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hone your grading skills -- 1839 large cent
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<p>[QUOTE="Leadfoot, post: 617738, member: 2972"]Call me cynical, but I don't believe words, I believe actions. The TPGs say they don't grade artifically toned coins (lie) and designate coins as first strike that aren't. Words are cheap, actions tell the real story. So please don't try and use the TPGs words to bolster your argument. Look at their actions.</p><p><br /></p><p>And their actions, IMO, suggest that they rank/price coins. Call it technical grading with a market-based bump at the end. Call it pricing coins, call it ranking coins, call it whatever you want, it's market reality. Let's use the coin posted in this thread as an example.... </p><p><br /></p><p>I don't think anyone would argue that this coin is uncirculated -- there is clear high-point wear. However, if you stack this coin against the other AU examples, it would clearly be better than most of them. The EAC would call it a "choice" (or "nearly choice") AU and its value would be affected by labeling it so. PCGS called it an MS 62. The ANA would call it "AU" and lump it with the rest of the AU coins. And guess what -- everyone would price/value it about the same regardless of the grade.</p><p><br /></p><p>So you can talk all you want about how the TPGs are *******izing grading, overgrading coins, and such things, when at least to me it doesn't matter. Grades are only a means to an end -- pricing coins. Their value lies in their ability to predict prices. Given this is the case, I would argue that the EAC and TPG way of grading is actually better than the ANA grading standards because they take into account the technical attributes of a coin as well as the aesthetics/value. In reality, the ANA grading standard does not -- if a coin has AU wear, it is an AU coin, period. However, that's not how the real coin market works, that's not how collectors decide what's the right price to pay for a coin, and that's precisely why the ANA grading standards have, by and in large, been supplanted by market grading, IMO.</p><p><br /></p><p>Lastly, you are wrong in how you describe market grading, IMO. You suggested some would put forth that "market grading is based on price not condition". I would respond that market grading is based on price AND condition. To use the 1839 as an example, it is an AU coin that is valued as a low MS coin because of it's condition AND it's price/rank compared to other AU coins. The TPGs call this MS 62, the EAC calls it Choice AU, and the ANA would call it AU.</p><p><br /></p><p>And they're all right....Mike</p><p><br /></p><p>p.s. Please don't presume that I don't understand what you're saying. There's no need to belittle me or my knowledge/understanding. I get it. I just disagree.[/QUOTE]</p><p><br /></p>
[QUOTE="Leadfoot, post: 617738, member: 2972"]Call me cynical, but I don't believe words, I believe actions. The TPGs say they don't grade artifically toned coins (lie) and designate coins as first strike that aren't. Words are cheap, actions tell the real story. So please don't try and use the TPGs words to bolster your argument. Look at their actions. And their actions, IMO, suggest that they rank/price coins. Call it technical grading with a market-based bump at the end. Call it pricing coins, call it ranking coins, call it whatever you want, it's market reality. Let's use the coin posted in this thread as an example.... I don't think anyone would argue that this coin is uncirculated -- there is clear high-point wear. However, if you stack this coin against the other AU examples, it would clearly be better than most of them. The EAC would call it a "choice" (or "nearly choice") AU and its value would be affected by labeling it so. PCGS called it an MS 62. The ANA would call it "AU" and lump it with the rest of the AU coins. And guess what -- everyone would price/value it about the same regardless of the grade. So you can talk all you want about how the TPGs are *******izing grading, overgrading coins, and such things, when at least to me it doesn't matter. Grades are only a means to an end -- pricing coins. Their value lies in their ability to predict prices. Given this is the case, I would argue that the EAC and TPG way of grading is actually better than the ANA grading standards because they take into account the technical attributes of a coin as well as the aesthetics/value. In reality, the ANA grading standard does not -- if a coin has AU wear, it is an AU coin, period. However, that's not how the real coin market works, that's not how collectors decide what's the right price to pay for a coin, and that's precisely why the ANA grading standards have, by and in large, been supplanted by market grading, IMO. Lastly, you are wrong in how you describe market grading, IMO. You suggested some would put forth that "market grading is based on price not condition". I would respond that market grading is based on price AND condition. To use the 1839 as an example, it is an AU coin that is valued as a low MS coin because of it's condition AND it's price/rank compared to other AU coins. The TPGs call this MS 62, the EAC calls it Choice AU, and the ANA would call it AU. And they're all right....Mike p.s. Please don't presume that I don't understand what you're saying. There's no need to belittle me or my knowledge/understanding. I get it. I just disagree.[/QUOTE]
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hone your grading skills -- 1839 large cent
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