I don't get it ..the coins that are graded PR/MS69-70

Who came up with grades above 66?

In the early 80's when I bought my first coin, coin dealers were using grading terms like MS60, MS63 and MS65. BU, Choice BU and Gem BU.

MS60 = BU
MS63 = choice BU
MS65 = gem BU

Anyhow, IMO a perfect coin (if there are such coins) should only receive a maximum grade of PR/MS66.

 

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The scale is 1-70. Changing the scale to 1-66 acomplishes what?

 

Uhm, why? You need to explain that. It makes no sense to me why after 40 years we should change our scale to 0 - 66.

 

I think he is saying that no coin, on a scale of 70 (perfection) should grade higher than 66.

 

so 66 and above just grade 66 and call it a day?

 

Well I think 55 should be max! Or maybe 90! Why not 100? makes more sense to people who know nothing of coins or how they are graded. Why change it??

 

Sheldon's Early American Cents which created the 70 point scale only listed MS-60, MS-65 and MS-70. MS-70 was defined as a perfect coin and MS-65 as "a coin which would be a perfect MS-70 except for some small minor blemish. It may lace full mint luster, or some microscopic or almost negligible blemish amy be demonstrable. There may be a spot of discoloration, a fingermark, or a single barely discernible nick
The MS-60 is a Mint State or Strictly Uncirculated coin ..."
Changing the gradiation to a different number (e.g., 100) could be done, but most likely won't (too much history).

 

The 1-70 point scale as Sheldon wrote was based on wear, bag marks and strike and was initially established to figure out a coins worth based on its basal state (Poor-1) worth. In other words, if you had a coin that graded AU-55, it was worth 55 times the same coin in its basal state. This price scale worked to a point at the time of his writing, but with condition and TPG census rarities, it no longer really applies. The 1-70 scale is no longer applicable for its original purpose, but it will remain the standard for the long haul for better or worse.

 

IMO....B/c, MS65 = Gem BU and above 65 should be a perfect coin.

 

It might stop the parade. What next scale 1-100 ?

 

Do you think scale 1-70 is progress ? I think it's all about money.

 

If that were to happen the proud owners of MS70/PR70 coins will S**T in their pants!

 

Are you saying that there is no difference between these two coins?
The difference between a PR-66 and a PR-70 would be even more pronounced.

 

I guess that means you cannot see the diferences, but they are definitely there.
MS-65
This is for "Mint State" (the grade) and "65" (the numerical designation of that grade). This grade is also called "Gem" or "Gem Mint State" or "Gem BU." There may be scattered marks, hairlines or other defects, but they will be minor. Any spots on copper coins will also be minor. The coin must be well struck with positive (average or better) eye appeal. This is a NICE coin!
MS-66
This is for "Mint State" (the grade) and "66" (the numerical designation of that grade). This is not only a Gem-quality coin, but the eye appeal ranges from "above average" to "superb." The luster is usually far above average, and any toning can not impede the luster in any significant way. This is an extra-nice coin.
MS-67
This is for "Mint State" (the grade) and "67" (the numerical designation of that grade). A superb-quality coin! Any abrasions are extremely light and do not detract from the coin’s beauty in any way. The strike is extremely sharp (or full) and the luster is outstanding. This is a spectacular coin!
MS-68
This is for "Mint State" (the grade) and "68" (the numerical designation of that grade). A nearly perfect coin, with only minuscule imperfections visible to the naked eye. The strike will be exceptionally sharp and the luster will glow. This is an incredible coin.
MS-69
This is for "Mint State" (the grade) and "69" (the numerical designation of that grade). Virtually perfect in all departments, including wondrous surfaces, a 99% full strike (or better), full unbroken booming luster and show-stopping eye appeal. You may have to study this coin with a 5X glass to find the reason why it didn’t grade MS70.
MS-70
This is for "Mint State" (the grade) and "70" (the numerical designation of that grade). A perfect coin! Even with 5X magnification there are no marks, hairlines or luster breaks in evidence. The luster is vibrant, the strike is razor-sharp, and the eye appeal is the ultimate. Note: Minor die polish and light die breaks are not considered to be defects on circulation strike coins.
http://www.pcgs.com/Lingo/M

 

And regardless of how we change it, your opinion of it will remain the same so why not leave the vast majority happy?

 

Maybe you can explain why most graders concur that they cannot tell the difference between MS69 & MS70's.

 

I would say most graders can tell the difference. That is what they get paid to do. My guess is most collectors cannot tell the difference, but that is why they are not graders.

 

Is there a source for this? If professional graders cannot tell the difference then lots of people who pay for these are going to be upset down the road. I would imagine that if there are visible marks on under five times magnification versus a coin where there are no visible marks under five times magnification then a grader would be able to tell the difference between the two.

I think...and hope I'm correct...the original poster preferred a grading scale based on BU, Choice BU, and Gem BU opposed to point differences.

 

It sure is. The better the shape of the coin, the more money it commands. What's your point?

 

The point is, is that you pay bu-coo dollars for a MS70 coin, that could very well be an MS69.
It's called marketing strategy.