Thread: Did NGC Blow It? 1954-S Jefferson Nickel MS67

Earlier this year I purchased a 1954-S Jefferson Nickel NGC MS67 from Teletrade. The coin is an outstanding example of a conditional rarity with a total population of 15/0. Every coin graded MS67 resides in an NGC holder. Here is a photo and description of my coin.



Description: An incredibly attractive example of this conditionally rare issue. A remarkable patina of peach, sunshine yellow, powder blue, lavender, and iridescent cobalt blue drapes both sides of this satin luster premium gem with a decent strike for a normally mushy year. With a total population of (15/0), finding a more eye appealing example of this date/mm will be very challenging indeed.



Tonight I was performing my routine search for registry quality Jefferson Nickels when I ran across this "thing" in Teletrade's upcoming Sunday auction. The question is simple. Did NGC blow the grade? Please vote in the attached poll and post your comments. Here is the photo and auction link.



http://www.teletrade.com/coins/lot.a...61&imagetype=j


Merry Christmas!

It could just be a bad picture. Heck, even saying it out loud, I can't quite believe that, though. Something must have gone wrong.

Also, pardon my ignorance, but when you say the population is 15/0, what does that mean? Mostly, the number after the slash is what confuses me. Is it the number of coins in better condition, or am I off base?

That's one of the nicer 1954-S coins I've seen. Nice catch.

The second example is one where the strength of strike was not taken into account. Mid-1950s nickles are known for weak strikes, but that's just ridiculous. The paucity of bag marks is truly remarkable, but the weakness of the strike cannot overcome that. Personally I place more emphasis on bag marks than strike, but even I would likely grade that coin MS-64.

You know, the difference between those two coins is so significant, that it's almost like each of the aspects of the coin should be grades separately; like they used to assign separate grades to the obverse and reverse. On strike and surface preservation, I'd probably give it a MS-64/MS-68/69.

Originally Posted by Insomniac

It could just be a bad picture. Heck, even saying it out loud, I can't quite believe that, though. Something must have gone wrong.

Also, pardon my ignorance, but when you say the population is 15/0, what does that mean? Mostly, the number after the slash is what confuses me. Is it the number of coins in better condition, or am I off base?

The number after the slash in a population is the number of higher graded examples. You are right, it could be a bad photo, but it is not. This exact same coin sold in a Teletrade auction in April 2009 for a price of $109. Here is the auction listing and description (get ready to laugh).

http://www.teletrade.com/coins/lot.a...68&imagetype=j

Superb Gem. Well struck. Pleasing surfaces which are very warmly red-golden toned as to appear gilt. NGC has certified just 15 coins at this level with none finer.


I am half tempted to buy this coin and send it to NGC and attempt to use their grade guarantee. This coin has no business in an MS67 holder. From what I see in the photos, it has no business in an MS65 holder. If I had to describe this coin in an auction catalog, this is what I would write.

Superb surfaces account for a technically graded premium gem coin that will fit perfectly in a registry set unencumbered by photographs.

This is what I would want to write.

Turd brown patina completely mutes the luster of this minimally abraded Jefferson Nickel that appears as if it was struck in a terminal die state. The result is one of the highest graded visually unappealing coins in existence. A perfect candidate for the blind collector.

THIS COIN SUCKS!

Originally Posted by raider34

Btw if I got the cert#s right that coin just sold on TT on April 19th: Nickel 1954S NGC 67 from Teletrade Coin and Currency Auction 2681, lot 1468 but now it's back up for sale, with some new pics.

WOW, you stole my punchline.

Originally Posted by raider34

Btw if I got the cert#s right that coin just sold on TT on April 19th: Nickel 1954S NGC 67 from Teletrade Coin and Currency Auction 2681, lot 1468 but now it's back up for sale, with some new pics.

These photos make it look marginally better, I think, but it's still a thoroughly unattractive piece.

Also, thanks for the clarification everyone!