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<p>[QUOTE=&quot;Lehigh96, post: 1447375, member: 15309&quot;]First, the grading standard has not changed with respect to the market grading of coins with high point friction.&nbsp; What has changed is the application of the standard.&nbsp; There is ambiguity within all grading standards that result in the very subjectivity that causes gradeflation.&nbsp; Here is what PCGS says about the subject:</p><p><br /></p><p><br /></p><p><br /></p><p>The problem lies in distinguishing which coins have friction from &quot;wear&quot; as opposed to &quot;roll friction.&quot;&nbsp; It is extremely difficult and almost impossible to do once a coin has been dipped.&nbsp; The TPG&#039;s though diligent have no other choice but to admit that some of the coins they have graded with friction as MS coins are actually AU coins with circulation wear.&nbsp; It is unavoidable, much in the same way that it is unavoidable that they sometimes grade artificially toned coins.&nbsp; However, the only alternative to this is to adopt the &quot;wear is wear&quot; standard that you and Doug support so fervently.&nbsp; The result:&nbsp; All Saints would have the same grade: AU.&nbsp; Do you really want to put an MS65 Saint on a table next to an AU55 and call them equal?&nbsp; Apparently you do!</p><p><br /></p><p>The subtle change was not in that actual standard but the application of that standard.&nbsp; I think in the early years the TPG&#039;s were hesitant to apply their own policy and when it doubt would grade the coin AU.&nbsp; Over time they became aware that the market demanded that more of these coins should be graded as mint state coins and they adjusted accordingly.&nbsp; It was never my intent to make it appear cut and dried.&nbsp; It is far from cut and dried.&nbsp; It is the second most controversial aspect of grading, behing only the market acceptability concept employed for toned coins.[/QUOTE]</p><p><br /></p>

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