Guess the Assigned Grade 1942-P Jefferson Nickel NGC

Ever have one coin make your whole submission. I bought this one on E-Bay for $8.

 

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I correctly guessed the grade, but I am a bit confused about the strike designation. Wouldn't the thick ticks that bridge the steps prevent the coin from being designated as FS?

 

I certainly would have thought so!

 

Sometimes when the mark is light and does not penetrate all the way through the steps, the TPG will forgive the mark if the steps are otherwise full and strong. That said, it is a practice often seen on PCGS graded coins and rarely seen on NGC graded coins. In fairness to the graders, I can't see the mark under a loupe with 5X magnification, but there is still some very minor bridging of the 3rd & 4th steps under the second pillar. I think I am going to re-image the steps and try to get a better look.

 

FWIW, when I blow your original picture of the steps up, I can see that the third line goes the entire way across with the only break as that nick. I did not think it was 5 steps because of that nick only.

 

I have taken a larger photo of the steps and the nick is much less prevalent in this photo, but the weakness under the second pillar is still a problem. This photo reflects better how the coin looks in hand. After examining the coin via photo and via loupe in hand, I completely understand why they graded the coin 5FS.

 

If this is 5 full steps then this proves I've learned nothing about Jefferson nickels. NGC graded this very generously. What happens on the bottom step. It's round up and barely there. Since this IS 5 steps then a full step nickel should have 6 steps.

 

There have always been differences of opinions between whether FS coins must have 5 or 6 full steps to qualify. When NGC first started applying the FS designation, it applied only to full 6 step coins. That policy was revised in 2003 to note coins as either "5FS" or "6FS" in much the way that old ANACS did. It has been commonplace for full step collectors to seek out coins with even 5 steps as they can be scarce. (For some issues, collectors will seek out coins that just miss 5FS designations for ultra condition/designation rarities.) PCGS has always (since it began using the designation), applied the FS designation to coins with 5 or more full steps.

On another note, I still would not purchase this piece as a FS piece, especially at the premium that it commands for this issue.

 

Now that is my understanding, and something I can totally agree with. Thank you Coinchemistry 2012

 

You might change your mind if you saw the coin in hand.

 

It's obviously a gorgeous coin, I can only go by the picture which is big and clear, but you know nickels so your probably right.

 

I'm still learning and studying the Jeffersons, but my understanding of NGC grading is that any Jeff with the FS designation does have 6 steps and since they changed from FS to 5FS or 6FS giving coins benefit of 5 steps which in some years is very rare rather than not giving a designation at all.
I know others are far more knowledgeable than me, I defer to the experts.

 

I guess I should have read all the post before replying.

 

Based on the images that coin is not FS, regardless of what NGC says. Not only is the gash under the 2nd pillar significant enough to preclude the designation, but the 3rd and 4th steps are bridged under the 2nd pillar also.

Good for you on the designation and the resale value bump, but I would not be a happy camper if I purchased that coin as FS...

 

The key phrase in your post is "Based on the images". I think if you saw the coin in hand, you would have no problem with the designation. The mark is barely visible and the bridging is very very slight. I have seen much much worse get the FS designation, mostly from PCGS though.

 

Have you thought about crossing this to PCGS? My recollection is that this is a very pricey issue with the designation, and there was/is a notable pricing disparity between PCGS and NGC coins on these.

 

Not that they are the best sources, but I looked up the pricing. PCGS has a MS67 FS as $1200, but NGC has the same grade as $1250.

 

I am talking about actual auction records. Usually PCGS coins substantially outsell NGC coins for the Jefferson Nickel series. Sometimes, with ultra condition rarities, it is as if the NGC coin is treated as equal to the next grade down at PCGS.

 

I was fortunate that NGC gave this coin an MS67 grade. Absolutely no way does PCGS give this coin an MS67 grade. This coin would grade MS66 FS by PCGS standards. Additionally, I don't have a membership at PCGS.

 

I don't know if you recall this, but NGC just started providing price guide values for full step coins in 2012. When they started the price guide, they came out with gusto since I am sure they believe that their full step standards are much more stringent than those of PCGS. If you look at the price guide for non full step Jefferson Nickels, you will clearly see the disparity in price between NGC & PCGS Jeffersons that Coinchemistry is talking about. Furthermore, the NGC full step price guide simply is not based on auction prices. I think they just decided they were going to compete with PCGS, no matter what. The NGC Wholesale price guide is more accurate for retail transactions in my experience. I would be amazed if this coin reaches the $700 level.