Are they or aren't they? Tough that is.

I read Johnson1's entry about his 2008 Silver Eagles and how he believes they may be under-graded, at 69 instead of 70.

Here's the interesting part:

There was a long string of postings in the Message Boards recently about how PCGS coins were "more valuable" than NGC coins because there were those who believed (I am not among them), that NGC just "hands out" 70 graded coins too readily, and that PCGS is the "tougher grader" and therefore that a PCGS 70 is worth more than an NGC 70.

Here we have an opposite perspective, a collector who believes his coins should have been graded as a 70 but that NGC was too tough on the coins and only graded them as a 69.

I guess my point is: Isn't it funny how disparate opinions can be?

Something else for consideration: The 2008 Silver American Eagle was Rehubbed for the New year. Some people BELIEVE that the rehubbed changes are making for weaker strikes on the coins, and are resulting in fewer higher grade coins. Whether this is true I imagine remains to be seen, until a year or more passes and census reports continue to be filled with the grades of the 2008 coins. You may read about the rehubbed features here:

http://www.collectors-society.com/news/ViewArticle.aspx?IDArticle=955

The reality is, and even the two top tier grading services (NGC and PCGS) will tell you this, is that grading can vary among professional coin graders who examine coins, by up to a couple grades even. However, this is why they have several graders involved in the process to ensure the best consistency possible, and to maintain a good quality control. It is what sets NGC and PCGS apart from other services.

Are the grading services what we believe they are? NGC uses a minimum of three graders to review every coin, to ensure consistency. You may read about that process here:

http://www.ngccoin.com/coingrading/grading2.asp

IMHO, I think at least in the case of NGC, the answer is yes, grading services are what we hope they are. I believe the same is true for PCGS. For other TPGs, I have significantly less confidence. ANACS and ICG are next in line, but a distant "next tier," and after that, other services are off the radar in my eyes.