The Greysheet is a monthly publication that provides wholesale prices for rare coins in the United States. It has been published since 1963 by the Coin Dealer Newsletter (CDN) and is considered an industry standard for coin dealers when buying and selling rare coins. The Greysheet provides prices for U.S. coins, patterns, commemoratives and various numismatic items. Let’s take a closer look at what the Greysheet is, who uses it, and how the prices are determined.
What is the Greysheet?
The Greysheet, officially known as the Coin Dealer Newsletter, is a monthly publication that provides wholesale prices for rare United States coins. It lists bid and ask prices for each coin based on the current precious metals market and what dealers are willing to pay.
Some key things to know about the Greysheet:
- Published by CDN Publishing since 1963
- Provides wholesale prices to assist dealers in buying/selling
- Covers all U.S. rare coins and other numismatic items
- Lists bid (buy) and ask (sell) prices for different grade levels
- Updated monthly based on market conditions
The Greysheet serves as an industry benchmark that coin dealers rely on when determining prices. However, it solely reflects wholesale values between dealers. Retail prices that collectors/investors pay may be higher.
Who Uses the Greysheet?
The Greysheet is primarily used by coin dealers and retailers when buying and selling rare U.S. coins in the wholesale market. This includes:
- Coin dealers – They use Greysheet prices to determine how much to pay when purchasing coins from collectors.
- Retail coin shops – They refer to Greysheet prices to decide the prices at which to sell coins to collectors and investors.
- Auction houses – They utilize Greysheet prices to establish reserve prices and estimate final hammer prices.
- Brokers – They use the prices to determine the value when brokering deals between buyers and sellers.
The Greysheet provides an impartial third-party valuation for wholesale transactions. This helps dealers establish a fair market value and standard pricing for buying and selling. While mainly used by dealers, collectors can also refer to the Greysheet to get a sense of the wholesale value of a coin.
How are the Prices Determined?
The prices listed in the Greysheet are determined by several factors:
- Rarity – How scarce the coin is plays a key role. Rare dates and mintages command higher prices.
- Precious metals values – For gold and silver coins, the market value of the precious metals content influences the price.
- Grade/condition – The grade assigned based on a coin’s preservation greatly impacts the price.
- Demand – Coins that are in high demand from dealers and collectors tend to have higher prices.
- Available supply – The number of coins available on the market affects prices as well.
In addition, CDN considers up-to-date sales data and price trend analysis to determine changes in values month-to-month. This dynamic approach ensures the Greysheet reflects the current wholesale coin market.
Greysheet Format and Features
The Greysheet is formatted in a user-friendly manner to allow quick access to coin prices. Some key features include:
- Organized by type – Sections for cents, nickels, dimes, etc. make it easy to locate a particular coin.
- Lists mintage figures – Helps assess rarity/availability for each issue.
- Shows price history – Charts track how prices have changed over time.
- Bid/ask prices – Provides both wholesale buy and sell prices for instant valuation.
- Various grade price columns – Values for grades from About Good to Mint State 68.
- Monthly updates – Prices reflect the most recent market conditions.
In addition, the Greysheet publishes written analysis, market reports, and feature articles of interest to dealers. It provides invaluable insight into the rare coin market.
Using Greysheet Prices
When buying or selling coins as a dealer or collector, the Greysheet can provide a starting point for valuing coins. However, there are some important things to keep in mind:
- The prices are wholesale values – Retail prices are often 10-30% higher for collectors.
- The prices are a guide – Prices are subject to change due to market forces and should not be considered definitive.
- Condition must be accurately assessed – Precise grading is essential for determining the correct Greysheet value.
- Prices assume properly graded coins – Slight differences in grading can substantially impact value.
- Rarity and demand influence price – Coins may sell for more or less than Greysheet prices depending on various market factors.
While the Greysheet provides an important benchmark, evaluating the specific characteristics of a coin is still vital for determining the true market value.
