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<p>[QUOTE=&quot;Lehigh96, post: 1075136, member: 15309&quot;]I have explained my opinion regarding gradeflation before and we have had this discussion before.&nbsp; I freely admit that gradeflation exists but I do not think that it is a result of a intentional shift in grading standards by the TPG&#039;s.&nbsp; Feel free to read our exchange in the thread linked below.</p><p><br /></p><p><a href="http://www.cointalk.com/t119947-4/" class="internalLink ProxyLink" data-proxy-href="http://www.cointalk.com/t119947-4/">Guess the Grade--1941-S Jefferson Nickel</a></p><p><br /></p><p>In a nutshell, gradeflation exists because of the inconsistency inherent in the grading process combined with the financial incentive of the collector/dealer to resubmit coins in hopes of a higher grade and more money.&nbsp; Now in your post above, you use the terms over-grading and under-grading.&nbsp; I don&#039;t think those terms are accurate at all and should be stricken from the conversation.&nbsp; Not every coin is a no brainer for a specific grade.&nbsp; In fact, most coins can easily be graded correctly yet be assigned different grades by different graders.&nbsp; The reason for this is that grading is inherently inconsistent and is an opinion of the graders.&nbsp; Let&#039;s take a look at the subject coin of this thread again.</p><p><br /></p><p><img src="http://i117.photobucket.com/albums/o59/ACPitBoss/Peace%20Dollars/PD1923NGCMS65wLabel.jpg" class="bbCodeImage wysiwygImage" alt="" unselectable="on" /></p><p><br /></p><p>Many graders would examine this coin and limit the grade of the coin because of the marks on the focal areas of the coin.&nbsp; However, the coin has premium gem luster, and above average strike, and formidable eye appeal.&nbsp; These virtues of the coin would cause many graders to grade the coin MS65.&nbsp; Which grade the coin receives depends solely upon the graders assigned to evaluate that specific coin.&nbsp; It is entirely possible that upon initial submission that this coin could receive the MS65 grade that it has.&nbsp; But if you cracked it out and resubmit it a month later, the coin might very well grade MS64.&nbsp; And I submit to you Doug, that both grades are correct.&nbsp; This coin is not a lock at either grade.&nbsp; It is either a PQ MS64 or a low end MS65.&nbsp; And this is where the gradeflation is born.&nbsp; Everytime a coin such as this is graded MS65, it is destined to be permanently entombed as a low end representative for the assigned grade.&nbsp; You admitted this in your post above.&nbsp; However, if this coin were graded MS64 and the price difference between MS64 &amp; MS65 were substantial enough ($400 in this case), every collector/dealer who owned this coin would then have a financial incentive to have the coin regraded.&nbsp; Since we have already admitted that the coin will grade MS65 by some graders, it is only a matter of time until the coin upgrades and gradeflation prevails.</p><p><br /></p><p>Please note that nothing in this scenario to explain gradeflation includes a conscious effort on the part of the TPG&#039;s to change their grading standards.&nbsp; Now if you want me to believe that as the PQ coins are eliminated and the low end coin populations grow, the accepted standard for what defines a specific grade is affected, I will admit that is possible.&nbsp; But there is no way you will get me to believe that the TPG&#039;s or the graders they employ intentionally change their grading standards.</p><p><br /></p><p>Now you contend that someday the TPG&#039;s will tighten their grading standards.&nbsp; Why would they need to do that Doug?&nbsp; This coin was graded over a decade ago and it was a PQ MS64 or a low end MS65 when it was graded.&nbsp; Based upon the responses from the most knowledgeable graders on this forum, the coin is still either a PQ MS64 or low end MS65.&nbsp; If the grading standards had really changed over time as you believe, then why don&#039;t the members of this forum think the coin is an MS66?[/QUOTE]</p><p><br /></p>

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