Sep 5, 2007 | coins, grading
Grading and encapsulation of coins has grown since the ANA started with the certification process 35 years ago. Over that time, the process and materials have evolved in an attempt to make the process better. Although the process has its flaws, the major third party grading services try to adhere to rigorous procedures to ensure integrity of their evaluation.
Although both NGC and PCGS have written nice details on how they grade coins, nothing really beats a good video. With the help of another intrepid numismatic surfer, the following video made by PCGS was found on YouTube. Yes, it has a number of self-serving propaganda statements (count the number of times the narrator mentions their “world-class graders”), but it does provide a very good overview of the grading process.
I found it interesting how they put together the slab. I knew of the process, but seeing it being done on the video was very interesting. I hope you enjoyed this as much as I did.
Aug 19, 2007 | coins, errors, grading
As I was preparing to write this entry, I was looking for the posting where I wrote about a coin my wife gave me as a gift. I had taken a new picture of the coin before sending to NGC for grading. Apparently, I posted it elsewhere and not here. How dare I do something like that! I need to make up for this and now is as good a time as any.
My wonderful wife seems to be into errors, which sometimes makes me wonder. But the errors she finds are coins. For Chanukah in 2005, she gave me a 1955 DDO that ended up being graded by NGC as AU58BN. Last Chanukah, she gave me a 1937-D 3-legged buffalo. I did not get that graded. After a cent and nickel, what’s next?
On my birthday, I found a wrapped package on the table. I sat in my chair and unwrapped the package. It is a book. But not just an ordinary book. It is a children’s book about the planets. She tells me I have to read the book. I read the book aloud noting that the book is up to date since it shows that Pluto was voted out of the solar system! As I flip the pages, the book then explains the different parts of the solar system starting with the Sun. I turn the page to start with the planets and in the middle of the page is a piece of paper taped over the description of Mercury that says “Did you know that dimes come from Mercury?” Next to the note is a 2×2 holding a Mercury Dime. The holder had “AU” written on it by the dealer.
But this is just not an ordinary Mercury dime. It is a 1942/1 Mercury Dime! One of the most desirable Mercury dime errors. A beautiful coin with nice luster. The grade of AU is probably accurate.
While I am preparing to send the 1942/1 Mercury Dime for grading, the 1937-D 3-legged Buffalo Nickel is also being submitted. For a while, this coin was sitting in the album with the rest of my Buffalo Nickels. But a number of people suggested that I get this coin slabbed for many reasons including for insurance purposes. Although I would rather have the hole in the album filled, I agree with the arguments about protecting the coin and having a record for insurance purposes for this key date coin.
Aug 16, 2007 | coins, dollar, grading, US Mint
With a light work load, I was able to take the afternoon off and travel to 9th Street, NW in Washington, DC, the headquarters of the United States Mint. The building is a plain, white stone office building at the corner of 9th and H Streets, a block away from Chinatown and the Verizon Center. It has the official US Mint seal over the front door, flags flying overhead, and a sandwich board sign announcing the sales counter sitting on the street near the front door.
I made the trek downtown after noon by taking the Capital Beltway to the George Washington Parkway. The GW Parkway is owned by the National Park Service and is a nice drive through the trees along the Virginia side of the Potomac River. A turn to North I-395 and I was heading into downtown DC. Driving in downtown DC is not like other big cities. The streets are wider, cleaner, and you have to watch for double-parked vehicles in strange places. But I made it to the Mint’s headquarters.
When I entered the lobby, there were several people in line for the sales counter. I joined the line so I could purchase a 2007 proof set. Next to the line were three change machines, the type you might see at an arcade or laundromat. As I scanned the machines from right to left, the first machine dispensed Sacagawea Dollars. Insert any bill, and the machine would drop the equivalent amount in Sacagawea Dollars. The next machine to its left was filled with Idaho quarters. With Idaho being the current issue in the 50 State Quarters program, this machine changed four quarters for one paper dollar. Ironically, this machine did not accept one-dollar coins.
