The most desirable characteristics of a coin

The most desirable characteristics of a coin

Realtors tell you that three most desirable characteristics of a piece of real estate are location, location, and location. If you're buying a coin with the hopes of making a profit, the three most desirable characteristics of a coin are, in our opinion, liquidity, liquidity, and liquidity (which means how fast they can be sold). Your coin can be the most beautiful thing in the world, the rarest coin ever known to humankind, and of the highest quality obtainable, but if you can't sell it quickly to take advantage of market opportunities, it's worthless.

Liquidity requires the following:

Access to the markets

Uniform pricing

Public acceptance of the product

Ease of transportation and storage

In general, U.S. coins meet all these requirements. In fact, one of the reasons for the success of third-party certification services (see Chapter 20) was their perceived ability to make coins more liquid. In the early days of its existence, the Professional Coin Grading Service (PCGS) went so far as to establish a sight-unseen trading market for PCGS-graded coins. Even today, some certified coins trade on a sight-unseen basis, but most require a visual examination and acceptance by the buyer.

How liquid are U.S. coins? The answer depends on the price level and how much time is available to complete the transaction. For example, many coin dealers use the Coin Dealer Newsletter (also known as the Greysheet) to set their buy and sell prices. If you need to sell today, most anyone will pay 30 percent below the Greysheet bid prices. If you can wait and do a little shopping around, you can find several dealers that will pay 10 percent below bid. If you have enough time, you can eventually find just the right person to pay full bid or even more.

Thus, as far as coins are concerned, liquidity may not mean the best price. Nevertheless, if any coins are liquid, U.S. coins are the most likely to meet this definition.

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