Got this on GreatCollections the other night, it's a 1964-D cent graded AU-58 RB by NGC for $7. I do wonder: is it just me, or is AU-58 a very weird grade at times? I've seen modern coins certified that, and I think it's crazy that someone would get that slabbed, but even crazier that there are collectors of coins in this grade. It also proves that AU-58 cents can exist in red and red-brown.
AU 58 for a long time was considered a good value grade. The reason being is that you could find MS 64-65 quality coins with a hint of wear that were limited to 58 (because wear automatically meant it could not be uncirculated) and priced below UNC levels. However, with market grading and crackouts, more of those quality AU 58s have found their way into MS holders (maybe not the full 65 but 63 to 64). You can still find nice AU 58 coins but it is generally tougher with each year than it used to be.
I wonder if some 58s that got into MS holders were actually MS to begin with. Some coins, other than some poorly struck Morgans, can get an MS grade and look no better than a low-end AU, one being 1983 quarters, specifically Ps.
That happens too as certain coins were harshly judged originally or the graders decided to not punish a weak strike upon regrading.
I would guess on of the following: ~Someone was overly confident it was a high grade ~Someone needed to fill out an order ~Someone was selling off an entire collection and graded everything ....none of these a good reasons but we see a decent amount of coins that are best not graded. Hopefully those that submit learn the lesson that it does not make financial sense to grade such coins,
I have no idea why graders would punish a weak strike. Even on the best-looking 58, you can still generally tell by the luster if it's AU or MS. I had a 1902 Morgan dollar like this, because of the luster I concluded it was a 58 before I sold it. The LCS I sold it to seemed to agree. If it's something like a really early Walker, then most certainly so. If it's something like this 1964-D cent, then......... LOL, I have hijacked your boat, buddy. On that particular one, I would call that no better than a 64 RB. Even then, it bids at only $1.40. I might give $7 to throw it in my $10 slabs at coin shows but not a penny more. Coins like that are a loss for who got it graded but a boon to cheap slab buyers. I do wonder if AU-58's like these Memorial cents are preferably red for an everyman's collection. Might be a topic of debate between who you ask.
In my comment, I meant someone was delusional enough to believe it was a top grade of 68 or 69. We see it with some of the new people (some of whom post on the forums and then disappear) that discover coins and think everything they have is super valuable. There is no convincing them otherwise and some end up grading their coins (and then getting results like this AU 58).
Sadly some people do believe their coins grade really high despite anyone and everyone telling them it's not the 68 that sold for X amount of money. It would really be some karma looking for a 68 and getting a 58. Only then, they might think that the grading companies meant to type a 6 instead of a 5. \_o_o_/
I am still in the AU58 equals eye appeal at a good value. The coin in my avatar is an AU58 and remains my favorite coin.
AU-58 is one of my favorite grades for old coins which are not easily found in Mint State. It makes no sense to me to have a coin like this 1964-D cent certified when there are rolls of these coins that were saved in Mint State. The only motivation I can see is this so-called "every man's" registry which requires coins in this grade. People will pay a premium to fill the holes in that registry set. You won't catch me doing it, but each to their own.
My guess... the seller had high hopes for the coin when consigning it raw, but Great Collections required it to be certified.
