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2003 PCGS MS70 LINCOLN

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    TwoSides2aCoinTwoSides2aCoin Posts: 44,011 ✭✭✭✭✭
    Well nothing is perfect, but that guarantee is pretty close.
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    I'd say there is no easy way to know when a NGC coin was graded, but there are clear pointers.

    Low serial numbers under the 500k ish range, old fatty slabs etc were all graded pre 2000.

    Serial numbers over certain high numbers, like 1.5 or 2 million were probably graded after 2000.

    Apart from that, it's impossible to tell for sure without knowing the person who sent it for grading, or asking NGC. NGC invoices with low numbers can sit in stock at a dealer before he decides to use them, resulting in a low invoice number that was graded only recently, but in general the serial numbers are linear with age.

    Bottom line the only real way to be sure is to ask NGC. Their computers will have all the invoice dates.
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    RegistryCoinRegistryCoin Posts: 5,113 ✭✭✭✭
    Sorry to hear this Keith.
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    droopyddroopyd Posts: 5,381 ✭✭✭
    Unfortunately, every copper coin will eventually turn given enough time. Too bad this one started to turn early.

    But then again, I'm leery of any circulation strike coin being graded "70" anyway.
    Me at the Springfield coin show:
    image
    60 years into this hobby and I'm still working on my Lincoln set!
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    dorkkarldorkkarl Posts: 12,692 ✭✭✭
    there's no such thing as a ms-70 coin.

    PERIOD.

    K S
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    << <i>there's no such thing as a ms-70 coin.

    PERIOD.

    K S >>



    I disagree. There are definitely coins that are "MS70" but there are no PERFECT coins.

    I think that might have been what you meant.
    image
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    PerryHallPerryHall Posts: 45,646 ✭✭✭✭✭


    << <i>there's no such thing as a ms-70 coin.

    PERIOD.

    K S >>



    image MS70 is a theoretically perfect coin under the original grading standards.



    Worry is the interest you pay on a debt you may not owe.

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    Wow, thanks for sharing, I bet it was hard to make the decision to do that given the disappointment you must have felt. This has been an interesting story. Glad you were at least made right.
    imageQuid pro quo. Yes or no?
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    braddickbraddick Posts: 23,388 ✭✭✭✭✭
    PCGS did well returning your funds, but I wonder how a Lincoln cent that developed a carbon spot could even grade MS69?

    peacockcoins

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    morgansforevermorgansforever Posts: 8,436 ✭✭✭✭✭
    I know a thing or two about spots. Cent purchased with no spot, then a year later

    the dreaded spot, despite being in a Intercept shield. What would it grade now? Should I send it in for a refund?

    image
    World coins FSHO Hundreds of successful BST transactions U.S. coins FSHO
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    JcarneyJcarney Posts: 3,154


    << <i>Uh oh, just used Cert Verification and found this...

    image

    Downgraded to a 69! >>



    Man, somebody just wrote a big check.
    “When the people find that they can vote themselves money, that will herald the end of the republic.” — Benjamin Franklin


    My icon IS my coin. It is a gem 1949 FBL Franklin.
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    ambro51ambro51 Posts: 13,697 ✭✭✭✭✭
    What was the storage on the coin? Was it kept in an incept shield?
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    compromonedascompromonedas Posts: 1,163 ✭✭✭


    << <i>What was the storage on the coin? Was it kept in an incept shield? >>



    Yes it was
    keithimage
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    dorkkarldorkkarl Posts: 12,692 ✭✭✭


    << <i>

    << <i>there's no such thing as a ms-70 coin.

    PERIOD.

    K S >>



    I disagree. There are definitely coins that are "MS70" but there are no PERFECT coins.

    I think that might have been what you meant. >>

    where did pcgs say that the grade of "ms-70" is applicable to imperfect coins?

    lemme quote exactly what pcgs wrote on August 29, 2006: PCGS Certifies First Perfect Business Strike Cent (my bolds)

    they also said: "The historic coin is a perfect 2003 Cent"

    that's full of s**t.

    there's no such thing as a ms-70 coin.

    PERIOD.

    K S
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    dorkkarldorkkarl Posts: 12,692 ✭✭✭
    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."

