I need some help understanding this. The 2019 Redbook shows the value of a Variety 1 1776-1976 coper-nickel clad Ike Dollar as follows: MS-63.....$8 and MS-65....$160. This is quite a jump in value. I have a couple of these coins in mint cello packages. Not sure if these were part of a mint set or a special mint set. Would that alone qualify them for MS-65 status? If not could these coins be valued somewhere between these two amounts. I could not find much on grading of these Ike Dollars. I am new to CoinTalk and this is my first post. Any help or advice would be greatly appreciated. Thanks.
first- welcome to cointalk. second- good question, you r question will soon be answered by people that are a lot smarter than me like @paddyman98 and @Clawcoins
No, the mint sets often do not contain coins of good quality. That's not to say yours don't, but many of them did not, so don't give up hope just yet. I presume you speak of the 1976-P TY 1 Ike, which is legitimately scarce in MS65 & rare any better than that. I don't think I've ever been satisfied with a coin of that date pulled from a mint set, and I've been through thousands of them. By the way, the TY 1 comes from 1975 mint sets, and the TY 2 comes from 1976 mint sets. The single biggest obstacle to coins of that date grading MS65 is not luster and not strike, but marks, the most offensive of which are usually on Ike's face and / or on the bell. The odds that you have a gem are pretty low, but anything is possible. If you can post excellent photos we can give you a feel for whether you have a winner or not.
Hi Toot. Welcome to CT...... The Redbook is a wonderful and very useful tool. Not so much as a price guide though. I would use the Redbook value guide more like a tool to help you understand which coins/dates are more desirable rather than an actual value tool. Secondly, no a coin that has remained in the mint packaging does not guarantee a higher grade. The strike of the coin and the state of the die at the time of the strike also play a big role in the grade. Thirdly, I didn't go out and study, but yes for some coins when they are graded in those "pie in the sky" grades, the coin values can skyrocket. I didn't go out and look at auction records, but I would be a bit surprised if high grade Ike's were bringing figures like that..... The real value answer lies in past auction records.
err .. Paddyman knows about 10x Billion more than I do (only limited becz my calculator only computes that far out). And I don't know squat about the older Dollars other than they are Round in shape.
The real money doesn't happen until 65+ and better. Here is one that auction twice last year. Once at 65+ for 288$ https://coins.ha.com/itm/eisenhower...blem-/a/131802-24821.s?hdnJumpToLot=1&x=0&y=0 Then an upgrade from PCGS to a 66 and sold 9 months later for 1644$ https://coins.ha.com/itm/eisenhower...9-3945.s?ic4=ListView-ShortDescription-071515
a 1976 MS 65 P Type 1 is going to run about $100 or more. Then a big jump at 66. High grade Ikes especially from Philly are hard to come by in most years. Just to give you an idea, PCGS has graded over 60k business strike clad IKEs. Of those only 199 have graded MS 67 and 5 MS 67+ which are the highest graded at the moment. Of those 5 MS 67+ they come from two dates both Denver. Of the 199 MS 67 60 of those are from two Denver dates. The 71 P, 73 P, 76 P Type 1 all have 0 67s at the moment.
Pictures are always nice. Sometimes even through the cello you can see nicks or other marks that would reduce the grade.
Thanks for all the useful info. I am considering purchasing several unc Type 1 Ike dollars from a friend but I did not want to take advantage of him after I saw the $160 MS65 value in Red Book. Can I assume there are no in between values between MS63 and MS65? I have purchased a few on line for just over $3. Maybe that is a good average value for unc coins. Maybe I can submit a pic of my best looking coin for comments. Thanks again.
I am a coin junkie and have been for almost fifty years. I’ll tell you that I often struggle to see the difference between an MS63 and an MS65 coin.
Definately dont pay him more than a few dollars for the coin. If it turns out to be very high quality then you can always make it up to him later if he is your friend.
Grade looks decent. You can use these auction results to help you determine if your coin is worth the effort. https://www.pcgs.com/coinfacts/coin/1976-1-type/7418
Looks better than the average coin, but I see at least a half dozen contact marks on the cheek, that may keep it out of the 65 and higher grades. I can't be sure because I don't have a lot of experience with how the services grade these.
Looks like a nice coin. The marks on the cheek are probably a mix of hits on the coin and marks on the planchet that weren't struck out. I don't see any really nasty marks, but from the picture it doesn't grab me like a 65 should. Oh, and it's Eisenhower, not Isenhower. Isengard, not Eisengard.
I agree. I'm just not sure to what extent the graders distinguish between the two. I have 18 1976 Type 1 Ikes graded by PCGS, most of which are 64s. Based on those I'd say that this coin is at least a 64 (maybe +). Not sure about a 65, though. It could be possible, but it's the placement of the marks on the bust that will probably hurt it. What strikes me is how remarkably clean the fields are, with very little annealing drum chatter present, which plagues this issue. Here are four of mine for comparison, starting with a 65 down to a 63. Maybe this will help you to get an idea of how they might grade it. MS65 MS64+ MS64 MS63
From those pictures, it appears that the fields tend to call the shots when grading. The OP coin does look to have very clean fields, but are they lustrous? Tough call from the picture.