The Grey Sheet

[numismatic nut]

So I was hearing good things about the greysheet at Summer Seminar, so I thought I might subscribe. So I go to the Grey Sheet's web site, and see that a 3 month subscription is $31. This would get me a years subscription to many other coin publacations, so I ask; is it really worth the money?

[SMS]

So I was hearing good things about the greysheet at Summer Seminar, so I thought I might subscribe. So I go to the Grey Sheet's web site, and see that a 3 month subscription is $31. This would get me a years subscription to many other coin publacations, so I ask; is it really worth the money?

 

Probably the greatest misconception regarding the Greysheet, and all CDN publications, is that they are some from of pricing sheet. This is far from the truth. The CDN products are price analyses. They are invaluable tools for dealers and market analysts. True, there are some dealers who go somewhat by the CDN, as many of these prices reflect either analyzed realized prices or actual dealer and wholesale bid/ask levels, however, these are more a tool for analyzing the current market. $10 a month is nothing for hours upon hours of research and analyzing.

 

As a collector, I would truly say that the CDN has no true value, as not all dealers will go by the CDN sheets as they are, simply put, not price sheets for the purposes of saying that this price or that price is the going wholesale price for a coin. The current market is the only viable force that determines an actual price. The CDN is simply a tool of analyzed market indicators and prices to show an educated pricing level in the most recent market.

 

Many of the articles in the CDN will also be business minded, for the most part. If you subscribe to other collector oriented publications, you stand to gain much more for your money.

[Benz Gemz]

What I find is that if I buy their sample pack once a year or even twice a year it is enough to keep me up to date on pricing trends.

[tommyd]

Yes -- buy their $13 'refill' -- try to buy coins between 'bid' and 'ask' but preferably closer to 'bid'.

[tommyd]

[mmarotta]

So I was hearing good things about the greysheet at Summer Seminar, ...

 

SMS already gave a pretty good answer. As you have been to a Summer Seminar, you are clearly an advanced collector. If your US Coins hit on enough columns in the Grey Sheet, then the analyses can be helpful to you, if you are an active buyer.

 

I agree 100% with SMS that the immediate market i.e. you and a seller or buyer, is what counts, not some past reporting of other transactions. That is a fundamental claim of Austrian economics: past prices are irrelevant.

 

On the other hand, knowing something about the ranges over times helps you understand at least your approximate context. Just looking at the Red Book right now, I can tell that an 1857-D gold dollar is out of my price range. I could put together a Type Set of gold dollars over time, say one coin a year -- and still I would either have to save a couple of years for an Unc Type 2, or settle for an AU. So, price reporting has some value.

 

On the other other hand, the buyer says, "That coin is $87 in Greysheet." and the seller says, "If you want it for $87, buy it from them. This one is $135."

 

On the other other other hand, at our MSNS convention a couple of years back, when he was with Heritage, Steve Roach gave a talk on "Getting to Yes" based on the book by the same name by professors from a Harvard study on negotiations. They said and he said that rather than argue about floating abstractions, find an agreeable authority. "I am happy to pay that price, if you can show me that it is common for this transaction." Greysheet can help with that.

 

Likewise, the Red Book, Coin World, etc., etc., etc., are all valid past reporting. I know one guy so obsessive that he subscribes to over ten.

 

Myself, I do not collect. I am a writer. But I do need material to write about. So, I do buy on occasion. Moreover, my interest areas are not usually reported in periodical price lists, ancients, for instance. I have an article coming out in The Celator on medieval Champagne. I started that a few years ago and just bought what I could afford every now and then on VCoins and from other sources: the immediate transaction, again.

[just carl]

So much depends on what you want that for. For instance if your a small time collector, meaning just average collecting, that grey sheet is just not worth the money. Nor is most coin magazines unless you just want to learn more about coins. Remember the main thing about the grey sheet is the prices. So if your not constantly buying and/or selling, who cares about todays prices. Numismedia and Coin World magazines also have prices. Of course so does the Red Book. Again, so what. Again if your not constantly or frequently buying/selling coins, you would be better off using the money to buy more coins.

For individuals that do buy and/or sell coins frequently, the grey sheet is sort of thier bible nowadays and at all coin shows that is primarily what dealers pull out when you ask for a coins price.

