When did MS/PROOF 70 come to pass meaning absolute theoretical perfection?

[michael]

when the TPGs wanted to start grading bullion, and thought the "perfect" coin mystique would drive people into a froth to submit it in bulk, they latched upon this as a cash cow marketing tool. This whole 69/70 thing have been in a downward spiral ever since.

(thumbs u

 

as quoted from doogy on the pcgs boards..........................

 

 

[moovyz]

I can't say I totally disagree with his position. When the TPGs first started, no one submitted moderns and recent issues. And the numbers they get for them is ridiculous.

 

 

In 1986, I started buying Silver Eagles for myself. After showing them to family and friends, I ended up buying tons for them, marking them up $1 and for every 8 I sold, I kept one more for myself. Today most of those coins would grade 69 and 70... and a little over $1,200 a piece... and silver hasn't even doubled since then.

 

 

Something's not right in that picture!

[BillJones]

The MS and PR 70 thing is registry driven. There are some collectors who get bitten by the registry bug to be #1. Once that gets your blood you will do some irrational things to become king of the hill. You pay stupid money for some coins that don't amount to that much.

 

I got the bug a little for a while, but then I looked how I was getting shortchanged on my early coins relative to the points given to high grade modern stuff. Let's put it this way. You can pay over $30,000 for a 1796 Quarter, or you can pay $6,000 for the high grade Standing Liberty quarter and get about the same number of registry points. I expressed my opinions to NGC about this and got a reply that ignored my question completely.

 

That cured me of the registry bug. I still put coins up there, but my main goal is to complete my sets. I'll leave the #1 spots to the guys who spend inordinate amounts of money for what really are trivial modern coins.

 

[CHABSENTIA]

Silver Eagles at $1200.00 each?You didn't mention wheter they were MS or Proof but I have a complete collection of each.All but 4 or 5 in MS69 can be purcased for less than $50.00.Many of those in MS70 have a Numismedia value of less than $800.00

 

Many of PR70 A.S.E has a Numisnedia value of less than $300.00 primarily the ones from 2002 and later.I wish they were all worth $1200.00 and more.

 

Coin World does not give a Value for the A.S.E. as they state that they do not feel that there is enough trading of them in the Market to track them. Even if one does not believe that the MS70 grade is justified this is true .If a particular date has only 87 in the MS70 grade then there is not going to be a flurry of trading as many are in Registrys etc.

 

The American Gold Eagle is a different story with Gold at $800.00 an ounce

 

 

 

[halfpint]

 

the CAC will save us!

[CHABSENTIA]

Exactly. I was able to purchase many A.S.E at really discounted prices and when the pace started to pick up and Prices sarted to get out of hand then I quit and put them in a Registry.. I already had all the A.S.E in Proof from the Mint and only had to get them graded . I had some of the MS Silver Eagles in Raw form and also the 20th Anniversary purcased directly from the Mint so it was a good palce to start. I also have all the yearly Proof Sets from the Mint from 1968 and the Mint Sets from 1970. but most of those sets costs less than the grading of just one of the coins in it.

 

I am on the Morgans now.. I have several Raw Morgans and recently sent some off for grading to get a feel for them .Last week based on the grading cherry picked some more and sent them. First I had to get the VAMS down.

 

 

Many of them can be purchased in MS65 for less than $150.00 in the various auctions that are graded by NGC or PCGS. After I purchase a coin then In put it in the Registry. Whatever points are awarded is what they are.