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Mercury Dimes - 1928-S Large And Small 'S' (You Win Some You Lose Some)

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one_fine_dime's Avatar
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591 Posts
 Posted 11/06/2021  8:49 pm Show Profile   Bookmark this topic Add one_fine_dime to your friends list Get a Link to this Message Number of Subscribers
Been collecting early date branch mint Mercury dimes for some time now, trying to veer towards crusty originals with natural toning as much as possible.

So I've been keeping my eye out for a 1928-S Large 'S' variety dime in high AU, and have not seen one with original surfaces. I saw this one, an ANACS MS62FB and was dead set on bidding for it, but alas I couldn't justify spending over $250 and was outbid. I would have been MORE than happy with that large 'S' without the bands.


Then, the next day, almost as a consolation prize, I stumbled upon this coin, a 28-S normal 'S' listed as "EF(40-45)".

I adjusted the lighting on these dealer photos just a tad to bring out that fiery blaze of original patina around Liberty's wingtip and through the upper right olive branches! Guessing either this was an old (mild) cleaning that re-toned or we're seeing what remains from toned patina rubbing off in circulation.
I paid $24 shipped. Graysheet prices are:
XF40 XF45 AU50 AU53
$15 $21 $28 $35
After looking at numerous PCGS and NGC AU50s, I feel this should easily make AU50. So while not a high grade, the look of this coin seems rare with so many specimens scrubbed and dipped out flat gray these days. Anything in AU with original surfaces is intriguing (and at sub-graysheet pricing).

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Coinfrog's Avatar
United States
94367 Posts
 Posted 11/06/2021  10:09 pm  Show Profile   Bookmark this reply Add Coinfrog to your friends list Get a Link to this Reply
I find little appeal in the second specimen.
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macmercury's Avatar
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5732 Posts
 Posted 11/06/2021  11:24 pm  Show Profile   Bookmark this reply Add macmercury to your friends list Get a Link to this Reply
Take some pictures of your own once you received it, as of now I don't see this being higher than EF-40.
There's too much wear on the high points and the horizontal bands are mostly worn out, luster are at a subdue level.

Edit: I see the buyer saw the large 'S' variety and is now selling over $500 on ebay, worth the $250 price range for the FB and variety what it go for, but high now for the moment.
Edited by macmercury
11/06/2021 11:29 pm
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one_fine_dime's Avatar
United States
591 Posts
 Posted 11/07/2021  07:54 am  Show Profile   Bookmark this reply Add one_fine_dime to your friends list Get a Link to this Reply
Yeah, it is frustrating when a good portion (most? all?) of the competition for any given coin is just planning to flip it for immediate profit. The collector gets screwed and only the deep pockets win out.

As for grading the coin I purchased, I think the wear on the high points is certainly less than what is typically seen on XF40. Yes, subdued luster at best for sure, limited to areas hugging the devices. But generally consistent with a number of TPG'd AU50 specimens out there.

Also, here's what some PCGS certified AU50s look like:
https://www.PCGS.com/cert/42614818
https://www.PCGS.com/cert/83736237


Here's some XF45s for comparison:
https://www.PCGS.com/cert/15284336
https://www.PCGS.com/cert/41463961

Here's some XF40s for comparison:
https://www.PCGS.com/cert/24186392
https://www.PCGS.com/cert/40171859

Anyway, regardless, even if it may be closer to XF45, I like the toning and feel it looks to have more original surfaces than the majority of raw coins for the price.

Edited by one_fine_dime
11/07/2021 09:54 am
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one_fine_dime's Avatar
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 Posted 11/07/2021  11:37 am  Show Profile   Bookmark this reply Add one_fine_dime to your friends list Get a Link to this Reply
For additional reference, here are two NGC graded AU50s. Both with relatively flat horizontal bands on reverse.

1926-D NGC AU50:



1928-S NGC AU50:

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macmercury's Avatar
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 Posted 11/07/2021  3:05 pm  Show Profile   Bookmark this reply Add macmercury to your friends list Get a Link to this Reply
I'm starting to disagree with NGC & PCGS grading standards, but that's just my own opinion. The fact is EF-45 and AU 50 are nearly identical, only thing I see possible is one or two lesser contact marks on AU-50, perhaps is struggling to show some luster, while EF-45 is duller.

But again that depends on individual collector point of views in assigning their own grade.
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 Posted 11/08/2021  11:12 am  Show Profile   Bookmark this reply Add just carl to your friends list Get a Link to this Reply
I'm glad none of my 12 sets of those have a place in the Album for all the large and small Mint marks. More and more of them are showing up every day.
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one_fine_dime's Avatar
United States
591 Posts
 Posted 11/14/2023  11:03 pm  Show Profile   Bookmark this reply Add one_fine_dime to your friends list Get a Link to this Reply
Well, I submitted it to PCGS along with many others this year. They deemed that 28-S an XF-45!

Here is the coin:
https://www.pcgs.com/cert/48099670
Edited by one_fine_dime
11/14/2023 11:04 pm
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Errers and Varietys's Avatar
United States
59727 Posts
 Posted 11/14/2023  11:06 pm  Show Profile   Bookmark this reply Add Errers and Varietys to your friends list Get a Link to this Reply
Nice coin, nice grade!
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jbuck's Avatar
United States
164408 Posts
 Posted 11/15/2023  11:01 am  Show Profile   Bookmark this reply Add jbuck to your friends list Get a Link to this Reply

Quote:
Well, I submitted it to PCGS along with many others this year. They deemed that 28-S an XF-45!
Excellent!
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kbbpll's Avatar
United States
4233 Posts
 Posted 11/15/2023  11:56 am  Show Profile   Bookmark this reply Add kbbpll to your friends list Get a Link to this Reply
Nice! Glad it also takes someone else years to get coins graded... Did you ever get your large S?
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one_fine_dime's Avatar
United States
591 Posts
 Posted 11/15/2023  4:45 pm  Show Profile   Bookmark this reply Add one_fine_dime to your friends list Get a Link to this Reply
Haha, yes. Especially with grading fees as they are, good to save up a number of coins to submit all at once!

Thanks for asking about the large S. I've actually picked up several over the last few years.

This one I won in a David Lawrence Rare Coins auction in a PCGS slab (unattributed variety) and just submitted for TrueView (reholder). AU50
https://www.pcgs.com/cert/32970436

This one I purchased raw on ebay, was extremely happy it made MS63!
https://www.pcgs.com/cert/46306639

This one I purchased raw on ebay and hoped it would straight grade (no dice):
https://www.pcgs.com/cert/48099672

Same here ( ebay):
https://www.pcgs.com/cert/48099671

.and this AU58 I picked up ( ebay) slabbed (unattributed variety) and resubmitted (raw) and got the same grade:
https://www.pcgs.com/cert/48099673
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