Did NGC Blow It? 1954-S Jefferson Nickel MS67

Earlier this year I purchased a 1954-S Jefferson Nickel NGC MS67 from Teletrade. The coin is an outstanding example of a conditional rarity with a total population of 15/0. Every coin graded MS67 resides in an NGC holder. Here is a photo and description of my coin.



Description: An incredibly attractive example of this conditionally rare issue. A remarkable patina of peach, sunshine yellow, powder blue, lavender, and iridescent cobalt blue drapes both sides of this satin luster premium gem with a decent strike for a normally mushy year. With a total population of (15/0), finding a more eye appealing example of this date/mm will be very challenging indeed.



Tonight I was performing my routine search for registry quality Jefferson Nickels when I ran across this "thing" in Teletrade's upcoming Sunday auction. The question is simple. Did NGC blow the grade? Please vote in the attached poll and post your comments. Here is the photo and auction link.



http://www.teletrade.com/coins/lot.asp?auction=2789&lot=1461&imagetype=j


Merry Christmas!

 

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The only possible explanations is a weak strike or filled die, otherwise it's over-graded.

 

looks like a weak strike...
however, it looks too weak to deserve a grade of 67, IMO.

edit: to add, the photos (or scans) don't show any luster.

 

Imo I believe they did. That toning almost looks like corrosion to me. With the weak strike and the eye appeal, or lack there of, I don't see how this could make 67.

Btw I think "thing" lol is the only way to describe it.

 

It could just be a bad picture. Heck, even saying it out loud, I can't quite believe that, though. Something must have gone wrong.

Also, pardon my ignorance, but when you say the population is 15/0, what does that mean? Mostly, the number after the slash is what confuses me. Is it the number of coins in better condition, or am I off base?

 

You're correct. It refers to 1954-S graded by NGC in that grade, 15, and 0 graded higher.

 

I agree. I would think a coin with a strike like this would peak out at MS65 or 66 at the absolute highest. I also feel that the pictures are exceptionally bad and not showing the coin well at all.

 

Insomniac...you got it. 15 represents population in that grade, with 0 graded higher, hence 15/0....it's also referred to as a 'top pop' (numismatic verbage for the highest graded).

 

That's one of the nicer 1954-S coins I've seen. Nice catch.

The second example is one where the strength of strike was not taken into account. Mid-1950s nickles are known for weak strikes, but that's just ridiculous. The paucity of bag marks is truly remarkable, but the weakness of the strike cannot overcome that. Personally I place more emphasis on bag marks than strike, but even I would likely grade that coin MS-64.

You know, the difference between those two coins is so significant, that it's almost like each of the aspects of the coin should be grades separately; like they used to assign separate grades to the obverse and reverse. On strike and surface preservation, I'd probably give it a MS-64/MS-68/69.

 

raider beat me to it.....but remember the only stupid/ignorant question is the one not asked, and noone should think of it as ignorance, as we were all there at one point in this hobby. It's exactly the right way to learn....by asking questions.

 

Btw if I got the cert#s right that coin just sold on TT on April 19th: Nickel 1954S NGC 67 from Teletrade Coin and Currency Auction 2681, lot 1468 but now it's back up for sale, with some new pics.

 

[FONT=geneva,arial][FONT=geneva,arial]The number after the slash in a population is the number of higher graded examples. [/FONT][/FONT]You are right, it could be a bad photo, but it is not. This exact same coin sold in a Teletrade auction in April 2009 for a price of $109. Here is the auction listing and description (get ready to laugh).

http://www.teletrade.com/coins/lot.asp?auction=2681&lot=1468&imagetype=j

[FONT=geneva,arial][FONT=geneva,arial]Superb Gem. Well struck. Pleasing surfaces which are very warmly red-golden toned as to appear gilt. NGC has certified just 15 coins at this level with none finer.


I am half tempted to buy this coin and send it to NGC and attempt to use their grade guarantee. This coin has no business in an MS67 holder. From what I see in the photos, it has no business in an MS65 holder. If I had to describe this coin in an auction catalog, this is what I would write.

Superb surfaces account for a technically graded premium gem coin that will fit perfectly in a registry set unencumbered by photographs.

This is what I would want to write.

Turd brown patina completely mutes the luster of this minimally abraded Jefferson Nickel that appears as if it was struck in a terminal die state. The result is one of the highest graded visually unappealing coins in existence. A perfect candidate for the blind collector.

THIS COIN SUCKS!
[/FONT][/FONT]

 

WOW, you stole my punchline.

 

Sorry Lehigh, I'll go stand in the corner now.

 

These photos make it look marginally better, I think, but it's still a thoroughly unattractive piece.

Also, thanks for the clarification everyone!

 

I think this goes back to your post a while back about registry sets and not buying a coin until you find the one you like. Both your coin and the teletrade coin are worth the same registry points...but your coin is clearly the far better example.

I would be interested in knowing if the sales price of these coins reflect the quality difference or just the slabbed grade. I see you said the teletrade coin went for $109. If you don't mind sharing...I would be very interested in knowing what you paid for yours as a comparison.

 

My guess is this particular year may be known to have weak strikes. That said, I wouldn't think this 1954 Jefferson would receive such a high grading as MS67. Really I have been amazed by the Jeffersons I've been looking at and learning tons about grading and nickels. At this rate, I'm not doing terribly bad.

 

It should be right there in the Teletrade auction page under Previous Price History. My coin is the rainbow registry coin that sold for $460. And yes, it is my hope that this thread is a much better example of what I was trying to illustrate in my registry strategy thread.

http://www.cointalk.com/t83691/

There can be no doubt that my coin is superior to the turd 67 in every way. No amount of photo magic is ever going to help that coin, it simply doesn't measure up and the number 67 does not define the quality of that coin.

BTW, the TT photo for my coin is horrible. I could tell that when I bought the coin.

 

54-s's all had weak strikes

 

Hi,
Pope Travis speaking.

That coin is not a MS67... Compare Lehigh's coin to whatever that thing is.
I highly doubt if you crack that coin out, and send it in again it would get MS67.