Show Grading Question
Proofmorgan
Posts: 947 ✭✭✭✭✭
More of a strategy/logistics question:
Let's say you have a couple of coins that could realistically grade anywhere from AU58 to MS65, depending on how the grading service interprets the toning (we've all seen coins like that). The value spread is significant—roughly $1,000 at AU58 up to $8,000 at MS65.
The Economy tier costs about $70 and has a maximum declared value of $2,500. I understand that if a coin exceeds that value after grading, the grading service will simply adjust the fees accordingly. Unfortunately, that flexibility doesn't work in reverse if you submit at a higher tier and the coin comes back with a lower grade.
My question is whether submitting these borderline coins at the Economy level is potentially doing yourself a disservice. Officially, grading standards should be the same regardless of service level, but I've always wondered if higher-value tiers tend to receive more experienced graders or simply a little more time and scrutiny.
The additional $80 or so for the higher tier is almost irrelevant if the coin ends up grading on the higher end of the range. However, if it comes back AU58 or low Mint State, that extra fee becomes a fairly meaningful percentage of the coin's value.
I'm curious how others approach this. Do you submit these "swing" coins at the Economy level and let the grading service upcharge if necessary, or do you pay for the higher tier from the start for the peace of mind?
Comments
It’s hard for me to imagine that the two coins could “realistically grade anywhere from AU58 to MS65”. Before submitting them for grading, I’d get a couple of opinions from knowledgeable collectors and/or dealers and then decide what submission tier to use.
Mark Feld* of Heritage Auctions*Unless otherwise noted, my posts here represent my personal opinions.
Yes, economy show grade for $70/coin, declared value $1,000 each
Pcgs will upcharge you as warranted, don’t worry about that part of the equation.
It should not matter. Some people will claim it makes a difference and that could be true but there is just not enough data out there to make the matter anything but anecdotal.
I have done a handful of submissions (much fewer than some of the people here); I have always used the lowest tier possible (i.e. if I thought the coin could be AU 58-MS 66, I would submit under the economy tier as if it was a 58). A few coins came back with better grades than expected but none entered an area were they would be charged extra.
I can see it, at least to an inexperienced grader. An AU58 is a very nice MS with tiny bits of rub, which could be hidden by the toning unless you know what you are looking for (and I don't).
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Agreed, if the grader is inexperienced. And if that’s the case, before submitting the coins, I recommend his getting opinions from those who are experienced.
Mark Feld* of Heritage Auctions*Unless otherwise noted, my posts here represent my personal opinions.
In my experience, the AU58–MS63 range has always been highly subjective. I've resubmitted the same coin multiple times and received different grades within that range, so it's difficult to attribute that variability solely to inexperience.
I've also sold AU58 coins that were later dipped and regraded in the MS63–MS65 range. The distinction between a true AU58 and a low Mint State coin often comes down to what is interpreted as "wear" or "rub," and that's something that has long been open to debate. On certain issues, the market value difference across that grading range can be substantial.
More recently, I sold an AU55 that failed CAC. It was subsequently regraded as an MS61, received CAC approval, and the value increased by approximately $80,000. Cases like that highlight just how subjective these borderline grades can be and why the distinction matters so much financially. I could very well show the coin to various experts and likely received a range of feedback.
Actually, I think I'll make a separate post with some images for a GTG.
There really isn't that much subjectivity in grading the vast majority of coins:
David Hall was quoted that the top graders are in sync most of the time with any given coin.
First ,
I agree with Marks comment, seek the advice of a professional or experienced grader to get a better idea , big ol spread on that wide a grade range on about anything.
if the value is higher, they will adjust the grading fee on that specific line and not the whole submission. so, its not an issue. But I would not consistantly do this , as then it might seem your trying to intentionally circumvent appropriate grading fee's . Submission tier should not dictate whether a coin grades a grade or not, I have had a coin on lower tier grade much better that I anticipated, and they adjusted the grading fee. Once I had one go from value of about 500 to over 15k. (as mentioned I have herd others state this about lower tiers wont get the good grades when warranted, but I am not convinced of that from past experience.
One thing I am though, its often I will have customers who want to submit subpar quality coins, I will not submit my good quality stuff with their crap, i think if they see a bunch of garbage, they will over scrutinise the whole order.