Dilemmas and confusion trying to complete CC Morgan collection

I recently completed a set of Carson City Morgan dollars - at least one from every year anyway. I've tried to stick with high grade circulated coins, but in the case of the common hoard years I picked up some better grades because they were available at relatively low cost.

I was able to find XF/XF details or better in 11 of 13 years. The exceptions are 1879 and 1893 where I was able to find VF and VF details respectively. Only a few of the 13 are graded and of those, the only "detail" coins are 1889 and 1893. I'm not crazy about low cost/valued graded & slabbed coins, but in the case of the years where they are valued so much higher, like 1889 of course, a graded coin seemed to make sense - especially with the counterfeit problem. I like what I wound up with, but the grading seems confusing - it doesn't seem logical to me.

The 1889 is in an older ANACS holder, graded XF details, NET VF20 because of a scratch on the reverse - and not such a bad scratch, really, for a circulated coin. Looking at purely graded VF20 coins, there's a huge difference. So, while I think I understand the logic of a NET grade - like what it adds up to considering all factors - in this case, why would the NET grade go all the way to the bottom of the VF fine grade ladder, rather than just dropping to VF 30 or 35? Maybe this is why they don't provide net grades anymore? I notice that now they just say XF details and that's it. Some pictures are attached.

 

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There isn't any exact science to the details grade. I'd tend to agree with downgrading XF40 to VF20 for scratches. Valuation is probably in line with VF20 for a scratched XF coin, probably lower in the wholesale market. Scratches are considered a worse problem than say cleaning. As long as you are happy with what you have at what you paid that is what counts. Understand that for problem coins, dealers are almost all going to lowball you, even the honest ones, even if they ask near a no-problem price when they are selling. The reason is that a lot of collectors stay away from those coins so they are much harder to move.

 

Interesting. Well, I guess for me there are scratches and then there are really major scratches. I prefer a coin with a minor scratch to one that has obviously been cleaned. Maybe that's a holdover from my knife collecting where "as found" condition is a good thing, and much better than cleaned, if the piece is in good structural condition. It was priced a lot closer to VF than XF so what you say rings true as far as that goes. No way I could have considered a coin in this condition without the scratch! However, that said - how bad would the scratch have to be before it would be dropped to F15?

 

I couldn't answer your question, but that scratch isn't bad at all. Kind of blends in, and if you strategize the situation you might be able to break if free from the slab and see what offers turn up in the raw and apply towards a higher grade. Disclose all the issues, and see what the market offers? Best case you make some money back from the coin, and apply it towards a higher grade. Worst case you get it recertified through PCGS and cross your fingers for a higher grade. (<- I would probably do this anyways)
BTW: A lot of people want the latest and greatest slabs (PCGS Secure Plus) for super rare coins anyhow...