How can PCGS grading be so inconsistent? posted by Yankeejose

[CSJournals-migration]

Auction coin appears to be way over-graded- or am I just still too much of a novice to understand?

 

I won my first heritage auction- a PCGS 1938 Washington Quarter, MS65 for 138 with buyer's premium. Based on the picture the coin is not the most beautiful coin, the obverse luster appears to be covered by not the best grayish toning- but it has minimal marks. This was why my max bid was only 122. Another 1938- also PCGS- also MS65- also sold in the same auction for 178.02 with BP. Auction 1171, my coin was lot 8554, and the other coin was lot 8553. At first glance the other coin has nicer luster than mine. But if you look at the coin in the close-up view it looks like George was in a knife fight -and lost. The coin has so many bag marks and gouges and cuts that I can't count them. The most noticeable is the 3 dings in his chin. Now I am not questioning or criticizing why this was purchased and for how much was paid. To me each collector has their own priorities and desires and it is none of my business. My issue is with PCGS and how they could grade this other coin as MS65. I would not think a Morgan dollar or Franklin dollar with this many marks in the head would ever grade as MS65.

The main point of my journal is that in general I find it hard to grade MS coins. So far this has prevented me from submitting some of my better coins to NGC for grading. I have been trying to hone my skills by looking at as many already graded MS examples from PCGS and NGC as possible. The example outlined above just frustrates me in my pursuit of that knowledge! It also causes me to question the consistency of the quality of what is supposed to be the top grading company! I know it all comes back the coin, not the holder. But why would anybody ever buy coins sight unseen? Or am I just totally wrong in questioning the MS65 grade on this coin?

This is the link for the coin in question- I would add pictures but it may be considered copy-write infringement. Plus I don't think I can get the close-up detail.

http://coins.ha.com/c/item.zx?saleNo=1171&lotNo=8553

 

See more journals by Yankeejose

[jayman1970]

I dont think you are wrong in questioning the grade on lot 8553.In my opinion the coin you purchased is right on at MS65 ,the other on should have been a 63 or maybe a 64 on a good day!!!

[mkman123]

Ask this on the pcgs forum and they will say how inconsistent ngc is and how awesome pcgs is. Frankly I buy the coin and not the holder. That said both companies make mistakes and pcgs does make mistakes (shocker to some)

[jayman1970]

Just to clarify my last post,It did not matter to me that the coin was slabbed by PCGS.I only commented on the coin and the grade it received.The coin could have been holdered by NGC and my response would have been the same.I have seen dogs by both!!!

[Six Mile Rick]

Guys, When searching for a coin you usually have the grade in mind that you are after. PCGS and NGC have their good years and bad years on grading. It is important to look closely on say a 1957D FBL by PCGS and NGC graded in the 1990s as apposed to graded today or last year. You will find a difference in PCGS and NGC as some years were slack at grading and others were tightened and strict.

 

The best choice for a grader is--------YOU!!!!

 

Weather PCGS or NGC graded you will pay for the coin and you will have to live with it. So buy the coin that appeals to your eye and not someone's lack of concern for your personal perception.

 

 

Later---Rick

[Yankeejose]

Thanks Jayman- thanks for the feedback! I agree with you - if it was NGC I would have said the same thing- not picking on PCGS.

 

Good point Rick- I was reading Scott Travers book- Coin Collectors Survival Manual. Althought the book is from 2007, he mentions about the how major grading services quality has gone up and down over the years. It said that when they first started the standards were tighter than they were at the end of 2004, but had dropped in the late 80's.

 

My point was it makes it hard for me, an amatuer non-dealer- to grade MS coins when the services themselves can be so inconsistent.I guess I will just have to use my best judgement on what coins to submit and roll the dice. You gave me good advice in my past journal- running them by my local coin dealer- I will definitely do that first. thanks!