I am trying to gain an understanding of coin grading. I am interested in the impact of rim nicks on a coins grade. I found this on another site: 6. Rim Nick - A minor rim nick might cause a coin to be downgraded a point or two. A severe rim nick will cause a coin not to be graded. Obviously, the smaller the coin is, the less severe a rim nick is allowed to be in order for the coin to remain gradable Does anyone have any examples of rim nicks on a Morgan dollar that would be severe enough to downgrade a coin? Thanks!
Rim nicks are important to consider when grading a coin, yes. I don't have any pictures, but would like to add that rim nicks are considered more serious on some series than others. This is especially evident on early coins which were run through an edge lettering machine. Much larger nicks are allowed on these coins because the lettering machine itself would often damage a coin. The same nick on a Seated Liberty or Barber half would be an instant downgrade, or even a bodybag.
TPG's generally don't like to grade coins with issues on the rim as they are not visible in most holders. I don't have any photos but nicks and chips normal for the wear of the coin usually get graded where a dent the width of the coin might not.
Try this one out. I have this Morgan, with a nice VAM too, but don't know what the rim ding will do to its value. Take a look. http://www.cointalk.com/forum/t52759/ Bob
Does that dent go down to the other side of the coin as well or is it limited to the upper edge? IMO that would make the coin not gradable.
I just pulled it out, and the rim ding only goes about 25% down when looking on the edge. If you look at the obverse, you don't even know the ding is there on the reverse. It is ungradable? It has wonderful eye appeal in hand, other than the ding. What might I get for this, with both the VAM and the rim issue?
I have a 3 cent XF silver coin hat has a slight nick,or maybe it is a die cut - it is hard to tell. How much will that lower the value of a coin?
"I am trying to gain an understanding of coin grading. I am interested in the impact of rim nicks on a coins grade." Nicks will only affect the grading of a coin if you are "net grading". I believe that "technical grading" is a more accurate system. Let me explain the difference. Technical grading looks at the strike, luster, wear, etc., and comes up with a grade based on the details remaining on the coin versus what they should have been when first struck. If there is any damage, the technical grade stands, but the defects are mentioned separately. For instance, MS-65, rim ticks; or, VF-20, harshly cleaned. Net grading takes this a step further, and subtracts points for the damage instead of talking about it. The MS-65 coin above might be called an MS-62 coin, and the VF coin above might be called VG. The problem with this is that it's difficult to standardize what type of damage results in what type of deduction. I've always thought it best to measure the technical grade, and mention defects separately. The question then is, what about the market grade? How will these defects affect the selling price? That is between the seller and the buyer. Minor defects won't affect price at all on a rare piece. Major defects may reduce the value by 95% -- such as in the instance of a common piece which has been holed, cleaned, and scratched. It really just has to be a meeting of the minds between what the buyer is willing to pay and what the seller is willing to let the piece go for.
There's a big difference between a rim nick and a rim bump. This Morgan has a rim bump, which is far more serious. A nick is a small cut, and most mint state coins have quite a few (particularly larger coins). The rim is not a prime focal area, so a rim nick will not affect the grade as much as a nick on a prime focal area (Liberty's cheek, for instance). A bump, on the other hand, really bothers some people. The coin is no longer round; it's no longer symmetrical. Some people have a bigger problem with that than others. Which illustrates why a universal grading standard is unattainable. We cannot agree on the deduction magnitude for problems. I'll take heat for that statement, but I believe it to be true.
This is a very important point. For instance - consider two coins, both market graded XF45. One has a bit of wear, enough to show XF45 details. Otherwise, it's perfect. The other has only a whisper of rub. Details-wise, it's a strong AU58. However, it has some issues (nicks, bangs, some lost luster due to dip, etc). The AU58 gets knocked down to 45. Which coin do you prefer ? It's personal taste, but The Market as a whole tends to prefer a problem-free coin with "good, honest wear" over a meatier coin with problems.
It would almost certainly not get graded by NGC or PCGS. Not being up on the value of particular VAMS I can't say what it might bring, but you could count on it being significantly less than another without that rim dent.
The ability of a rim nick to keep a coin out of a TPG holder is inversely proportional to the rarity of said coin, IMO...Mike
So, what could I sell this Morgan for? I'm not into VAMs, and may want to unload this. Anyone brave enough to put out a price?
Completely agree. Be careful now Mike, we don't want to do that too often. It would ruin all the fun Not a question of bravery, it's a question of knowledge; and or the willingness to search one out on Heritage.
