Some grading tips - reposted for any newer forum members who might benefit...

[MarkFeld]

I first posted this on one or more coin foums more than 10 years ago and have reposted it , since then. But it's been quite a while, so I am reposting here.

 

I have not reviewed it for edits and/or outdated information, but hopefully, what I wrote back then still applies now.

 

 

Disclaimer :

 

I have no doubt that much or all of this has been discussed previously and in some cases, in greater detail and in a more interesting fashion. But, I have received a lot of questions about pointers for examining and grading coins, so I'll try to address them in this format.

 

These are merely my opinions and they may differ from those of others.

 

LIGHTING

 

Different people prefer different types of lighting. I prefer using a small, high intensity "Tensor" lamp. I can sometimes see things (hairlines, etc.) on coins under this type of light that I can't see under a regular lamp with a 75 or 100 watt bulb. Some prefer halogen lamps and others prefer 75 or 100 watt lamps, like you might see at coin shows or auction lot viewings.

 

There is no right or wrong in this area. I would suggest experimenting with a few different types of light sources to get a feel for what you can see with each and what you are most comfortable with. Lighting can be a problem if it is not intense enough but conversely, if too intense, it can drown out colors that you might otherwise see and prevent you from getting a good look at a coin. Warning - do not look at coins in bright sunlight or under laser beams!

 

One thing I would stress - it is very important that whatever type of lighting you use, that it be consistent. If you go to a show and buy coins under different lighting conditions than you are used to, you might receive a very unpleasant surprise when you get home and examine your coins!

 

I would also caution you about lighting at coin auction viewings and shows - if the overhead lights are too bright they can drown out the light source that you are using and you might not be getting a good look at the coins. Be aware of the type of lighting, any time you are examining coins. You would be amazed how at different the same coin can look under different lighting conditions. Think about some of the coin images you see and how two different images of the same coin can look so different and you will get the picture.

 

MAGNIFICATION

 

BEFORE you put a glass to a coin, I would urge you to look at the coin for a few seconds without magnification - get a feel for what it looks like - look at the big picture.

 

Many very expensive coins get graded and bought and sold without the use of magnification. I rarely use a magnifying glass. The exceptions for myself, are for very small coins like Three Cent Silvers and gold Dollars, as well as the cases where I see something like a spot or flaw that I wish to examine more closely. When I do use magnification, it is most often a 5X and occasionally a 10X. I think it is important that when you use a glass, that in most cases, you be able to look at a good portion of the coin and not simply one tiny area in isolation. If you look at just one area you can get a distorted view.

 

If you use strong enough magnification, I am convinced that just about any classic coin can look bad! And, while you might be proud of yourself for finding 17 flaws on an MS66 coin, you might be doing yourself a big disservice by passing on it, flaws and all.

 

Whatever magnification you use should allow you to get a good look at the coin but not to lose sight (pun intended) of what the whole coin looks like. And remember, if you have decent eye sight and have been trained to examine a coin properly (more on that later) you wont need a glass in many cases. I PROMISE YOU - SOMEONE WHO KNOWS WHAT HE OR SHE IS DOING CAN SEE THINGS WITH THE NAKED EYE THAT YOU WONT EVEN SEE WITH A GLASS.

 

I am not against magnifiers but feel that they are sometimes overused and misused. Think about the whole/big picture and learn to overlook the little flaws (unless the coin is supposed to be an MS or PR 70) - oftentimes, they simply don't matter that much on a practical basis.

 

Please do not take what I have stated above to mean that I think it is ok to buy over graded coins or that imperfections and flaws don't matter with respect to grade. That is not the case at all. However, I see many non-experts engage in "micro-grading" where they focus so much on little, mostly inconsequential imperfections, that they lose perspective and can't see the forest for the trees, as the saying goes.

 

 

EXAMINING COINS

 

Now it's time to discuss examining/viewing coins properly.

 

First, make sure you don't have your pet dog, cat (or snake) anywhere near where you will be studying your treasures.The same goes for babies and significant others - this is serious business and you need to be able to concentrate!

 

Lighting has already been discussed but I did neglect to mention that blinds or shades should be drawn so that your light source is not interfered with by any outside light.

 

If you have coins that are uncertified and completely out of any type of holder, I'd recommend that you have something soft and yielding (a towel, a felt tray, etc.) underneath where you will be holding the coins, in case you drop one (or two). The best/sharpest coin graders are not necessarily the most sure-handed!

 

I do recommend that you remove uncertified coins from their 2x2's, etc., to get a proper look - even the thinnest layer of plastic can mask flaws and prevent you from getting the view that you should.

