Grading Services: Proofs, Specimens, qualifiers, and attribution
stuart
shop in Downey, CA and look through the bucket of Morgan Dollars. The
"bucket" dollars were all the same price, which I think was eight or
ten dollars a coin. One day I took my purchases to the other coin shop
in Downey and showed them to the proprietor. He bought them from me
for around $12 a coin. Somewhat intrigued I repeated the operation
about a week later. Dig thru Morgan Dollars at Coin Shop A and offer
them for sale at Coin Shop B. Though never stated explicitly,
intuitively I knew that Coin Shop B was paying $12 per coin because
the quality of the coins was "better". Quite frankly, my eyes knew
what was "better", but I had no words to describe what they eye is
seeing,
I did this three or four times until the pile of Morgan Dollars no
longer contained "above average" examples.
My guess is that I was pulling the MS-64 PL and MS-64 DMPL and above
coins out for resale. Believe me, you would think that locating the
"better" coins would be a no brainer, but when looking at a coin where
the standards for quality (and therefore value) have not been
established is somewhat tricky.
Imagine how many collectors, conscious only of grade, passed up well
struck 1926-S Standing Liberty Quarters, for brighter, shinier,
examples that were poorly struck.
Now for the punch line. In the area of World Coins, it seems that NGC
has gotten somewhat reckless in applying the word Specimen to coins
that would probably be more appropriately differentiated from their
peers with qualifiers like Prooflike.
Qualifers like Prooflike, Full Split Bands, Full Head, and Full Bands,
probably refers to "first strike" coins in any given die run, and
these qualifiers are applied by and large for coins struck from the
1880's to the 1950's - the same era where NGC tends to use the
Specimen designation on World Coins rather than more focused
qualifiers. I have always felt that Buffalo Nickels should be
designated as Full Horn and Walkers should be qualified as Full Hand.
anyway,...
sgt23
What I wouldn't give too have been a live 35 year's ago. I miss that
era by about 7 years. Back then I hear most dates were for all types
of coins were still affordable. Morgan dollars at 8 to 10 dollars now
would make it easy for me to build a set but, now a day you can't even
get a nice looking coin for $15.00 and you never see bucket of silver
dollars. I think the closet I've seen to a bucket of silver dollars
was maybe a small tin full of Morgans in a coin shop off of Georgia
365 Alto, and he wanted $18 -$20 for low graded common stuff.
It sounds like also if he was getting bucket of morgans he must have
been getting them from the hoards that the Federal Reserve Banks were
selling for just above spot and that wasn't much above face at that
time, and the spot price wouldn't go much further till around 1978 and
1980. I think that time period is right. I think this kinda selling
went on for about two decade? He also could have bought a hoard of
them from some one saved for many years, inherited them and didn't
know much about them, or someone didn't want to sort them got an
estimate and liked it. I've heard also that silver dollars were still
circulating up in to the early 60s from what I've read and he may have
picked them up over the years that way. So he must have just been
passing the low price he gave for them on too the customers.
I'm also with you one the part. That I would right have a nice struck
dirty looking piece, rather than have a shiny poor struck piece. That
is just my opinion and have been know to be wrong.
Well good to have someone in here talking coins and numismatics topics
rather than all this off topic BS. I hope you decide to stick around
again, and humor us all!
Happy Collecting Gary!