Back in the early 1960's, coins were either in rolls or placed into 2x2 cardboard holders. The sellers would mark the date, mintmark (if any) and price in the corners. Sometimes, they would fill up the remaining corner with a description such as "scarce" or "rare".
In the 1970's Walter Breen, Abe Kosoff and a small group of other PNG dealers promoted the numerical 1-70 Sheldon grading system for the entire run of United States coins rather than just Large Cents.
The Sheldon scale had been proven to be flawed back in the mid 1950's, but it provided a way for dealers to "classify" the higher grades and separate the "Mint State" (which was not used then) coins into a more marketable product to add value.
Yes, there was a lot of grading abuse in the 1970s. This was due in part to a rare date gold coin "boom" in 1973-1975. Then, the Bi-Centenial material was marketed by nearly anyone who could get something to sell. Color images were being used in auction catalogues. After that, it didn't matter what you put on a coin holder, because the gold and silver price promotion (orchestrated by the Hunt Bros) provided nearly everyone with a good run, whether you sold something or not. The Graysheet kept adding plus signs each week, so it wasn't necessary to sell things as they were generally worth more a month or two later.
The 1980's saw the crash of April 1980 (connected directly with the Hunt Bros not being able to cover their margin calls and the ongoing four part Garrett collection sales by Bowers & Ruddy) and coin prices went down the tubes for a few years.
It was basically a slow market when the TPG's were formed but it did provide a vehicle to provide some extra income. The "result" was a revolutionary way to equalize all coins so that they could be bought and sold sight unseen. Wall Street was going to love that idea...Ooops! Reality dictated otherwise, and we learned that coins were not commodities like stocks.
But, the coin collectors could always use a helping hand in grading - it's been that way since the 1850's. So, the main TPGs split (PCGS & NGC) and flourished, just like some stocks, and everyone in the TPG busiess did well after an initial slow period, part of the slow start being that the auction companies took pictures of the entire slab in their catalogues and you couldn't see much of the coins. The first such specialized "slab" sale was the "PCGS sale" conducted by Superior in Sept of 1987. They had less than 1000 lots, but at least all were slabbed! Yes, that sale was a promotional thing.
Today, it appears the focus has switched from a hobby to an industry. In my observations, the "coins-by-numbers" grading has become the most important feature surrounding American numismatics.
Previously, most activities were focused on research and scholarly endeavors where people and their contributions were respected and recognized. Today, it seems that the only aspect that is recognized is the dollar amounts of the material, and the fewer numbers of people being involved with numismatics - ever wonder why?
Now, the headlines seem to be all about the money - not the coins themselves, but the total prices realized from the latest auction sale or private treaty transaction. This is unfortunate; and shows us just where and what we are.
With the current slowdown in the market, a shift backwards to the "Old Days and Old Ways" may be a beneficial path for some to follow.
PM me if you are looking for U.S. auction catalogs
Started collecting in the early '50's.... long before TPG's. They have been a boon to neophytes and the great masses who cannot grade. Unfortunately, it also brought about the 'perfection' game, where so many try to have the 'best of the best' rather than a nice collection they are proud of due to the searchg and their skills. Cheers, RickO
I collected starting in 1963 at age 7. Continued through high school and a little bit into college. I collected mostly from pocket change, but did buy some coins. My parents bought me a 1950D nickel, MS condition, from Dan Brown's coin shop in Denver. I bought a few proof sets. In the late 1970's I bought an 1830 Capped Bust Half, raw, from a coin shop in a Denver Metropolitan area shopping mall (remember when malls had coin stores?). I paid $30.00 for it and it was graded VF by the shop. It has some nice reverse toning. Today dealers have told me it would grade EF at a TPG. It's current retail value is about $100.00. Huge profits for me on that coin after holding same for 30+ years
In 1986 shortly after getting married my wife and I were in Carmel, Cal. I stopped by Carmel coin and bought a 1955 proof set in a capital holder.
I started with a few coins from grandparents, around 1960. Collected strictly from change for decades. In the '90's I bought and sold slabbed coins. I still didn't know what I was doing. I learned I couldn't grade a couple of years ago. Now I'm just okay at it. Lance.
Thanks for logging in folks. I became a "coin guy" at age 13 in 1972. Coins have been great to me for 37 years. The grading services are a big plus IMO.
