VF-20? Really?

http://www.ebay.com/itm/1877-Indian...734377?hash=item211c100ba9:g:Ol4AAOSwOyJX7Wb9

A textbook example of an overgraded 1877 IHC. If you know me, I have no desire to purchase one of these coins and likely never will, but what is with the TPGs overgrading 1877 IHCs so much? This coin is a VG-10 at best. "Liberty" is very worn, the ribbon is worn flat, head feathers show little detail, and the reverse ribbon is worn together. Even though the wreath looks to be Fine sharpness, it's really the only F-12 feature on the coin. Yet because of the key date hype, this coin made its way into a VF-20 holder.

Remember gang, buy the coin, not the slab. Especially if you're planning on buying an 1877 IHC or other major key.

 

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The guy selling it sounds pretty insecure. He says, in the quality description, "the coin is graded accurately" as if it isn't and he wants to assure you that it is

 

That coin has been cleaned. Which makes it less than $500. And a problem coin.
May be a VG-8-12 details.

 

That is one ugly IHC, IMHO

 

This is why I don't trust or believe in graders. I sent an 1895 Morgan in from a roll that came straight from San Francisco by my great grandfather as he had 5 rolls. They graded it as au details and it was at least ms 64. I tried to ask why and they said they had graded and that was what it was because I said I would flood the market with the others

 

He shot the coin on a blue background with a cheap camera; don't expect anything of color or surfaces to be accurate. It may be cleaned, but there's no usable evidence either way in those images.

You know how they link "similar items" in these listings? Here's one linked from this auction which is arguably much nicer at F15:

http://www.ebay.com/itm/1877-INDIAN-HEAD-CENT-F15-PCGS/391626442555?_trksid=p2047675.c100005.m1851&_trkparms=aid=222007&algo=SIC.MBE&ao=2&asc=38530&meid=8de56eca767941bd861ff0ca1a97f1fc&pid=100005&rk=2&rkt=6&sd=142204734377

Burn.

 

If that's "Slight but even wear on LIBERTY" I'm a monkey's uncle.

 

The coin has two things going for it:
1. Keys tend to get generous grading.
2. The 1877 IHC is notorious for weak strikes.

Looks like a serious case of market grading.

 

Yikes.

 

Mechanical error, maybe?

 

I'm sure that is going to be PCGS's argument if this is ever submitted under the guarantee.

 

Thought I would throw this one in the discussion.
Being a old guy, I can assure you that coin grading is not what it used to be.

http://www.ebay.com/itm/1877-PCGS-C...9e82e09&pid=100005&rk=3&rkt=6&sd=201746204521

 

at beat a VG-10

 

ugh!

and CAC'd?

 

Can't trust key dates outside nor inside a slab.

Time to forget about key dates and collect something interesting/worthwhile/uncorrupted.

All cynicism aside, the 1877 cent is notorious for being obscenely overgraded.

 

However much they overgraded that one, they've taken out of my hide on others.

 

VG+ or Fine at best.

 

But it's less overgraded than the opening VF-20...

I think Rick Snow once made a rant about overgraded 1877 IHCs and how they are hurting the market.

 

Some of the coins that are sold in the weekly Heritage auctions bearing CAC stickers are a complete mystery to me.

 

Mechanical error doesn't apply. If the label said AU or MS, sure. But VF20 for a VG10, F12 at best, doesn't cut it.

Furthermore, I don't believe PCGS would do a payout on grade guarantee. Years ago they were much better about this. Today it is nigh impossible without glaring damage to the coin (in my experience, anyway).
Lance.