Maybe years from now I'll look back on this post and say, boy that was dumb......maybe hours, I dunno, see what you think..... Scenario.....The US Gov't issued a 7 cent coin from 1885-1915. The coin was well received by the public and circulated heavily. It was so well liked by the public that the senator who proposed the coin was elected president in 1924. While president, congress reviled the senator so greatly they repealed the 7 cent act, however the public loved the coin and continued to utilize it in daily commerce. Then in 1931, still wanting to punish the president, congress offers a redemption value of $100 per coin. Thus ensuring that 99.99999% of the CIRCULATED population disappears, Some collectiors keep their UNC pieces, but virtually all redem their circulated specimens. Fast forward 70 years.....The entire redeemed population is found in an abandoned coal mine. There are no grading standards for this coin. You are the nation's leading numismatist and are tasked with creating such standards. What do you do? Do you sample "x" number of coins and decide that 4% should be AU and any coins that are worn as such are AU, then 8% XF, 15% VF, 25% F, etc. What would YOU do?
I agree with the general grading standards. But I feel bad fo the hypothetical owners of the few saved uncirculated pieces that are now virtually worthless after the hoard was found.
You compare it to a similar sized coin made of the same material that was struck under similar circumstances. This should not be hard to do and is what "the graders" do for foreign coins they've never seen before.
Definately not that complicated a question. But still a very good one. I like that kind of outside of the box thinking.
