Quote:
Sorry to ask what is probably a silly question but when the slab says things like
1) AU details ....does this mean the coin is AU or only some features are AU like ?
2) what would a qualifier on a slab like corroded mean ? i.e. if the coin is corroded how can it carry a grade of say EF ?
Any explanation that would clarify how to rate the relative condition of a coin with either of these (or other)qualifiers vis a vis similiar graded coins without would be greatly appreciated.
Any one of these posts should have answered your question but now we are on page #2 and it may keep going.
Here is the long answer to your original question:
During a 1970's
ANA Authentication Seminar the instructor explained that a very strict system of identifying coins was used at ANACS. He called it "technical" grading as it explained what a coin actually looked like. We were asked to imagine how we would describe (grade) an uncirculated coin that was chopped in half! His answer was "Uncirculated, chopped in half." It was NOT AU or lower (Net grading as practiced by Large cent collectors). Another example would be Uncirculated, rim filed.
When TPGS started. A coin with a rim file was not considered suitable to be put into a slab; and they kept the money. This practice goes against what I was taught: ANY COIN in ANY CONDITION can be described and graded.
Finely, the TPGS got the message. At first one service, ANACS described the problem and then Net graded the coin to reflect its lower value. IMO, this is nuts. It can be demonstrated that the grading services actually DO NOT PUT A VALUE ON A COIN is spite of the claim.
Today, a details grade reflects the way it was done in the beginning. A coin is graded for its condition and then the problem is noted. XF Details - corroded indicates that there is a XF degree of details remaining yet the coin is corroded.