ChaplainDave Posted November 18, 2013 Share Posted November 18, 2013 I see graded coins listed on Ebay for less than $6, and that brings up a question. Why would someone submit a low value coin for grading? Are they getting them graded for practically nothing? Were they submitted hoping for a higher grade that would have justified the grading fee? Link to comment Share on other sites More sharing options...
DaveG Posted November 18, 2013 Share Posted November 18, 2013 If the coins of which you are speaking are "ultra-moderns", then it's possible that they were part of a large submission of coins that the submitter hoped would get the coveted "70" grade. When they didn't, the submitter may have opted to sell them to recoup some of his expenses rather than re-submitting them. Link to comment Share on other sites More sharing options...
braddick Posted November 18, 2013 Share Posted November 18, 2013 Sometimes, just for fun. For example, I had this state quarter graded with PCGS: Link to comment Share on other sites More sharing options...
wdrob Posted November 18, 2013 Share Posted November 18, 2013 Sometimes, just for fun. For example, I had this state quarter graded with PCGS: Looks about like a MS64 to me. Link to comment Share on other sites More sharing options...
jpcienkus Posted November 18, 2013 Share Posted November 18, 2013 Sometimes, just for fun. For example, I had this state quarter graded with PCGS: Looks about like a MS64 to me. Is there a slight rub in Washies hair? Link to comment Share on other sites More sharing options...
BillJones Posted November 18, 2013 Share Posted November 18, 2013 Did PCGS actually give that State Quarter a grade? It looks like some sort of damage to me, not "honest wear." Link to comment Share on other sites More sharing options...
Mr.Mcknowitall Posted November 18, 2013 Share Posted November 18, 2013 Couldn't some sort of damage be honest wear? Link to comment Share on other sites More sharing options...
braddick Posted November 18, 2013 Share Posted November 18, 2013 Sadly, it's in a genuine holder with FN details. (Secure Plus to boot.) Link to comment Share on other sites More sharing options...
PennyGuy Posted November 18, 2013 Share Posted November 18, 2013 I'll offer my reason for submitting low grade coins. Currently I am three coins short of completing a 1864 LM Two Cent Grade Set. Still needed are a PO-1, FA-02, and VG-8. A total of 26 coins are needed to cover all grades from P-01 to MS-66 BN. The 66 BN is currently the highest known MS grade in Brown. This set most likely will turn into an Exhibit at my state's club annual show someday. It has been interesting to compare and contrast coins in adjacent grades. Just another way to collect. Link to comment Share on other sites More sharing options...
BillJones Posted November 18, 2013 Share Posted November 18, 2013 Sadly, it's in a genuine holder with FN details. (Secure Plus to boot.) Well with the "snifter" involved at least we know that your coin was not made as a "better coin through chemistry." As for the low priced slabs, dealers who make their living from modern coins often submit large numbers of Mint State and Proof pieces to the grading services. The purpose is to find the MS-67+ and PR-70 coins for which they get premium prices, usually from registry collectors. They blow off the coins that flunk for whatever they can get for them although $6 apiece sounds low. A guy in my area tries to get $10 apiece for them, and has bought them back from me for $5. I buy them to keep my type coin registry set at 100% complete. Link to comment Share on other sites More sharing options...
RWB Posted November 18, 2013 Share Posted November 18, 2013 "Low ball" collections are popular with some. As as related point - to me, the level of preservation (condition) is never treated at the same time as the market value (worth) of a coin. Preservation must be consistently applied independent of any other factors of rarity, variety, etc. except where mechanical defects intrude. Link to comment Share on other sites More sharing options...
coinman_23885 Posted November 19, 2013 Share Posted November 19, 2013 Well with the "snifter" involved at least we know that your coin was not made as a "better coin through chemistry." Not necessarily; the chemical could have been rinsed off with acetone or water. The "sniffer" only will reveal the presence of chemicals currently present on a coin's surface, not all that may have been there. Link to comment Share on other sites More sharing options...
ChaplainDave Posted November 20, 2013 Author Share Posted November 20, 2013 I'm seeing more new things as I browse Ebay. I see business strike Presidential dollars "graded" by PCGS as "BU" with a "First Day of Issue" pedigree offered for $5.69, including shipping. Do these coins get more than a cursory glance by the graders, since they have no numeric grade? Oh, and someone is offering a 2011-S Olympic silver quarter as "NGC PF70 UCAM" for $14.95 with the notation that the coin "has a couple spots on it". Huh? How did a coin make Proof 70 with "spots" on it? Did they miss them? Did they develop after grading? Is the holder defective or damaged? I guess it just serves to underling coin expert/marketer Rick Tomaska's maxim of "buy the coin, not the holder". Link to comment Share on other sites More sharing options...
ChaplainDave Posted November 20, 2013 Author Share Posted November 20, 2013 I noticed that NGC has a separate "conservation" service and it got me to wondering whether modern day proofs could possibly be "contaminated" in some way that they could grade high when submitted and then deteriorate over time in their holders? I've heard Rick Tomaska complain about the "ticking time bomb" holders that the mint used for proof silver Ikes and wondered that if a coin is miraculously rescued from one of these and grades high, could the coins subsequently degrade over time due to some contaminant? I also see that one or more of the grading services has been grading these Ikes in their original holders and adding tamper-proof bands. While this initilly sounds like an "ultinate" solution, is this safe over time, given the track record of this packaging? Does anyone know the details of PCGS/NGC packaging? Are the coins sealed in a vacuum or on an inert gas? Link to comment Share on other sites More sharing options...
