Grading Question: Peace Dollar MS65 with Milk Spots

I saw this gorgeous 1923 Peace dollar graded MS65 in an NGC slab on eBay and I searched for an answer as to how or if the milk spots on the obverse affect the grade. This appears to have been dipped improperly, but not in a way that significantly detracts from its aesthetic appeal. It's pleasing to the eye. I wonder if the milk spots have worsened over time, given that it's an older holder, or if the spots were likely just ignored by the grader at NGC. So my question is: do milk spots affect the grade of Peace dollars, or other non-bullion coins?

 

Log in or Sign up to hide this ad.

Milk spots can impact the grade (make it lower). The example you found I would guess was dipped improperly and the spots developed after the coin was slabbed. I don't think it would have received the MS 65 grade with those spots.

 

Your response makes sense and may explain why the coin seems a bit discounted. So the warning about dipped coins showing defects years later has merit, but this is an issue that by no means affects all of even most dipped coins (since most silver dollars have likely been dipped). I suppose this might tilt savvy buyers who like blast white coins toward older holders to ensure no spotting has occurred after a "test" period. It's possible, if the milk spots may appear years later, that a brand new holder has not aged enough to reflect the true grade of a coin.

 

Thats a fairly common slab, I agree that it is left over residue.
My opinion on raw blast white silver dollars, is that they rarely occur in actual mint state anymore. Most have been sent to the slider grade because of the dip.

 

So my follow-up question for anyone who wants to chime in is how much of a penalty or deduction do the spots give the coin? So if it would be an MS65 minus the spots, is it now an MS64 or MS63? Will the spots get worse over time, or will they stabilize? This type of spotting is not uncommon on silver dollars - I just saw an MS66 with a minor spot that I was close to buying, but this thread thankfully made me think twice. These spots are something Peace dollar fans should be on the lookout for, especially when buying in higher grades.

 

Sounds like the is coin a was a dipped and not rinsed correctly. Milk spots worsen over time and they do lower the grade of the coin. I doubt this coin would have graded a 65 if cracked and resubmitted.

 

Yes, it looks like it was a sloppy job (not by the seller but rather the guy who dipped the coin). What's crazy is that I had a hard time finding an answer to this question, so this will help provide clarity and a warning for buyers of slabbed coins. My conclusion, if these spots develop after coins are slabbed, is that newer slabs could be a risk.

 

Actually, milk spots are common on silver dollars, and I just saw another Peace dollar in a brand new (or relatively new) PCGS MS65 slab with obvious milk spots on both the obverse and reverse, and it looks so bad on the reverse that it looks like a giant drip or leak. I won't post a link because the last thing I want to do is antagonize sellers who are just trying to make a living (this is not an attack on the sellers, by the way). So it looks to me like the milk spots may be getting ignored by some graders, though it's possible, again, the spots are showing after the coins are slabbed, even with newer slabs. It also looks to me like buyers are largely ignoring the milk spots based on their interest in these coins.