How does a business struck modern coin get a "PL" designation at NGC?

[GoYankees]

Does NGC use the same criteria for moderns as they do for Morgan Dollars?

[GoYankees]

ttt

[gmarguli]

I'm not sure if they have the exact same requirements, but I know they reqiure quite a bit of reflectivity before awarding the PL designation.

 

Also, perhaps this will help: "...NGC will determine coins as PL or DPL when it is truly due to the surfaces being reflective with a smooth finish. Coins that tend to develop their PL effect from heavy die polish are not categorized for PL or DPL. I think this is important to know as there are several types of coins that exhibit "PL" finishes due to the heavy amounts of polishing the die was subjected to such as some Roosevelts, Franklins, and even certain Mercury Dimes." - Rick Montgomery

[spy88]

I don't know what the criteria is either but I would guess the coin must exhibit the same surfaces as if it were a gem proof coin. That's what I think got the PL on this Jefferson anyway. But having that designation can hurt the grade. Why? Because the surfaces bring out each and every little ding and scratch on the coin! They don't get hidden behind tone or subdued luster.

 

[Oldtrader3]

Correct me if I'm wrong, but years ago the standard for PL was having the reflectivity to read the serial # on a dollar bill at a distance of 4 inches.

[Mozin]

I don't know about modern US at all but I do know about earlier NGC PLs.

 

As and example, the 1937-S Boone Commem in PL has abundant die polish lines. I recently compared my beautiful PCGS MS65 1937-S Boone to my four NGC PLs and all five of them exhibited the same exact die polish lines over the entire obverse. What I am saying is that I could not find any differences in the locations or the directions of the die lines covering the entire obverses.

 

When I recently submited the raw PCGS coin to NGC they graded it the same MS65 grade but did not give it the PL designation. No question in my mind whatsoever that this coin is PL if any of my other four NGC PLs designates were PL. I believe NGC has decided to be very tough in giving the PL designation to any Early Commems other that the fairly common Columbians and the New Rochelles. I have an extensive collection of NGC Early Commems in PL, and other series as well, so I do know what I am talking about.

[cladking]

I have a second question to add to the thread topic. Why are there so very few PL moderns being graded. I'd guess there are two causes. The first is that there aren't any collectors for these and second because most PL modern are ugly.

 

Part of the problem may well be that the bar has been set so high for these to attain the designation. PL's are by no means rare or scarce for moderns. Some coins will appear PL up to .5% of the time in mint sets. Cents from the late '80's are even much more common than this with up to about 6% appearing to be fully PL. Numerous coins minted for circulation will have some proof attributes and they can even be found struck by retired reverse proof dies.

 

A PL Morgan is usually a very attractive coin even if it has excessive handling or other minor problems. PL clad highlights every mark on the coin. These are not as likely to be well struck as other PL's and some dates will show patches of die polish. Perhaps it's more my own perspective than anything but these are rarely attractive coins. I do have a lot of interest in them since they do come nice sometimes.

[gmarguli]

I'd guess it has a lot to do with the fact that many PLs will never be submitted because the average submitter can't grade them properly. They'll see all the marks jumping off the PL surfaces and grade the coin 2-3 points lower than it really grades since they can't compensate for the PL surfaces.

[EZ_E]

I'd guess it has a lot to do with the fact that many PLs will never be submitted because the average submitter can't grade them properly. They'll see all the marks jumping off the PL surfaces and grade the coin 2-3 points lower than it really grades since they can't compensate for the PL surfaces.

 

 

Interesting, Greg. Thanks for that bit of info. As always, you really are a great asset to the boards. (Er, unlike that world-coins guy )

[GoYankees]

A great cross section of answers. This thread has exceeded expectations.

 

Thanks guys!!!

 

-mark