Grading coins by the letters in "LIBERTY"

At one time this was very easy to do. One of my best "picks" was a '25-S with full mint luster and a touch of rub (58) away from gem Unc in a Fine 2x2. Lately, I've seen weakly struck "technical XF" Buffalo's graded/priced as VG and F but the problem is that's all the $$$$ they seem to bring so there is no profit buying them.

 

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I too always thought, based on what I had read, that Seated Liberty coins should be graded by the number of letters visible in 'LIBERTY'. Well, NGC does no semm rto think that way, at least judging by the 1871 CC half I bought about 5/6 years ago.




This coin is grade F12 by NGC. I guess they took the overall strike into account. I have also read somewhere that CC coins have particular striking characteristics (weak strikes?), so they have may factored this in as well in their evaluation.

 

The pictured coin, in my opinion, should grade VG+. For this coin to be possibly graded VF is a prime example of "grade inflation."

 

The pictured coin has three strong letters of LIBERTY and 4 weak ones. Unfortunately, it also has scratches from a nasty attempt to re-outline the shield that should get it a details grade.

Edit: I also see that you've fixed the white balance on your camera.

 

I have NGC do my grading.

 

For the coin in question I see enough of all the letters to grade it fine 15. I personally do not use the number of letters in Liberty as the sole grading point, however if the grading guides suggest a certain number or strength of strike, then I try to buy coins that match that criteria.
Here is why. Many years ago a coin dealer named Dick Osburn advised me that when buying coins you should always look at the coin through the eyes of the NEXT buyer.
Even if you say you have no intention of ever selling. He said if you find the appearance of Liberty to be too weak for the grade stated then guess what, the next buyer probably will too. Same goes for ugly toning, obvious problems etc.
The point is, if you can manage this trick you will end up with a much better collection.

 

We could see only a small part of the coin, so grading on the basis of strike wasn't possible. Three strong letters of LIBERTY, and with a little imagination, I could make out the rest. There is very noticeable reengraving around the shield. The coin should get a details grade from a TPG, but unless there's other damage elsewhere, I would let it pass as a net low end VG.

 

Like my example called VF details:

 

1. expected wear for a circulated coin of that Datel
2. 3 full 1 partial.
I have never attempted to grade a coin by just looking at the letters. I some cases you have to take into consideration the clairity of the letters in "Liberty" one coin comes quickly into mind, the head band on the IHC.
Phil

 

Yet...

 

Another grading identifier is four diamonds on the ribbon on an Indian Head Cent.

There’s a big problem when people focus on one point of a coin.
Imagine grading Franklin Halves by bell lines, or Mercury Dimes by FSB.

 

When I decided to buy an 1877 Indian Head cent, I looked at a LOT of coins slabbed as XF. Most of them either showed incomplete LIBERTY or at least a couple of weak letters. I passed on all of them until I got one with a full, bold LIBERTY and strong diamonds. Of course, I cracked it out, as the slab did nothing for the coin, which was a strong XF by anyone's standards. (but I did keep the label)

 

I miss the old days when there were actual objective grading standards that didn't vary according to the market.

 

While there were stricter standards back then many did not follow them (same as now) and I'll bet the condition of the market affected the buying/selling decisions of dealers (same as today).

 

If we graded by strike, then 90% of the 1921 Peace Dollars graded MS65 or greater would not have made the grade.

 

Here is the thing. You are correct BUT...

At one time a coin needed to have a full strike to be considered for the MS-65 grade. Unfortunately, many coins don't usually come with full strikes. No problem. It is just like printing money to fill a need.

Collectors demanded MS coins. So many coins that are not MS are now graded MS. Additionally, coins w/o full strikes are now graded MS-65 or higher. Collectors demand the best so by dropping the top bell lines for that determination, TPGS can call more coins FBL even though they are not. There are many more examples. Both dealers and collectors are responsible for the way we grade coins today.

 

7 letters

 

This would be a massive mistake with Lincoln cents. LIBERTY is one of the last devices to wear.

 

I've been trying to teach this to newbies for decades. Many flaws can be forgiven when the eye appeal is strong. It's good to hear an actual grader admit it.