Lot 392
Only 11 coins graded higher. Catalogues at USD 37,500 (appox AUD 50,000) in this grade. It is in a very early holder and so it is up for a possible regrade. PCGS MS64+ catalogues at USD 53,500
-
Literature:
- 378 Medium:
- Collectibles Circa:
- Coins, Monies & Stamps Notes:
- One of the great drivers of investment in US coins in recent decades was the introduction of third-party-grading services in the late 1980s. The two major services, P.C.G.S and N.G.C., both started around this time and between them have now processed over 70 million coins assigning them a precise third-party grade and a guarantee of authenticity. Each coin has been awarded a grading score out of seventy with the uncirculated or M(int) S(tate) grades starting at MS60 and progressing through to a theoretical MS70. Once third-party grading gained a foot-hold collectors were no longer satisfied with owning just an uncirculated coin and took up the challenge of pursuing the best that they could afford, or even the finest known. In the new market the higher the MS number a coin achieved the more desirable and expensive it became. Australia in the 80s and 90s was still firmly wedded to the traditional adjectival grading system which attached terms such as ‘choice’, ‘brilliant’ or ‘gem’ to uncirculated coins in an attempt to differentiate slightly different grades. Sometimes the terms were interchangeable such as ‘choice’ of ‘brilliant’ or were co-joined as in ‘brilliant gem’ which of course allowed plenty of wiggle room for coin dealers. It would take decades before Australians would embrace the more precise ‘MS’ system - although surprisingly there were quick inroads into the Australian coin market very early on in the life of third-party grading. Some US firms like Kagins, were quick to take up third-party grading and, seeing a point of difference in the Australian market began selling investment portfolios of US coins to local collectors using the new grading system. Australian collectors were certainly not familiar with the coins on offer but were reassured that these ‘alien’ coins had been rigorously third-party graded, were correctly priced and offered a sound investment. In the end the Australian marketing exercise proved uneconomic and was very short-lived but, every so often an investment portfolio from that era will come to light with the coins still housed in their original third-party holders. It is important to realise that at the start of their operations the grading services had much more time to scrutinise each coin and also having fewer examples with which to compare were usually very conservative in their grading. There were no digital records of submitted coins that they could reference to arrive at a grade and, so graders relying solely on their memories were more cautious in their assessments. The fledgling services also had no real idea of the numbers of particular coins that were still out there to be graded and, it is argued that in anticipation of ‘super’ coins emerging at a later date tended to grade from the bottom up. Therefore, it is not unusual for a coin in a very early third-party holder to achieve an extra point when it is resubmitted.This coin was part of a Kagin investment portfolio from the late 1980s and is graded PCGS MS64. In the intervening years only 11 coins have achieved a higher grade.
Accepted Forms of Payment:
American Express, MasterCard, Money Order / Cashiers Check, Paypal, Visa, Wire Transfer
Shipping
AUSTRALIA: Purchases within Australia will be charged a MINIMUM SHIPPING FEE of $5.50 and will be sent by Registered Post. Additional insurance is optional at the buyer's expense.
INTERNATIONAL: Overseas purchases will be charged a MINIMUM SHIPPING FEE of $20.00 and will be sent by Registered Post International. Additional insurance is optional at the buyer's expense.
Both Australian and International packages are traceable in transit and require a signature on delivery.
Smalls Auctions
You agree to pay a buyer's premium of up to 18.5% and any applicable taxes and shipping.
View full terms and conditions
| From: | To: | Increments: |
|---|---|---|
| A$0 | A$99 | A$5 |
| A$100 | A$999 | A$10 |
| A$1,000 | A$4,999 | A$50 |
| A$5,000 | A$9,999 | A$100 |
| A$10,000 + | A$250 |