Two Jefferson auctions for high-graded early proofs.

keets

First, the auction links.

PCI 1938 PR68.
NGC 1940 Rev. 1938 PR67.

What I find interesting is that neither coin has been bid on, though I fully expect to see the NGC sniped. The NGC has a counter that tells us 65 members have viewed it prior to this link which seems low considering the variety. My experience with the two grading services and the Jefferson series is that PCI tends to grade 1-2 points high and NGC tends to grade 1 point high when copmpared with PCGS. That tells me that at the opening bid for each coin they are rather fairly priced. Were it not for the upcoming ANA I'd be a bidder on the 1940.

All this leads me to think that there's more to the service holder a coin is in than we readily accept and that for the Jefferson series at least, many collectors know that simple fact. Most won't dispute the claim that PCI tends to overgrade, but those same collectors will place NGC at the same level as PCGS with regard to grading strictness. If that's the case, where are the bidders on this coin??

Recently at a New York Heritage auction, a PCGS 1938 PR68 Jefferson sold for $5000.
In January of this year a PCGS 1940 Rev. 1938 PR66 sold for around $1000 in an undesignated first generation holder.

Al H.

solid

...though I fully expect to see the NGC sniped.

Now this is funny! I just finished writing up this thread about my failed snipe, and
get a PM from Al mocking my not-quite-strong-enough bid, and asking if I'd care to
comment on this thread!

I reviewed auction data on this coin for PCGS/NGC coins over the past couple of years,
checked some of the other auctions and feedback for this seller, and ultimately made
a gut call that this was probably a nice coin worth the asking price even though I would
liked to have seen better photos. In any case, I saw little downside here.

So, Al, you were 100% correct in your prediction - there were three of us thinking the
same thing, and my padding wasn't quite enough to cover it! It was a fun finish,
though!

Ken

P.S. I'll repeat my offer here if the seller is a board member and wants to make a
quick $13 profit, I'm in for $800!

BNE

Well, that PCI wouldn't cross as a 68. It's hard to say how much of the noise on the reverse is on the holder vs. the coin. . . .


The NGC coin seems like a very good value, though. It could cross.

solid

I'd agree with BNE on the '38 PCI PR68 coin. It looks like a PCGS PR66, or *possible* PR67
on a good day to me. That would knock this coin down to a more common status.

I was thinking that the NGC coin, though it lacked good photos, was not a dog and would
grade at least a PCGS PR66. I most likely would have left it in the NGC holder and
just stashed it away as a desirable date gem.

Ken

keets

hey BNE

agreed on both counts. i see the PCI as an ordinary PR66 and as Ken said, the 1940 could have been helped by better pictures, though the ones supplied appear to show step detail weak for a PR66. i saw an NGC 1940 Rev. 38 PR66 at a show earlier this year priced at just over $600 that was a stretch for the grade. i like the variety though, the timing was just bad.

BTW, i saw a 1938 that was sweet a few weeks ago. i think it was a coin you sold to RGL, PR67?? great, great strike, a 68 on the right day!!

al h.

stephunter

I also took a last minute shot at the 40. Good value, rare variety, and very cool coin to own. I to was being conservative as there will be hitting a good show soon (Long Beach).

BNE

Hi, Al! Indeed, I sold RGL my 1938 PCGS PR67 when I upgraded to a PR68 for my set. I thought it was a very attractive PQ coin, too. I had tried to upgrade it, but it was a no-go then. I agree it is a real shot 68, and now PCGS seems to be a trifle looser (at least if one can read that into how many they've made over the past year or so) it may 68 now. Thanks for the complement, and I hope RGL enjoys it, as he is a really swell guy.