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Message:: [QUOTE="johnmilton, post: 6176699, member: 101855"]The EF-45 grade was too conservative, even in 1974. That's not the problem. The problem is jumping from AU-58 or MS-62, which could be OK under today's grading standards, to MS-65. MS-65 for early large cents like this is a super premium, super rare grade (when assigned properly) that should be reserved for what is truly the very best or close to it. The $125,000 catalog value reflects that. When you over grade these coins, even by one point, it allows too much play in the price. It makes you think you are getting bargain, at a 5 figure price, when you are not. That is tough to say. Both of the major services make grading mistakes. Sometimes it's too low, but more often it's too high. The over graded items are the type of thing that sits in a dealer's inventory forever or ends getting consigned to auction. There it depends upon what the bidders think of it. It is over graded, but attractive, it might go for a high bid. If it's a mess, it might get bought in for another try, or it might be one those bargains you think you missed until you see a good picture of the coin or see the piece in person.[/QUOTE]