This was the year! I finally committed to a long standing ambition and enrolled in Summer Session I. I decided my first foray would be best spent in a 5 day grading course. It was taught by Mike Faraone, a long standing PCGS grader, and Kyle Knapp, a young man who started grading professionally at age 18 and now makes his living searching out and buying large quantities of U.S. gold in European banks. We spent the first 1 1/2 days reviewing the technical aspects of all Sheldon Scale grades as applied to U.S. type coins. The last 3 days were spent test grading and discussing a huge variety of slabs (grade concealed) from the ANA collection. I'd like to pass on some of the mini/many lessons learned. -Use your naked eye, 9+ out of 10 can be accurately graded without magnification. -A standard 75w or 100w incadescent bulb should be your only source of light. -Your primary focus should be the search for H. I. P. (term courtesy of Jerry Bobbe) Human Impairment Post strike. This includes hairlines, areas of color change and shine, ridges(they're OK), depressions, scratches, counting machine marks, fingerprints, spotting and more. -Hairlines, Hairlines, Hairlines and more Hairlines! -Once you know what to look for, scan quickly. Most coins can be accurately graded in 45sec. with 80% accuracy. -Your primary useful judgement (for collectors, not dealers) should be broad. You might not be able to accurately judge VF25 from VF30; but you must know that it is a solid middle VF. The same with MS, you know it's better than 60 but less than 63, or better than 65, etc. The course included other associated lessons: - Comprehensive "weak" strike lists for most popular types. -Counterfeiting, including a 35 page color handout of authentic characteristics vs. counterfeit markers for the most targeted issues. -Buy the best coin you UNDERSTAND! -AU58, the most important but forgotten best value in coinage. An MS60,1,2 are uncirculated coins found in a parking lot; but, the 58 shows minute wear but displays significant luster and detail. Plus, it's priced way less than the ugly 61! -In MS coins, collect or invest in the top end of the best grade preceding the always present sharp uptic in the price census. -Some cleaning is acceptable (ie. dipping); but anything moving across a coin's surface is VERBOTTEN, including q-tips, soft cloth and light brushes. A professional grader will ALWAYS spot this. (editorial comment, being very old school, I still have a very hard time even saying "cleaning") Many well known numismatists attended and either spoke in class or were available during breaks, meals and evenings. Some I remember include: -Ken Bassett, longtime "Red Book" writer and editor. -Rick Snow, author of the 4 volume set "The Flying Eagle & Indian Head Cent Attribution Guide. -Miles Standish, PCGS head -Rick Montgomery, NGC head (These two taught an advanced grading class TOGOTHER) -Jerry Bobbe, world recognized copper lover and expert -Barry Stupler, business/auction specialist -Bill Fivaz, authority and author and a REAL gentleman In general, it would be difficult to imagine a more intense experience. From noon on Saturday until the following Thursday nite I spent nearly every waking minute listening and talking coins. In some cases I knew next to nothing (ancients, for example) yet listening I found enthusiasm contageous. So many courses, long and short, as well as evening sessions were offerred that there truly was something for everyone of any interest and skill level. I cannot imagine a more profitable or usefull $1000 investment. All attendees will reap benefits that are truly unimaginable and lasting for the rest of their collecting lifetime. Let me cite one personal example: My short introduction to counterfieting was last Monday. On Tuesday my roommate (imagine two 60+ men in a college dorm!) was looking at eBAY on his laptop. He clicked on a 1916-D Mercury with a Buy it Now" of $7999. He asked to see my diagnostic for that coin. Sure enough, the MM had the wrong orientation. There are only four MM placements and this was not one of them. The dime was absolutely correct in all other details and two days prior I would never have considered it a counterfeit. -- Talk about instant gratification! Am I going next year? You bet, and I'm thinking of staying for both weeks! And before you ask, Yes I heard some things that were hard to take and listened to some opinions I didn't agree with - some I disagreed with Strongly. But, in the end, everything was food for thought - even if I didn't swallow it all. I'll close this with a real zinger and NO expressed opinion. Did you know that a professional TPG grader processes, on average, 1200 coins in an 8 hour day with 76% to 81% accuracy? FACT! (do the math)
RG, Great write up. I would love to be able to go to one of the ANA seminars. I think it would be such a rewarding experiance. I am glad you had a good time and I really appreciate you taking the time to let those of us who could not go sse the course through your eyes.
RiverGuy, Very good post, nice details on the classes and the people you met, and it sounds like you learned a great deal! I'm hoping to try and make a session next year, I hear only great things about all the classes they offer. Thanks for taking the time to write your experiences!
I'm glad it was such a good experience for you, Guy. And it was nice to meet you, albeit at the very end of the week. I hope to see you again next year. Meanwhile, spend the year applying what you learned and you will be amazed at how "advanced" you will be next year.
Yes I did. It works out to 24 seconds per coin to pull it out of the box, scan the label, pull the coin out of the flip, grade the coin, put the coin back in the flip, enter the grade in the computer and put the flip in the box. That's seven actions in 24 seconds and you have to do it over and over and over. Pause or stop for a minute and you are falling behind. You'll have to go even faster to catch back up. (Hence my reason for believeing that if they get behind the easiest way to catch back up is "bodybag, bodybag, bodybag . . ." "After all the company gets paid anyway so they aren't out anything, and a lot of them will get sent in agains and we'll get paid twice to grade it." And turn that percentage around. Many collectors put a lot of faith, often blind faith, in the opinions on those slabs which apparently, by their own figures, the graders don't agree with 20 to 25% of the time.