Conclusion
In summary, the Greysheet published monthly by CDN Publishing provides rare coin wholesale values to dealers and retailers. It lists bid and ask prices for U.S. coins in a range of grades based on market conditions, precious metals prices, rarity, demand, and other factors. The Greysheet serves as an industry standard for wholesale transactions and gives a baseline for pricing. However, grade, eye appeal, demand, and other nuances still factor greatly into the fair market value of a coin. Use the Greysheet as a guide, but evaluate each coin individually when buying and selling in both wholesale and retail markets.
| Date | Item | Mint | Grade | Price |
|---|---|---|---|---|
| 1963 | Lincoln Cent | Philadelphia | MS-65 RD | $125 |
| 1964 | Washington Quarter | Denver | PR-68 CAM | $1,350 |
| 1986 | American Silver Eagle | West Point | MS-69 | $100 |
| 1921 | Morgan Silver Dollar | Denver | AU-55 | $85 |
| 1916 | Standing Liberty Quarter | Philadelphia | MS-63 FH | $7,500 |
Here are some more important facts about the Greysheet:
- The Greysheet originally started in 1963 as a 1-page newsletter.
- CDN Publishing has over 50,000 subscribers in the numismatic industry.
- The publication switches to a blue cover page when reporting bullion prices.
- In addition to the Greysheet, CDN publishes the Bluesheet for US paper money.
- Supplemental Greysheets provide additional pricing data for Cuban, Hawaiian and Philippine coins.
- The most expensive coin listed is a 1933 Saint Gaudens Double Eagle at $19,500,000 in MS65 grade.
- Annual subscriptions are $149 for print or $299 for online access.
- There are over 5,000 coins priced for different grades and varieties.
- The Greysheet includes market analysis and articles in addition to pricing data.
- It is published on the 1st of each month and mailed to subscribers.
The Greysheet contains a wealth of valuable information for both dealers and collectors. It helps provide critical pricing transparency and liquidity in the coin market. While it has some limitations, it remains an indispensable resource.
Limitations of the Greysheet
Despite its usefulness, there are some limitations to relying solely on the Greysheet:
- It only reflects wholesale prices, not retail values that collectors pay.
- Prices can fluctuate in real-time and may change quickly based on market forces.
- There are differences between bid and ask prices that allow for dealer spreads.
- Greysheet lags somewhat since it is published monthly and not daily.
- Very rare and unique coins may not have prices listed.
- Published prices can influence the market and impact bargaining.
- The Greysheet is optional, so coins may sell for different realized prices.
- It does not account for individual eye appeal, toning, or collector demand for coins.
While the Greysheet offers an important benchmark, professional judgment is still required when grading, evaluating, and pricing coins for trade. It provides guidance, but does not necessarily dictate absolute coin values.
Alternatives to the Greysheet
The Greysheet is not the only pricing resource available. Some alternatives dealers also use include:
- NumisMedia Fair Market Value Price Guide – Covers more world coins than the Greysheet.
- NGC Price Guide – Incorporates realized auction prices from NGC-certified coins.
- PCGS Price Guide – Uses market data and auction results from PCGS-graded coins.
- Coinflation – Analyzes melt values of silver and gold bullion coins.
- Recent auction sales data – Reveals actual prices paid for certified coins.
- CoinFacts – Offers retail valuations and price opinions for certified coins.
- Coinappraiser – Collects real-time coin price data from dealer feeds.
These resources provide additional valuation tools and market data. However, for wholesale US rare coin pricing, the Greysheet remains the foremost industry benchmark.
Future of the Greysheet
While the rare coin market has evolved dramatically since 1963, the Greysheet remains a key industry tool and adapts along with technology and data. Some possibilities for the future include:
- Enhanced digital integration – API feeds into dealer inventory software and ecommerce sites.
- Mobile app pricing – On-the-go real-time price data via iPhone, Android, tablets.
- Expanded price history – More comprehensive charts and graphs showing long-term price trends.
- Greater transparency – More clarity around contributor submissions and market data sources.
- Global expansion – Potential addition of world coin pricing from other key markets.
- Photos and coin scans – Direct integration with certification service images for enhanced accuracy.
- Dynamic updates – Real-time pricing that changes based on market swings.
While the core function of providing an independent wholesale pricing standard remains unchanged, technology offers avenues to modernize and enhance the Greysheet in the years ahead. It will continue adapting to maintain its status as the industry leader for coin valuation and analysis.
Conclusion
For over 50 years, the Greysheet published monthly by CDN Publishing has served as a vital wholesale pricing guide for rare US coins. Its utility comes from thecoin values it provides based on careful market analysis, as well as its role bringing transparency and efficiency to dealer transactions. While the Greysheet has limitations, it remains an indispensable resource and the leading valuation benchmark for the industry. For both dealers and knowledgeable collectors, consulting the latest Greysheet prices provides important context when buying and selling rare American coins. With ongoing improvements, it will continue providing the critical data and insights that underpin the coin market for decades to come.