This thread was inspired by the debate started in my recent thread "Guess the Grade--NGC 1881-S Morgan Dollar." I found it unusual that most of the forum members undergraded the coin by 2-3 grades compared to the assigned grade by NGC. I have determined that the best way to learn how to grade coins is to view as many coins with the same grade as you can for a particular issue. I have also found that learning to grade coins from photos (as best you can) is extremely important since that is how I purchase most of my coins.
In this exercise I will attempt to demonstrate the subtleties of the MS67 grade for 1881-S Morgan Dollars. I will do this by posting a progression of MS67 NGC graded Morgans (All photos courtesy of Heritage Auctions). The progression will be as follows:
- The Market Graded MS67
- The Low End MS67
- The Good for the Grade MS67
- The PQ MS67
- The Low End MS68
Before we can analyze the coins, we need to examine the requirements for reaching an MS67 grade. From PCGS's "The Official Guide to Coin Grading and Counterfeit Detection," and MS67 must be virtually as struck with minor imperfections, very well struck. Now what is a minor imperfection? The truth is that I don't really know since I didn't write the book. I can only apply the term to what I have seen graded MS67 by NGC and PCGS. From my experience, it is a surface imperfection that is barely noticeable with the naked eye in the focal areas. We must also note that the focal areas with regards to surface marks are the face (including chin) and the date on the obverse and the breast on the reverse.
The Market Graded MS67 
This coin is absolutely stunning at first glance. A razor sharp strike, semi-prooflike fields, gleaming luster and phenomenal rainbow toning. However, the imperfections on the cheek are certainly noticeable to the naked eye. Quite simply, this coin is an MS66 that was
Market Graded to an MS67* because of phenomenal strike, luster, and eye appeal. The surface of the coin plainly fails to meet the standard for an MS67, but the other elements of the grade make it market acceptable as an MS67.
The Low End MS67
This coin has several barely noticeable imperfections in both the fields and the focal area of the face. If we compare this coin with the market graded example, it is definitely cleaner but lacks the same overall eye appeal. This coin meets the criteria for an MS67 grade, but due to the number of imperfections present, it will be a low end MS67 example.
Good for the Grade MS67 
This coin is the same coin from the other thread that Richie described almost perfectly. If you recall, he correctly noted that the reverse is prooflike and the obverse is frosty. NGC routinely awards the star designation for these coins. He graded the coin an MS68*, but it is actually an MS67*. The reason this coin could not reach the lofty 68 status is due to the two very minor imperfections on the cheek. Otherwise, the coin is almost flawless. Those two tiny little imperfections in the focal area of the coin were enough to limit the grade of this incredibly beautiful superb gem. There is absolutely no doubt that this coin has better surfaces than the low end MS67 and the other elements of the grade (strike, luster, eye appeal) are equally as impressive. A good for the grade MS67 for sure. If the imperfections were in the fields, this coin would most likely have been issued an MS68 grade.
PQ MS67
A blast white and apparently perfect Morgan Dollar. Without close scrutiny, this coin appears to be an MS68 for sure. The only noticeable imperfection is a dimple to the left of the hair above the jawline. Otherwise the coin is essentially flawless. If you can't see the imperfection, visit this link and click for the larger photo.
http://coins.ha.com/common/view_item..._No=2477#photo
This is by far the most impressive coin seen yet. The low end MS67 had numerous minor imperfections, the good for the grade had two, and this PQ example has only one. With regards to strike, luster, and eye appeal, well lets put it this way, I would have bought this coin in a heartbeat if I had seen it, and I only collect rainbow toned coins. The owner of this coin got a specimen of this quality for $800. IMO, this coin should be graded and MS68 and the coin is worth 3-4X what the winner of this auction paid. But my opinion doesn't count, NGC's does, and they decided not to award the MS68 because of the imperfection in the focal area.
Low End MS68
And finally we come to the end of the progression with the low end MS68 (my coin). There is a minor imperfection to the left of the neck in the obverse field. In addition, the fields show scatter luster grazes which give the coin an unclean appearance. Still, excellent strike, very nice toning, and incredible luster meet the requirements for an MS68 grade by NGC. Which coin would you rather have, the PQ MS67 or my low end MS68. We know my answer because I love the toners, but to each their own.
Now that we have examined each coin based on its merits in relation to the guidelines for the established grade and in comparison with each other. Please indulge me by starting with the market graded MS67 and slowly scrolling down to view the other photos. When you do this, you can see clearly the grades within the grade. I hope this thread has been either educational or entertaining. If it has not, at least you got to see some really cool high end Morgan Dollars.
PS, I believe that John Albanese should offer me money for this post.
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