I am relatively new to collecting coins. Maybe someone can help with a question regarding slabbed coins. I recently purchased a few SAE's in MS69 graded by PCGS. One of the coins, 1991, has a milky water spot. Does this lower the grade? I have looked at the rest of the coin under magnification and can see no other blemishes. I am not concerned about a higher grade, but am concerned that it might be a lower grade coin because of this spot. Am I right to be concerned? Should the dealer I purchased from (on ebay) replace this coin?
That is why you will hear in this forum to buy the coin first and NOT the slab. That is the trouble with buying "sight-unseen" coins, even those graded by PCGS, NGC, etc., unless you can see it and hold it yourself. Honestly, I would have probably purchased the coin as you did...and not expect a blemish as you described. However, I always check the return policy as many sellers offer returns on PCGS coins IF the slab has not been tampered with or abused. A "milky" white spot could have occured after the coin was slabbed. I have seen some Proof SAE's tone in PCGS slabs and for all intensive purposes, a milky white spot is a serious blemish and "should" lower the grade further below MS69. Check the seller's return policy. The seller will state that he didn't grade the coin, PCGS did, so he is excused from seller disclosure...but he should have pointed out such a serious defect to this coin.
I thought that toning could only raise a grade not lower it. Im not saying a tone will always raise it but I thought it can not lower it
I am in accord with Midas on the fact that the seller should have mentioned this to you. I would indeed contact the seller and ask about a return policy. If you are wanting to bid on coins, might I suggest Teletrade.com I have had very good success with this auction house. All they do is coins and provide a close up software install that lets you get up to 200 or 300x magnification of the coin...anyway check it out..and never buy sight unseen..and always check for a return policy...another thought is if you really want the coin contact PCGS and inquire about the spot, perhaps they may offer to look at again for you..but for not less than 20.00 buck..Good luck!
Howdy--- As I have been researching ASE I have learned that the "Milk spots" (I disagree with Spider on this point that it is toning) happen with some think like a water drop gets on the coin (This might have happened before they slabbed the coin)...or even if a guy at the mint had sneezed and it had gotten on the coin that could cause the "milk spot"-- While I wouldn't return the coin I would remember to look for these next time I was looking for them.... Also---as Midas said...buy the coin--not the slab. Depeneding on the size of the spot it shouldn't hurt the grade--- Speedy
I have seen this occur many times before. I believe it actual has something to do with the way the mint cleans the silver.
Defiant7 is correct - the milk spots on ASE's are the result of the washing process the planchets go through prior to the coins being struck. It is not toning in any way shape or form. To the best of my knowledge there is no way to remove these spots either - without ruining the coin. These spots typically appear, if they are going to at all, almost immediately after striking. So it was there when the coin was graded. While these spots may not affect the grade of a coin much, since they are the result of a mint process - they can stop a coin from being being graded say 1 point higher - like from 69 to 70 or 68 to 69 in some cases. In others they will not. But to clarify something about toning since it was mentioned - toning can affect the grade of a coin either up or down. It just depends on the toning and how it affects the eye appeal of the coin.
Part of their return policy reads: In no event does Teletrade refund postage and handling charges, nor does it reimburse Bidders or Consignors for postage used to ship coins to Teletrade. A non-negotiable return handling fee will be deducted from any refund for a returned lot calculated as follows: Five Dollars ($5.00) plus five percent (5%) of winning bids equaling Two Hundred Dollars ($200.00) or less; Ten Dollars ($10.00) plus five percent (5%) of winning bids in amounts in excess of Two Hundred Dollars ($200.00). Postage + $5-$10 + 5% of auction price seems a little steep to return something. Maybe I read it wrong.
Nothing wrong with your reading skills lincoln. You've found the reason that I have never bid in a Teletrade auction, and probably never will.
Defiant7 is right about this...I was thinking about Proof coins were they say that the milk spots come from kinds of water...UNC coins are as he said... Speedy
I want to thank all that answered. I have noticed a common theme among the answers, there is no absolutely correct answer. I have contacted the seller and he has offered to replace the coin if I want, and he will pay the postage both ways. Unfortunately he can not guarantee that the next coin will not have some of the same characteristics, and possibly worse, the spot could be on the obverse side. The spot on the present coin is on the reverse. Other than the spot the coin is flawless as far as I can detect. I am debating my choices. Again, thanks for all the responses.
