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<p>[QUOTE=&quot;Conder101, post: 5280324, member: 66&quot;]You are kind of on the right track, except the government has never wanted coins to be allowed in IRA&#039;s.&nbsp; They finally made the concession to allow Gold and silver eagles in IRA&#039;s, Then added coins produced by the states. (This was because for a short time several stated wanted to produce their own gold and silver one ounce rounds and they wanted those to be IRA eligible.&nbsp; But then the states lost interest.)&nbsp; Later they allowed any gold or silver coin above .995 fineness.</p><p><br /></p><p>However there was never any requirement that the coins had to be independently graded/certified.</p><p><br /></p><p>What happened was WALL STREET became interested in investing in rare coins but there was the problem that it takes a lot of knowledge to understand coins.&nbsp; So the grading services came along and sold wall street on the idea that by professionally grading the coins they would be fungible.&nbsp; In other words interchangeable.&nbsp; They sold them on the idea that coins could be made like shares of stock.&nbsp; One share of stock is like any other share so it doesn&#039;t matter which particular share you get.&nbsp; They were told that with the professional grading one MS-65 coin of any given date and series was exactly the same as any other MS-65 of that date and series.&nbsp; The theory was that this would allow sight unseen trading.&nbsp; You order a MS-65 1881 S Morgan and it doesn&#039;t matter which one you actually get because supposedly they are all the same.</p><p><br /></p><p>Wall Street bought into the idea and and investment portfolios were set up.&nbsp; You can imagine how it actually ended up.[/QUOTE]</p><p><br /></p>

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