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

I scan a few online sites and I rarely see more than 1 of the RP's.....and sometimes the bidding or the initial ask from the seller is $250 for a PF70.

 

Log in or Sign up to hide this ad.

I bought one of those coins/medals, or whatever in 2016. It was graded Gem Proof. I had not seen one graded Gem Proof, so I went to the Red Book. On Page 19 of the 2019 Red Book, it classifies Gem Proof as PF 65. I don't always do that much research unless it's about something I didn't know about. I liked it, it graded well, so I bought it.

 

Well, I got the coin today.... looked at it under an 8x lens, and it appears flawless. Probably a PF70, no lower than a 69.

I could probably sell it as such in the future -- assuming I wanted to sell it -- and would be comfortable saying if you don't think it's a 70 (or at least 69), return it.

 

I wonder how much these bulk submitters saved, because selling it as a PF65 definitely saved ME some $$$.

 

Here's the simple explanation: Bulk submitters (that is, they submit over 100 examples) can specify a "minimum grade." Usually, that is 69 or 70. Anything that doesn't make 69 or 70 they can have just the "Gem" designation. There are 2 reasons for this:

1. The submitter pays a lower rate for anything that doesn't get a numerical grade.

2. It's a lot easier to sell an ultramodern with a "Gem" grade than something that says 67 on the slab. These are marketed to people who like the design and might not care about the grade. The flip-side is, marketers have done such a good job hyping the 69 and 70 grades that anything else is the kiss of death. Nobody will buy it, or they won't pay as much.

 

Yup, I like the design and as a bonus I think I got a PF70 or 69. Whatever, I got the coin that's the main thing....

But regardless, I didn't have this commemorative coin before so I just wanted it at a reasonable price. Actual sales are closer to $200 and I see a bunch of ASKs over $300 on Ebay.