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Message:: [QUOTE="johnmilton, post: 24859798, member: 101855"]Here is an example of "grade-flation" for U.S. coins. I bought this piece from a collector who was saving money to go to Bermuda. I had long admired the piece, and he finally offered it to me. The question was the grade. At the time, the early 1990s, I called it EF-45. He graded it AU-50. We sent it to ANACS, which was using the little old "soap bar" holders at the time. It came back EF-45, so that set the price, which was higher than wholesale at the time. [ATTACH=full]1594149[/ATTACH] In the early 2000s, I looked at what I was seeing on the market, and decided I needed to crack the coin out of the ANACS holder see what the modern standards were. It came back graded AU-55. You can argue about ethics, but you really have to adjust to the current market. Prices and grades change.[/QUOTE]