Buy the coin, not the holder

This statement of wisdom seems like a cliche in these desperate times, but I am beginning to see how it’s more relevant to today’s coin market even more so than usual.

Since 2020, TPG companies have changed. Third party grading, as we knew it, has been replaced by unnecessarily stringent, arbitrary measures, combined with massive turnaround times. The motivations for these changes could be many including changes of management, massive backlogs, personnel shortages, and the emergence of CAC as a new grading company. This is the new normal.

A late friend and mentor of mine, Glenn Franks, was a staunch opponent of holders. “I buy coins, I don’t buy holders!” he would say. Glenn would crack out coins from PCGS or NGC to put them into his album, while keeping the grading tab. His approach may have been of a dying breed, but he had his reasons. It’s something that should be respected, and never forgotten.

Market grading changes. The coin is what you buy and that’s not supposed to change. It doesn’t matter what PCGS or NGC says. An undergraded coin will continue to bring better prices than overgraded ones. This won’t change.

Know what you have, and be careful not to sell yourself short.