Recently, I've started looking at slabbed proof coins. For various reasons, I'll almost never have the opportunity to see the coin "in hand" before buying. I know this is going to be a "way too general" question, but let's take the following example: (I'm using PCGS prices - so no comment on that). 1964 Nickel PR69 CAM lists for $80 1964 Nickel PR68 DCAM lists for $65 Forget about the price differential. I'm more concerned about buying "long distance" and relying on pixelated photos and the assigned PCGS/NGC grade. IMO, it is more likely that PCGS will get the PR69 vs. PR68 wrong than they will get the CAM or DCAM wrong. For example, have you seen DCAM coins that should be CAM? I guess I'm thinking it's a better bet to buy the DCAM vs. CAM or the CAM vs. the "regular" PR coins because you can probably count on that. But the difference between a PR68 and a PR69??? Any comments/experience/ideas you wish to share would be greatly appreciated.
I agree that I would prefer a DCAM over a CAM. However, I have often seen examples with which I do not agree - CAM's that should be DCAM, DCAMS that should be CAM. You have to be able to grade the coin yourself, and choose the one that meets your criteria. If you are buying long distance, as I usually do - always buy with a return policy. When you get the coin in hand, evaluate it and return it if it doesn't meet YOUR standards. The TPG is an opinion, nothing more. Their word is not law, their grade is not absolute. I cannot even count the number of coins I have bought and returned because they did not meet MY standards.
CAM vs DCAM is one area where I think the TPGs make few mistakes. And it is more complicated than you might think. You really won't find much written about this aspect of it, but when determining CAM and/or DCAM you have to know the series for not all are equal. It's like it is with strike. Coins that are known to be weakly struck are given more leniency when determining MS grades. Same thing with CAM & DCAM. Some date/mint combinations are known for having weak cameo effects, and more leniency is given to them. Other date/mint combinations are known for having very strong cameo effects and they are treated much more strictly. That is why when collectors look at 2 coins of different date/mint combinations and both have the DCAM designation, but yet on one the cameo effect is obviously much stronger than it is on the other, they think the TPG screwed up when it didn't.
That's a great point, Doug. I'm sure you already have it, but for those who don't, I highly recommend Tomaska's "Cameo and Brilliant Proof Coinage of the 1950-1970 era". An excellent book, detailing which dates are more strongly cameo'd, pictures of numerous dies from each date and which are the best cameo, etc. Tomaska was one of the leading dealers who pushed for CAM designations at the TPG's.
Rick is a great guy (I met him at FUN this year, and he autographed my copy of his book), and he has great coins - but he likes to charge a very high premium for his coins - much more than they are worth.