Finally, with a queue of its own, was a machine set up to dispense presidential dollars. With today being the first day of issue for the Thomas Jefferson Dollar, people were lined up to obtain this coin. As I waited to purchase a proof set, I watched as someone with a backpack and a fist-full of twenties feed the machine. As the coins were dropped in the outside bin, he placed the coins into white plastic trays. When a tray was full, he placed the coins into a plastic zip bag and into his backpack. It appeared as if the tray was the size of five rolls. He was filling his third tray as I was leaving.
When it was my turn at the counter, I was told that the last proof set was sold while I was waiting. Ironically, I was at the Philadelphia Mint last week trying to purchase a proof set when the power went out. The Mint did not reopen that day and I went home without a proof set. I guess I will have to order the set online. Then I set my sights on the machines. Three twenty dollar bills and one five dollar bill later, I had my stash of Jefferson dollars and left… after stopping for two dollars of Idaho quarters and eight Sacagawea dollars.
I returned home to a hungry dog who needed a walk. After taking care of his needs, I went to my computer, opened the blinds, turned on the Ott Lite, and started to examine the coins. First they were separated by type, then by mint mark. I found 29 Jefferson dollars from Philadelphia and 36 from Denver. Only one of my eight Sacagawea dollars were from Philadelphia and all of the Idaho quarters were from Denver. Not bad for being closer to Philadelphia! Then I focused on the Jefferson dollars. Any coin with a visible nick or problem was set aside. I was looking for clean surfaces, no visible scarring on the high points, and good luster. Finally, I used my loupe to find the best.
In the end I found 22 coins I was confident would do well under NGC’s scrutiny. I logged on to NGC’s website and filled in the online order form. With the coins, order form, and a check packaged, I drove to the nearby Post Office, which is the main distribution station for the region, and was told that Express Mail was a two-day guarantee delivery to Sarasota. I wonder if this has anything to do with Sarasota being referred to as “the Redneck Riviera” according to MSNBC’s Joe Scarborough.
All that work for the First Day of Issue designation on the holder. The last time I did this was for the Washington dollars. The next time will be for Abraham Lincoln. To borrow a phrase from Billy Joel, “You may be right/I may be crazy,” but I am having fun!
Apr 16, 2007 | coin covers, dollar, grading, US Mint
In a previous entry, I wrote that Numismatic Guarantee Corporation (NGC) would certify US Mint American Presidency $1 Coin Cover Series holders with the designation of “First Day of Mintage.” Like many, I assumed that NGC would remove the coins from the cover and put them into their standard slab. But NGC surprised us and announced a different program that gives the submitter the choice of encasing the coins in the standard NGC holders or have the entire cover sealed in a clear, semi-rigid plastic sleeve. NGC notes that this “allows the U.S. Mint packaging to be preserved while receiving the advantages of an NGC certified grade.”
The holder is reminiscent of the holders that are used by their sister company Paper Money Guarantee (PMG) where the cover will be encased in the sleeve with the label on top. The NGC label will include the year and mint mark of the coins, the name of the president it honors, and the designation “First Day of Mintage.” If the coins do not have the same grade, the grades will be listed separately.
In order to receive the “First Day of Mintage” designation, NGC recommends that the covers be submitted in the Mint wrapping still attached to the cardboard. NGC will not encase damaged or covers that appear to be tampered. NGC will only do this for covers produced by the US Mint. NGC will charge their standard rates for each coin. All minimums, insurance, and shipping fees apply.
Considering that the Mint’s covers do not have any text written inside the envelope or under the flap, the is a very good idea by NGC. The collector can have the experience of the collectible while allowing the coins to be graded by NGC. I probably will not avail myself of this service, but it is one of the better ideas a third-party grading service has had to extend their brand.
Images are from NGC.
Clicking on the image will show the enlarged version.
Apr 12, 2007 | coin covers, dollar, grading, US Mint
Numismatic Guarantee Corporation (NGC) announced today that they will recognize the Presidential Dollar coins submitted for grading still in US Mint Official American Presidency $1 Coin Cover Series holders as “First Day of Mintage.” NGC said that there will be no date sensitivity requirements but the coins will have to be submitted in the Mint’s shrink wrap for the coins to be eligible for the designation.
