Learning to Grade MS Grades - Best Book?

[JakeBlues2-migration]

Hello--

 

I was wondering what the gambit of opinions was on the best book for learning to grade goins in the MS60-70 range. I have inherited a huge pile of mint/proof sets of coins from 1968-1997. I know that some of these sets are worth very little as just a set, but there may be some "gems" that can be pulled out and slabbed. I am looking at buying How to Grade U.S. Coins by James Halperin and Photograde. Are these good books? Any other recommendations? Also--does it make sense to break up these sets from the mint if I think an individual coin might slab for a good grade?

 

Thanks

JakeBlues2

[jom]

Best ways to learn to grade:

 

Go to an auction lot viewing and look at ALL the lots or until you eyes fall out. Rinse and repeat.

 

After this the Halperin book is good and also get PCGS's grading guide.

 

The books are secondary...a distant second, in fact. Go look at as many coins as possible. I like the lot viewing method because it's FREE!

 

jom

[keithdagen]

Lot viewing, or viewing at shows, is the best method, like Jom said.

 

Photograde doesn't cover MS grades well, in my opinion. It does a great job of the circulated grades.

 

If a coin show isn't handy, another way would be to look through E-Bay lots of certified coins, or the Registry sets here that have pics and look at the modern coins that you'll be trying to compare them to.

[jom]

To expand on what Keith said...don't forget the auction archives at Heritage! This can tell you if a coin was "under" or "over" graded. Often PQ coins will go for a big premium. This is good to know when you run into a coin that is in the same grade as other coins and sold for a much large price than usual.

 

I agree about Photograde. Great for circ stuff however.

 

jom

[BillJones]

I agree that the currently available grading guides do not provide good information when it comes to grading Mint State coins. The descriptions are not precise, the photos, are not comprehensive enough.

 

The easiest coins to grade in the MS-60 to 65 range are the Morgan dollars. The coins are large and the number and placement of marks is fairly easy to discern. As the coins become smaller, the grading differences from point to point become more subtle and difficult to note.

 

My advice is to look at as many coins as possible “in the flesh.” It also helps you can establish a good honest working relationship with an expert, honest dealer who is willing to work with you. If you are a novice bargain hunter, who believes that you can beat the experts and save a few dollars, you are headed for trouble IMO.

 

As for the MS-66 to 69 grades, I don’t think that you can learn that from a book. First, coins at those grade levels must be exceptional examples of their kind, which means that they have been exceptional from the moment they were struck. Some coins, because they were not perfectly sharp and did not have great luster, could not qualify for those grades from the MOMENT they were struck. Therefore grading expertise also requires a knowledge of how certain coins come.

 

For example an 1881-S silver dollar with strong detail and great luster is no be deal. Almost all Mint State 1881-S are sharp and well struck and lustrous. An 1895-O with those characteristics, if it became available, would be an outstanding offering. Most coins from that issue are dull and lack detail.

 

The differences between MS-67 though 69 can be so subtle that even the experts can disagree. That’s why I shake my head when I see modern coin in MS-67 go for $15 and than see an MS-68 go for a hundred times more. Is there really that much of a difference? Many collectors, who have been at this hobby for a while, would question the wisdom of paying that premium. At any rate I don’t think that one could learn to grade at those high levels without a lot of hands-on experience.

 

MS or PR-70 means PERFECT. The best possible strike, no marks, no spots with perhaps a whisper of original toning for an older piece. VERY FEW coins qualify for this regardless of what it says on the holder. AND you run the risk of falling below that grade even if it says so on the holder if the coin develops a spot.

 

BTW, the best grading guide is the ANA guide with actual photos of the coins. Photograde, at the editions that I have seen, had too many overgraded and damaged coins, especially in the early sections, to suit my standards.

 

[TomB]

I agree that the best way to get a feel for the MS and PF grades is to see them in hand. Images on the net are nice, however, there is too much interpretation left to even the best images to make them particularly valuable to most novice graders. Look at coins at shows and ask questions of dealers and collectors who are willing to help you.

[cladking]

Picking out gem moderns is really pretty easy since you don't need to worry about dipped and altered surfaces and if the coin looks unc then it almost certainly is. An unc coin will have the same color and texture on the high points no matter how you tip it or change the lighting. Coins in mint sets are invariably unc though occasionally one will be so beat up you'd swear it was rescued from the parking lot. If you have several of these sets then the job is even easier; just look for the coin that stands out as clearly superior to the others. This will typically be a choice gem (MS-66), but with some dates it will be higher or lower. A superb gem will stand out from a lot of choice gems, but these appear only about once in 150 mint sets. Look for coins which are sharply struck overall. The tops of the lettering should appear rounded and design should rise above the surface. There should be an absolute minimum of marking and on some dates this will mean virtually no obvious marks without magnification. Watch for shallow scrapes which can be seen at only some angles and groups of shallow scratches. The clad coins are hard and there are often planchet scratches which aren't completely struck out. These will lower the grade.

 

The nice thing about collecting high grade moderns (besides how much fun they are) is how inexpensive they are. While there are large multiples for most US coins in the highest grades, the moderns are often only a few hundred dollars or less even in the highest grades.