Expert: Joe Hylas - 4/2/2008

Question
QUESTION: I am confused as to the real value of old coins.  example
my dad has a 1879 trade silver dollar in very fine condition and if I understand the red book it has a value of $1400.  yet when I go to e-bay, I see that persons are
selling similar coins for $25 to $500. same with a 1914d penny.  the book value seems to be high but the actual sale
value on e-bay is significantly less.  how do we know what
the real value is?

ANSWER: The key issue with coin is the quality.  The value is all based on that.  Some people on eBay either do not know how to grade coins or purposely overstate the grade.  The bidder, on the other hand either can grade the coins accurately, or want a bargain.
You are better off using a value guide like CoinWorld.com  or PCGS.com
as the values are updated more often than annually.  Also learn to grade the coin.

Regards
Joe Hylas

---------- FOLLOW-UP ----------

QUESTION: what is the best way to learn how to grade a coin?
thanks!

Answer
The Redbook does have some basic guideline for grading coins.  However, a copy of PHOTOGRADE is even better since it shows you what the coin looks like in each grade.
When it comes to grading mint condition coins, it gets tricky.
You should be able to get a copy of PhotoGrade on the internet, maybe even eBay.
Regards
Joe Hylas