 

Be conscious of how easy it is to put fingerprints on your beauties. I have seen a lot of people start off by holding coins at their edges, but gradually lose concentration and allow their long and or fat fingers to move from the edge to the surface of the coin.

 

To get the best possible look at a coin it is imperative that you tilt and gradually rotate it so that the light bounces off of it from as many angles as possible. A coin can look completely different, if looked at head-on, vs. from an angle. Light reflects differently and colors and luster can look different, as well. You might see hairlines, cleaning, wipes or other problems from one angle that you wont see from another angle. Look at a coin from all angles, top to bottom, right side up, sideways and upside down, etc. This is a simple concept but you'd be surprised at the number of people who don't do it right.

 

I know some graders who start off looking at the reverses of coins first just to get a different perspective. I know others who begin, looking at coins sideways instead of up and down, for the same reason. I don't usually do those things but it's probably a good idea to try it once in a while, just for a change in your routine.

 

When you take your first look at a coin, do so without a glass/magnifier. Eyeball it for a few seconds on each side to get a general first impression - to see how it hits you. Don't worry, initially, about looking for flaws and problems - get a feel for the big picture and the eye-appeal or lack thereof.

 

I cannot over-emphasize the fact, that in many cases, the first, split second look of a coin is extremely important. It will either grab your attention or not. If it doesn't, it might not be so special and it might not impress the next viewer, either. If it is special looking and grabs your attention right away, it very well might have the same effect on the next person. Many buying decisions regarding many valuable coins are made in a matter of seconds, based on that all-important first impression.

 

Look at the focal points - the main design elements (the cheek on a Morgan dollar, Ms. Liberty on a Walking Liberty Half dollar, the Indian on Indian gold coinage, etc.) If you have questions about the most important areas for grading for a given type of coin, please feel free to ask.

 

Next, look at the other areas, toward the borders. As you are doing this, you should be slowly and gradually rotating the coin and tilting it back and forth (as mentioned previously) at the same time - try to get the light to reflect off of the surface from as many angles as possible.

 

Now, for those of you who are dying to do so, it is ok to pick up your magnifiers - go for it, but don't forget about how the coin first struck you, when you looked with your naked eye.

 

 

 

 

[brg5658]

Thank you for posting this again Mark.

 

 

[Hard Times]

Thanks Mark!

 

Best, HT

[Danye West]

Very good info. I was thinking this would be a guide on what constitutes X grade, quite glad it was about the human piece of grading.

[jom]

Thanks Mark!

 

jom

[Rayman311]

Good advice!

[Raisethis2]

Excellent advice and approach.

 

 

 

 

 

A++++

[RWB]

Listen to Mark's advice. He understands this stuff.

[orifdoc]

Like Mark said, the lighting can really throw you. I didn't really believe all that hype until getting a new purchase home from the ANA show a few years ago. I pulled out a new half cent and found a huge area of discoloration that I hadn't even noticed at the show. I was dumbstruck. I can't imagine how I couldn't have seen it.

[Six Mile Rick]

Thanks Mark,

 

I am going to get me a 12 V "Tensor" lamp and check the comparison to my Incandescent lamp.

 

Rick

[MarkFeld]

Thanks Mark,

 

I am going to get me a "Tensor" lamp and see the comparison to my Incandescent lamp.

 

What type bulb do you like to use in your Tensor lamp?

 

Rick

 

Rick, I quit using a tensor lamp years ago. However, halogen lamps can serve the same purpose. And regardless of your choice of lighting, consistency is by far the most important consideration.

[Six Mile Rick]

I tried a Halogen and was not as pleased as I am with the Incandescent bulb.

[rrantique]

Thank you for posting this again Mark.

 

 

+1

[PocketArt]

Thanks for sharing your expertise Mark. I'll ditch the 16x loop!

 

Rich

[MarkFeld]

Thanks for sharing your expertise Mark. I'll ditch the 16x loop!

 

Rich

 

Rich, don't ditch it. But I recommend that you start off by getting the big picture, when you first look at a coin.

[123cents]

Great repost that is useful to all.

[grip]

If a person is nearsighted have an advantage?

[mark]

Mark:

 

You are clearly recognized as an expert grader. (Quit blushing--it's true.) Other than to view a lot of coins, what do you think was the most important lesson (or lessons) you learned about grading along the way to your current level of expertise?

 

Thanks in advance.

 

Mark

[MarkFeld]

If a person is nearsighted have an advantage?

