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

Gem..65-66, Superb Gem..67 and better. The Sheldon scale is best in modern times.

 

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Resubmit it for a grade and see what happens.

 

Right, I forgot about the Super Gem designation....but I don't recall if I have ever seen that one on a label.

So...if I see GEM PROOF then I guess we can assume it's either 65 or 66 if they do use SUPERB GEM. But I don't recall ever seeing those words on a label. Either GEM PROOF or a number, that's it.

 

Nah, I like the coin and don't really care about the number.

If I want one with a number, I'll buy one. I got this one at a nice discount to the recent prices for PF70's.

 

The person submitting this to the grader paid a low fee. They submitted a bulk lot. All they wanted was a slab that identified it for what it is, not for a grade. The idea is to sell a lot of the same thing at a higher price than you could get for it without the slab. It's a 1 oz. silver piece and in 2018 how much was silver an ounce? These were probably sold for about $50.00 so who made money on it? The submitter of the bulk lot with no grades.

 

I can't either, but in the late 60s and early 70s we used those designations commonly.

 

If all of them would have been graded, I'd guess a majority are still 70s (maybe 60/30/8/2 split for 70/69/68/67 or lower)

Edit: I'd also guess the proof versions would have the larger percentage of 70s compared to bullion (the better care for proofs and something as simple as having a capsule vs being in a tube probably lowers the grade on at least a few bullion versions).

 

The same way you would to any government mint of the world. Something is either a proof or isn't, it's DCAM or CAM or isn't etc. Some manufacturers will have higher quality than others but things are or they aren't

 

You, with enough experience, can look at a US Mint product and assign a grade. You know what the design parameters are. You know the acceptance criteria. But, you have no idea what a third party manufacturers criteria is for their product. You have no idea as to how well they met their criteria. Therefore, we can't say if something is PF 69 or 70 or whatever.

 

It doesn't matter. It's proof or not, you can tell when strikes are weak or an engraving issue as opposed to wear and so on. Grading is grading whether the US mint made the coin or a world mint did or someone private did.

Now the area where you can make the argument is like the Pirate Skulls that are coins and the Enterprise StarTrek ships where yea then the grading is on an island of its own

 

I think that if I were the manufacturer of those medals I would have a standard of acceptance and the product would be declared good or bad. I would remove those that don't meet my standard. With that, every piece that was released to be sold would be identical to all others. Therefore, grading is irrelevant.

 

No they still wouldn't be identical and could still be graded. You would also be substantially increasing your costs if you were discarding things that weren't even defective for just not grading high enough

 

I suppose that you are right. I spent the last 50+ years of my life in Upper Management of Manufacturing Quality and look at things a bit different. I always want to have my hand on the standard.

 

For 64 money I might be ok with your thinking

 

I posted pics of the coin above....I think it's a 67 at least. I paid less than half what similar coins went for a few months ago, with silver 25-30% lower.

 

Wow. Just like that huh.

 

Thanks. I get it now.

 

I don't know about this "peddle the coins to amateurs" angle...it's STILL a high-quality coin and unless they are selling it for 70 or 69 prices and all these coins are 65's (maybe 66's), they're not really pulling a fast one.

I see more outrageous mark-ups on numbered and graded coins sold by Rick whatshisname at 25-30% above FMV on those infomercials.

I like the look of the silver reverse proofs (less so gold RP's) and these Mercanti National Park Commemoratives. Whether it had a 70 or 69 or 65 on the slab doesn't matter to me -- I'm not selling it anytime soon, and I like the way it looks, and I got a good deal with this particular item "hot" and spot silver also moving up.

 

Should of bought 5. Very pretty

 

My lesson for the day thank you for the post and answers everyone.