beauty is in the eye of the beholder?

I'm sure that most serious collectors realize that grading is an imperfect science, the system of using multiple graders and taking the average is probably as effective as it can get. Grading standards have changed over time--a PCGS coin in an old rattler or green label usually has a much higher chance at an upgrade than other coins.

Well my journal is supposed to be about my collecting experience..the bad as well as the good. My luck has been down lately, and I may as well record it here to keep me grounded during the good times....Here's what happened....

About a year ago I purchased a coin from American Numismatic Rarities for $1700..the list was $1500, but the auction listing stated the coin looked easily 1-2 spots undergraded. The coin was an MS62-trends at $1500..a MS63 jumps to $2500 and an MS64 jumps to $7500!!

After the coin arrived I was ecstatic--it was even nicer than the photos in the catalog. I studied auction histories of major coin Auctioneers and had not even seen an MS64 close to the detailed strike, mint luster and very few contact marks...I was sure mine would go at LEAST 64!! I sent it away with 4 others to NGC for a regrade. All 5 coins came back just as I sent them away {no explanation..duh..} I was just a $100+ shorter in my funds. Well, I thought that maybe the other 4 coins may have been borderline and my MS62/4 was just quickly perused...so I sent it in again alone..$70+ later it came back again in its same holder. I ran a poll of friends and asked them to grade it {showing only the coin}..9 said 64, 2 said 65 and 1 said 63...

I was getting frustrated at this point, mostly everytime I saw an inferior coin graded higher and decided I would take it to my local dealer to have him look...he was impressed, said it was VERY PQ for the grade and offered me $2000...after a brief pause I sold it and washed my hands of the thing.

The story doesn't end there...about a month later the dealer called me and told me he was sending me a check for $500..when IU asked why he told me that he had decided to crack out the coin and re-submit it..his result?..MS64 worth $7500!!! Although pleased with his gesture {I can't say that I have ever given a dealer back money when a PQ buy got upgraded to a higher value} I almost wish he hadn't told me. Well I guess..No Guts No Glory..I was afraid to crack out a coin I had paid $1700 for...

Finally, about 2 weeks ago I purchased a superbly toned Roanoke Half Commem..with eye-popping luster still coming through..graded MS67 by one of the big 2 grading companies {not NGC}...this coin sells for about $1000 in MS67 and skyrockets to over $10,000 in MS68 {some have sold for over $40,000!!} anyhow, I took the chance and cracked it out..I mean the potential benefits could far outweigh the cost, right? At worst I figured I would get an MS66..hopefully I was betting on an MS67*-star coin..and wishing to finally "hit a big one" and get a 68 or 68*. Three days ago I received my coin back----bodybagged as artificially toned??? $%^&*&$@#...man oh man..it has taken me 3 days to calm myself enough to write this...

Anyhow, I'm not sure what the lesson is..don't send in crack outs?..don't try for upgrades?..submit 100 coins at a time?...I have now sent close to 100 coins in and have only gotten 2 upgrades, both on ANACS graded coins..

Maybe in the end the thousands of hours I have spent studying the hobby, looking at coins in hand, in catalogs, on websites and at auction..I have not learned how to judge the quality of a coin. I subscribe to weekly publications, monthly publications and have around 15 books on various series..

In the end I think I will go back to doing what I have done for most of my collecting life..buy 65's in 64 holders and PF69 moderns that look perfect to the naked eye and be happy with the fact that my coins are PQ and pleasing to me..

But what to do now with this very pleasing coin that has just been bodybagged???

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