 

I'm not sure. I suppose in some cases it could do away with the need for glasses.

[MarkFeld]

Mark:

 

You are clearly recognized as an expert grader. (Quit blushing--it's true.) Other than to view a lot of coins, what do you think was the most important lesson (or lessons) you learned about grading along the way to your current level of expertise?

 

Thanks in advance.

 

Mark

 

Mark, I don't have an answer for you, just yet, because I want to think about it for a while, first. I will be back to reply in the next day or two.

[Nutmeg Coin]

Some excellent observations and advice. Rotating the coin under a point light source without magnification except when examining small coins, mms and varieties is advantageous. I heard the graders do not use a loupe on the larger coins either. But some times the hairline activity passes with the graders, another day no dice (improperly cleaned). I would like to see all the light sources rated from best to worst. I have seen many collectors using tiny jeweler's loupes, purple and other weird lights that do nothing for me to ascertain a coin's surfaces.

 

On this point: "I cannot over-emphasize the fact, that in many cases, the first, split second look of a coin is extremely important. It will either grab your attention or not. If it doesn't, it might not be so special and it might not impress the next viewer, either. If it is special looking and grabs your attention right away, it very well might have the same effect on the next person. Many buying decisions regarding many valuable coins are made in a matter of seconds, based on that all-important first impression."

 

That is one viewpoint, but another is that assessments of a coin could be like a developing picture, taking far longer and reflection; snap judgments are rarely accurate. Considering any given coin in the bell curve of existing populations with all variables considered is optimum in judging a coin in terms of its place in the marketplace.

 

I bought a classic 1838 $5 gold piece that NGC had rejected, AU details "scratches". I did not see the problem as necessarily deserving of a details holder. The very same unchanged coin gets sent back in and grades AU55. Market acceptable. Do the ANA grading standards even define when a "scratch" should prevent a coin from grading and when it is acceptable? One day a grading service calls an 1893-S $1 VF details "improperly cleaned" then the other major service straights it as XF40. So you have the challenge of "liner" coins, curve balls that are hard to put into clear language and apply.

[MarkFeld]

Some excellent observations and advice. Rotating the coin under a point light source without magnification except when examining small coins, mms and varieties is advantageous. I heard the graders do not use a loupe on the larger coins either. But some times the hairline activity passes with the graders, another day no dice (improperly cleaned). I would like to see all the light sources rated from best to worst. I have seen many collectors using tiny jeweler's loupes, purple and other weird lights that do nothing for me to ascertain a coin's surfaces.

 

On this point: "I cannot over-emphasize the fact, that in many cases, the first, split second look of a coin is extremely important. It will either grab your attention or not. If it doesn't, it might not be so special and it might not impress the next viewer, either. If it is special looking and grabs your attention right away, it very well might have the same effect on the next person. Many buying decisions regarding many valuable coins are made in a matter of seconds, based on that all-important first impression."

 

That is one viewpoint, but another is that assessments of a coin could be like a developing picture, taking far longer and reflection; snap judgments are rarely accurate. Considering any given coin in the bell curve of existing populations with all variables considered is optimum in judging a coin in terms of its place in the marketplace.

 

I bought a classic 1838 $5 gold piece that NGC had rejected, AU details "scratches". I did not see the problem as necessarily deserving of a details holder. The very same unchanged coin gets sent back in and grades AU55. Market acceptable. Do the ANA grading standards even define when a "scratch" should prevent a coin from grading and when it is acceptable? One day a grading service calls an 1893-S $1 VF details "improperly cleaned" then the other major service straights it as XF40. So you have the challenge of "liner" coins, curve balls that are hard to put into clear language and apply.

 

Fair point about a coin straight grading one time, but not the next, or not straight grading the first time, but straight grading the next. On many occasions I have posted that often, the decision whether to (straight) grade a coin can be as or more difficult/subjective/inconsistent than the decision regarding what numerical grade to assign.

[Raisethis2]

On rare occasions I will buy a coin raw then send it in for encapsulating. Upon it's return it comes back "details" cleaned, but for the life of me I can't see what the Graders see. Luster and cartwheel, check. Color, check. Spots consistent with improper rinse, nope. Still, "details".

 

I'd love to get over that hump but I just don't know what I'm missing.

 

Any advice?

 

 

[MarkFeld]

On rare occasions I will buy a coin raw then send it in for encapsulating. Upon it's return it comes back "details" cleaned, but for the life of me I can't see what the Graders see. Luster and cartwheel, check. Color, check. Spots consistent with improper rinse, nope. Still, "details".

