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Raw Coin

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Definition: A raw coin is a coin that isn't in a major grading service holder, such as those issued by NGC and PCGS. Even though the coin might be in a plastic case of some type, it is still considered to be raw if it isn't graded and slabbed (encapsulated) by one of the leading grading services. All loose coins, and coins in folders and albums are considered to be raw.
Examples:
When you buy expensive raw coins on eBay, you're taking a chance of being ripped off.

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