GTG, 1814 E/A CBH

The person I bought it from said he thought it was a bit undergraded. Honestly, I think it looks about as nice as an XF40 for sale on a prominent dealer's website.
here's what PCGS thought:

 

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Slab photo? @ksparrow
A slab photo most of the time can be a better judge of luster.
I am now on the fence with most of those that graded much more conservatively than I did.

 

I won't disagree with your points, but I did mean toning.

My thoughts is that a VF coin has enough circulation on it to have broken down the original luster and would have developed standard circulation "dark gray" toning which would prevent the later development of colorful tones, even if artificially induced.

The presence of that colorful toning coupled with the observed remaining luster screams that this is a very lightly circulated, but unfortunately incompletely struck coin.

My intuition also tells me that if a coin has developed this level of colorful toning and is reintroduced into circulation, the colors are going to be the first attributes lost.

But my intuition has been wrong in the past . . .

Z

I mean, just how often do you see color toned coins below AU58?

 

I would have said XF48, if that were a "thing" . . . .

Z

 

It takes years of experience, and knowledge of the different die states, typical strike for date, etc, etc, to be really good at grading the bust series.
I have no problem saying that TPGraders are better than me, but I'm not sure they really shine at these.

 

All the time, if you're looking.

The toning comes from how it was stored *after* it was taken out of circulation. Even the "dark grey" you mention is usually a byproduct of storage. Here are a few examples from my collection:

 

If you remember those grey black and white descriptions: raise your hand.
Great examples of wear Physics.

 

Wow. That seems low.

 

Sorry, I don't have a slab photo. I'm thinking 35 seems about right, but again this isn't a series I know a lot about , and all the die clashing makes things more.. interesting!
I appreciate all the informative comments and guesses.

 

With Bust coinage, you see it all the time.

 

Okay, those are nice high XF to AU examples.

Now show me a VF with that kind of color and I will recant my statement the OP got robbed on that grade. Especially a VF with that amount of luster around the stars.

Z

Z

 

I was teetering between 30 and 35 because the amount of luster seen on this coin is consistent with other examples at that grade level. You have to grade this issue from a few select areas on the reverse, and I only saw 30/35 detail. I guessed a bump to 35. I guessed wrong

 

You are an incorrigible doubter, aren't you.

Try this: a VF graded by NGC awarded a Star for exceptional eye appeal. This isn't my coin, but shows that amazing toning is separate from wear and luster.

 

A VF isn't going to typically have a whole lot of luster. But here's a VF with enough toning to be designated with a Star.

Remember: the toning occurs after it was pulled from circulation. Even the dark grey circulated cameo look occurs years after the coin stopped circulating. While the coin circulated, the constant wear removes any toning or patina which may occur. Only once the coin is pulled and stored is it given the chance to develop the skin we love as collectors:

 

Incorrigible it is I suppose.

Nice coins . . . !

Even better education . . .

Z

 

Vf 30 still with mint luster on it

 

Here’s another one. This coin is very flashy and the only thing about it that looks VF is the wear/detail level, much like the OP coin. I don’t disagree that this and the 1814 are graded conservatively, but it seems like when both wear and missing detail from strike or worn dies is going on, they tend to limit the grade based on the level of overall detail present.

ETA: ...Does make for some great value coins now and then though.

 

Going from where? obverse, reverse, center 12to6? 3to9? Please describe what you see.

 

VF35