Since 1963, the Coin Dealer Newsletter (CDN) has been in the information business. Our monthly Greysheet is a must have for all coin & currency professionals, and fills a very special need in the coin business: current, accurate wholesale information on the BID level of U.S. coins. Bid is the estimated amount that one dealer is willing to pay another dealer to purchase a needed coin.

Why do dealers around the world trust CDN?

CDN Publishing was established in 1963 with the mission of providing accurate, unbiased pricing for the coin industry. Our staff consists of well-respected members of the numismatic, some who are former dealers and coin or currency experts. The pricing staff is a team of independent professionals and market journalists. We do not offer any collectibles for sale, nor do we endeavor to host a marketplace. That is left to our marketing partners.

Prices listed as classic Greysheet values assume that the transaction is sight-seen; that is, the bidding dealer is willing to pay that price to buy a coin that he is given the opportunity to inspect prior to concluding the transaction (more about sight-unseen bidding later!). If the dealer is not pleased with the coin, or disagrees with the seller's grading, he is under no obligation to buy it. CDN prices also assume that the coin is graded according to accepted industry standards, as exemplified by PCGS and NGC. The CDN also considers information on coins that are "raw" (that is, the coins have not been examined by one of the certification services), but that are properly graded. Since coins certified by PCGS and NGC are such an important segment of the coin market, bids for these coins are an important consideration in the CDN pricing evaluations.

As the Greysheet started as a publication for dealers, we assume that our subscribers know how to grade; if they know the grade of the coin, we give them the current price. Since the Greysheet pricing is updated every four (4) hours online, the information is always current, and it is easy to take anywhere it's needed. As the grading definitions changed over the years, the Greysheet changed to reflect appropriate prices for Bids using the new definitions. Presenting tens of thousands of prices accurately every week requires the cooperation of many people. Our senior staff has over 100 years of coin business experience, and every day we get information from hundreds of people trading coins. We watch the computerized networks and pay special attention to dealers "wanted to buy" lists, as well as auction Prices Realized.

The Greensheet bid prices are derived from two primary sources: public trades of United States currency, primarily via auction results, and anecdotal dealer information. Whereas United States coins have a tradition of dealer bids posted on electronic trading networks and buy sheets, the currency market relies more on auction results and specialists. We are in regular contact with the major currency buyers in the market.

CDN Publishing takes this data, along with market knowledge and dealer experience, and derives a wholesale price that in theory a paper money dealer would pay another dealer for a given note. Importantly, notes with problems, such as tears, pinholes, graffitti, or missing pieces will trade at a discount, sometimes significantly so.

The Greensheet wholesale bid prices are for problem-free, clean notes. It is expected that retail transactions will take place at a price above the Greensheet wholesale bid price.