Raw Coins vs. Slabbed: When to Pay/Charge a Premium

A raw MS-65 Morgan Dollar and its slabbed twin sit side by side—same coin, but one commands 50% more. Understanding when plastic adds value saves thousands.

Whether you’re evaluating estate collections or pricing inventory, the raw versus slabbed decision impacts your bottom line.

This guide reveals when certification premiums make sense, when they’re profit killers, and how market dynamics shift between different coin types.You’ll learn to evaluate both sides of every transaction and maximize value regardless of plastic.

The Premium Puzzle: Why Some Coins Cost More in Plastic

Picture two identical 1921 Morgan Dollars on a dealer’s counter. Both grade MS-64. One sits naked in a flip—that’s your raw coin. The other lives sealed in a PCGS holder. The slabbed coin costs $125 more.

Welcome to the premium game that confuses new collectors and challenges seasoned dealers daily.

What Creates the Price Gap?

Third party grading (TPG) services like PCGS and NGC transformed coin collecting. They turned opinions into guarantees. That plastic holder represents:

1. Authentication confidence—experts verified it’s real
2. Grade guarantee—MS-64 means MS-64, backed by the company
3. Liquidity boost—slabbed coins sell faster online
4. Insurance acceptance—companies trust TPG grades
5. Protection from damage—no more fingerprints or bag marks

But here’s what dealers know: premiums aren’t universal. A slabbed 1950 Jefferson Nickel might sell for less than raw. Why? Because grading costs exceeded added value.

Breaking Down Premium Percentages

The numbers tell the story. Here’s what buyers typically pay extra for slabbed coins versus raw coins:

1. Modern bullion (Silver Eagles, Gold Eagles): 5-15% premium
2. Classic U.S. coins (Morgans, Walking Liberty): 20-40% premium
3. Key dates in high grades: 50-100% premium
4. Modern coins below MS-69: Often NO premium
5. World coins and ancients: Sometimes NEGATIVE premium

These percentages shift based on series popularity, grade scarcity, and market conditions. A raw MS-65 Morgan might fetch $100 while its NGC graded twin brings $140. But that same premium disappears for common-date coins in lower grades.

Alt: An artistic recreation of an 1886 Morgan Dollar in MS-65 Mint State condition. The obverse on the left shows Lady Liberty’s profile and the year 1886. The reverse on the right shows an eagle with outstretched wings and the text ‘UNITED STATES OF AMERICA’ and ‘ONE DOLLAR’.

Smart collectors and dealers recognize when plastic adds value—and when it doesn’t. Let’s explore when paying extra makes sense.

When Paying Premiums Makes Perfect Sense

You’re staring at a coin show dealer’s case. Two 1916-D Mercury Dimes catch your eye. The raw coin costs $800. The PCGS slabbed example runs $1,200. Should you save $400 or pay for peace of mind?

Authentication Matters Most

Key dates attract counterfeiters like honey draws flies. That 1916-D Mercury? Fakes flood the market. Altered 1916-P coins fool even experienced collectors. The slabbed premium buys authentication confidence.

Consider these authentication nightmares where slabbed coins protect buyers:

1. 1909-S VDB Lincoln Cents (fake S mint marks everywhere)
2. 1893-S Morgan Dollars (most raw examples are counterfeit)
3. 1932-D and S Washington Quarters (added mint marks galore)
4. Trade Dollars (Chinese counterfeits look perfect)
5. Any gold coin over $1,000 (too risky to guess)

When authentication questions loom, that plastic holder transforms from expense to insurance.

Modern Perfection Commands Premiums

Modern coins play by different rules. The difference between MS-69 and MS-70 might be invisible to your eye. But registry set builders see thousands in value difference.

Take American Silver Eagles. An MS-69 trades near $35. The same date in MS-70? Try $150 or more. Without third party grading, you’re guessing. With it, you’re investing.

High-grade moderns where premiums make sense:

1. Proof-70 coins with perfect surfaces
2. First Strike or Early Release labels
3. Low-population modern commemoratives
4. Error coins needing attribution
5. Scarce mint mark combinations

Big Money Demands Slabbed Confidence

You found grandpa’s coin collection. That $20 Saint-Gaudens looks pristine. Local dealers offer wildly different prices—$2,000 to $3,500. Who’s right?

For coins worth over $1,000, slabbed examples provide:

1. Sight-unseen trading ability
2. Insurance coverage acceptance
3. Auction house confidence
4. Estate planning clarity
5. Resale liquidity

That MS-64 Saint in a holder sells instantly at $2,800. Raw? Buyers haggle, worry, and often pass. The premium pays for market confidence.

But when should sellers pursue grading? The math gets interesting from the other side of the table.

Seller Strategies: When Slabbing Pays Off

You inherited 100 Morgan Dollars. Mixed dates, various conditions. Should you get coins graded before selling? Let’s crunch real numbers.

The Basic Math Every Seller Must Know

Grading costs run $20-$50 per coin depending on service level and coin value. Add shipping both ways. You’re investing $30 minimum to slab a coin. Here’s when it pays:

Simple Formula: If (Slabbed Price – Raw Price) > (Grading Cost + Time), slab it.

Real example: Your raw MS-64 Morgan trades at $85. The same coin in an NGC holder brings $125. Grading costs $30. Your profit: $10 per coin. Worth it? Depends on volume.

