I'm posting this for a friend. He saw this on ebay and knows U.S. gold much better than me. He puts this coin at AU55 mainly " due to extensive wear on the uppermost feathers of the bald eagle's left wing. The only year where this was normal, was on the 1908 $2.5 Indian Head Quarter Eagle, as the reverse dies were never fully prepared in that year. 1911 & 1911-D is among the best years for full reverse strikes on these coins. I wonder if PCGS has a business relationship with Heritage Auction Galleries? If you or I sent this coin is, there's a 100% chance that it would be returned as AU53/55." I told him I'd run it by the fine folks at CT. He has sent it to ANA. Yeah, he's really upset about it. What do you all think? The url was huge so I went to tinyurl.com to make it more manageable. http://tinyurl.com/36upyy
I have to agree with PCGS here as well. Not a gold expert by any means but I just dont see anything distracting about this coin.
It's a nice coin, but I am no expert at grading these incuse indians, they are definately one of the hardest coins to grade but I think they got this one right.
Yeah, I do think there is some wear on it though, so AU55 is probably more correct. However it is really hard to tell AUs from weakly stuck mint states on that series .
I gotta go with AU. Look at the pics of the coin in the slab instead of the blowups. If the flat areas on the headdress and eagle's wing were due to a weak strike they would be the same color as the surrounding areas - but they are not. This indicates to me that the luster has been broken by slight wear. Have to say though I'm not sure what he thinks the ANA will do about the grade assigned - they don't police the TPG's in any way. I'm also not sure what your comment about Heritage has to do with anything as I seriously doubt they submitted the coin for grading.
I appreciate the input. I'm only quoting what I got in an email. I do have to wonder (as so many others do) if the bigger dealers don't get a higher grade on coins submitted at times. I've seen some really bad grading out there even by the most trusted TGPs. Buy the coin not the holder right?
You're not alone, there are many who wonder the same thing. But ya know who screams the loudest and makes the most complaints about the TPG's under-grading coins they submit ? The big dealers. Besides that, the people doing the actual grading have no idea who submitted a coin - with a few exceptions. Those exceptions are the cases of extreme rarities being graded, collections with a notable pedigree and coins submitted for walk-thru grading at coin shows. Other than that - the graders haven't got a clue who owns the coin. As for bad grading - you betcha. They are all guilty of making mistakes, it's just that some of them make more than others
I guess the big dealers would have an issue when one thinks about it. SO many people new to the hobby as nothing but investors eat up those high grade slabs. Doesn't matter if it's right as long as they can make money on an assigned number. I'm not a professional grader (ever heard that one before?) but have been around for a while and still love my raw coins. The ANA book has helped me tremendously in making my decisions. Of course we all took the time to learn about and appreciate our coins. Ahhhh... for the good old days.
Don`t see it as wacky overgraded...... Have to see to opine. Pics are good, I see no intent to deceive, we can all argue till the cows go home as to this that or the other PCGS, NGC, ANACS or other is Overgraded. Or Undergraded. I have some of each. From all the 3 graders.
Looks to me like it's due to a weak strike. I'd say the grade is about right. I've always had a problem though with Heritage's PCGS and NGC certified coins, to me nearly all them are overgraded. I believe they do cater to the big dealers somewhat.
Hmmm....a few comments on this thread: 1. I have heard much argument regarding whether or not bulk submitters are recognized at TPGs. Some have swore that they are, and others are confident that they are not. 2. It does not suprise me that many of Heritage's coins seem to be either overgraded, or of poor quality for the grade. Many coins that are PQ for the grade or just really nice examples never make it to public venues such as ebay, Heritage auctions, Teletrade, etc. They have already been sold for strong money and put away in collections before they make it to public auction. I'm not saying you can't find nice coins through any of these venues, they just may not surface often. 3. As for the $2.5 Indian, I think this is a perfect example of a technical AU-58 coin that was market graded MS-62. It looks to have few distracting marks, and probably retains much luster. Although technically an AU coin, it would sell for much stronger money than a typical AU. Therefore, PCGS market graded it in an MS-62 holder. If you look at $2.5 Indians, many coins in the 60-62 range have a rub on them and are technically AU. Just my thoughts on the topic....feel free to agree or disagree.
With that I would disagree, yes there are plenty of of PQ coins that never make it to the public eye. But there are far more that are sold by Heritage. Problem is, Heritage's pictures do not reflect it - many of them are of poor quality. All you really have to do is check the auction records for the finest coins - I'd estimate 8 out of 10 of them are sold by Heritage. They are the biggest, they have the best exposure, they bring the best prices for top quality coins.
I am using a metaphore but if you buy a Barbie Doll, the packaging (I work at a bakery) can be just a valuable as the product to the uninformed. If it is graded PCGS and is rare then it will always command a higher price to the unwashed. Mainly because of bragging rights.
