Grade Inflation or Why is midrange UNC gold all junk?

John, where's the rub I'm not familiar with this coin type ?

 

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I presume you are referring to the 1838 quarter eagle. This coin was graded MS-63. Look at the area above the eagle’s head. There are lots of scratch lines running in multiple directions. The coin is graded MS-63. That means you are limited to a few marks there, not a patch of marks in multiple directions. This did not make the PCGS standards let alone CAC, which is supposed to be higher.

The dealer wanted more than the PCGS retail amount for this coin. Really? It was off a what list I gave him. He knew he was not working with “a country bumpkin.” He knew I knew how to grade, yet he hit me with this. It ended the relationship.

Classic Head gold is hard to grade because many Classic Head gold coins have strike issues. The issue is, “Is it wear or is it the strike?” That is not always easy to determine, but in this case, there was no doubt. Look above the eagle.

 

I particularly dislike PCGS or NGC CAC coins. I've found CACs to perhaps be problematic. Possibly not all CAC's are this way but I tend to see them as over-hyped coins that can be actually of a lower grade. At the FUN coin show in Jan 2023, I talked extensively with a coin dealer who showed me 2 very pretty 19th century $20 golds. These were NOT the kinds of coins I've seen at online auctions but were clearly (to me) a cut above. Both were ms-63's NGC or PCGS & neither was CAC'd. Unfortunately I didn't buy them.

I have no idea when the coins I look at are graded. I can only say that these are "recent slabs" usually.

 

Actually I've been looking at/for Classic Head gold. I'd say this coin could be a low-end 63 today but I dislike the amount of minor bangs for a Quarter Eagle. Small module coins like this should get less marking than a larger coin: which is why it's hard to find an absolutely unblemished $20.

Still many 63's in $5 Liberties today have a major scuff, often right across the face and still get a 63. This coin has no "major hits" but does have quite a few lite bag marks.

I really don't see wear on the Eagle reverse, but then I'm have to talk to an expert on the 38 Classic Heads. I think latter ones were usually well-struck.

 

Sigh......

 

While I'm not a strong US buyer, for many years all of the US gold and even foreign gold, I've looked at, has been slabbed.

Except for my {past} Aunt of course. She ran a Kielbosa shop and one day got an 1898-P double eagle in change. Her son still has it.