Cherry-Picking for Maximum Profit

Smart dealers know certain coins explode in value when graded:

1. Carson City Morgans in MS-63 and up
2. Better-date Walking Liberty Halves in MS-65
3. Proof coins that might grade PR-69 or PR-70
4. VAM varieties needing attribution
5. Toned coins with exceptional eye appeal

One dealer bought a raw 1921-D Morgan for $40. Beautiful rainbow toning. NGC graded it MS-65 with a star designation. Selling price: $450. That’s how you profit from slabbing.

Building Trust Without Plastic

Not every seller needs slabs. Established dealers command raw premiums through:

1. Detailed high-resolution photos
2. Conservative grading practices
3. Return privileges
4. Long-standing reputation
5. Personal guarantees

If buyers trust you, raw coins sell fine. One veteran dealer hasn’t submitted a coin for grading in five years. His secret? “I grade tough and guarantee everything. My word is my slab.”

Your 8-Step Decision Framework

Stop guessing. Use this framework whether you’re buying at shows or pricing inventory:

1. Calculate base value using recent sold comparables (not asking prices)
2. Check PCGS and NGC population reports for that date/grade combo
3. Factor total grading costs: fees ($20-$50) plus shipping ($15-$25)
4. Research the premium percentage for your specific series
5. Consider your timeline—grading takes 4-8 weeks typically
6. Evaluate your reputation (new sellers benefit more from slabs)
7. Assess current demand (hot series justify premiums)
8. Make the math-based decision—emotions don’t pay bills

Avoid These Expensive Premium Mistakes

Mistake 1: Slabbing Everything

Dealers submit bulk lots hoping for lottery tickets. Result: boxes of slabbed common coins worth less than grading fees.

Fix: Set minimum values. Only grade coins worth 100+ USD raw or scarce varieties.

Mistake 2: Paying MS-70 Premiums for Bullion

That 2023 Silver Eagle in MS-70? Thousands exist. Premiums will crash.

Fix: Buy perfection only in limited mintages or special releases.

Mistake 3: Ignoring CAC Potential

CAC approval adds 10-30% to certified coins. Missing this leaves money on the table.

Fix: Research CAC acceptance rates before buying expensive slabbed coins.

Mistake 4: Cracking Out Wrong Coins

Dealer cracks an MS-65 figuring it’s overgraded. Resubmission comes back MS-63. Oops.

Fix: Only crack coins you’d buy raw at the lower grade.

Mistake 5: Fighting Market Preferences

Your area loves PCGS. You submit everything to NGC to save $5 per coin.

Fix: Know your market. Some regions strongly prefer specific TPG services.

Mistake 6: Believing Every Slab

Fake slabbed coins plague online markets. That too-good price usually is.

Fix: Verify every cert number online. Check holder characteristics against known genuine examples.

Premium Strategies in Action

Watch how market dynamics play out:

The Morgan Dollar Market: Common dates like 1921 see minimal premiums—maybe 15% for MS-65 slabs. But an 1893-S? The raw versus graded gap explodes to 100% or more. Buyers fear counterfeits and overgrading.

Ancient Coins: Here slabs often hurt value. Collectors want to hold Roman aureus coins. That NGC holder kills the tactile experience. Many ancients actually sell for less when slabbed.

Modern Commemoratives: First Strike labels and perfect grades rule. A raw 2023 commemorative barely moves. Slap it in a PCGS PR-70 holder? Instant buyer interest.

Raw vs. Slabbed FAQ

Q: Which coins actually lose value in slabs?

A: Early copper, ancients, and most world coins trade at discounts when slabbed. Collectors in these areas prefer handling coins directly. Plus, European buyers often distrust American grading standards.

Q: How much premium should I expect for PCGS vs NGC?

A: PCGS typically commands 10-15% more for U.S. coins. NGC leads in world coins. CAC stickers add another 10-30% for premium quality.

Q: Should I crack out AU-58 coins to sell raw?

A: Usually yes. The “almost uncirculated” stigma hurts more than raw sales. Experienced buyers can judge for themselves.

Q: Do modern coins need slabbing for premiums?

A: Only perfect grades (MS/PR-70) or special labels command significant premiums. Regular strikes under MS-69 rarely justify grading costs.

Your Next Smart Moves

You now understand when certification creates value and when it wastes money. Time to act on this knowledge.

For Buyers Ready to Save

Download our TPG comparison guide showing holder variations and security features. Set alerts for raw coins in your series—patient buyers find bargains. Join upcoming live shows where you can evaluate coins before they hit slabs. Keep our “crack out candidate” checklist handy at shows.

For Sellers Maximizing Returns

Grab our free grading submission guide with insider tips on maximizing grades. Schedule a consultation to evaluate your collection’s slabbing potential. Use our premium calculator tool to run the numbers before submitting. Download professional photo standards—great images sell raw coins at premium prices.

Resources for Everyone

Whether buying or selling, explore our Authentication 101 course to spot problems before they cost you. Compare real auction results showing raw versus slabbed prices in your series. Study market reports revealing which coins benefit most from certification.

The Bottom Line on Premiums

The raw versus slabbed decision isn’t about plastic—it’s about profit. Smart buyers pay premiums only when authentication, grade precision, or liquidity justify the cost. Savvy sellers slab coins where math proves positive returns.

Remember: PCGS and NGC don’t create value. They reveal it. A problem coin stays problematic in plastic. A gem shines with or without certification.

Your edge comes from knowing when that slab transforms from unnecessary expense to essential investment. Now you know.

Start using these strategies today. Your collection—and your cash flow—will thank you.

Note: This guide provides educational information about coin collecting and market dynamics. It is not financial or investment advice. Coin values fluctuate, and past performance doesn’t guarantee future results. Always conduct your own research and consult with qualified professionals before making significant numismatic purchases or investments.