As to ordering the grey sheet or any Numismatic Magazine, there is something to consider. Where you live and the crime rate. Coin magazines sticking out of a mail box is not real smart in many areas. Same with Gun, Knife, Sword, etc types of magazines. Sort of like placing a sign on your house saying guess what I've got. And although you may not realize this, not all postal workers are 100% honest people and they see and read what ever you get in the mail.

[numismatic nut]

As to ordering the grey sheet or any Numismatic Magazine, there is something to consider. Where you live and the crime rate. Coin magazines sticking out of a mail box is not real smart in many areas. Same with Gun, Knife, Sword, etc types of magazines. Sort of like placing a sign on your house saying guess what I've got. And although you may not realize this, not all postal workers are 100% honest people and they see and read what ever you get in the mail.

 

I know what you mean, as my Dad is a retited Sherif's deputy. And one thing I read and think about is the pay rate of the postal workers. I have found many good threds here about the topic of security.

[Art]

With the advent of really inexpensive NetBooks, I think that "instant" price checks will become easier and easier. Prices realized on ebay or one of the top flight auction sites are a good indicator of what you might be able to get when selling a coin, especially NGC, PCGS, and ANACs coins or proof/mint sets. Having the power of the internet at your fingertips anywhere, anytime is a much better investment than a sheet that was printed a few weeks ago with price updates from a month ago.

[just carl]

With the advent of really inexpensive NetBooks, I think that "instant" price checks will become easier and easier. Prices realized on ebay or one of the top flight auction sites are a good indicator of what you might be able to get when selling a coin, especially NGC, PCGS, and ANACs coins or proof/mint sets. Having the power of the internet at your fingertips anywhere, anytime is a much better investment than a sheet that was printed a few weeks ago with price updates from a month ago.

So true, so true. For the REAL value of a coin or almos anything presently, just go on line and look it up. And no worries about something sticking out of your mail box and you also save money not buying something that is a little old.

[numismatic nut]

Not to mention that a net book makes a lot of sence because I work at a computer store.

[thedeadpoint]

Two reasons why I think dealers still retain the Grey Sheet:

 

1) They are an older group of ladies and gentlemen and are not as familiar with the internet as many of us.

 

2) As I think someone mentioned earlier, dealers often buy in bulk. An auction bid on eBay or Heritage does not reflect a bulk lot per coin price.

[bobh]

Two reasons why I think dealers still retain the Grey Sheet:

 

1) They are an older group of ladies and gentlemen and are not as familiar with the internet as many of us.

 

2) As I think someone mentioned earlier, dealers often buy in bulk. An auction bid on eBay or Heritage does not reflect a bulk lot per coin price.

Another reason, especially if you are a dealer and run a brick-and-mortar storefront:

You can look up something a lot quicker on paper than by going to a computer and surfing the internet. Of course, there are new Blackberries, etc. which might make it easier to search while on the road, or dealing with customers. The last thing you want to do is to make any customers wait while you go look at a computer.

[thedeadpoint]

Another reason, especially if you are a dealer and run a brick-and-mortar storefront:

You can look up something a lot quicker on paper than by going to a computer and surfing the internet. Of course, there are new Blackberries, etc. which might make it easier to search while on the road, or dealing with customers. The last thing you want to do is to make any customers wait while you go look at a computer.

 

Yep, i forgot to add that point too!

 

When I go to coin shows, I prepare for them by looking up recent, related auction lots, noting the prices, etc. I put all that info with other information on spreadsheets and print them out. That folded up sheet is in my back pocket during the show, easy to pull out, easier to conceal.

[just carl]

Coin shows are possibly the place where the grey sheet or any price guide is used. Primarily for the reason already posted. I go to a lot of coin shows and almost every dealer pulls out the grey sheet when selling or buying a coin or coins. I know that many or most of the coins they have came from large purchases such as a Whitman or Dansco Album and are now selling off each coin separately. Sort of the same thing that happens at junk yards for a car. They buy an entire auto for a few dollars and sell of each part eventually for thousands. Since they purchased an entire collection the only way to know how to sell each coin is using something like the grey sheet for a fast estimate of value.

[hippiebrian]

I know this is an old thread, but I had to put my 2 cents in here. I buy the grey sheet only when I am anticipating making a big purchase, and see no reason to subscribe when you can pick them up one at a time as needed. As for articles, I prefer Coinage, Coins magazine, the ANA publication, and the CSNA publication.