Grading Question: Peace Dollar MS65 with Milk Spots

OK, I just saw a Peace dollar graded MS64 by CAC (a grader I respect, so this is not meant to bash) with the type of coffee-colored tarnish likely caused by dipping. This confirms my suspicion that the TPGs are mostly treating milk spots and tarnish from dipping as an acceptable form of tarnish, and this is obviously a business decision for the reason I mentioned earlier.

So, to reiterate, the TPGs are largely overlooking or ignoring evidence of dipping unless it is so overwhelming that it negatively impacts the overall appearance of the coin. I mention this because it is assumed by many that the milk spots are appearing after the grade - this may be true in some cases, but not all.

 

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I'm not sure if the milk spots are from dipping. I remember hearing the American Silver Eagle can get milk spots from a cleaning chemical the mint used. I also remember hearing that Peace Dollar planchets were treated with a chemical that prevents toning. Maybe this is what also causes most of the milk spots we see? Morgan Dollars get dipped a lot (maybe even more than Peace Dollars), but I haven't seen nearly as many Morgans with milk spots. I'm not very knowledgeable on the subject of dipping and milk spots though. Anyone with more experience want to chime in?

 

I don't think you're naive. I just learned of the acidic cleaning and water bath of blanks, but I think, given that dipping was and is so widespread among silver dollars, as well as other environmental possibilities, the probability leans to post-mint handling or care. I'm not an expert; I'm just asking questions because as this thread shows, many collectors believe milk spots should dock from a grade, and the scary thing is they could in theory appear or get worse after a coin is slabbed. In the case of your coin, it looks great and I don't think the spot detracts much if at all.

 

This is a good point, and perhaps more clarification is needed by experts. Maybe some of my assumptions are off - maybe it is a matter of how the Peace dollars were minted. I haven't looked at Morgan dollars in a long time because my interest has switched from Morgan dollars to Peace dollars as I view the face on the Peace dollar as more aesthetic - it's more of what would be called in anthropology dolichocephalic (narrow face) rather than brachycephalic (wide face), which I personally regard as generally better for women (uh oh - I'll stop right here).