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<p>[QUOTE=&quot;NPCoin, post: 142941, member: 5629&quot;]This brings into question a very interesting point regarding grading.&nbsp; You cannot assume that everybody uses the same grading standards.&nbsp; I have said before, and will conitnue, the PCGS, NGC, old AccuGrade, etc, &quot;standards&quot; are not the same as the ANA Standards for grading.&nbsp; This is why there is such a variance in grade assignments.&nbsp; I have noticed that most people who are familiar with &quot;slabbed&quot; coins will grade in accordance with the PCGS Standards.&nbsp; Most of these TPG Standards are <i>based</i> on the ANA Standards for grading.</p><p><br /></p><p>&quot;There is disagreement, even amongst the experts.&quot;</p><p><br /></p><p>Why is this?&nbsp; Is it because of the subjectiveness that is inherent in grading and appraising?&nbsp; Or is it actually due to the objectiveness of the standard used?&nbsp; I believe that the variance arises from the objectiveness of the grading standard.</p><p><br /></p><p>Within each standard there is a set of &quot;rules&quot; or &quot;guidelines&quot; that <b>must</b> be objectively followed.&nbsp; To slide one of these guidelines either way is simply unethical.&nbsp; Then, you have more subjective &quot;rules&quot; or &quot;guidelines&quot; where the opinion of the grader comes into play.</p><p><br /></p><p>I have alluded before regarding this issue.&nbsp; For instance, in accordance with the ANA Standards, any coin that is graded in a Mint State higher than 66 <b>must</b> have the <b>original</b> color, not &quot;natural&quot; color.&nbsp; Judging by the grades assigned by PCGS on, let&#039;s say, 1893 <b>BN</b> IHC MS67, it is obvious that this portion of the ANA Standards was not adopted by PCGS.&nbsp; And this is fine because, as far as I know, PCGS no longer alludes to using or being &quot;in compliance&quot; with ANA Standards for Grading.</p><p><br /></p><p>However, this could become confusing for a new collector.&nbsp; And when veteran collectors allude to grades and grading without referencing the &quot;standard&quot; being used, then the new collector is not going to know that there are a number of different, yet similar, grading standards out there.</p><p><br /></p><p>If it is brown or red/brown, toned, discolored, or otherwise not in the original color it was when it originally left the press, even if the fields and devices are perfect and flawless, it <i>could not</i> grade higher than Mint State 66.&nbsp; If it is not in the state it was when it left the mint, then it is post-minting damage.&nbsp; This does not mean that something like attractive toning would not command a premium above the normal market price for the grade, but &quot;beauty&quot; (subjectiveness) cannot raise an object above the objective state.&nbsp; The objective &quot;rule&quot; or &quot;guideline&quot; is the absolute authority above subjective opinion.</p><p><br /></p><p>Without the objective &quot;rules&quot;, then one could not count on the grading to be exempt from unethical behavior.&nbsp; I guess to put it all in one sentence:&nbsp; Some graders are more conservative and strict than others.</p><p><br /></p><p>Just as a note, one could consider that the circulated states are fairly standard amongst the respectable TPGs and pretty much are ANA compliant.&nbsp; Within ANA standards for Mint State coins, you have the two extremes, MS60 and MS70 (barely MS and perfectly MS) and three categories between:&nbsp; MS61-MS63 - Below Average, generally acceptable with regards to eye appeal, but contain detractions within the prime focal areas, colors can range from original to harshly oxidated, or even have a fingerprint and artificial treatment; MS64-MS66 - Average, generally collectable specimens, can have original color or attractive toning, scattered or small marks and/or hairlines are common, a few of which may be present in the prime focal areas; and MS67-MS69 - Above Average, collectable and investment quality specimens, must have original color, no toning or other detractions, any contact marks must be miniscule at best and limited to only a couple, with no hairlines visible, furthermore, in these grades, the eye appeal must be exceptional.</p><p><br /></p><p>In my opinion, no coin should be bought for purely &quot;investment&quot; purposes.&nbsp; Numismatics is a hobby as well as a journey.&nbsp; But do not expect to make money from it.&nbsp; A coin that may one day grade MS67-MS69, I do have the opinion (in accordance with ANA Standards), may degrade to the MS64-MS66 range if it becomes oxidated and turns color.&nbsp; Since the TPGs are &quot;in the business&quot; to &quot;promote investment in rare coins&quot; (as PCGS so proudly states), then it is no wonder that an item like toning would be excluded from their standards.</p><p><br /></p><p>How about someone from the PCGS side?[/QUOTE]</p><p><br /></p>

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