Guess the Assigned Grade NGC 1945-D Jefferson Nickel

Surface Preservation: MS66
Luster: MS67
Eye Appeal: MS67
Strike: Not a great strike but definitely full steps.

I consider strike the least important element of grading because it is used as a grade limiter which I abhor. IMO, if the strike is average or better for the issue, the other elements of grading should drive the numerical grade. Coins with a superlative strike should get a bump and those with a poor strike should lose a point (or more).

From the photos posted, it is hard to see the luster on this coin. But this coin is a WOW coin. Your first impression before pulling out the loupe is that the coin is a very high end Jefferson. After looking at the surfaces under magnification, some very small ticks are evident and it has the look of a solid MS66. Given the impact of the luster and eye appeal, I have no problem with the bump to MS67 even though I may have graded the coin MS66+.

 

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So nobody wants to talk about gradeflation. How about the fact that I paid $12 for this coin, paid $20 in grading fees, and then sold the coin for $400. Lets talk about how a coin can be worth $12 one day, and $400 the next.

 

I think coins like this are always worth the $400...just in today's world of the TPG making grading decisions for people, few have the necessary skill set to identify such pieces. I know some people believe this to be a conspiracy between the TPGs and the dealers to fleece the public...but I believe that "coin collectors" as a community have become dependent on the TPGs to grade coins for them. As a result, few posses the skill-set to recognize a truly valuable raw coin when they see one...at least when it comes to ultra high grade coins.

 

I'm astonished they gave it FS... Like I said before, the bottom step is completely missing on the right side. This is NOT FS. If it is, I've been throwing back a lot of FS I rejected based on the definition I was given that left no room for obliterated steps. I need to find that concise article I had with all the nice illustrations... For crying out loud, I have a 94 SP67 that did not get FS and it is WAY more complete than this example.n I'll try and post some images tomorrow.

 

It's not 6FS...but looking at it again, I can see it getting the 5FS designation.

 

The 6th step does not need to be complete to obtain the NGC 5FS or PCGS FS designations. You are still using the 6FS definition which was abandoned by NGC in 2004. I wrote an article on this subject a few years back, but I need to redo it because the photos are terrible.

The Full Step (FS) Designation for Jefferson Nickels

With respect to the 1994 Jefferson from the Thomas Jefferson Coin and Currency Set, that coin is a technically a matte proof and is not eligible for the full step designation. Every one I have ever owned has had "no doubt" complete six full steps.

 

Oh yeah? Well I got a 7FS

 

As for gradeflation... it's certainly something that can be short term beneficial - if you are a coin flipper - but it's also something that can be the death kiss to grading, or worse, coin collecting altogether.

If gradeflation continues, grading companies will eventually lose all credibility. That could cause the value of graded coins to drop significantly. The drop in value could then cause collectors to be so disgusted with the hobby that they give up on collecting. I constantly struggle with the notion of whether I should collect slabbed or raw... and which is best long term for my collection's value.

 

This makes the assumption that gradeflation is completely the fault of the TPGs and it is not. Obviously, when the TPGs were new they did things differently and as time went along they realized some of what they had done was wrong...but that is because the market dictated the changes. PCGS and NGC are privately held companies that produce a product that is tailored to their client. As time as went along, they realized that their customer base wanted things done certain ways and they evolved to suit that need. This does not affect their credibility...if they did not do this, they would cease to exist.

 

Maybe not NGC, but PCGS gives the FS designation on the 94 SP

 

I have never seen one of those coins in hand that wasn't FS...but looking at the PCGS population reports, it see that they have graded 353 without the FS designation (and 2584 with FS).

That said, LeHigh is right...they don't require the full 6 steps to be designated "FS."

 

Dang, Paul! When you posted this 65 slab, I was about ready to cry!

Chris