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<p>[QUOTE=&quot;Mark Feld, post: 683837, member: 11467&quot;]I absolutely believe that grade-flation exists. But I think it has occurred more slowly, over a much longer period of time then you seem to think. Here are the two main factors which I feel are responsible:</p><p>&nbsp;</p><p>1) Initially, the major grading companies were quite conservative, often grading truly exceptional coins no higher than MS/PR 65. Over time, as they saw more coins, they gradually began awarding higher grades, both to the coins that deserved it, as well as those that did not.</p><p>&nbsp;</p><p>2) No matter how good the best grading companies are, they over-grade some coins and under-grade some coins. If they do so,at the rate of only 5% on the high side and 5% on the low side - that would be excellent, as far as I&#039;m concerned - that still amounts to thousands of coins per month and tens of thousands per year. And hundreds of thousands (of over-graded and under-graded) coins since PCGS and NGC began operating.</p><p>&nbsp;</p><p>But, while the over-graded coins remain in their holders, many/most of the under-graded coins are cracked out of their holders and resubmitted for higher grades. So we end up with a badly skewed sample/representation of how the coins have been graded.</p><p>&nbsp;</p><p>Also, generally speaking, if anything, when prices are higher, I think that the grading companies might tend to tighten up. Conversely, when prices are lower, I think they might tend to loosen up, in order to try to stimulate business. I am of the view that grading has gotten tighter the past few years, at the same time prices were increasing (until about a year ago). So you wont get me to agree with you on all counts.[/QUOTE]</p><p><br /></p>

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