Curious to hear more experienced collectors thoughts. Do you think this piece will straight grade? And if so at what grade? https://www.ebay.com/itm/124957422152?hash=item1d180af248:g:TBYAAOSwwYxhYdrN
FA-02, use it as a pocket piece until it is a PO-01, then you will sell it for many multiples of its current value. Yes, will grade.
Positives: Date and mintmark are easily recognized Negatives: Rim worn well into the lettering Result: FR-02
Traditionally, yes, but this does not take "Lowball fever" into account. If the coin graded PO01 at PCGS (a straight grade, with no problem notation, and not FR02 or AG03, for example), then there are people who would pay silly money to acquire it. There is competition on the Registry for the extreme bottom end as well as the top end. Not quite as much, perhaps, but it's a thing. There is, I believe, not much premium or demand for the other really low grades. But if you get a PO01, it's worth something to those folks with Lowball sets. People will fork out money to acquire the lowest of the low, same as how they'll compete to get the highest of the high. And you can't (easily) wear one down artificially, because if it's mechanically worn down in modern times (with any kind of machinery), as opposed to naturally worn in circulation, I think the TPGs can usually detect that, and then it gets a Details ("problem") notation. It has to be a naturally worn, problem-free PO01 to qualify. (This is what @Treashunt was getting at. The coin in the OP is probably a FR02 and would have to be carried in one's pocket a while to wear it down to PO01 and thus qualify as a true rock-bottom Lowball. And even then, it might end up too shiny and get a Details grade. So no shortcuts like belt sanders, etc.!) This can actually make some of the more modern issues (clads, Ike dollars, etc.) more valuable as lowballs than something like a Morgan dollar, since so few of them got carried as pocket pieces and worn down as far as PO01 naturally. Are there people who have tried (and maybe succeeded) in creating "artificial lowballs"? Who knows, but it wouldn't surprise me. Lowball collectors- at least the ones on the PCGS Registry- are certifiably insane. But I can kind of respect their madness, having been a deliberate collector of holed coins, myself. (Still, I don't waste money slabbing my "holeys".)
I agree with the moderator. Unless you're working on a Lowball Registry Set or want to sell the coin to a collector who is, there's no reason to have it certified by PCGS. I think the seller had it right with the Poor designation. By the way, if you look at the coins in Lowball collections, only some of them are in low grades. I was amazed to see mint state examples for some of the dates. My wife and I attended a PCGS luncheon at which the theme was Lowball collections. Each of the attendees received a PCGS slab with a G4 Barber 25c in it. I sold mine and my wife's on eBay, and they brought a lot more than a typical G4 common-date Barber 25c.
Do you know how much P01 1916 S-L 25c sell for? These are coins with no hint of a date that are designated as 1916s by other design characteristics. Alan Herbert used to say that they were worthless, but on this he was completely wrong. I've seen them bring more than $1,000 at auction!
It might "straight grade"...if very low...but don't know why you'd want to. So very interesting...had never heard of or known of this before...almost seems it might be more difficult to find a qualifying coin for this low-ball grade than one of a higher/high-grade category...! Thanks for sharing.
PCGS has "low ball" registry where they welcome "the poorest known" that made it into one of their holders. People pay very good money for this stuff. I don't understand it, but at least I am immune to buying this material.
Oh, with you, by my side This world can't keep us down Together we can make it, baby From the POOR side of town
I think straight grade, FR2 It has a certain cool aspect, it's really been handled, personally think the price is about fair now ($67), be interesting to watch. I don't think it has quite enough wear to be a lowball prize, as others have mentioned...
Your jokes at the end of your post are cute. Definitely esoteric in nature and enjoyed by the numismatic community!