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<p>[QUOTE=&quot;beef1020, post: 2409504, member: 24544&quot;]I agree with your frustration about the third party graders.&nbsp; I don&#039;t like them, don&#039;t use them, crack out all my coins, and could care less what grade they give coins I buy.&nbsp; </p><p><br /></p><p>However, this thread is a guess the grade thread, as in guess the grade TPGs gave the coin, and for that I think it&#039;s useful in helping people understand how TPGs grade coins.&nbsp; They use market grading, which as you point out is inherently inflationary for grades.&nbsp; They try to determine what they think the value of a certain coin is, and then assign the grade that will put the coin in the correct price range.&nbsp; I think this coin is probably a great example of that.&nbsp; It may very well be an AU coin, but it&#039;s got great original surfaces and spotless focal areas.&nbsp; Two qualities that make this a very nice and more valuable coin.&nbsp; </p><p><br /></p><p>Fully flushing out the grading, I tend to view TPG MS64 large cents as generally being MS60 by EAC standards.&nbsp; Let&#039;s assume this coin has wear, and it&#039;s really a choice EAC 55 coin.&nbsp; The preimium even EACers pay for choice coins over average may well put the choice 55 at the same price point as an average 60.&nbsp; The TPGs would then say this coin is MS64. Not saying I like the logic, but thats the idea behind market grading.&nbsp; I don&#039;t want to get into if it&#039;s right or wrong because EAC and TPG grades are really based on two very different systems and philosophies of grading, but I will say I prefer EAC philosophy as well.</p><p><br /></p><p>In terms of what EACers will pay, when I collected large cent by variety I found in general that the prices between CQR (auction results for EAC graded coins) and what slabbed coins brought was basically none.&nbsp; I had a late date 1847 graded xf40 by NGC which was really a choice vf 25 by EAC.&nbsp; CQR had the coin values at $75 while the price guides for slabbed coins had the xf40 around $70.&nbsp; That is market grading in action, as long as a collector understood at least one method of grading, they would be being the coin at basically the market value using either method. I know this doesn&#039;t hold for every coin in every situation, but I found it in general to be true most of the time.</p><p><br /></p><p>Last point, I am very hesitant to make the distinction between EAC AU and MS based on pictures.&nbsp; AU coins have some breaks in the luster at the highest points, MS coins don&#039;t, that the difference.&nbsp; AU coins don&#039;t have enough wear to &#039;flatten&#039; any devices.&nbsp; This coin could have breaks in the luster, it could have complete luster with toning as seen on the high points.&nbsp; Without seeing this in hand I can&#039;t make the distinction.[/QUOTE]</p><p><br /></p>

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