What Is This "GEM PROOF" Grade Without A Number ?

I've seen a few coins graded like this by PCGS (maybe NGC)....I just bought a coin graded GEM PROOF by PCGS, why would they not put a number on it ?

You have no idea if it's a 69 or 65, let alone a 70 or 65 (I take it the GEM qualifier means it isn't lower than 65).

 

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My understanding is something done for big bulk submission the cost is kept down by not requesting a specific grade . Other might say “holder them all but it Gem proof or BU unless 67 or better”

 

Photos please when you get coin.

 

A question I've pondered myself putting together a PCGS MS/PF 70 set of Australian Wedge-tailed Silver Eagles. Countless "Gem BU" graded available.

 

I wouldn't buy it if I didn't understand the grade.

 

I agree. If you see a TPG slab without grade its a bulk submission where the consignor wanted to minimize his costs and peddle the coins to amateurs.

See it fairly often on TV coin shows and the like.

 

These are modern coins, wouldn't you expect 99.9% of these to be 70, 69, or at worst 68 ?

If a bunch of them are grading 65 or 66 or even 67, I get saving a few $$$ using the GEM designation....but for whatever reason, 69's and 70's command so much of a premium once slabbed I don't know why anybody would go for GEM on the label instead of a number.

Modern striking is so good, you're not going to have many coins below 68, maybe even not 69.

Right ?

 

Sure, I just bought this coin:

 

MS means Mint State. That means that it came from the US Mint and met the design specified requirements and has not been in circulation. That should be MS-60. A person shouldn't expect more than that straight from the mint. If it is better we should say we were lucky and get a better grade.

 

I don't think that is a coin. And, I don't know the application of MS grades to medals.

 

Here is the answer from an NGC employee on their forum:

"Gem Proof is a term that is only used for certain bulk submissions if the submitter prefers that over a numeric grade. It means that the coins would be numerically graded PF 65 or higher."


https://www.ngccoin.com/boards/topic/330544-gem-proof/

 

Very nice.

 

While the official definition of these GEM Proofs is 65 or higher, my guess is that most are 68s (or even 69s). The dealers are mainly looking for 70s and everything else they want to pay as little as possible to get slabbed (even 69 grades for many moderns don't justify the full cost of grading fees).

 

I think it's a commemorative, but it's not legal tender, no.

1 ounce of silver.

 

MS and PF are terms that are applied to coins from the US Mint. Coins that the hobby has standards to measure them against. Medals produced by an independent manufacturer have no standard to follow other than the manufacturers. Therefore, only they can compare it and designate its condition.

 

Other coins of this exact type have numerical grades, as do other variants from earlier years, both gold and silver.

 

I wonder what the distribution of grades is for government-struck AGE's or ASE's, like say a batch of 1000 or so......

 

I'm sure they do. However, how can we apply these grades, that were developed in regard to known design parameters, to the manufacture of metals from an independent manufacturer? Only they know what the final product should look like. The TPG's can only guess based upon their past experience. Another TPG or collector may think different. And, since there is no standard, they too would be guessing.

 

Well, you look for blemishes or other typical defects on newly-minted coins, I guess.