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PCGS grades first MS-70 Lincoln business strike.
coinlieutenant
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"Every advanced Cent or type collector will want to own this coin."
PCGS Certifies First Perfect Business Strike Cent
- August 29, 2006
It took 20 years and over 160,000 tries, but in August 2006, the Professional Coin Grading Service (PCGS) finally assigned the MS-70 grade to a Lincoln cent struck for circulation. The historic coin is a perfect 2003 Cent in full Red MS-70.
Other Lincoln Cents, such as Proof and Satin Finish coins, have earned a grade of 70 in the past, but those were coins produced through special minting processes designed to produce coins of near-perfection. The fact that this coin is a "business strike" meant for everyday commerce makes it all the more special, since no special steps were taken to ensure the quality of this piece when it was made.
According to Jaime Hernandez, Price Guide Editor at PCGS, "This coin is the Holy Grail of Lincoln Cents and something for which we have been searching for two decades. If this coin comes on the market, the competition for it will be fierce. Every advanced Cent or type collector will want to own this coin."
In 2009, the Lincoln Cent will celebrate its 100th Anniversary. Will another perfect MS-70 Cent show up anytime soon? "Not likely", says PCGS President Ron Guth. "This is a remarkable coin and one of the very few that will ever be able to meet PCGS' strict requirements for the MS-70 grade."
PCGS Certifies First Perfect Business Strike Cent
- August 29, 2006
It took 20 years and over 160,000 tries, but in August 2006, the Professional Coin Grading Service (PCGS) finally assigned the MS-70 grade to a Lincoln cent struck for circulation. The historic coin is a perfect 2003 Cent in full Red MS-70.
Other Lincoln Cents, such as Proof and Satin Finish coins, have earned a grade of 70 in the past, but those were coins produced through special minting processes designed to produce coins of near-perfection. The fact that this coin is a "business strike" meant for everyday commerce makes it all the more special, since no special steps were taken to ensure the quality of this piece when it was made.
According to Jaime Hernandez, Price Guide Editor at PCGS, "This coin is the Holy Grail of Lincoln Cents and something for which we have been searching for two decades. If this coin comes on the market, the competition for it will be fierce. Every advanced Cent or type collector will want to own this coin."
In 2009, the Lincoln Cent will celebrate its 100th Anniversary. Will another perfect MS-70 Cent show up anytime soon? "Not likely", says PCGS President Ron Guth. "This is a remarkable coin and one of the very few that will ever be able to meet PCGS' strict requirements for the MS-70 grade."
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Comments
Didn't wanna get me no trade
Never want to be like papa
Working for the boss every night and day
--"Happy", by the Rolling Stones (1972)
In honor of the memory of Cpl. Michael E. Thompson
I would prefer the lottery, I only play when it goes over 30 million.
Crack it out, sell it raw as an MS70.
Congrats to whomever got it but I sure would unload it to some plastic collector while I could if it was mine.
Mark
<< <i>Post a pic of that coin and a an MS69 and not one person could tell you which is which short of guessing. Same thing in person.
Crack it out, sell it raw as an MS70.
Congrats to whomever got it but I sure would unload it to some plastic collector while I could if it was mine. >>
Check out my current listings: https://ebay.com/sch/khunt/m.html?_ipg=200&_sop=12&_rdc=1
<< <i>Post a pic of that coin and a an MS69 and not one person could tell you which is which short of guessing. Same thing in person.
Crack it out, sell it raw as an MS70.
Congrats to whomever got it but I sure would unload it to some plastic collector while I could if it was mine. >>
I have to agree Goose... I would not crack it out, but it would be on the auction floor after all the fanfare surrounding it !
``https://ebay.us/m/KxolR5
<< <i>Post a pic of that coin and a an MS69 and not one person could tell you which is which short of guessing. Same thing in person.
Crack it out, sell it raw as an MS70.
Congrats to whomever got it but I sure would unload it to some plastic collector while I could if it was mine. >>
Yep. Especially since you could probably get one hundred 69s for the price of this one which is virtually identical.
<< <i>It took 20 years and over 160,000 tries >>
-sure
<< <i>"Every advanced Cent or type collector will want to own this coin."
Well, I'd be willing to offer, maybe, a dollar for it. Of course, I'm not an advanced cent or type collector either.
Ed. S.
(EJS)
<< <i>Post a pic of that coin and a an MS69 and not one person could tell you which is which short of guessing. Same thing in person.
