your mistake. The seller would lose money after having sold you the "worthless" coin, and again you could be charged with fraud. You could also be charged with theft, since the coin is more valuable than you said.

Tiny Details You Could Miss

Some coins are so close to one grade or another. The final decision is in the details. Is the mint mark perfectly stamped and raised? Are the edges of the coin completely without blemish or wear? Are there any tiny scratches on the face and tail of the coin? These are the details coin graders use to narrow down the possibility of a coin having a higher or lower grade than during the initial inspection. Even the pros have to use a jeweler's glass (monocle) to get up-close views of all edges and sides of a coin to decipher the exact grade of the coin.

Take Your Coins to a Professional

Always take your coins to a professional coin grader. if you want to become a professional coin grader, it will take a few years for you to get the basics down. Even then, you will have to consult a professional to see how spot-on your grading is. When a pro verifies that you are consistent and accurate in your grading, then you can grade your own coins and other people's coins.

About Me

Making Better Financial Decisions

After I started having trouble making ends meet, I realized that there were a few issues with how I was spending my cash. I was buying the things I wanted before the things I needed, and it was causing a lot of trouble for my situation. I knew that I wanted to improve, so I started focusing more heavily on making better financial decisions. I began spending less than I made, putting money into savings, and paying attention to how I was investing. The results were incredible, and within no time I felt like I was really on the way to financial freedom. Check out this blog for more information.




Latest Posts

15 January 2019
When it comes to the home-buying process, the time period between finding your home and the closing can be filled with both anticipation and anxiety.

2 November 2018
If you are just starting to save some money for retirement and want to continue saving for the next thirty years, you may want to visit a financial pl

20 August 2018
If your loved one has been arrested and charged with a crime, they may be released on their own recognizance—released without bail. If that's the case