Hello, all. Nice to find a group of like minded coiners! I just started collecting. I'm in the process of learning how to grade. I'm very interested in Peace Dollars. I have purchased about 10. 6 raw and four slabbed by NGC. The raw coins are circulated. Slabbed are not. I find it helps my grading skills to note the differences and where wear usually shows up on Peace Dollars. As you know, Peace Dollars are often poorly struck, so grading them can be a real challenge. I already have a question. I just purchased an MS 65 1924 Peace Dollar slabbed by NGC. I bought on eBay. (Good seller, 7 day no hassle return policy) I paid a little under Greysheet Bid for it. It is a very nice looking coin from a luster standpoint. In fact, the luster is booming. A few big bag marks in the relief. Fields are spotless. Coin is almost blast white. Only problem is that the date and the last two letters in "Trust" look like they have been shaved off on the obverse. The reverse (Tip of Eagles' tail) also looks shaved. If you view the coin at the right angle these areas the "1" in 1924 and the "T" in trust appear to disappear. What causes this? I thought weak strikes generally showed at the highest points of the relief? I'm thinking that maybe the dies were a little too far apart? What do you guys/gals thing? If it is a problem that the coin left the mint with, does it decrease value? If so, by how much? I'm pretty sure I'm going to send it back as there are so many 1924 UNC Peace Dollars floating around that I don't think I need to compromise at all on a gem certified coin. However, I thought one of you would be kind enough to educate me on this. Thanks! Tom Read more: http://www.cointalk.com/t105511/#post876318#ixzz0maQYzyN4
What about worn dies? After closer inspection, all of the lettering around the rim, on the obverse and reverse, is weak at the point nearest the rim.
here are some pics. Not the greatest photos, I know. These were the ones on eBay. Take a look at the area right next to the rim. There is a lack of detail all the way around on both the obverse and reverse. Thanks!
The photos are the best for a good opinion, but from what I can see, it may be a weak strike, possibly uneven pressure from the die. Hard to tell.
Are you guys suprised NGC gave it a grade of MS 65. Its a new generation holder, too. I was of the opinion that NGC has tightened its standards on Peace Dollars...now I'm not so sure. Thanks for your input.
My opinion is that NGC didn't consider that weakness along the rim as discriminating against the grade. The majority of the coin's condition and amount of wear could have held it for MS-65. I have a 24 Peace from ANACS graded MS-63 that has not only a fingerprint on the obverse, but also a rectangular shaped residue from what may have been a price sticker placed directly across Liberty's neck, yet it still graded MS-63.
Tommy, The 1924 Peace Dollar is often weakly struck and the areas you pointed are the problem areas. I emplore you to read this lengthy but very educational and entertaining thread about strike and Peace Dollars. It should answer many of your questions on the subject. Peace Dollars (Is Strike and Element of Grade/ I am curious to know what made you think of improper die spacing. There was an MS67 1924 Peace Dollar sold last year by Heritage with a strike as bad as I have ever seen. In the description, Heritage wrote: Heritage MS67 Peace Dollar 0 I find it interesting that the coin was made with new dies but there is a die crack on the coin. I also have 1924 Peace Dollars that look just like this coin only in a lower grade. I now believe the die spacing argument is just bunk. Before returning your coin, I suggest that you go to Heritage's archives and look at all of the MS67 1924 Peace Dollars. I think that you will find that most of them bear weakness in the areas that you are describing and that you very well might have to compromise in this area.
I agree with Lehigh96 I favor collecting the peace and for your coin to hit a 65 its got to have outstanding features which it does from your photo but the peace is notorious for weaker strikes as most of mine look great but you can still note weakness on many.
Lehigh, Thanks for the info. I was just trying to think through the striking process and come up with some logical explanations as to why there was so much softness around the edges of this coin. Die spacing was one. I also thought that maybe an undersized planchet could result in this type of strike. I like the explanation that maybe the press operator was running a few test dollars to find the right amount of pressure needed for a full strike, without cracking or wearing out the dies too quickly. I have a raw 1924 P that was dipped too often. The luster is gone on it, but the strike is super strong. So I know that really good strikes are available. While I may have to compromise, I agree that all things else being the same, a coin with a strong strike is going to carry a larger premium in the market. Maybe even more so with Peace Dollars as they are often lightly struck. I also think sometimes I expect a 65 to look like a 66 or 67. Those coins carry huge premiums for a reason. It is my understanding that a light strike is most often caused by not enough pressure being used. Are there other reasons for light strikes? Thanks. Tom
In my experience, only a Peace Dollar with an exemplary strike will drive a premium price. I currently own three GEM 1924 Peace Dollars. One has a strike similar to the Heritage MS67 that I linked earlier. The other two have typical strikes for the date/mm. I understand that you are a strike conscious collector, but as a whole, I don't find that Peace Dollar collectors care enough about strike to pay more unless the strike is obviously outstanding.
