I think NGC messed up badly on this one / positive example also included!

[James_OldeTowne]

I recently looked at virtually EVERY lot in the upcoming Scotsman auction. First, let me say that I'd encourage anyone coming to the show to look at these lots. There are a lot of goodies to be bought!

 

I want to complain about one NGC coin that I think was a bad mistake, and maybe should be taken off the market. It's lot 281, and HERE is a link to the coin in question, an 1823 Capped Bust half in an NGC AU-58 holder. The images aren't great, but if you look at the reverse, you will notice a two criss-cross dark lines on the reverse, below the motto. In person, they are actually bad, deep scratches, and there are multiple other scratches on the reverse of the coin as well. It really is quite a bad coin that I think, upon review, should not be encapsulated. To be fair, Scotsman does mention the scratches in their description of the lot. (By the way, I checked the holder carefully, and it appears to be unaltered.)

 

So let me follow up all this griping with a huge kudos for NGC. THIS 1797 Draped Bust half is a phenomenal coin, absolutely original and an exquisite representative of this super-rare type. It's a definite honor for NGC to have such an awesome coin in their holder. I only wish I could afford it. Scotsman's estimate is $32,000 to $35,000, but I actually think it will go around $60,000!

 

James

[Tradedollarnut]

$45-50k seems like all the money for that half. Nice coin, tho.

[coinman1794]

It sounds, from the description, like NGC figured the scratches into the grade by calling it a 58. If it's a 62, it might be worth 58 money with the scratches. It looks like a nice coin, otherwise. I haven't seen the coin though.

[TomB]

That's a good point about the CBH. I have seen this happen with both NGC and PCGS as I own an 1840 Seated Liberty half that was originally in an NGC AU55 holder before it was cracked out and sent to PCGS. PCGS also graded it AU55. The coin was then sold to me. It has no wear on it at all, but it also has two or three deep scratches beneath the toning on the obverse. Apparently, this is why both services called it an AU55.

[EVillageProwler]

All grading is subjective, and all grades are "net" grades. Call it "composite" if you like, but the concept is the same.

 

The exact implementation of the concept is subject to variation and human subjectivity.

 

EVP

[James_OldeTowne]

Scotsman thought the same thing regarding a "net" grade, but I can tell you from having examined the coin in-hand, it definitely has apparent wear. The details and luster even without the scratches would not qualify for UNC (I hope!). It is almost as if the coin were graded by the obverse only!

 

It does have nice original toning, and perhaps they did let it by, but if you see the coin in person, you'll be surprised at how bad the reverse is.

 

James

[Tradedollarnut]

Good call on the half - $60k!