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Colonial Grading
Singapore
Posts: 578
in Q & A Forum
I have a few questions on PCGS colonial grading.
Colonial coins populations are relatively small, and high end and rare pieces are fairly easy to trace back to previous auction appearances through the years.
In doing so, it appears that PCGS grading of MINT STATE colonials is at least generally consistent with how these coins have been graded for years. A PCGS MS 63 coin was probably called a mint state coin when sold raw.
On the other hand, PCGS grading of circulated colonial coins, particularly New Jersey, Connecticut and Vermont Coppers is extremely optimistic compared to the historical grades. As a general rule, any coin in these series called an AU by PCGS, for example, was very likely to have been called a VF in a previous auction appearance. I can show you hundreds of examples of this, and these are auction appearances from the last few years, not 20 years or more ago, and it is true across all of the major auction houses.
It seems that standards applied by PCGS to colonial coins are absolutely unlike those applied to more modern coins (perhaps justifiably), and absolutely unlike standards applied to colonial coins through the years by 'experts' in the colonial field.
And so the questions:
Are you confiident that the expertise exists within PCGS to grade these coins accurately? Are there experts on staff familiar enough with peculiarities of strike / wear / die varieties etc. ?
What would account for the tremendous grade inflation spurred by PCGS through the years - particularly in circulated coins?
Thanks a lot,
Singapore
Colonial coins populations are relatively small, and high end and rare pieces are fairly easy to trace back to previous auction appearances through the years.
In doing so, it appears that PCGS grading of MINT STATE colonials is at least generally consistent with how these coins have been graded for years. A PCGS MS 63 coin was probably called a mint state coin when sold raw.
On the other hand, PCGS grading of circulated colonial coins, particularly New Jersey, Connecticut and Vermont Coppers is extremely optimistic compared to the historical grades. As a general rule, any coin in these series called an AU by PCGS, for example, was very likely to have been called a VF in a previous auction appearance. I can show you hundreds of examples of this, and these are auction appearances from the last few years, not 20 years or more ago, and it is true across all of the major auction houses.
It seems that standards applied by PCGS to colonial coins are absolutely unlike those applied to more modern coins (perhaps justifiably), and absolutely unlike standards applied to colonial coins through the years by 'experts' in the colonial field.
And so the questions:
Are you confiident that the expertise exists within PCGS to grade these coins accurately? Are there experts on staff familiar enough with peculiarities of strike / wear / die varieties etc. ?
What would account for the tremendous grade inflation spurred by PCGS through the years - particularly in circulated coins?
Thanks a lot,
Singapore
Singapore
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