How Does This Merc Dime Get A VF30?

Weak strike probably.

The most generous grade I would give this is a split grade of VG-10/VF-20. There's no way this should have made it into a VF-30 slab.

I think it was graded on a Friday...at about 4:45pm.

"switched with a lower grade"--you mean they carefully cracked the holder, removed the VF30, and then put it back together?

Key dates are graded against the others available in that date and mint mark due to the rarity. What would be necessary for a vf 30 from say a 44 p merc has no bearing on the 16 d grading as an example. You see it in other series that have rare dates like that. Theyll also do it when the quality just isn't great overall like with ikes the p and d mints have different standards. A ms 66 77 d ike would likely be a 67 maybe 68 if it was a 71 p as an example.

With the key date grading its really more about ranking it against it peers.

With that said it still looks generous. Probably said it was a weak strike and then gave it a bump for eye appeal too.

Cracking coins out and switching them is as close to impossible as it gets. The slabs are designed to crack and break and the edges arent resealable when trying to open them. I dont believe in saying anythings impossible, but being able to do that is pretty close.

There are experts in coin series who openly disagree that "rank" or rarity should affect grade. Honestly, when a step up in grade can mean $500-1000 on a sale, it's easy deduce why it is done.

Everyone entitled to their own opinions, theres experts that openly would agree with it as well.

In the end it really makes no difference. If the finest known is a ms 64 or a ms 68 its still the finest known and will command a price showing that. The adaptation of the current grading scale itself is really nothing more than a ranking system. Things get a vf 35 because theyre better than a 30 and not good enough to be a 40. There are of course standards that need to be met for each grade level but at the end of the day its really just ranking them. If it wasnt for that "ranking" bad/good/amazing would be an acceptable system.

As far as why its done, TPGS dont benefit in anyway inflating the value, in fact theyre actually harmed by it because its a greater liability number they have out there and puts them at risk of having that resubmitted in the future and grading lower where they would have to make a pay out on it. Not really a great business plan for something they got 32 dollars to grade.

John Albanese actually discussed that very thing about market grading in an interview a while ago from his days as a grader at NGC. When Morgans were fetching crazy prices in the 80s things that should have been 65s were getting 64s because they werent comfortable calling it an 800 dollar coin.

IMO grading should always be relative against the other coins with that date and mint mark. If not everything with an O mint mark before 1900 is automatically subpar to any other mint due to their equipment.

Others will disagree with me and thats fine everyones certainly entitled to their own opinion. But TPGs do grade rarities off of different standards than common dates where high quality coins are readily available

Theres truth to that, I see it as basically the same anyway. Part of the grading equation is subjective anyway and while the difference between 20 and 40 is pretty obvious, 20 and 25 not so much.

At the very least mints should have their own standards within reason. Something shouldnt be a 70 just because its the best known, but grading New Orleans mint Seated dimes the same as Philly would create a big bias against O coins famous for weak strikes. You just arent working with the same starting point for how much there is that can be worn off of the detail.

I should add I only believe this for classics. Modern mints are all good enough to have one standard across the board now




They just have a different standard for them. From the TPG point of view their money angle would be to reduce the liability with lowers grades if they were only interested in the money aspect. 32 dollars a coin takes a lot of coins to recover one 3200 dollar over graded coin.