    Teletrade (www.teletrade.com) will be offering this remarkable coin for sale as a feature of their September Premier Plus auction on September 28, 2006. Also, the coin will be available for viewing at the Teletrade booth at the Long Beach Coin, Stamp & Collectibles Expo from September 14-16, 2006.
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    kevinstangkevinstang Posts: 1,517 ✭✭✭


    << <i>WOW! Whats something like that do to price? >>



    Now worth a quarter, not $3750, but a quarter - 25 cents for the plastic in my opinion, might as well spend it.
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    SteveSteve Posts: 3,313 ✭✭✭
    This whole story says alot about PCGS and their guarantee. The owner of this coin was made "whole" and that is what is important. It is not likely that we will see anymore MS70 Lincoln cents in the near future, but the most important part is that PCGS did the right thing. Steveimage
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    dorkkarldorkkarl Posts: 12,692 ✭✭✭


    << <i>This whole story says alot about PCGS and their guarantee. The owner of this coin was made "whole" and that is what is important. It is not likely that we will see anymore MS70 Lincoln cents in the near future, but the most important part is that PCGS did the right thing. Steveimage >>

    totally agree w/ everything exactly as you state it.

    i'd go 1 step further & say hopefully there will NEVER be another "ms-70" anything.

    K S
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    ziggy29ziggy29 Posts: 18,668 ✭✭✭
    I think it's pretty safe to assume we may not be seeing any more MS-70 business strikes any time soon.

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    DRUNNERDRUNNER Posts: 3,820 ✭✭✭✭✭
    Bravo PCGS.

    It took a lot of confidence to certify the coin in the first place. It takes more to publically acknowledge a problem with the coin. This type of action is rare in our current corporations, politicians, and culture. They gain much more confidence from the collecting public than the coin will ever cost them.

    Drunner
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    JoeLewisJoeLewis Posts: 1,907 ✭✭✭✭


    << <i>there's no such thing as a ms-70 coin.

    PERIOD.

    K S >>



    I don't know if I agree with you or not. But, what would be the point of having a grade that doesn't exist? If no coin (in your opinion) is an MS70, then why do we even have that grade available?
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    notwilightnotwilight Posts: 12,864 ✭✭✭


    << <i>there's no such thing as a ms-70 coin. PERIOD. K S >>



    I'd fight to the death for your right to your opinion. even if it flys in the face of conventional wisdom. --Jerry
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    I doubt they'll ever have the guts to slab another...
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    ahooka454ahooka454 Posts: 3,466
    Theres 70's out there. They just may not be a Zincoln cent.

    I have seen some coins that were graded 70 and they deserved it 110%!








    I think the big thing here is that PCGS did the right thing and made the owned whole. Bravo PCGS for doing this, and for taking a chance at the time on that coin.

    If nothing else has been learned here, it that PCGS will stand behind their product. I also thnk its a pretty good learning experiance for all us collectors...
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    ambro51ambro51 Posts: 13,697 ✭✭✭✭✭
    2006 SF PCGS MS70RD

    Pop 20 No spots or defects visible. Slabbed since birth kept in an incept shield all its life. (some dust on plastic shows on photos)

    image


    imageimage
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    You got your money from PCGS which is great and commendable, but really only partial compensation. If I were a big fan of MS70s as you apparently are, I would rather have the coin as an MS70 without the carbon spot and $15,000. It is sad to lose the coin because of what it represented.

    Perhaps we could have a few minutes of silence and play "taps" in honor of the coin!

    image
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    bestdaybestday Posts: 4,234 ✭✭✭✭


    << <i>WOW! Whats something like that do to price? >>



    From 15 grand to ?? ....I will close my eyes..
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    << <i>

    << <i>

    << <i>there's no such thing as a ms-70 coin.

    PERIOD.

    K S >>



    I disagree. There are definitely coins that are "MS70" but there are no PERFECT coins.

    I think that might have been what you meant. >>

    where did pcgs say that the grade of "ms-70" is applicable to imperfect coins?

    lemme quote exactly what pcgs wrote on August 29, 2006: PCGS Certifies First Perfect Business Strike Cent (my bolds)

    they also said: "The historic coin is a perfect 2003 Cent"

    that's full of s**t.

    there's no such thing as a ms-70 coin.

    PERIOD.

    K S >>



    Maybe my definition and PCGS' definition of "perfect" is different.

    My definition of perfect is completely flawless. 100% undoubtedly flawless. Not the smallest speck of anything. Not even on the edges. Fresh off the presses, almost untouched by human hands.

    That is clearly not PCGS' definition of perfect as I could clearly see several dings or marks or whatever you want to call them on this so-called "perfect" 2003 MS70 cent.

    So, again, I say that there may indeed be coins that reach the 70 grade level, but I do not define a 70 as "perfect." A 70 in my mind is just "really, really nice"
    image
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    BECOKABECOKA Posts: 16,957 ✭✭✭
    This is one reason I have switched to album collecting instead of slabs. Much less stressful.

