ANA’s Coin Grading class at FUN
rmorgan
Posts: 249 ✭✭✭✭
Today was the first day at ANA’s class “Learn to Discern: Grading U.S. Coins.” This two-day class is being led by Steve Feltner, a former grader at PCGS, and by Bob Mellor, an ANA District Representative.
The room is set up for 24, each station with an adjustable lamp and free copies of the 2020 Redbook and the hardbound ANA Grading Standards. I’ve been using Bowers' Grading Coins by Photographs, which has a great overview of coin grading. But when it comes to grading any given type, I’m finding the photos and descriptions of the ANA book to be significantly more helpful. …an unexpected “score.”
The pair explained that coin grading is a craft rather than a science. Given that, Steve explained that typically a grader is exactly correct on the final grade number about 60%-75% of the time. As a result, coins are graded by a consensus of up to three graders and one reviewer.
One of our assignments was to walk down to the Heritage room to pick up a catalog of the coins being auctioned this week. It's a thick book with full-color photos, each with a grade and description. The idea is study the examples to learn. We were encouraged to sign up so we could sit down and review a lot or two.
The leaders walked us through photos of Morgans and then Lincolns ranging from PO-01 to MS-69. Along the way Steve pointed out want to look for during various grades – not just for these two types, but for all coins in general. They clarified the role of luster in the upper grades, the delineation between AU and MS, and the significance of rim wear in the lower grades.
Steve Feltner explaining grades with examples of Morgans
After lunch we practiced grading various U.S. coins ranging from AG to MS-67. On each person’s station Bob placed a slabbed coin that was numbered with the grade taped over. Every 75 seconds we were told to pass our coin to the next person – so 75 seconds to make an assessment, record a grade, and add the notes we wanted to add. After everyone had graded each coin, we reviewed each as a group. Bob had selected the coins apart from Steve. So with a scope to project each coin on the big screen, Steve, assessing each coin for the first time, commented on and gave his grade for each. Then he removed the tape and we learned the grade. Steve was insanely spot-on most of the time, and off by a single grade number when not.
Of course, the exercise was to get each of us to invest mental energy on grading followed by professional comments and the discovery of the professional grade. As a group we seemed to be rather close, yet far enough off that we had plenty to learn. I think one area that most of us erred on was the significantly nicked MS coins, which many of us downgraded as AU or XF instead of MS60 or 61. I certainly learned more about the role of luster which I had underestimated.
At the end of the day, each participant received a slabbed 2010 American Silver Eagle. Nice.
I expect on Wednesday we’ll be going deeper with discussions and with more practice grading. This class has been both thoroughly enjoyable and a big bump in my progress of understanding grades. I am very glad I committed to the class, and I certainly can recommend it (or one of the more advanced versions) to others.
And of course, Thursday starts the "FUN." What a week!
My strategy is about collecting what I intend to keep, not investing in what I plan to sell.
Comments
Sounds like a lot of fun.
How long was day 1?
9am to a little after 5pm. Hour lunch. Tomorrow will be the same.
My strategy is about collecting what I intend to keep, not investing in what I plan to sell.
Please Post a day 2 recap!
Maybe Take a Few pictures of the coins so we can try and GTG
Thanks for the review. Sounds fun and informative.
Yes, please post day 2. Thx!
Would love to be there
The ANA Grading Standards were changed in 2006 or 2007 and grading companies followed suit accordingly, particularly concerning the state/stage of the die striking the coin blank. The term "full strike" was eliminated and replaced with "as struck". At some point, I imagine, they have addressed this. But I just want to add because I have tossed this around the last few years, that not all working dies start out with a complete design before they stamp the coin blanks. That the design was impacted all the way up to the master die from stamping too many working hubs. In other words, the design of the coin would gradually show wear/suffer on the master die as it stamped hundreds of working hubs. And the same would occur to the working hubs as they stamped out numerous working dies. But, perhaps, these are the other words, that newly made working dies, a larger percent of the dies would start out with incomplete designs way before they were put into production.
And that the ANA had little choice in making the change to the Grading Standards. But I have seen the term "full strike" creeping back into the standards especially for the higher grades although not adhered to very well.
Leo
The more qualities observed in a coin, the more desirable that coin becomes!
My Jefferson Nickel Collection
Great recap, thank you for posting!
Nice
I attended back in 2000 in Philadelphia. Great experience.
The ANA also has a counterfeit coin detection course that's very good. I took it several years ago as a correspondence course. After you take the final exam and pass it they send you a diploma suitable for framing.
Worry is the interest you pay on a debt you may not owe.
"Paper money eventually returns to its intrinsic value---zero."----Voltaire
"Everything you say should be true, but not everything true should be said."----Voltaire