Greysheet coin prices explained: what the dealer bid means for you
Published Oct 23, 2026
The Greysheet is a wholesale coin price guide that CDN Publishing (formerly Coin Dealer Newsletter) has published since 1963. Its values estimate the bid: what one dealer would pay another for a problem-free coin. Retail prices sit above that bid. CDN's Collector's Price Guide (CPG) is the retail-oriented companion.
Bullion Price Check compares prices that dealers list publicly. It isn't a dealer or a broker and has no connection to CDN Publishing. This guide describes the Greysheet and links to CDN's own pages. It doesn't reproduce any Greysheet, CPG or Red Book values, which CDN's terms of use reserve for subscribers.
What is the Greysheet?
The Greysheet is a price guide for the coin trade. It lists wholesale prices, meaning what dealers pay each other, not what a shop charges you. CDN Publishing sells it by subscription as a monthly magazine plus online and smartphone access to the pricing data (CDN: the Greysheet publication). U.S. coins are the core, and CDN's packages list Greysheet wholesale pricing for U.S. and world coins (CDN subscription packages).
It is a reference, not a market. CDN says it doesn't buy or sell coins and that its posted prices aren't offers to buy or sell (Greysheet terms of use).
Who publishes the Greysheet?
CDN Publishing, LLC of Virginia Beach, Virginia, previously branded as Coin Dealer Newsletter. CDN says it has published Greysheet coin pricing continuously since 1963. On October 31, 2023, CDN acquired Whitman Publishing, the publisher of the Red Book (CDN announcement, Nov 1, 2023). The combined business now calls itself Whitman Brands (Whitman Brands: merger of CDN and Whitman).
What does “bid” mean on the Greysheet?
CDN defines bid as “the estimated amount that one dealer is willing to pay another dealer to purchase a needed coin” (CDN). A classic Greysheet bid assumes three things:
- Sight-seen. The buying dealer inspects the coin first and doesn't have to buy if they dislike it or disagree with the grade.
- Properly graded. The coin meets accepted grading standards, as exemplified by PCGS and NGC (see how PCGS and NGC compare). Raw (ungraded) coins count if they are properly graded.
- Problem-free. CDN's bids are for “problem-free, wholesome coins”.
CDN also says retail transactions take place above the Greysheet wholesale bid. The Greysheet is a dealer-side number. It was never meant to be the price on a shop's tag.
Bid vs. ask: the four prices in a coin trade
Every coin that changes hands sits on a ladder of prices:
| Price | Who pays whom | Where you see it |
|---|---|---|
| Dealer-to-dealer bid | What one dealer offers to pay another | Wholesale guides such as the Greysheet (subscribers only) |
| Dealer-to-dealer ask | What a dealer asks another dealer to pay | Dealer trading networks and trade shows |
| Retail ask | What you pay a dealer | Dealer websites and shops; for bullion, our price tables |
| A dealer's buy price | What a dealer offers you | A dealer's buy list or a quote for your coin |
Dealers mark coins up from wholesale to retail to get paid for their work, and Coin World notes there is no fixed formula linking the two (Coin World: retail versus wholesale coin pricing). At the bottom of the ladder, a dealer's buy price for a collectible coin is often at or below wholesale bid. That is industry practice, not a rule: a dealer who has to grade and appraise your coins shouldn't be expected to pay full Greysheet bid (The Spruce Crafts: buying and selling coins).
Sight-seen vs. sight-unseen
In a sight-unseen trade, the buyer agrees to accept any coin that matches the type, date, grade and grading service, however it looks. Those bids tend to mark the floor of the market (Coin World). CDN explains that its sight-unseen (Bluesheet) value is a baseline for “any” coin in a given PCGS or NGC holder, while a Greysheet value represents a nice, above-average example (CDN on Bluesheet vs. Greysheet values). Two coins with the same grade can trade at quite different prices.
Where do Greysheet prices come from?
CDN names three primary sources for Greysheet bids (CDN):
- Public trades, mainly auction results.
- CDN Exchange (CDNX), CDN's dealer trading network, where market-makers' bids are reflected directly on the Greysheet.
- Direct dealer information from trade shows, buy sheets and conversations.
Editors weigh that data to estimate what one dealer would, in theory, pay another. CDN's FAQ also mentions Certified Coin Exchange, specialist dealer feedback and dealer buy lists, and calls the system proprietary (CDN FAQ). It is an edited estimate, not a live ticker of trades.
How often is the Greysheet updated?
The magazine comes out monthly. CDN says subscribers' online pricing is updated multiple times a day, but its own publication page gives two different intervals, so we don't quote one.
What is the CPG (Collector's Price Guide)?
CPG is CDN's retail-oriented guide. CDN calls CPG values “retail-friendly pricing based directly on our published wholesale values” (CDN: Collector's Price Guide). It uses a formula that changes from time to time, and CPG values move when wholesale prices move. CDN says CPG values are published in the Red Book Quarterly and in A Guide Book of United States Coins, better known as the Red Book.
Greysheet vs. CPG: which one should a collector look at?
The Greysheet describes what dealers pay each other; CPG is a retail-style value derived from that data. Buying a collectible coin? A retail guide is closer to what you'll pay. Weighing a dealer's offer? The wholesale bid is what the dealer works from. Neither is a guaranteed price: CDN's terms say its prices are not a substitute for professional appraisals and not guarantees of value (Greysheet terms of use).
Greysheet vs. Red Book: what's the difference?
