- Warren Mills
- Summer 2019
As you should be aware by now, RCNH is trying to contact our older customers about sending in their past purchases to CAC for review. Since we have an over 80% success rate with our older coins, it behooves our customers to be educated about the importance a CAC sticker may bring to your coin. The potential for increasing demand and liquidity, as well as the profit potential, are some of the positives that a CAC sticker brings to the table.
We recently had a customer that wanted to send in all of the NGC coins he acquired from us for cross-over. We sent them to PCGS as he requested and they all crossed. Since they were CAC to start with, they all re-CACd too! We have always tried to skim the cream off the top of the graded coins for our customers. By being picky, we have had many RCNH coins that were highlights of some great collections and set some record prices when sold. We always try to be strict with our grading and only buy and sell what we feel is the best coin the grade.
What I will describe to you next is very disappointing and should be upsetting to many rare coin buyers. Here is what happened…
I received a call from a gentleman that was the executor of his father’s estate. He had a substantial coin collection and he needed a professional appraisal for him and his four brothers. In the collection were 87 gold numismatic coins, graded and certified MS-64 or higher. I explained that the family may want to consider sending the 87 coins to CAC, that way the family can be assured that everything possible was done to maximize the value of the collection. It made sense to the family and I explained the cost to them was $14.50 per coin, plus a small amount for shipping. They agreed and thought it was a good idea.
The father acquired these coins from a founding PCGS dealer and a world class blow-hard. This industry is replete with bum kissers and this guy enjoyed people kissing his bum. I took joy in telling him what I really thought about him over the years, and it wasn’t complimentary! These coins looked like commercial fodder dumped on an unknowledgeable buyer. Of the 87 high-grade U.S. gold coins, a whopping 8 received a CAC sticker, less than 10%!!! Talk about a dumping ground. When I examined the coins, I said that only a small percentage would work, but hopefully enough to justify the submission. It fell a bit short, but at least they did all they could to make sure nothing was left on the table. Imagine this though, a founding PCGS member that was just selling the label and not the coins, what a bad way to do business! Keep in mind, less than 10% CACd!
Now, here’s the other side of the coin people don’t think about, this is extremely important! Suppose you acquire some very nice coins over the years from a dealer that actually cared about the quality they sold! A novel idea, but it could happen. If you did, then send them into CAC. You could leave many thousands of dollars on the table by not doing so! An educated buyer is the best buyer. Since you know about CAC, use them for your benefit. Don’t be a dummy.
Also, if you are spending four figures or more on coins, why are you buying non-CAC coins?! Use your head, if a CAC coin on average brings more money, and in many instances, a lot more money, why are you buying non-CAC pieces?! It makes no sense. I had a coin in our inventory pop-2 CAC, none higher for $14,950. A beautiful coin too! A customer had it on a want list so I offered it to him. He said he was going to buy a non-CAC piece for less than $10,000 and get it CACd.
I said, “You’re kidding right?! You’re going to spend 4 and 5 figures on coins and hope they CAC later?! How many dealers sent those coins to CAC before it was offered to you and it didn’t CAC and then you’re stuck with it?! Use your head and buy this one now.”
He passed and a couple of days later, bought it. Don’t be obstinate, stupid, ignorant or a combination of all of these. Use your head to make sense you are getting the best bang for your buck.