 

I'd love to get over that hump but I just don't know what I'm missing.

 

Any advice?

 

 

If possible, show the coin to one or more sharp numismatists and see if they can detect cleaning.

[Conder101]

And if they can't it may be one of those "inconsistancies" that will straight grade if sent in again.

[MarkFeld]

Mark:

 

You are clearly recognized as an expert grader. (Quit blushing--it's true.) Other than to view a lot of coins, what do you think was the most important lesson (or lessons) you learned about grading along the way to your current level of expertise?

 

Thanks in advance.

 

Mark

 

Mark, I have thought about this for a while and these are some random thoughts, mos of which I have echoed in various posts over the years....

 

In order to obtain a good foundation for grading, one needs to have a good (collector or dealer) mentor and be exposed to the right coins.

 

Many would-be mentors are willing to help, but not well qualified. Many others are well qualified, but far from all of them have the time or desire.

 

One needs to be able to view a large quantity of coins that cover a broad range of grades. "Perspective" is a word I like to use, because I think it is key. I remember one year when I was teaching the advanced grading class at the ANA seminar in Colorado Springs and I showed the class an MS67 Walking Liberty half dollar. It was no big deal to me, because I had seen hundreds of them. But one of my students was awestruck and said something like "So that's what a superb example looks like". Until then, he had never seen one and could only imagine what it would look like. In other words, he did not have perspective. And without it, (much of) grading is impossible.

 

It's easy to under-grade coins - and I think a lot of people do so in order to appear sharp. But it doesn't get you anywhere.

 

I had to be taught not to "micro-grade" or ignore all the positive aspects of a coin because of a tiny flaw, here or there.

 

Just because you don't like the look of a coin doesn't mean it's over-graded. And likewise, just because you do like the look of a coin, doesn't mean it's not over-graded.

 

I might think of a fee more things later and if so, I will revisit this thread.

 

Thanks for making me think.

 

[RWB]

"One needs to be able to view a large quantity of coins that cover a broad range of grades. "Perspective" is a word I like to use, because I think it is key. I remember one year when I was teaching the advanced grading class at the ANA seminar in Colorado Springs and I showed the class an MS67 Walking Liberty half dollar. It was no big deal to me, because I had seen hundreds of them. But one of my students was awestruck and said something like "So that's what a superb example looks like". Until then, he had never seen one and could only imagine what it would look like. In other words, he did not have perspective. And without it, (much of) grading is impossible."

 

This is an important concept for modern collectors to understand. Through much of the US Mint's history, the coins produced for circulation were of very high quality. What are now called "gems" were commonplace. Thus, our perspective is distorted when compared to that of collectors at the time a coin was issed.

[jom]

[it's easy to under-grade coins - and I think a lot of people do so in order to appear sharp. But it doesn't get you anywhere.

 

This is an important point. I do this all of the time myself especially with 20th century MS coins. Everyone gets it into their heads that if you are a "tough" grader you are somehow "better". Not true at all. The idea is to be consistent not necessarily more conservative.

 

I took the PCGS grading course a couple of years ago and Ron Guth taught it. He had us go through 10 boxes of coins and he graded us on how we did. After we were through I discussed some coins with him and he noticed how conservative I was. He made a funny remark like "I wish you were a dealer...I could pick your inventory clean"...meaning I could end up giving away good coins if I under-grade. It was a good lesson.

 

jom

[Nutmeg Coin]

And you see quite a bit of critical grading on the various forums with minor hits on a coin's surface even when it is not in grade sensitive areas becomes a cause of rejecting the coin or low grading it. If you look at the various coin grading books and online tutorials it is very hard to compare those images with your coins. And if a coin is shown in a non-premium holder, NGC or PCGS with a CAC bean an assumption is made by some that it is over-graded or even a problem coin. Looking at how tough crossovers can be of coins that the owners think are properly graded as well as CAC approval rates, around 40%, that tells you something in terms of varying standards.

[lehigh96]

 

It's easy to under-grade coins - and I think a lot of people do so in order to appear sharp. But it doesn't get you anywhere.

 

I had to be taught not to "micro-grade" or ignore all the positive aspects of a coin because of a tiny flaw, here or there.

 

 

Two thoughts about these two sentences. First, you should (attempt to) explain this philosophy to Doug over on Cointalk. He is easily the biggest offender of these two things that I have ever encountered on the coin forums. Second, don't you think that this information about "micro-grading" could have helped us reconcile the grading dispute on the recent MS68 Roosevelt thread?

 

Paul