Now that we are here ....
I believe great coins look better out of plastic, and not great coins look worse. As an example of the former how about an early issue with natural subtle luster; of the latter how about a coin with a couple of light lines. I am not questioning the value of having coins slabbed.
Comments
Sold some coins to my friends back then...does that count?
"Keep your malarkey filter in good operating order" -Walter Breen
siliconvalleycoins.com
In the 1970's Walter Breen, Abe Kosoff and a small group of other PNG dealers promoted the numerical 1-70 Sheldon grading system for the entire run of United States coins rather than just Large Cents.
The Sheldon scale had been proven to be flawed back in the mid 1950's, but it provided a way for dealers to "classify" the higher grades and separate the "Mint State" (which was not used then) coins into a more marketable product to add value.
Yes, there was a lot of grading abuse in the 1970s. This was due in part to a rare date gold coin "boom" in 1973-1975. Then, the Bi-Centenial material was marketed by nearly anyone who could get something to sell. Color images were being used in auction catalogues. After that, it didn't matter what you put on a coin holder, because the gold and silver price promotion (orchestrated by the Hunt Bros) provided nearly everyone with a good run, whether you sold something or not. The Graysheet kept adding plus signs each week, so it wasn't necessary to sell things as they were generally worth more a month or two later.
The 1980's saw the crash of April 1980 (connected directly with the Hunt Bros not being able to cover their margin calls and the ongoing four part Garrett collection sales by Bowers & Ruddy) and coin prices went down the tubes for a few years.
It was basically a slow market when the TPG's were formed but it did provide a vehicle to provide some extra income. The "result" was a revolutionary way to equalize all coins so that they could be bought and sold sight unseen. Wall Street was going to love that idea...Ooops! Reality dictated otherwise, and we learned that coins were not commodities like stocks.
But, the coin collectors could always use a helping hand in grading - it's been that way since the 1850's. So, the main TPGs split (PCGS & NGC) and flourished, just like some stocks, and everyone in the TPG busiess did well after an initial slow period, part of the slow start being that the auction companies took pictures of the entire slab in their catalogues and you couldn't see much of the coins. The first such specialized "slab" sale was the "PCGS sale" conducted by Superior in Sept of 1987. They had less than 1000 lots, but at least all were slabbed! Yes, that sale was a promotional thing.
Today, it appears the focus has switched from a hobby to an industry. In my observations, the "coins-by-numbers" grading has become the most important feature surrounding American numismatics.
Previously, most activities were focused on research and scholarly endeavors where people and their contributions were respected and recognized. Today, it seems that the only aspect that is recognized is the dollar amounts of the material, and the fewer numbers of people being involved with numismatics - ever wonder why?
Now, the headlines seem to be all about the money - not the coins themselves, but the total prices realized from the latest auction sale or private treaty transaction. This is unfortunate; and shows us just where and what we are.
With the current slowdown in the market, a shift backwards to the "Old Days and Old Ways" may be a beneficial path for some to follow.
<< <i>Yep, I'll confess to collecting back in the 50's. A bit before TPG's.
Grading was by letters and not by numbers. VF, XF, AU, Gem Unc, etc.
bob >>
Me too, bob
I collected starting in 1963 at age 7. Continued through high school and a little bit into college. I collected mostly from pocket change, but did buy some coins. My parents bought me a 1950D nickel, MS condition, from Dan Brown's coin shop in Denver. I bought a few proof sets. In the late 1970's I bought an 1830 Capped Bust Half, raw, from a coin shop in a Denver Metropolitan area shopping mall (remember when malls had coin stores?). I paid $30.00 for it and it was graded VF by the shop. It has some nice reverse toning. Today dealers have told me it would grade EF at a TPG. It's current retail value is about $100.00. Huge profits for me on that coin after holding same for 30+ years
In 1986 shortly after getting married my wife and I were in Carmel, Cal. I stopped by Carmel coin and bought a 1955 proof set in a capital holder.
Got back into the hobby in 1998.
Lance.
Now that we are here ....
I believe great coins look better out of plastic, and not great coins look worse. As an example of the former how about an early issue with natural subtle luster; of the latter how about a coin with a couple of light lines. I am not questioning the value of having coins slabbed.
Agree?
K
My 1866 Philly Mint Set