New Grading Designation

Seems like a natural evolution to me. NGC has announced the they will be using the SMS designation for the new mint set coins. Something was needed, since they aren't proof and they aren't regular business strikes.

Hey Miker, seems PCGS has a Donkey and wants to sell us a Horse. Guess with the innacurate but fancy name, we can expect to pay more! Mike

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Originally posted by miker

I was just watching Home Shopping Network on TV and they had some coins from the 2005 UNC sets that were graded SP (Satin Proof) 69. They say that it follows the Sheldon grading system but was made to 'adjust' for the new coins.

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First of all they arent 'proof' coins. Here is a good definition of the term proof;
Proof
A coin usually struck from a specially prepared coin die on a specially prepared planchet. Proofs are usually given more than one blow from the dies and are usually struck with presses operating at slower speeds and higher striking pressure. Because of this extra care, Proofs usually exhibit much sharper detail than regular, or business, strikes. PCGS recognizes Proofs (PR) as those struck in 1817 and later. Those coins struck prior to 1817 are recognized as Specimen strikes (SP).

as you can see the designation of SP has already been used and could not be for their intended purposes. It's a matter of someone without any idea of what has happened in the past trying to make a pich for something they think is special...and messsing up, big time.

Here is the NGC statement http://ngccoin.com/news/viewarticle...DArticle=275

However, using the term SMS is not correct. These are not Special Mint Sets. These are Mint Sets. Just because they have changed the process does NOT make it special. This is NOT the first time that they changed the process, and it will not be the last.
The SMS sets of the mid-sixties were quite different as they did not have mint marks. THAT made them special.
If you compare your 2004 Mint Sets to a set from 1964 you will see MAJOR differences. That does not make your 2004 set special. It is simply the evolution of better technology and equipment.

I could live with SMS, SATIN MINT SET, but disagree with the special mint set designation! The term has confused new collectors ever since it was used in the 60s and now someone, who just doesn't know what to do or what to call this NEW set of coins, has resorted to digging up the past. Do us all a favor and leave SMS buried with the past!

Before we get carried away, I suggest that the truth of the matter is you can take the "SBS" designation and remove the first "S" What is left describes very well what is going on with thsse coins.

If you happen to prefer "SMS" to describe the set, you can again remove the first "S" and you have "More of the Same".

Why not ignore it and maybe it will go away, or get a lot better.

How about this? The mint currenly offers Business Stikes, Mint Sets (different), and Clad Proof Sets, and Silver Proof Sets. They also offer special 4 coin presentation sets, 6 coin presentation sets, and bullion. Sounds like this is just one more way to remove the dollars from the collectors pocket.
It is true that Mint Sets represented Business strikes, but they are different. The Mint issued a Lincoln collection that contained business and mint strikes. It was very easy to spot the difference.
I do not see the whole point in designating this new process. Mint sets have always been designed to look different than business strikes. YES, I know that quality control often is very lacking and it is often possible to get business struck coins that actually grade better, but the whole point was to showcase the quality.
By providing a "new" designation, it only gives reason to charge more. Mark my words, this new process will cause prices to go up. It will not provide "better" coins.