Why don't you see more AU58 coins??

Wisconsin

This thought came to mind the other day. Maybe you don't see too many Au58's, I mean the 63's with just a bit of rub??

It came to me that maybe dealers are buying these, cracking them, and trying to sell for Uncs. Is this at all a possibility?? It seems unlikely as many times an Au58 will bring MS money, but you sure don't see many coins in Au58 holders.

Jay

nwcs

Depends on what you mean. Lots of them around. Some are mislabeled as MS-62/4 (and some MS 62/4 are mislabeled as AU-58). Some series it's not worth submitting if it even has a remote chance of being borderline. Some are sold as uncircs as you mentioned.

The rest? They're in madmarty's hoard.

MadMarty

CUZ I HAVE THEM ALL!!!!!

MacCoin

AU58/MS60 kind of a gray spot to me.

dollardude

<<Why don't you see more AU58 coins??>>

Because ACG put them all in MS63 holders!

mdwoods

CUZ I HAVE THEM ALL!!!!!

Shoot, I wanted to say you had them all.

Keyrock

HRH did mention that a 58 can be a 61 or 62 on some days (It goes the other way too). I think it is a great grade to acquire a variety of coins in since alot of people undervalued these coins (because they are AU and not with a MS). Kinda like buying a ACG MS65 for AU53 prices

rainbowroosie

Marty,
You really DO NOT have as many 58s as you think...they are really MS coins deliberately graded 58 just to teeee you off!!

coinguy1

Jay, many true AU58 coins are in MS60 AND higher holders. So, based on that, alone, it is often quite difficult to find true AU58's in AU58 holders. And, when you do, the coins are often priced as MS60's or higher.

As some have pointed out in other threads on the subject, some AU58's (the ones with otherwise-gemmy surfaces, but with light honest wear) are far more attractive and desirable than coins graded MS60 and higher. You know, the ones like that AU58 Trade dollar I sold for you.

Personally, I'd rather have a great looking AU58 (or even an AU55) than a heavily bag-marked, abraded, scratched or otherwise-beaten-to-death MS60 or 61 or 62, for instance. The hard part is finding them AND being able to acquire them at reasonable prices.

lordmarcovan

<< <i>Why don't you see more AU58 coins?? >>

tradedollarnut

Personally, I'd rather have a great looking AU58 (or even an AU55) than a heavily bag-marked, abraded, scratched or otherwise-beaten-to-death MS60 or 61 or 62, for instance. The hard part is finding them AND being able to acquire them at reasonable prices.

I 100% agree..... BUT...... define 'reasonable prices'. If every collector would rather have a true AU58 than an MS60, then the AU58 should be priced higher. If every collector would rather have a true AU58 than an MS61, then the AU58 should be priced higher..... and so on until a balance between the AU58 and the MS coin is achieved. This balance point obviously varies from series to series.

IMO, what should have happened is that the services should have expanded the AU grades to encompass AU60, 61, 62, 63, etc. Then a particularly nice coin with a bit of rub could be accurately net graded and priced on a consistent basis, rather than the huge potential swing from AU58 to MS65 that can occur now.

And, yes, I've cracked old holder AU58's and gotten MS65's.....just as others have gotten the reverse!

Gilbert

Is it really unreasonable to have a coin correctly graded regardless what impact it may have on its market value, or is number forever tied to what the coin should bring at the time it's at a grading service?

BAJJERFAN

<<"Personally, I'd rather have a great looking AU58 (or even an AU55) than a heavily bag-marked, abraded, scratched or otherwise-beaten-to-death MS60 or 61 or 62, for instance. The hard part is finding them AND being able to acquire them at reasonable prices.">>

I would say that part of the problem is that a 58 worth keeping is seldom put up for sale. Many who have these coins probably have little hope of ever owning that same coin in a higher grade even if it is a baggy ol ms61. Take fer instance a 1885 Morgan in AU58. Even a semi-serious collector would shun it when nice 64's and 65's are readily available unless he wanted it as part of a grading set. OTOH 79-CC 89-CC 92-S 93-CC 93-O 93-S 94 95-O 95-S 96-S are highly desirable coins in AU58 esp if they are in PCGS slabs.

mgoodm3

Everybody's got some of them but noone is willing to admit it except Marty. Coin collecting's dirty little secret. Hi, my name is Mark and I have four AU58 coins.

Rittenhouse

<< <i>Is it really unreasonable to have a coin correctly graded regardless what impact it may have on its market value, or is number forever tied to what the coin should bring at the time it's at a grading service? >>



Short answer Gilbert: Yes.

There's too much money at stake. If the grading services graded coins "correctly" they'd really piss off their customers. You can't piss off your customers and stay in business. The only counteracting force is what the end buyer will accept. If buyers start demanding better looking coins for the money, those who slab won't be able to sell at the current grade, and the grading will tighten. It's happened before and will happen again. But the general trend is looser. To me most coins are over graded a full grade from what they were 10 years ago.

BAJJERFAN

I have 4 that I bin hidin from Marty. A 79-CC capped die NGC a 96-O PCGS a 97-O PCGS and a 1904-O NGC. Of the 4 I would say that the 97-O and 04-S come the closest to being a true AU58.

darktone

I see au58's all the time. Here are a few on ebay LINK. I will take an MS63 over a au58 any day. mike

keets

i really don't think it's a legitimate arguement comparing a nice AU58 and a problem MS coin, cause let's face the truth, most collectors would rather have a nice coin of any grade over a problem coin. with that said, i believe most will admit that a nice MS coin will win over a nice AU58 most all the time, the exception being very obviously over/under graded coins.

looked at another way, i'd take a nice MS coin over an obviously worn AU58 every day of the week.

al h.

BillJones

AU-58 is great grade for scarce coins that hard to find in Mint State. It does not mean anything for most 20th century coins because those pieces are available in Mint State.

Like Coinguy, I much sooner collect an really nice AU-58 than a baggy, ugly MS-60 or 61. Unlike Coinguy, I have, as a collector but not a dealer, paid MS-60 money for early coins in AU-58 and was glad to have the opportunity to buy them.

The trouble is the loser grading standards are turning a lot of the AU-58s into MS-61, 62 and even 63 graded coins. AND some AU-53s and 55s are becoming AU-58s. It's a shame that that's what is happening.