The Red Book is A Guide Book of United States Coins, a long-running collector reference with a new edition each year. Whitman describes it as delivering retail pricing, historical data, mintages and specifications (Whitman: Official Red Book series).
| Greysheet | Red Book | |
|---|---|---|
| Publisher | CDN Publishing (Whitman Brands) | Whitman (Whitman Brands) |
| Price level | Wholesale bid, dealer to dealer | Retail |
| Main audience | Coin dealers | Collectors |
| Format | Monthly magazine plus online and app pricing | Book, one edition a year |
| How often it changes | Online pricing updated multiple times a day, per CDN | With each new edition |
The two are no longer independent: both belong to the same group, and CDN says the Red Book publishes its CPG values. They are a retail figure and a wholesale figure from the same data family.
What about the Greensheet and the Bluesheet?
The Greensheet is CDN's wholesale guide for U.S. paper money (CDN subscription packages). The Bluesheet was CDN's sight-unseen guide for certified coins; its last standalone issue came out in 2018 and its pricing moved into the Monthly Greysheet (CDN: final Bluesheet issue). The Blue Book (Handbook of United States Coins) is a separate Whitman book of wholesale values (Whitman: Red Books and Blue Books).
Can you use the Greysheet to price bullion coins like Silver Eagles?
You can, but you rarely need to. CDN's monthly issue does include world bullion gold and bags alongside numismatic series (CDN). Generic bullion is simpler, though. A random-year Silver Eagle or Gold Eagle sells for the spot value of its metal plus a dealer premium, and dealers publish those prices on their websites every day. Bullion Price Check reads the listed prices and works out each offer's premium over spot on every refresh. Here's how we collect dealer prices.
The retail ask in our tables is what you pay. We don't collect dealers' wholesale costs, so we don't guess at them. The premium covers minting, distribution, the dealer's margin and payment costs; see how premium over spot is calculated. For the smallest markups today, check lowest-premium bullion right now.
Our sell page lists dealer buy prices where a dealer publishes one we can read. As of Oct 31, 2026 2:32 AM ET, that covers 1 dealer on 4 products, so treat it as a spot check, not a market survey.
When does Greysheet matter more than spot?
When a coin's price depends on more than its metal: Morgan and Peace dollars in high grades, pre-1933 gold with a collector premium, key dates and scarce mint marks. Price guides track that demand. The metal still sets a floor. For a silver dollar, start with a Morgan dollar's silver melt value. For old gold, read melt vs. collector value for pre-1933 gold before accepting a by-the-ounce offer.
Why won't a dealer pay “Greysheet” for my coin?
A Greysheet bid describes one dealer buying a properly graded, problem-free coin from another after seeing it. A sale from the public differs on almost every point:
- Grading. The dealer may grade your coin lower than you do.
- Problems. Cleaning, scratches or weak eye appeal take a coin out of “problem-free” territory.
- Cost and margin. The dealer has to hold the coin and resell it at a profit. Coin World notes that coins which take more effort to sell carry wider wholesale-retail gaps.
- Time to resell. A thinly traded coin ties up the dealer's money.
- Service. Identifying and appraising a mixed collection is work a dealer-to-dealer trade doesn't involve.
CDN itself says its prices aren't guarantees of value or a substitute for appraisals. Treat the Greysheet as background, not a price you are owed, and read about getting several offers before you sell.
Is the Greysheet free, and is it worth it?
No. Full Greysheet pricing requires a paid subscription. CDN's FAQ says it offered free CPG values online for several years, then switched to subscriptions (CDN FAQ). Plans change, so check CDN's subscription page for current options. Digital access runs through greysheet.com and the Greysheet app for iOS and Android.
It was built for dealers and suits active collectors of graded or numismatic coins. Generic bullion buyers usually don't need it: comparing current dealer premiums answers the price question.
Key takeaways
- The Greysheet is CDN Publishing's wholesale coin price guide, published since 1963 and sold by subscription.
- Its bid estimates what one dealer would pay another for a properly graded, problem-free coin. Retail prices sit above it.
- CPG is CDN's retail-oriented companion, calculated from wholesale values and published in the Red Book.
- Greysheet values aren't guarantees or appraisals, and dealer offers to the public are often at or below bid.
- For generic bullion, spot plus the dealer premium is the price that matters, and that premium is public.
Greysheet, Greensheet, Bluesheet and CPG are CDN Publishing brands; Red Book and Blue Book are Whitman brands. Bullion Price Check is independent of both. Spotted an error? Email hello@bullionpricecheck.com.
FAQ
What is the Greysheet?
The Greysheet is a wholesale price guide for coins, published by CDN Publishing since 1963. Its values estimate what one dealer would pay another for a problem-free coin.
What is the Greysheet bid?
Bid is CDN's estimate of the price one dealer would pay another dealer for a coin it can inspect before buying, assuming the coin is properly graded and problem-free.
What is Greysheet CPG?
CPG stands for Collector's Price Guide. CDN Publishing calculates these retail-oriented values from its wholesale prices, so they move when wholesale prices move.
Greysheet vs. Red Book: what is the difference?
The Greysheet tracks wholesale prices between dealers. The Red Book, A Guide Book of United States Coins, is a long-running retail reference for collectors. Both now sit under the same publishing group.
Is the Greysheet free?
No. Full Greysheet pricing requires a paid subscription from CDN Publishing. Check greysheet.com for current plans.
Are Greysheet coin prices accurate?
They are CDN's edited estimates of dealer-to-dealer bids for properly graded, problem-free coins, built from auction results, its dealer network and dealer reports. CDN says its prices are not guarantees of value or a substitute for an appraisal, and a dealer buying from the public may offer less.
Is there a Greysheet price for Silver Eagles?
CDN's monthly issue lists some bullion, such as world bullion gold and bags, but you rarely need it for a random-year Silver Eagle. Those sell for spot plus a dealer premium, which dealers publish daily and Bullion Price Check compares. We don't reproduce Greysheet values.