    Nice to see you got your money back and you still got to keep the coin. image

    I did this on an MS68 steel cent. It now resides in my album and I got my money back because it had spots.
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    cohodkcohodk Posts: 18,766 ✭✭✭✭✭
    Now you know why there is reason to undergrade and why coins are "secretly" net graded.
    Excuses are tools of the ignorant

    Knowledge is the enemy of fear

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    Aegis3Aegis3 Posts: 2,897 ✭✭✭


    << <i>

    << <i>

    << <i>there's no such thing as a ms-70 coin.

    PERIOD.

    K S >>



    I disagree. There are definitely coins that are "MS70" but there are no PERFECT coins.

    I think that might have been what you meant. >>

    where did pcgs say that the grade of "ms-70" is applicable to imperfect coins?

    lemme quote exactly what pcgs wrote on August 29, 2006: PCGS Certifies First Perfect Business Strike Cent (my bolds)

    they also said: "The historic coin is a perfect 2003 Cent"

    that's full of s**t.

    there's no such thing as a ms-70 coin.

    PERIOD.

    K S >>



    It's quite simple. The definitions of "MS-70" and "First Strike" have been changed in analogous ways and for similar reasons by the slab companies and thus should have similar implications.
    --

    Ed. S.

    (EJS)
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    DJCoinzDJCoinz Posts: 3,856


    << <i>

    << <i>Uh oh, just used Cert Verification and found this...

    image

    Downgraded to a 69! >>



    Man, somebody just wrote a big check. >>

    Man, that sucks. That was a sweet coin.
    aka Dan
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    pf70collectorpf70collector Posts: 6,505 ✭✭✭
    try submitting milk spotted ASEs to PCGS, getting them back within 6 months of review, and then getting fair market value for them. doesn't happen very often.

    I sent in 4 coins in PF 70 20th Anniversary. 2 they fixed the spots. The other 2 were downgraded to a 68 and a 69 and I was more than happy of what they offfered for the difference in grade. Submitted Dec 17. Received back around March 8. I may be the exception but no complaints here on their guarantee.
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    FrankcoinsFrankcoins Posts: 4,569 ✭✭✭


    << <i>Why did they turn me down on a coin that was graded within several years?

    Maybe I jsut don't count as an authorized NGC dealer. David Lange turned me down.

    Never ever had that issue with PCGS. >>



    NGC is privately held. With PCGS, it's the stockholders' money.
    Frank Provasek - PCGS Authorized Dealer, Life Member ANA, Member TNA. www.frankcoins.com
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    dorkkarldorkkarl Posts: 12,692 ✭✭✭


    << <i>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."

    Teletrade (www.teletrade.com) will be offering this remarkable coin for sale as a feature of their September Premier Plus auction on September 28, 2006. Also, the coin will be available for viewing at the Teletrade booth at the Long Beach Coin, Stamp & Collectibles Expo from September 14-16, 2006. >>

    the pcgs announcement states unequivocally that they consider the coin "perfect". there is no grey area. something either is perfect or it is not, & w/ man-made objects such as coins, calling something "perfect" is absurd.

    only the good lord can create something that is perfect. for a pla$tic co. to deem that they can call something "perfect" is sacrilege!!! (w/ a winky face)

    K S
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    ellewoodellewood Posts: 1,750
    2006 SF PCGS MS70RD

    Pop 20 No spots or defects visible. Slabbed since birth kept in an incept shield all its life. (some dust on plastic shows on photos)


    Ambro, the odds are that spots will develop on your coin...it may just take 5-10 years to do so. Again, this is PART of the reason that I got out of lincolns. These coins will change and I don't give a dam how sonically sealed the slab is...or how many friggin' Intercept Shield boxes they are residing in. Who knows, maybe the plastic itself can change or spot a coin? I know that's been debated...but it is possible.

    That's exactly why I never picked up a 70RD SF lincoln cent. Even my 69RD's developed a spot and technically could have been downgraded to a 68 or 67...


    image
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    IrishMikeIrishMike Posts: 7,738 ✭✭✭
    Anyone who collects copper or zinc cents who doesn't realize the gamble they are taking with the coin changing in the holder should back away from that type of collecting, especially those chasing moderns in high grades. If you own the coin long enough (in this case a few months) be prepared to roll the dice. Now that I have stated the obvious could someone explain to me why the congratulations? All that was done was a company honoring their guarantee as they are legally obligated to do and would suffer harm publicly if they didn't. How could they legally and ethically do otherwise, let alone causing harm to their reputation if they didn't?

    Have we been too conditioned to expect less?
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    ambro51ambro51 Posts: 13,697 ✭✭✭✭✭
    Does anyone have any firsthand knowledge of spotting on the Satin Finish coins? Perhaps thats why all the 70rd's are SF?, in that they are made differently and possibly not given a dip in "spotall" at the mint? Maybe the nature of the surface itself helps in the coin not spotting.

