I just (this morning) had the same experience when I rephotographed my 1923-S (post #4403). I would have sworn it was maybe an XF, based on the rounded “wear” on the face, but it was an ANACS MS63RB. Until I cracked it out, anyway. It had me wondering if I had any clue how to grade these coins! Full resolution photos
I continue with new photos of '20s cents. Some of the old Heritage auctions refer to 1925-S as the greatest strike rarity in the series. The photos in their archives do show mushy looking coins even in MS65RB. Some have sharp letters but weak features. And 65 was the high grade at NGC with only 12 RB coins and 3 RD. I posted this about 2 years ago when I conserved it by removing dirt. I feel like it improved since the pictures I posted then. I looked at this in the price guide. If this is a MS65 RB, the guide value would be $4900. I only paid 104.50 for the coin when it was still dirty. Full Resolution photos Original vendor photos
The TPGs struggle with the 20's branch issues (like most of us). This 23-S has clearly seen some light circulation and ANACS was far too generous. Slight wear on cheek, bread and wheat lines....it's one of those close sliders. AU-58
The 1923-S, 1924-S and the 1925-S are some of the hardest coins in the series due overuse of the dies. San Fran was under tremendous pressure to produce more cents but Philly was "supplying" the dies - which they couldn't do. The result was millions of subpar coins. This is a SUPREME example you have! Finding these in MS with full reverses is very difficult. I don't think it's RB, it's full BN. Depending on luster, it should be at least MS-64.
Thanks for your insights. I feel pretty lucky to have these coins at all, regardless of technical grade. It’s just more fun to have some turn out better than I had any right to expect. FWIW, here’s the 1924-S to complete the set of 23-S, 24-S, 25-S.
And they're still tough to find in red! Millions in BN and RB but full red are more difficult than the lower mintage 31-S. I can go to a show and find 30 red 31S's and not a single red 31-D.