GTG 1954-S Jefferson Nickel (PCGS)

This is something PCGS and I disagree on... I'll accept planchet flaws on a 65. In my opinion, they had better be almost indistinguishable on a 66, and I absolutely cannot accept them on a 67. Remnant planchet flaws are a function of strike - as the grade gets higher, the strike must be more perfect. At 66 or above, the strike needs to be just about perfect.

PCGS, however, allows them in alarming quantities even on a 67.

This is the reason that, in my post above, I say that I grade this coin 65+ but I'm guessing PCGS called it 66. (I really hope they didn't grade this one 67....)

I'm actually interested to hear @Insider 's opinion on remnant planchet flaws. I'm not sure I've ever heard him discuss them.

 

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That's exactly why I called it a 65.

 

I agree with that philosophy too. PCGS does appear to be too lenient and I'm now guessing it is in at least a 66 holder, otherwise there would have been little reason for Lehigh to buy it (a 65 is a $10 coin).

 

Hey @kSigSteve what do you think?

 

A 54-S in MS65 is more like a $25 coin.

 

MS 66 this date/MM is known for a weak strike that's why the FS is worth so much. Most of the chatter is planchet roughness not struck out. So does it have the luster for a 66? I am guessing yes.

 

I said 65. I think I’m always a bit low on these though

 

Yeah NGC has only certified 2 with FS.

 

66+

 

BETTER than my MS65 I'm going with MS66 .

 

There is one currently listed for sale on eBay as a buy-it-now for $15.91
https://www.ebay.com/itm/1954-S-Jef...284841?hash=item289cbc67a9:g:bW4AAOSw-u9fWDOB

The last two sold for under $10 and most are selling for under $15.

 

They range typically from $10-$25, and most of the $10 ones look like overgraded dreck. That said, if you compare the coin you linked to the subject of this thread, it makes it much easier to grade my coin.

 

The eBay picture is not in focus, so it's hard to judge that one compared to your very good photos.
The $10 ones might often be lackluster, but with common coins that aren't toned or prooflike, I tend to find that it is hard to get the upper range when selling. I'd suspect that the majority of buyers (even more so than with toned coins) would pass on your 54-S nickel if it was a slabbed 65 priced at $25.

 

There is a lot to unpack in this reveal, but lets start with the grade.



This is the most lustrous 1954-S Jefferson Nickel that I have ever seen, including my registry coin. In addition, the strike, while not complete, is about as good as they come for this date/mm. PCGS graded this coin MS66, but that is because they really don't grade this date/mm MS67. I plan to crack this coin and submit it to NGC and fully expect an MS67 grade.

The remnant planchet flaw issue is one that we have discussed many times, but the fact is that both NGC and PCGS don't punish the grade for planchet roughness. Whether they should or not is a different argument, but if you go through my entire registry set, you will see that virtually every single coin, including the MS67s, all have some level of remnant planchet roughness on the jaw, cheek, or both. It is very much like the argument about the rub on the breast and knee of Saint Gauden's double eagles; every coin has some measure of rub caused by roll friction so those people in the "wear is wear" camp would have every single Saint graded AU despite the vast difference in overall quality. On Jefferson Nickels, if you refused to grade a coin MS67 because of the presence of remnant planchet roughness, you wouldn't have MS67s for the majority of the date/mms.

That brings us to the evaluation of the 1954-S date/mm. This coin is graded differently than many of the other dates because it is by far the worst struck date/mm of the entire series. It just doesn't come full struck. PCGS has only graded 7 coins at the MS67 level and that includes my registry coin which I successfully crossed from NGC to PCGS this summer (shown below).



So if the coin above represents the pinnacle for the date/mm, where does the current coin rank? The problem is that most people have only seen MS65 or better 1954-S nickels because they are the only ones that get graded. They have no idea how bad the strikes actually were for this date/mm. I have created a little grading scale that should show the difference in strike for the 54-S.



The first two coins are MS62-63, the second two coins are MS64-65, and the last set is MS66-67. The MS64 coin has a premium gem strike but the grade is held back by the surface marks. The coin of this thread is the MS66 coin, but I submit that there is very little difference between it and the MS67 coin which is graded by NGC. The NGC MS67 has a marginally better strike but significantly worse luster, though admitedly, my photos don't really show the difference. Anyway, with respect to the worst struck date/mm of the series, this coin is a monster, with a way above average strike and virtually unimprovable luster.

 

Well I sure missed that one.

 

I gave you a like as a consolation prize, lol.

 

@Lehigh96 it might be the TruView (which can hide things), but to me the MS 67 appears to have less planchet roughness than the MS 66. And like you mentioned, I can't tell the difference in luster (I believe your in-hand view that the 66 is better). I would say that the two coins are close and not a full grade apart (maybe a plus grade apart).

And wasn't your registry set at NGC? If so, why cross the 67 to PCGS? Easier to resell? Moving to a PCGS registry?

 

I had grading coupons from PCGS that I had use up so I crossed my 54-S, it is worth more in PCGS plastic than NGC. The NGC registry requires only 75% of your collection to be NGC graded to be eligible for awards so I thought it was the prudent thing to do.

 

Thanks but I missed it by a long shot. Sometimes I find Nickels tough to grade.

 

Nailed it! I attribute it to the blind squirrel syndrome. Here is my raw example of a well worn die and possibly some grease as the s in cents is barely there. Not the greatest pictures but the luster is there and I think it is MS...

Possibly IDT as well.