PCGS fundamentally changed the way they graded the top end of WQs sometime shortly after the late 1990s. In 2000 the standards were the same as previous, so I'm thinking the 2001-2003 timeframe saw the standards change for MS66 and higher significantly.
Prior to 2001 a coin could have terrific color, great luster and very clean surfaces yet still be unofficially capped off at MS66, though they were also seen as MS67. After 2001, or thereabouts, those coins near universally went MS67 and even broke through the unofficial glass ceiling of MS68. Therefore, the populations for MS67 and MS68 went up many fold while the MS66 populations went up, in my opinion, because truckloads of otherwise unprofitable coins were submitted for the super gem grade as well as resubmissions in the hopes of MS68. Be aware, there were still plenty of "meh" coins submitted and graded in the 1990s that came back MS65 and even MS66 and these have little chance of an upgrade.
Bottom line, if its really attractively toned and has terrific luster then it might be undergraded when compared to how WQs have been evaluated by PCGS for the last two decades.
I pulled out an April 2006 population report to see how populations have changed in the last 15 years. I agree with your statements but feel the changes started later in the 2000's and probably soon after 2006.
4/2006 1932 through 1998 (had to take out SMS and 76-S silver clad from data)
66-35891 67-5419 68-152 (31 were silver 32-64)
1/2024 1932 through 1998 (had to add together silver, clad and bicentennial clad - the few PL included in +)
66-84630 66+-3917 67-13841 67+-2343 68-537 (212 were silver) 68+-4 (2 were silver)
not sure what percentage of both years include multiple counted individual coins through resubmissions
Here's a FUN Show key date new purchase, a 1932-D graded AU58+. This is one of just 7 in the top everyman grade at PCGS. Nice coin in hand with the eye appeal of a 63 for a fraction of the cost. Next stop: CAC.
This is my latest purchase. This variety has 4 examples graded by PCGS in Mint State. This is the second highest grade. I am excited to add this to my variety collection. This coin moved me into 7th place in the registry set.
Well the thing with MS-67's is about 4 years ago you could not buy any MS-67 for under $275. I remember my first MS-67 was a 1947-S and I paid $275 off Heritage for it. I thought I got a good deal and I still really like the coin but, now a lot of MS-67's are going for less than $200. I purchased the above coin for $160. I just could not help myself to buy it and upgrade my MS-66. I guess that is what gradeflation will do for pricing.
Im glad I got out when I did with my set for just that reason. Id still have to have a nicely toned set in the future, but Im not chasing top pop coins any longer.
It's probably a bit of gradeflation as well as over saturation. Over time more and more of the really nice, raw WQs that weren't worth certification in the past are sent in and the populations go higher and higher, but the collector base for these highest graded coins might not go up as quickly or as much.
New addition—found at the Sarasota coin show this weekend. It's my "ideal grade" for this issue as the 67s are out of range, and has the dual-sided toning that is the basis for my set. PCGS Pop 19 in 66+; adding this coin brought my set to 84% complete.
Always nice to fill a slot from the 30’s, which this MS66 ‘37-D will do for me. Tougher to find with color than many other issues in the series. I also like the vintage NASDAQ CLCT TrueView.
@P0CKETCHANGE said:
Always nice to fill a slot from the 30’s, which this MS66 ‘37-D will do for me. Tougher to find with color than many other issues in the series. I also like the vintage NASDAQ CLCT TrueView.
When I have built sets of Washington quarters, the 37D has been the toughest to find each time! That is a beautiful coin!
@erwindoc that is great to know and makes me feel even better about the purchase. As a very unexpected bonus, I just plugged the cert# into the CAC Portal, and lo and behold—it's already CAC approved! I bought it from GC in a holder with no sticker (auction photos below). I'll be sending it to get "re-beaned" in my next submission.
Beats me, but I’m glad they did because I didn’t have to pony up CAC money for it. Could have happened during a reholder, but if so that was a long time ago given the older blue holder and CLCT TrueView.
Making great progress this month with another new addition, this 1946 in MS66+ CAC. It's my ideal grade for the issue as the 67 costs several times as much and is out of budget. My set is now 87% complete.
The line in front of President Washington's forehead is a die polish line.
Comments
I pulled out an April 2006 population report to see how populations have changed in the last 15 years. I agree with your statements but feel the changes started later in the 2000's and probably soon after 2006.
4/2006 1932 through 1998 (had to take out SMS and 76-S silver clad from data)
66-35891 67-5419 68-152 (31 were silver 32-64)
1/2024 1932 through 1998 (had to add together silver, clad and bicentennial clad - the few PL included in +)
66-84630 66+-3917 67-13841 67+-2343 68-537 (212 were silver) 68+-4 (2 were silver)
not sure what percentage of both years include multiple counted individual coins through resubmissions
I got a nice DDR back today, I have to send in again for attribution and TrueView
@davewesen nice! what year/mint?
