Why I am Hypercritical

DocBubbles · March 23, 2014 7:58AM

Thanks to everyone who responded to "Am I Hypercritical?" that detailed what I considered an unrecognized fault in a MS-70 graded SAE. I accept two arguments that backed the answer of "YES" to my question. One was that the defect was most likely on the gasket that nestled around the coin, and secondly, MS-70 are rarely, if ever, truly perfect, especially under extreme magnification. Due to frequent heartbreak, it was suggested to purchase MS-69, and live with it at a much cheaper price. So I will keep that coin. Because the series I pursue are MS-70s, I am stuck with that decision. However, should I branch out, MS-69s it will likely be.

Now, how did I get to be so hypercritical that I scan my coins with a microscope (USB digital 30x). Here it is:

[URL=http://s67.photobucket.com/user/ccronan1ccronan/media/2011-FS-GAE-PCGS-MS70-19109336-gouge_zps0975b6b2.jpg.html]

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This 2011 GAE MS-70 I had for about a year before I purchased my scope. Then for a lark, I decided it would be fun to scrutinize a gold AE. It was not fun. There is a deep gouge in the surface and across Liberty's tresses. APMEX refused to accept it as a return because I had it too long. They suggested I send it to PCGS to verify the mis-grade and exchange it for another. There are too many fees involved, and if they disagree, it is an expensive proposition.

Has anyone returned a coin to PCGS for re-evaluation and replacement? What are the costs involved? Clearly that gouge should not be there and I believe it will negate that MS-70.

Comments please.

Staircoins · March 23, 2014 9:10AM

1) Coins aren't graded under 30x magnification.

2) The pics shown below clearly disqualify your coin from 70-status, IMO. I'm sure PCGS wants to know about it.

DocBubbles · March 23, 2014 9:23AM

Please don't focus on the 30x, I know that is excessive. The gouge is real, however, and it looks like a tiny black mark.

I am more interested in the process of resubmission to PCGS, if anyone has done this in the group.

roadrunner · March 23, 2014 10:04AM

If one is focusing on buying the best MS70 coins (because someday there will be a differentiation between generic MS70 coins and "strong" MS70's) then a 30X view is certainly authorized....and maybe advisable. One can easily
take 15X and 20X magnification to the show with you. If one is not finding flaws at 15X-30X those are excellent candidates to cherry pick. At least if you're using a 30X view you wouldn't miss the hits the coin that apparently
occurred w/o magnification or with at most 5X to 10X. If I were buying MS70 "generic" coins, I would try to find those that are in the 1-5% of those graded. And even that may be of little help if only a few thousand coins have
been graded and tens to hundreds of thousands more of them could be coming to Slabville someday.

One could probably hear the same refrain back in 1960-1970 when Morgan dollar buffs would search through an entire bag for those couple of ultra gem coins and pay a 50-100% premium for them instead of the usual $2 to $5
per coin. Most people probably thought those guys were crazy because they "would never" get those premums back on such common coins held in such huge quantity. The price of MS67-MS69 Morgans today would certainly
state otherwise.

Cameonut · March 23, 2014 10:07AM

This is exactly why I save tons of money by buying 69's instead.

I have better things to do than worry about microscopic fly chit that is only visible under extreme magnification.

roadrunner · March 23, 2014 10:11AM

<< <i>This is exactly why I save tons of money by buying 69's instead.

I have better things to do than worry about microscopic fly chit that is only visible under extreme magnification. >>

Well, we classic coin collectors look at hundreds of regular coins hoping to find one just a tad nicer for about the same money (ie a PQ MS65+/shot 66 common Morgan being sold for generic 65 money).
Now that hunt is acceptable. But the same hunt, taking just as much time on a MS69 to "perfect" MS70 AGE or ASE quest is a waste of time. If that's the case, then both quests are really a waste of time.
The difference between an MS65 and MS66 Morgan is rather small. Is it a waste of money to pay for that difference? 30-50 years ago most everyone would have thought so.

The difference in price between varying levels of flawed MS70's is not worth the effort and cost of paying for quality control/regrade. Sell the coin into the market and find a better one. The home shopping sellers
don't care what the 70's look like as long as they have the grade listed on the insert.

CoinZip · March 23, 2014 10:12AM

I have no idea what the correct course of action would be, however I would contact PCGS customer service during their business hours and politely ask them what your options are.

lkeigwin · March 23, 2014 10:58AM

Submit it to PCGS for a spot review. It isn't free anymore but it isn't that expensive. In my experience PCGS has been very good about downgrading a mistake and making a cash payout.

If they agree with you (I think they should) you will be offered the coin back with its new, lower grade along with a check for the difference in wholesale/dealer value (pay no attention to the price guide), or no coin and a bigger check. You will be given exact numbers before deciding.

Make it clear in large letters on the submission form what your concern is. I also send along color pictures with circles around problem areas. I don't know if the decision maker actually sees them. But it can't hurt, and I know they are not just tossed because they are returned along with the check.
Lance.

MsMorrisine · March 23, 2014 2:23PM

what denomination GAE/AGE is that?

That could go in for spot review.

You might call 800-447-8848 and ask if they would do it at a show

it is not unheard of to have minor "as struck" imperfections on a 70. The important part is "as struck."

That looks almost like a reeded edge contacted that and it deserves a closer look.

see what pcgs says.

Boosibri · March 23, 2014 4:02PM

I think that you need to reconsider how you acquire MS70 coins in the future. APMEX will not discriminate quality on any factor other than what is noted on the holder. If you plan to maintain such a might level of quality (which is fine), I think you need to invest the time and hand pick the coins yourself. Any other sure will likely leave you disappointed in the end.

RYK · March 23, 2014 6:55PM

While the quest for perfection may be a fool's errand, the pursuit of excellence, in all we do, is always worth embarking.

phnatacc · March 23, 2014 11:05PM

The date and denomination are important factors here when deciding whether or not resubmission makes sense.

As for your future buying. Buy sight seen. Exceptionally good 24x glass is easily pocketable and can be carried anywhere.

CoinRaritiesOnline · March 23, 2014 11:28PM

<< <i>I think that you need to reconsider how you acquire MS70 coins in the future. APMEX will not discriminate quality on any factor other than what is noted on the holder. If you plan to maintain such a might level of quality (which is fine), I think you need to invest the time and hand pick the coins yourself. >>

I think this is excellent advice.

ricko · March 24, 2014 12:02AM

If perfection is what you seek, then a microscopic examination should take place before you buy....Cheers, RickO

TwoSides2aCoin · March 24, 2014 12:10AM

I prefer flawless, but then I look in the mirror of any proof and see myself.

DocBubbles · March 25, 2014 1:15PM

Thank you all. Interesting that there are not that many different suggestions, so there must be much truth here.

1. Spot review it likely will be. I have to research that more (make a phone call).

2. I am a fool to leave it to chance.

3. I likely would be better off going to a show to purchase, magnifier in hand (have not done that ever, the show I mean - how does one pay?). Actually I have a respected coin dealer only a few blocks away. I wonder if he would mind if I brought a magnifier? But then I would have to pay tax.

Good job, all.

Chuck

Why I am Hypercritical

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