    It was mentioned my coin may spot in five to ten years.....Maybe, Ill post then and let everyone know :-)

    Given the situation with the 2003 it may be a long time before another is certified 70 especially since the quality of the strike plays a part in this grade. 2003 was a year of good strikes and since it is now five years since minting maybe a LOT of them are developing spots at this time.

    If PCGS is reluctant to slab any more 70rds, that will give a static population of 40, which makes the grade pretty desirable given the half trillion Lincoln mintage. If the pop goes down because of downgrading.....then those surviving 70rd's could go up in value.
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    TwoSides2aCoinTwoSides2aCoin Posts: 44,011 ✭✭✭✭✭
    One thing that's not changed:

    I collect coins, not grades or plastic.
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    So is the fate of carbon spots pretty much sealed before the coin goes into a slab?
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    pf70collectorpf70collector Posts: 6,505 ✭✭✭
    Perhaps its for the best. PCGS could be paying a lot more later on if this coin changed hands several times for obscene amounts of money and it developed the spot years later. I don't think it is in their best interest or for the collector to grade another MS 70 BS cent because of this potential spotting issue.
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    DMWJRDMWJR Posts: 5,990 ✭✭✭✭✭
    Let's see a picture of the coin after it turned. I would like to see what convinced them to cover the coin under their warranty
    Doug
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    tahoe98tahoe98 Posts: 11,388 ✭✭✭


    << <i>So is the fate of carbon spots pretty much sealed before the coin goes into a slab? >>




    seems soimage
    "government is not reason, it is not eloquence-it is a force! like fire, it is a dangerous servant and a fearful master; never for a moment should it be left to irresponsible action." George Washington
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    DoogyDoogy Posts: 4,508


    << <i>Perhaps its for the best. PCGS could be paying a lot more later on if this coin changed hands several times for obscene amounts of money and it developed the spot years later. I don't think it is in their best interest or for the collector to grade another MS 70 BS cent because of this potential spotting issue. >>




    True, but then you open up a whole new can of worms on the ethics side. Should TPGs have the overarching power to stop grading coins that are seen as technical 70s, just because they are gun shy that they MAY turn in the holder? If that is the case, that does no favors to the consumer, and will certainly limit the amount of submissions with some types of coins.

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    droopyddroopyd Posts: 5,381 ✭✭✭


    << <i>If that is the case, that does no favors to the consumer, and will certainly limit the amount of submissions with some types of coins. >>



    Since "those types of coins" are currently the bread-and-butter of the TPGs, I don't see them refusing to grade anyting a "70".

    Remember, this 2003 Lincon was a circulation strike. Proofs and Uncs that are specially struck will still get "70"s, though maybe not quite as many as in the past.
    Me at the Springfield coin show:
    image
    60 years into this hobby and I'm still working on my Lincoln set!
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    dbldie55dbldie55 Posts: 7,719 ✭✭✭✭✭


    << <i>

    << <i>Perhaps its for the best. PCGS could be paying a lot more later on if this coin changed hands several times for obscene amounts of money and it developed the spot years later. I don't think it is in their best interest or for the collector to grade another MS 70 BS cent because of this potential spotting issue. >>




    True, but then you open up a whole new can of worms on the ethics side. Should TPGs have the overarching power to stop grading coins that are seen as technical 70s, just because they are gun shy that they MAY turn in the holder? If that is the case, that does no favors to the consumer, and will certainly limit the amount of submissions with some types of coins. >>



    This was the case for ASE's and milk spotting. They did not grade 70's for some time. They have changed course on that, although I think the milk spotting is still an issue.
    Collector and Researcher of Liberty Head Nickels. ANA LM-6053
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    pf70collectorpf70collector Posts: 6,505 ✭✭✭
    If that is the case, that does no favors to the consumer

    I sure would not want to holding that MS 70 BS lincoln cent and it turned and paid X amount of money for it (currently 15K) and maybe not get what I paid for it. I believe in PCGS guarantee but it could have changed hands several times more and at a lot higher price. I am talking about a likely population of one or two in a BS cent. ASEs are another matter. The shear volume of 70's will keep the price down on these.
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    Type2Type2 Posts: 13,985 ✭✭✭✭✭

    Bump:



    Hoard the keys.
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    ms70ms70 Posts: 13,951 ✭✭✭✭✭

    Why?

    Great transactions with oih82w8, JasonGaming, Moose1913.

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    BruceSBruceS Posts: 1,355 ✭✭✭✭✭

    I don’t follow copper, what are the pop numbers now on 03 ms 70s ? Still low I would guess.


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