What is the oldest coin graded MS-70 ?....

Got this in the Heritage news letter today;

There are no pics posted for #6, but here is the pic from #8 (which should be the same coin) sold 1/7/03. I do not think I am seeing things but I count 3 and a possible 4th spot on the obverse.

 

Log in or Sign up to hide this ad.

Those are the same pics (or lack of) and listings I referenced.

 

6 and 8 ARE the same coin. I believe 8 was the first time it sold and 6 was the second. It got up to the 40K level in the pre-sale bidding and was expected to go a lot higher with the speculation that the buyer would then clobber PCGS on the grade guarantee. But then shortly before the sale PCGS came out and publicly announced that their guarantee would no longer be in effect on that coin. That killed the bidding and then after the sale they made a deal with the owner to buy it back and take it off the market. In short when they saw they were going to take it in the teeth they deliberately took steps to kill the market and limit their liability.

 

..........thanks for the link, doug.


steve

 

I wonder how spotty toning figures into this. Can an MS70 have spotty toning? If those carbon spots on that '63 were spotty toning, could it still pass? How could it be forgiven, if that's just as distracting to the eye?

 

I don't think so unless they can come up with a new name for it so as to distinguish it on MS70s. You know, like "cabinet friction." Those are "cabinet prints;" "cabinet spots."

 

Again PCGS (emphasis is mine);

 

Thanks GD, I knew it was after the presale bids were coming in but I thought it was done at the beginning of the live sale portion of the auction and before they got to that lot. I wasn't there though so I can't say for sure. But you are right theythe lower amount not what the bids would have made them pay.

 

this thread made me wonder...

when did PCGS or NGC slab their first MS-70 coin? not MS-70 SMS, but just plain old MS-70?

because IIRC, it didn't happen for a long time.