Wow. Do I ever suck at grading gold

DennisH · January 27, 2015 12:28PM

My wife's cousin in Guam recently learned that I collect coins. She inherited several from her folks, who at one time owned a jewelry store. After sending me terrible cell phone photos of what she had and me doing little more than identifying dates and type of about 25 gold coins, she sent them to me. There was quite a variety of small denomination stuff. I took them to the FUN show to get opinions. Some turned out to be souvenir (non gold) California fractionals. But a couple were real. Some was damaged ex-jewelry. Four were little Farran Zerbe souvenir commems from Lewis & Clark and Louisiana Purchase expos. The rest were mostly $1 golds and $1 Louisiana Purchase and Lewis $ Clark commems. There was also a $2.50 Indian and a $3 gold. I told her what I thought the approximate grades and values were. The good news: everything that I though was real is real.

I had decided to have 6 of the coins certified by PCGS before trying to sell, but I figured the others to be so modest in value that they didn't pencil out. But when I saw Ian at Great Collections a light bulb went off. He has a grade and consign deal that made grading every coin cost effective. So he got them all. Six went to PCGS and eight (I think) went to ANACS. Grades came in today (!!) on the PCGS batch and... wow... I so do not know how to grade tiny gold coins! Here's what I said, versus what PCGS said:

1850-O G$1 -- I guessed VF25
PCGS said XF45

1974 G$3 -- I guessed AU50
PCGS said AU55

1903 Louisiana Purchase G$1 commem -- I guessed AU58
PCGS said MS66

1903 Louisiana Purchase G$1 commem -- I guessed AU55
PCGS said MS65

1903 Louisiana Purchase G$1 commem -- I guessed AU53 cleaned
PCGS said AU details cleaned (I'm going to count that I got that one right)

1905 Lewis & Clark G$1 commem – I guessed AU55
PCGS said MS64

My takeaway message: I need to stick to Morgans.

Crazy4Coins · January 27, 2015 12:36PM

That's what they call - Under Promise, Over Deliver!

Barndog · January 27, 2015 12:38PM

those Zerbe souvenir things have some value, just saw some on a dealer's website. I do know that I enjoy buying coins from conservative graders

DennisH · January 27, 2015 12:41PM

<< <i>those Zerbe souvenir things have some value, just saw some on a dealer's website. I do know that I enjoy buying coins from conservative graders >>

So I discovered at FUN. A dealer friend gladly paid me several times what I guessed them to be worth.

ianrussell · January 27, 2015 12:45PM

Congrats Dennis. They go live tomorrow.

- Ian

Timbuk3 · January 27, 2015 12:46PM

Congratulations, great results !!!

puffer · January 27, 2015 12:59PM

Good results. Glad you didn't walk them into a dealer before having them graded. You would have lost serious $$$.

coindeuce · January 27, 2015 12:59PM

Fortunate that you didn't sell the Mint State La. Purchase Expo Gold $1 Commems raw at your assigned grades. You would have left more than a few bucks on the table.

DennisH · January 27, 2015 1:03PM

<< <i>Fortunate that you didn't sell the Mint State La. Purchase Expo Gold $1 Commems raw at your assigned grades. You would have left more than a few bucks on the table.

>>

That's for sure!!

Type2 · January 27, 2015 1:05PM

Do you have any AU Gold for sale.

and good going nice.

Goldbully · January 27, 2015 1:07PM

The definition of 'suck' needs to be altered, changed to parse(did I say parse?) the good side of 'suck.'

You display very solid conservative and highly educated grading techniques.

Congrats on your submission.

blu62vette · January 27, 2015 1:09PM

Great deal on the grade on consign and great results!

joebb21 · January 27, 2015 2:48PM

looks like a win win win here!

Bochiman · January 27, 2015 2:55PM

Awesome!

Glad to hear a story like this (you didn't just try to grade and sell on your own...you went a smart route).

puffer · January 27, 2015 10:13PM

This is the advantage of G.C. if you are selling; discounted grading and apparently faster than straight submissions. Right into auction where your lots should fetch market money from collectors and dealers. Quick payment.

lostincoins · January 27, 2015 10:43PM

Dang,nice.

Broadstruck · January 27, 2015 11:12PM

Just proves opinions vary!

Congrats

Wabbit2313 · January 27, 2015 11:23PM

Thats great! I wonder how the grades will be on the ones that didn't pencil out?

Lakesammman · January 27, 2015 11:48PM

Nice!

Those coins are so tiny and the problems even tinier that they must be hard to grade.

agentjim007 · January 27, 2015 11:50PM

that's called B&M grading when buying over the counter.

ricko · January 28, 2015 12:20AM

Great results ....tiny gold is hard to grade, your conservative estimates are easy to understand.... and saves disappointment...

Cheers, RickO

sparky64 · January 28, 2015 12:36AM

Note to self.......Do NOT let DennisH appraise my gold.

Congrats on the grades and good luck with the sale.

2ltdjorn · January 28, 2015 12:52AM

What are ya gonna do with the 1850-O gold dollar?

RYK · January 28, 2015 1:00AM

You suck...but in a good way.

asheland · January 28, 2015 1:05AM

crypto79 · January 28, 2015 1:41AM

<< <i>You suck...but in a good way.

>>

I beg your pardon

jdimmick · January 28, 2015 2:45AM

Its understandable: if you have been used to grading silver and copper for years, you will have a tendancy to undergrade gold for the first couple times.

Ist time years ago, I had a similar situation happen, undergraded a pile of stuff.

jim

I also missed out on a 8k gold coin years ago that I could have bought for 800, because I thought It was a VF+ when I fact it came back au-55.

steveben · January 28, 2015 3:04AM

i thought pcgs was tough on gold!

SeattleSlammer · January 28, 2015 3:06AM

You seem to see a lot of rub that isn't there.
Things could be worse.

roadrunner · January 28, 2015 6:20AM

Wow, normally one might be 1-3 pts tougher on mint state gold if they haven't played with it before. But 7-8 points is another matter. 3C silvers, Merc dimes and Seated half dimes are small too, but it's hard to see MS66's as AU58's. Figure 1 pt looser on MS gold just in the marks category due to the softer metal.

When in doubt, there are always the Heritage archives and PCGS photograde.

CoinJunkie · January 28, 2015 6:25AM

If you're going to be way off, that's the right direction for it to go...

airplanenut · January 28, 2015 8:22AM

Selling any more raw gold perchance?

Wabbit2313 · January 28, 2015 8:37AM

<< <i>i thought pcgs was tough on gold! >>

puffer · January 28, 2015 9:11AM

Text

Nice coin. Some coin buyer wants to hire you to do their critical analysis when buying.

crypto79 · February 8, 2015 2:00PM

I got the 50-o dollar. I was looking for one and this one looks to have an honesty to its surfaces that is rare. Hope it realized more than expected

Shamika · February 8, 2015 2:11PM

Dang Dennis, you have any raw gold you want to sell me?

Wow. Do I ever suck at grading gold

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