Crack it out, sell it raw as an MS70.
Congrats to whomever got it but I sure would unload it to some plastic collector while I could if it was mine. >>
There is a large difference between two grades of uncirculated. Anyone who can't see this
difference should be collecting only circulated coins.
If you can find a 68 and a 69 then why not see for yourself?
would love it. Well, it's a 2003.
Eat your hearts out.
<< <i>A Million Dollar Lincoln Cent ? >>
No.
I was not making a modern comment on this coin. I was making a statement about ultra grades. I thought PCGS had already been through this type of liability scenario with the infamous PF 70 1964.
John
siliconvalleycoins.com
<< <i>Clad,
I was not making a modern comment on this coin. I was making a statement about ultra grades. I thought PCGS had already been through this type of liability scenario with the infamous PF 70 1964.
John >>
Yeah. I'm sure everyone wasn't slamming it only because it's a modern and likely it's not a factor
for some. But there is overlap between moderns and high grades even though MS-70 is unprece-
dented and even old Lincolns appear as MS-69's.
There's a knee jerk reaction among many that there is no difference between 69 and 70. This is pro-
bably because most collectors can't see the difference between PR-69 and PR-70. It takes a lot of
learning and experience to see the different gradations of modern proofs simply because their grades
exist in a narrow range.
This is not true for mint state. While any collector may not know where one grade ends and another
starts, there is enough spread that even a novice can pick out the better example.
MS-70 is not perfect but is a range just like every other grade.
I have no idea what this coin is worth on the market but those who feel it has a very low value should
get their bids in early because bidding will get up pretty quick.
<< <i>This coin is the Holy Grail of Lincoln Cents >>
Russ, NCNE
<< <i>This is not true for mint state. While any collector may not know where one grade ends and another
starts, there is enough spread that even a novice can pick out the better example. >>
There are at least two large cent condition censae. They often disagree with grade, but they also sometimes disagree with ranking. So I am highly skeptical that even "the better example" is always a clear case.
Edit: spelling
Ed. S.
(EJS)
<< <i>
There are at least two large cent condition censae. They often disagree with grade, but they also sometimes disagree with ranking. So I am highly skeptical that even "the better example" is always a clear case.
>>
Perhaps in lower grade there can be less certainty which is superior simply because
there can be differing opinions on which characteristic is most important in determining
grade. At the high end of the scale there can still be some disagreement but it should
be greatly reduced.
I would disagree with you on the agreement of high grade "finest known" on many coins. Many are easy as the total number of specimens are low, more common coins are not quite as easy I would guess.
John
siliconvalleycoins.com
so $15 times 160,000 submissions, that makes this penny worth 2.4 million correct?
Read my signature line...think about it.
<< <i>I'm guessing this lovely little Lincoln with that pretty label with the numbers "7"-"0" on it will go for between $20,000 to $30,000. I guess it could even hit $50,000.
Read my signature line...think about it. >>
This is the first regular issue modern coin graded MS-70. After years of hearing people suggest
no one should buy MS-70 moderns, now there actually is one not to buy.
This is the first regular issue US coin ever graded MS-70. ...Think about it.
I agree with Goose inasmuch as the Auction Floor will bring this owner a new found fame and amazing gain, to say the least. You need not convince me of the power of moderns.
edit spelling of INCREMENTS
``https://ebay.us/m/KxolR5
I'd bet $1000 that if cracked out and resubmitted 5X it would not come back MS70 even once. But since the owner has a $20,000 holder this is not a likely bet. But if 50 of us chipped in maybe they'd take it.
I predict the 2nd MS70 Lincoln is right around the corner......
roadrunner
That's GOT to be wrong! Only 8,000 cents graded a year? Only 160 or so a week??? Maybe 160,000,000 is more like it.
<< <i>"It took 20 years and over 160,000 tries..."
That's GOT to be wrong! Only 8,000 cents graded a year? Only 160 or so a week??? Maybe 160,000,000 is more like it. >>
1,000 resubmissions still count as one.
if you take this holy grail out of its plastic case what is it worth??
guess i thought..for all intents and purposes, I thought that was the point of assigning that grade
must be lots more (70s) out there as so few are submitted compared to total specimens.
they,ve been minted in the billions for years,,,,
<< <i>
<< <i> >>
There is a large difference between two grades of uncirculated. Anyone who can't see this difference should be collecting only circulated coins. If you can find a 68 and a 69 then why not see for yourself? >>
Sorry but even though I've been drinking I can conclude that this is intuitively false. If there is a big difference between 68 and 69 then you could find a coin in between, is it a 68.5? Coin grading has to be a continuum unless you can convince fate (or whatever moves coins down from MS70) to go digital. --Jerry
(edited for typo)
<< <i>This coin is the Holy Grail of Lincoln Cents
if you take this holy grail out of its plastic case what is it worth?? >>
My my my my my. Sounds like a "collector" who's concerned only with money.