NGC will post additional detail to their website on Monday, April 16. Stay tuned.
Mar 22, 2007 | counterfeit, dollar, errors, grading
Numismatic Guarantee Corporation (NCG), published an article on their website warning about Washington Dollars with edges altered to resemble no-edge lettering errors. NGC said that “[less] than a month after their official release, Presidential $1 Coins with altered edges are being submitted to NGC for certification.” In the article, NGC provides detailed dimensions of the coins along with images of genuine and altered edges.
Collectors are urged to use the information to make informed decisions as to their purchase of these coins. Although it is popular to buy coins from online auction sites, collectors may want to ensure that the coins are certified from a reputable third party grading service. You may want to inquire as to the seller’s return policy should the coin be altered. Remember, a seven day return policy will not be enough time for a coin to be certified by most grading services. Here are some resources to learn more:
Image of altered Washington Dollar edge from NGC.
Mar 14, 2007 | coins, dollar, grading, varieties
ANACS, the oldest certification service, has now published their population report. The report is accessible via the web and requires a free user account. Their population report not only includes the standard varieties, but also a listing of all of the errors of a particular type. For example, a search of 1976-P Type 2 Eisenhower Dollars shows that ANACS has graded Broadstruck, Clip, Double Clip, Double Struck, Die Adjustment Strike, Indent, Off-Center, Partial Collar, Split Planchet, Struck Thru, and Struck Thru Grease errors. I like that!
ANACS is also offering grading of Washington Dollars for $8 through March 31, 2007. There is a 10 coin minimum for their 10 day grading service. I may buy a roll from the bank and see what I can send to ANACS for grading because this is a good deal!
Feb 25, 2007 | coins, dollar, grading
Earlier this month, Independent Coin Grading (ICG) Company of Englewood, Colorado announced a they will use a new holder for ICG graded Presidential $1 Coin that will allow collectors to see the edge lettering. Since the edge lettering on business strikes can vary, ICG’s new Presidential View™ Holder features a pronged gasket that will allow more of the edge to be displayed but can be adjusted for each coin so that the date and mint mark will be visible.
ICG feels it is important for collector and dealers to be able to see the date and mint mark. “The mint mark can greatly influence the value of a coin.” says James Taylor, ICG’s C.E.O. “If I couldn’t see the mint mark on a 1909-S VDB, I probably would not buy it. The premise is the same with the Presidential Dollars.”
Since the US Mint’s production of business strikes cannot guarantee the position of the edge lettering, it was a challenge to design a holder that would work for any coin. ICG announced that their gasket is adjustable so that the date and mint mark can remain visible without disrupting their production line. Taylor adds, “we were able to design a gasket that displays the mint mark, custom fits each coin and does not disrupt our production line; so turnaround times will be seven days—guaranteed. We couldn’t be more pleased.”
ICG and NGC are the only third party grading services that has announced the use of special gasket inserts for encapsulating the Presidential $1 Coins. ICG is the only service that takes the variability of the edge lettering placement into consideration. It will be interesting to see how other third party grading services will handle this issue.
Image from ICG
Feb 10, 2007 | coins, dollar, grading
Numismatic Guarantee Corporation (NGC) announced the release of the EdgeView Holder™ which suspends a coin within prongs to enable viewing of its edge. The change from the standard holder is in the insert of the holder that has rubber-like material cut in a way so that the protruding prongs holds the coin in place. NGC will use this holder for encapsulating the Presidential $1 Coins whose edge will be incuse with the year of minting, the mintmark, E Pluribus Unum, and the motto “In God We Trust.”
“Because critical information relevant to their attribution and identification is found on the coins’ edges, NGC has elected to use the EdgeView Holder™ which enables clear viewing of a coin’s edge,” according to NGC. “NGC will encapsulate Presidential $1 Coins with a patriotic red, white, and blue, label, displaying images of four Presidents on a blue background. A vibrant red bar across the bottom of the label includes the words NUMISMATIC GUARANTY CORPORATION.”
