| Author |
 Replies: 9 / Views: 2,403 |
|
|
Valued Member
United States
166 Posts |
I have a 1862 SD that is graded AU58 by NGC. I have noticed that the rim is sharp and square, not rounded over. In addition, there are mirror-like surfaces between the lettering. Since this coin is more readily available as a proof than a business strike, I am wondering if it is a proof. Even though NGC does make such a distinction when they grade, did they always in the past? The condition of the slab indicates that it may have been graded some time ago. How does one tell a business strike from a toned and/or circulated proof? What do I look for? Any advice would be appreciated. Thanks!
|
|
|
|
Moderator
 United States
23522 Posts |
Your thinking is reasonable but the proof difficult indeed. With a total of only 12k minted including Proofs, chances are the same die(s) were used for both, so it's all subjective from there. Better for you they called it a Business Strike - at AU58 it's worth PR65 money. Not at all hard to believe PLish surfaces from an ex-Proof die, and Seated dollars are usually very well struck. I'd be comfortable with NGC's opinion, because they assigned a bunch of value by making that choice. They stuck their necks out for this one. |
|
Valued Member
 United States
166 Posts |
Thanks! I was worried that I stuck my neck out by buying it! I really like the coin, but I was unsure about the grade. Somewhere I remember reading that the rims of proofs are sharp, but business strikes were rounded over a bit. I compared this coin to another SD I have (AU55), and that coin is rounded over at the rim. You are right, the coin is well-struck. From what you are saying here, it is difficult to tell absolutely what type of strike it is. Thanks for that, I thought maybe it was a stupid question.
|
|
Pillar of the Community
Taiwan
606 Posts |
TPG's do make mistakes of attribution,some more glaring than others.That is bound to happen when you grade millions of coins. Recently an 1844 PCGS AU 50 Seated dollar sold on Ebay(BIN). It was actually a Proof and worth much more.The item number was 141451872427 if anyone would like to look it up. As far as an 1862 AU 58 being worth PR 65 money that is pure nonsense. Edited by Everest
01/17/2015 11:02 pm
|
|
Valued Member
United States
166 Posts |
How was it determined that the 1844 was actually a proof and not a business strike? This is the part I am confused about. Thanks for the reply and the link.
Edited by Krusti-Koin
01/18/2015 05:32 am
|
|
Pillar of the Community
Taiwan
606 Posts |
Krusti-Koin The Proof 1844 will have the normal sets of three stripes in the Obverse shield.The Business strike has four stripes in the shield. The reverse of the Business strike will also have die polishing lines under the eagles wings and above the eagles right wing.These are characteristics of the 1844 Proof dollar only. You have an 1862 NGC 58 Seated dollar which is a desirable Civil War date and very scarce in that condition. Attend a larger coin show and run your coin by a few dealers and get their opinion |
|
Valued Member
United States
166 Posts |
Thanks Everest, I am attending the show in Baltimore in a couple of months and will bring it with me. I know a couple of dealers that I trust. I appreciate your advice and information! K-K
|
|
Valued Member
United States
166 Posts |
In researching this topic, I noticed that PCGS grading standards for proofs is PF 60-70 only (according to their web site). At the same time, the population census and price guides both list proofs below those grades, such as PF55. Does anyone know the reason for this inconsistancy?
|
|
Moderator
United States
23522 Posts |
Quote:
As far as an 1862 AU 58 being worth PR 65 money that is
pure nonsense. Fair enough, I freely admit to a bit of hyperbole there. Real-world sales in the recent past indicate it's more like an AU58 is worth PR64 money, not PR65 money. This is not me theorizing, it's what people have recently spent on these. Quote:
In researching this topic, I noticed that PCGS grading standards for proofs is PF 60-70 only (according to their web site). At the same time, the population census and price guides both list proofs below those grades, such as PF55. Does anyone know the reason for this inconsistancy?
Because Proofs sneak into circulation, and sometimes they can be identified by die characteristics. It then gets an appropriate numeric grade relative to its' wear, but remains designated a Proof because that's what it was struck as. Once a Marine, always a Marine.  |
|
Valued Member
United States
166 Posts |
Well, I have to thank you both for the comments, this was very informative. I have been looking for a business strike 1862 Dollar for some time. I feel very lucky to have found this one. I will do as Everest suggested, bring it to a show, and get some opinions. While at the show, perhaps I will see if it can crossover to PGCS. Thanks again!
|
| |
Replies: 9 / Views: 2,403 |
|
Posted 01/17/2015 5:44 pm