Nothing is as expensive as free money.
a 1942 from Philadelphia
Here's a FUN Show key date new purchase, a 1932-D graded AU58+. This is one of just 7 in the top everyman grade at PCGS. Nice coin in hand with the eye appeal of a 63 for a fraction of the cost. Next stop: CAC.
Nothing is as expensive as free money.
Not my set example as I have a 67, but I couldn’t pass up this 66 with color for ~$60
Nothing is as expensive as free money.
This is my latest purchase. This variety has 4 examples graded by PCGS in Mint State. This is the second highest grade. I am excited to add this to my variety collection. This coin moved me into 7th place in the registry set.
Here is my Washington Quarter Variety Registry Set
This is my Washington Quarter Proof Variety Registry Set
Congratulations on obtaining the coin and moving up!
In honor of the memory of Cpl. Michael E. Thompson
Here is another one I picked up over the weekend. I already had a 1947-P, but did not like the coin so I purchased this one as an upgrade.
Here is my Washington Quarter Variety Registry Set
This is my Washington Quarter Proof Variety Registry Set
I thought this would go 67 but it stayed 66. Glad to finally have a TrueView of it, though!
Im sure it looks great in hand, but the reverse true view looks washed out to some degree.
Agreed. I wish they did a better job on the reverse.
Here’s another recent purchase if you’ll allow clads here:
That is one pretty clad quarter!
I think you hit the bullseye there.
A Barber Quartet is made up of Nickels, Dimes, Quarters, and Halves.
Here is my latest upgrade.
Here is my Washington Quarter Variety Registry Set
This is my Washington Quarter Proof Variety Registry Set
That is lovely!
@NorCalJack nice! That one is all there.
Nothing is as expensive as free money.
Well the thing with MS-67's is about 4 years ago you could not buy any MS-67 for under $275. I remember my first MS-67 was a 1947-S and I paid $275 off Heritage for it. I thought I got a good deal and I still really like the coin but, now a lot of MS-67's are going for less than $200. I purchased the above coin for $160. I just could not help myself to buy it and upgrade my MS-66. I guess that is what gradeflation will do for pricing.
Here is my Washington Quarter Variety Registry Set
This is my Washington Quarter Proof Variety Registry Set
Im glad I got out when I did with my set for just that reason. Id still have to have a nicely toned set in the future, but Im not chasing top pop coins any longer.
It's probably a bit of gradeflation as well as over saturation. Over time more and more of the really nice, raw WQs that weren't worth certification in the past are sent in and the populations go higher and higher, but the collector base for these highest graded coins might not go up as quickly or as much.
In honor of the memory of Cpl. Michael E. Thompson
New addition—found at the Sarasota coin show this weekend. It's my "ideal grade" for this issue as the 67s are out of range, and has the dual-sided toning that is the basis for my set. PCGS Pop 19 in 66+; adding this coin brought my set to 84% complete.
Nothing is as expensive as free money.
Always nice to fill a slot from the 30’s, which this MS66 ‘37-D will do for me. Tougher to find with color than many other issues in the series. I also like the vintage NASDAQ CLCT TrueView.
Nothing is as expensive as free money.
When I have built sets of Washington quarters, the 37D has been the toughest to find each time! That is a beautiful coin!
@erwindoc that is great to know and makes me feel even better about the purchase. As a very unexpected bonus, I just plugged the cert# into the CAC Portal, and lo and behold—it's already CAC approved! I bought it from GC in a holder with no sticker (auction photos below). I'll be sending it to get "re-beaned" in my next submission.
Nothing is as expensive as free money.
@PocketChange Why would someone remove a sticker? Nice coin.
A Barber Quartet is made up of Nickels, Dimes, Quarters, and Halves.
Beats me, but I’m glad they did because I didn’t have to pony up CAC money for it. Could have happened during a reholder, but if so that was a long time ago given the older blue holder and CLCT TrueView.
Nothing is as expensive as free money.
Making great progress this month with another new addition, this 1946 in MS66+ CAC. It's my ideal grade for the issue as the 67 costs several times as much and is out of budget. My set is now 87% complete.
The line in front of President Washington's forehead is a die polish line.
Nothing is as expensive as free money.
@sedulous I have a CAC coin with no bean, I bought it like that. It shows on the registry as having one. I figured CAC wouldn't re-bean.
Here is the latest addition to my Variety Registry Set.
1939-S FS-101 DDO MS-67
I was a little surprised it had a TrueView.
Here is my Washington Quarter Variety Registry Set
This is my Washington Quarter Proof Variety Registry Set