How would you grade this 1798 large cent?

This 1798 large cent is an NC-1, a rare coin with a fairly small number of known examples. This piece piece cropped up on a Boston bid wall in a lot with four other large cents, which did not amount to too much, about 30 years ago. The dealer didn't know what it was, but the Sheldon Variety collectors noticed it and the race was on. From a starting bid of about $400, the lot of large cents went to over $20,000.

From the grading aspect, I think this coin is still the finest known. The runner up is a VG. I could be behind the times since I don't collect large cents in detail, but this is what I know of it based on 30 year old information.

So how do you grade it? This photo is a picture of a slide which I took of the coin many years ago.

 

Log in or Sign up to hide this ad.

It would find itself in an AU details slab

 

I just looked this up in the Breen large cent book. This coin sold in March of 1990 so my info is not as old as I thought. It's only been 30 years.

 

I see it as "Cleaned" and "Damaged".
But I wouldn't kick it out of my collection if it were mine.

 

It's got issues but man is it beautiful. I agree with the AU details. It's probably in a slab by now. I would be curious how it did grade.

 

Looks AU (something) details.

 

Agree with AU DETAILS my first glance.

 

Depending on the amount of luster, if any, the sharpness would be AU or
XF. Net grade somewhere in the Fine to low VF range due to the graffiti and burnishing, depending on how it looks in hand. Definitely nicer than a VG.

 

Cleaned, polished, and damaged in my opinion.

 

XF details, damaged, nice color, also nick on reverse above the E

 

Market graded AU-Details. EAC grade AU-53, Net 35 and I'm giving the coin the benefit of the doubt since it's not in hand.

 

The net grade given in the Breen large cent book is VF-20 which seems to be about right to me. It's been 30 years, but in person I remember the mark in the right obverse field to be a bit like "the Grand Canyon" relative to the size of thec coin. It drops the grade of the piece down by two grades.

The sharpness grade given there is "EF", for comercial purposes "EF" is not what it used to be. It is probably an EAC sharpness grade EF.

The "VG" in the Breen book looks to be less than that to me. The surfaces are very corroded, much worse than the 1798 cent that was here in the past day or so.

 

@johnmilton; I like to throw my EAC grading "skills" out there so you smart guys can correct me and I can learn.

 

A rule of thumb can be that you grade by "normal" srandards and then drop it a grade to get to the EAC grade. Some EAC guys are so conservative that they will never give an Unc. grade to anything, even when the the piece is obviously Unc. And, yes, although they are rare, true Mint State early large cents do exist.

 

From what I see in the latest copy of The Score the CC1 coin is listed as a F-12. I think that is a little harsh. I was thinking a net EAC grade of 15 possibly 20.

I don't know where the CC1 coin is right now, if it is the coin in the top collection listed in The Score, he has it listed as a 10. Noyes also lists the CC1 coin as a 12 with the CC2 coin being a 10.

 

Noyes is good guy, but his grading standards are the harshest on the planet. They are so conservative that you can’t really compare what he says with what other people say. They are just unrealistic.

 

Admittedly, I have not been active in EAC for 15 years or so, but there were some very conservative graders in the past who carried that distinction as a badge of honor.

 

And some were far more conservative when buying than selling to screw over collectors

 

Except that the TPGs are VERY inconsistent. I have seen 30 point differences between slab and EAC grade, and the TPGs don't give grades to coins they consider problem coins.

 

Looks XF 45 ++ , except for dings.

No clue what a pro TPG would give it tho' ...