Is it just me or is this thing rim nicked out the wazoo? I guess this is an example of how TPGs can be lenient. Thoughts? I'm not in the market to buy it, but I thought it might be a conversation piece. http://m.ebay.com/itm/1837-Capped-Bust-Quarter-25C-PCGS-VG08-Collector-Coin-/121710228756?nav=SEARCH
I've seen worse rim hits, and on coins graded higher. I really hate rim hits, and have asked about them in the past. I'll quote something @GDJMSP once told me that I think is relevant, hope he doesn't mind: Now, I have a lot more content on the subject, as I said, it sort of a pet-peeve of mine. But in terms of PCGS being lenient, I will say that I think it's more a matter of inconsistency. It may be that a certain grader is very hard on coins with rim hits, and another PCGS grader is very forgiving of rim hits. They don't seem to be always lenient, or always strict. So, the result is that some less severe issues being labeled as problem coins, and then another similar coin with larger problems being numerically graded. The thing to do is be aware of your own pet-peeves, and avoid coins with those issues, regardless of a numeric grade by a TPG. Now, many people cannot grade coins, me being one of them. But, almost anyone with basic coins knowledge can judge the amount and severity of a rim hits, or a gouge. You just need to consult your gut reaction on problems like this. Do rim hits make you insane, or is it gouges, or some other problem? Or do neither bother you? It you hate rim damage, that reason alone is enough to pass on any coin with that problem. It could be a VG10 or an AU58 (or higher). You will never be happy with the "problem" coin, and the regret will grow.
Not, IMO, a real problem at this grade level. Good/very good coins are going to have some contact problems. They couldn't have circulated long enough to achieve this amount of wear without coming in contact with other items.
Looks like a few dings in the fields also. I just sold an 1805 Bust Qtr in a PCGS slab graded F15. It had been cleaned almost to a white appearance. No mention of cleaning. Pointed out the obvious cleaning.. guy said he didn't care, it was in a PCGS holder.
That coin is not gradable in my opinion. The TPG obviously thinks the coin is market acceptable. The problem with that is that these days, it seems almost anything is market acceptable.
It's all boils down to money. If it's graded someone pays. If the owner sells, it's graded so someone pays. Almost everything in life boils down to money. It's a shame but it's also life.
Some of what you're seeing on the rims is likely discoloration and not hits, though it's impossible to tell from the photos. The rims are in line with the coin being a VG08. Though they are more beat up than typically found, this is definitely market acceptable for this series. From what I've seen of both NGC and PCGS, one significant rim hit won't details a coin of this series, even up to an AU.
Is it one of those instances where they are more forgiving of the coin since it's pretty old? If it was 100 years newer I doubt it would get a clean grade (if someone were to slab a VG Washington quarter).
Definitely the case. Capped bust quarters are scarce too. They will overlook quite a bit if the coin has an otherwise original look.
To illustrate my point, here's another 1837 that graded AU53 from PCGS. It's got a nice original look with better color and luster than is shown here, but you can also see a distracting rim hit at 9 o'clock on the obverse along with some smaller scattered hits ranging from 12 to 5 o'clock (some are cut off here or obscured by the holder, but you get the idea).
Remember that Ebay can be a dumping ground for this stuff. TPG's should be top bidders on these so they can be removed from their holders and pop reports adjusted.
I remember an NGC Coin that someone bought a year or two ago at auction that was widely discussed on other forums. The big white prong was hiding a massive chunk of metal that was missing out of the rim from a hit. Had the person known of the damage, they would not have purchased the coin. I can't recall the outcome etc.