NGC will also have a designation for FIRST DAY OF ISSUE for coins released on the official release date. “To qualify, coins must be received by NGC on the official release date or by overnight mail or air carrier on the day immediately following the official release date. The first coin of the Presidential $1 Coin series, George Washington, goes into circulation on February 15, 2007, and to qualify for the FIRST DAY OF ISSUE designation, coins must be received by NGC no later than February 16, 2007.”
There have been mixed reports as to whether regular collectors can obtain these coins on February 15. Many bank tellers and front-line workers appear to not know about the coins or when they will be distributed. I will visit a bank on Saturday or Monday to see if I can purchase a roll, or two.
Feb 10, 2007 | coins, grading, registry sets
My collecting philosophy is that whatever intrigues me, I will collect. My collection consists mostly of 20th century coins with the moderns complete through 2006. But as I have been filling holes in my albums with nice coins, I am missing the thrill of the hunt—the thrill of searching for something neat to fill those holes in the albums.
When I restarted collecting following my first wife’s untimely death, it was to have a diversion to get my mind off of recovering from that loss. As I expanded my interests, I started to buy albums and coins to put in those albums. I would buy coins in lots, take what I want and resell them elsewhere. It was fun, even when I bought those packages with pounds of coins. But some of the collections are complete and in others, I am missing some of the key dates.
The hunt was revived a little when I started to look into large cents and Morgan Dollars. Large and half cents are intriguing as they represented the founding father’s desire to ensure even those at the lowest levels can participate in the building economy. For example, the half-cent was struck so that change could be properly made when something costed “bits” one-eighth of the Spanish milled dollar or 12½ cents (a bit), the de facto currency of the new country.
That has been interesting, but there has to be more.
Fans of the Food Network have seen the various ways of turning cooking into competition. Numismatics has its own version of competition called Registry Sets. Registry sets are competitions amongst collectors to see who can put together the finest graded coins in a particular category. Categories range from date sets to date and mint mark sets to year sets. There are various categories for any interest.
Registry set competition is sponsored by PCGS and NGC individually. PCGS restricts registry sets to PCGS graded coins. NGC allows the NGC and PCGS graded coins in their registry set. Both services allows competitors to enter the information about their coins via the web, include pictures, and a short write up of the entry. PCGS’s web-based interface is recognized as being more user friendly. At the end of the year, both services recognizes the best sets as the best representation of the category they are entered.
Once I became interested with the registry set competition, I chose to compete for sets at NGC because of the ability to register both NGC and PCGS graded coins. It allows for more flexibility. Then I had to decide what sets to compete with. I started with uncirculated American Silver Eagle coins because I had a few already graded. But there is a lot of competition and I have not been collecting the highest grade in order to compete.
Previously, I had started to collect quarters, halves, and dollars from 1976 with the bicentennial commemorative reverses. These were the first changes in coinage during my life time and I remember the exuberance over the celebration. I really like the designs and I think were successful modern type coins. I submitted the best coins I had to NGC for grading and started my bicentennial set. NGC does not have a bicentennial set, but they have year sets for mint state, silver, and proof bicentennial coins. Then I started to purchase coins to complete the sets. My Mint State set is now fifth in the competition! I like having a set ranked that high, but I want it at least in the top three. I have the rest of this year to complete and improve this set!
As a side effect of this, I have been collecting the last large dollar series produced by the Mint. Eisenhower dollars are the last of the large dollars. These large metal pieces were not widely accepted and only lasted eight years. But I find them intriguing and started both mint state and proof sets. The mint state sets are missing the more expensive 1972 die types and the 1976 coins need to be upgraded, but as I said, there is time to fix this.
I would like to try to come up with a top ranked set. I am close with the mint state bicentennial set, but I have to upgrade those dollars. In the mean time, I am having fun putting together the sets, which this is all about!
Registry sets add a different slant on collecting and can be fun. You may want to give it a try.
Loading ...