The PQ (premium quality) designation has always be allusive for coin submitters and unknown to most laymen. This article offers a great discussion about the term. As stated in the article, an entire book could be written on the subject. By no means is this a comprehensive guide or article, but does offer quick bits of information for the novice or expert collector.
]]>The modern version of these quarterly books are tabular data on the Internet, which is now easy to find and use, if you are a member.
The report was once published as a quarterly book by the leaders NGC and PCGS to compete and transform the growing numismatic community that demanded more transperancy. Among other major changes in the grading companies was the tracking and reporting of all grading activities as a final result. Then came other innovations such as holders, holographs, registry sets, Internet connectivity and so on.
The population report is an ever growing table of data that is carefully groomed by the TPG’s but still has it’s flaws. Namely, they could be over inflated by repeat submissions. Granted, we know they are somewhat over inflated, but how much no one really knows, and that is the problem, no confidence just faith. Faith does not mix well with financial situations, confidence is prudent and some would say required (Warren Buffett).
The other aspect I find alarming is inflation of price for a particular coin from one service just because they have less graded at that level. What is collectors only submitted coins to one service for certain types?
This kind of stuff happens, dealers will submit modern coins to PCGS and classic coins to NGC knowing they are worth more in those holders, thereby exacerbating the current situation even further.
Lastly, my problem lies in that they are not open and free to examine. Yes, I understand they have a business model and need to make a profit. But I have found eBay sellers “quoting” PCGS or NGC populations for a coin that was under valued, meaning they made it appear more uncommon than it currently listed in the reports. If the third party grading services opened up their numbers then the freedom of information would flow much more like the stock market and less like an exclusive club that not every collector belongs.
What do you think?
]]>However, the term “rare” is often thrown around way too often in places like eBay or TV ads that show a very common coin labeled as rare. Let’s state it simply, if a coin is rare you will never see it available on TV, eBay or in publication for sale, unless it’s a Heritage Auction Galleries publication or an article chronicling the story behind the rarity.
I mean never, will you see a rare coin in public.
A rare coin could be more accurately described as a coin that is only a handful among many. Many examples can be seen in the book 100 Greatest U.S. Coins. By this example, rare would mean only 5 examples exist, in the world! Nothing be said about quality, just five specimens in existence, period.
Often modern coins could not be designated rare unless in exceptional circumstances. A few examples being; a proof or mint state coin that has yet to be graded as a 70 in the Sheldon grading scale (making it the only one in existence), a circulation quality coin in the high MS 60’s (again, making it the only known example) or a very low population coin in the 70 grade point (such as the earlier modern commemoratives that did not sell very well).
More often than not, classic coins are attributed with the term rare mainly because a century or more has passed, much of that period being cycles in the market where the coins were actually used for commercial use, the coins disappearing for any reason, turned in for melting or lost to mysteriously hoarded collection.
Let me know what you think is rare?
]]>This is because satin finish coins are handled much better in production because they are meant only for collector mint sets, while mint state coins are produced for circulation, even if they never actually make it to that point.
Typically, satin finish coins are worth less because they appear in higher grades in greater numbers. Circulation grade, uncirculated coins are much more difficult to find in high grades and, therefore, hold greater value to collectors and potential buyers. Though, in very high grades, the satin finish coins could be quite valuable. They are typically very hard to find in 69 or even 70, but it has been done.
Most grading services label these coins as MS for mint state and SP or SF for satin finish. If not then they may directly say “satin finish” underneath the grade.
]]>We have now seen all sorts of genuine edge letter errors and the misnomer of errors. There have been documented missing, weak, double and off-center edge letters. Some eBay sellers have touted their items as errors because the letters face the wrong way, while in fact the letters can be in either direction.
The edge lettering is soon to be changed as legislation has passed to remove the term “In God We Trust” from the side and place it in the face of the coin. This initially caused an uproar by religious groups calling the dollar “godless” and refusing to use the coinage. That has now changed and the Mint will now be mandated to change the design. Though, the deadline is still uncertain because the legislation gives the Mint leeway in actual implementation. The change is expect in either 2010 or 2011.
]]>The cameo effect seen on older proof coins comes from early die strikes and eventually dissipated as the die was used. Some proof coins even have partial cameo effects on the highest points of the devices. Though, this is not considered cameo even it may appear to be cameo from certain angles.
Unfortunately, there is no official rule about measuring if a coin is Ultra Cameo, Cameo, or not at all. This is something that can only be gained through the experience of looking at and studying many coins. As with all of numismatics, look at as many coins as you can. It is the best way to learn about them.
Note: The deep and ultra cameo references are trademarks of the grading services PCGS and NGC, hence the difference in terms. While there is no real difference between the extreme cameo effect, it is merely trademark terminology that has forced NGC to used Ultra. Similar to the First Strike designation that PCGS has trademarked and now forced NGC to use Early Release instead.
]]>A common misconception is that the actual dies are burnished, when it is the blanks themselves that are burnished before being struck with the die.
Burnishing is a process resulting in a smooth matte-like finish. These coins were only made at the West Point Mint and bear the “W” Mint Mark. Hence, the less common population, though these are not rare, they are higher grade coins in appearance and price.
]]>The system has evolved over the years with the advent of third party grading services, currency inflation and grading level rarities. Although awkward, the system works quite well because it possesses enough room the necessary advancements in grading while not being too esoteric. While a round metric-like number would have been better. We can and have to live with 70.
In the last few years NGC, PCGS, and the other services have added specific attributes that have either extended or added onto the current grading system. While varieties such as First Strike and Satin Finish derive more from new minting processes or collector interest for more specificity; some grading number have arisen from grading dilemmas. For example, only recently has there been so many About Uncirculated grading designations, as well as the range of Extremely Fine to Fine.
Additionally, we must now account for the nearly new market in proof cameo coins. While there have been cameo and deep cameo proof coins around since the 19[th] Century, only in the last quarter century has it been so prominent. Even more so as of late, we now see Reverse Proof and not quite Reverse Proof surface finished coming from the US Mint.
While, the grading designations are the same for these new varieties, the market has had to define what is and is not a perfect Reverse Proof. This is smoothly being worked out by the third party graders, but keep in mind these same companies have shown to make mistakes in judgement and integrity throughout the years. Even PCGS, a very trustworthy grader has retracted new policies on grading or re-enacted old ones. These companies are not expected to be perfect, but what we do expect is tranperancy. That we are getting from this grading system and the integrity of NGC and PCGS.
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