<< <i>
If there is a big difference between 68 and 69 then you could find a coin in between, is it a 68.5? Coin grading has to be a continuum unless you can convince fate (or whatever moves coins down from MS70) to go digital. --Jerry >>
Grading is actually several continua rather than a single one. Two collectors can
disagree on where a coin lies on the grading scale because they give different weights
to different characteristics. And certainly it's possible for a coin to be a liner or a "barely
good enough".
There is a big difference between the average 68 and average 69. This difference is
sufficient that even a novice can spot it. I've taught people who know nothing about coins
to see it in just a few minutes.
<< <i>If it were to be exhibited at a show I probably wouldn't even bother to look at it. Strictly a coin for the registry set crowd. >>
You might not know what you're seeing if you never look at any moderns or pocket change but
these coins can be simply spectacular. Strikes are crisp and surfaces nearly flawless. (in this case
it is flawless) They are often at least vaguely proof like and have a sort of "new tire" look where
the roughness of a new die has yet to be smoothed. Those who collect these coins are simply
left in wonder and awe that a coin made to be minted in the millions by each die can have such
a look. One also knows that finding one half as nice will require great time and effort.
Many people seek the finest collectibles available and most do it for reasons other than the registry.
There are many millions of collectors of various items in the world and a relative drop in the bucket
have a registry set. Indeed, while not likely, it's entirely possible that this coin could be sold to some-
one who isn't a coin collector at all and just wants the finest existing US coin made for circulation.
Sam, the fact that the coin was graded MS70 in no way assures that it's the "finest existing US coin made for circulation" or even the finest for that denomination, date and mint.
In case you're wondering and/or getting ready to say it
<< <i>
Sam, the fact that the coin was graded MS70 in no way assures that it's the "finest existing US coin made for circulation" or even the finest for that denomination, date and mint.
>>
Well sure. There's a steady stream of about 15 billion coins in the pipeline
going into circulation and one or more of these could be MS-70. There are
also millions of classic and modern coins which have never been submitted
and one or more of these could be MS-70 as well.
But PCGS has graded more than some 7 million coins that were made for cir-
culation by the US mint and none of them have been MS-70 so it's a safe bet
these aren't common.
Will there be more graded? Tough question but unless and until the mint
tightens its standards, don't expect them to get common. They could become
more common than one in ten million though.
<< <i>Sam, my comment wasn't about whether others will be graded. It pertained to the reality that a coin of one grade can be as good as or better, quality-wise than one graded a point higher. That goes for any coin type and any grades being examined/compared with those a point higher. Highest graded does not necessarily mean best/finest.
Yes. This, too, is true.
Though you won't find many better than this one.
IIRC, the difference between a nice 69 and a 70 is that the 70 shows no flaws under magnification. Therefore, it would be more correct to state that the difference in quality between a nice 69 and a 70 is microscopic, not large.
and it sets us apart from practitioners and consultants. Gregor
I think in my heart that the results of this no chance in hell to ever occur test would be totally laughable (again- not due to a fault of anyone's).
When 70's become too plentiful it would be time to shift to the 100 pt system or something higher. Gradeflation must continue unabated.
This coin is the Holy Grail of Lincoln Cents
if you take this holy grail out of its plastic case what is it worth??
If you really had the Holy Grail and it was slabbed, it would be worth just as much out of the slab as in. But a MS70 Linc? It's worth essentially $10 or less out of the slab. I'm willing to take a $1000 challenge how about you? Are there 50 collectors on here willing to take this side? That's $50,000 guaranteed to the new owner if he's right about the coin being a legit MS70. Go ahead and buy the coin, and let's ship it back raw to PCGS under a 3rd party such as Coinguy. If it grades MS70 again, you win $50,000 on top of your coin. Wow, double your money on a sure thing! But.....if it goes 69 or less, you pay out $50,000+ to those 50 or more people willing to take a "chance." Takers?
roadrunner