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 Replies: 24 / Views: 2,621 |
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Valued Member
United States
208 Posts |
So I am new to this hobby and have dived in on the Wheat cent side of things pretty deeply. To try to learn more about grading, I have posted a few various coins in the grading sub-forum, and looked at many many MS64 and higher examples in coin shops. Lately I have been starting to look at high res Heritage Auction images of sold wheat cents to really try to understand what goes into a coin. But then I come across things like this MS-67+ 1956-D Wheat cent that sold for $18,000 in Dec. 2022. (If this belongs in the US Coin Grading sub-forum please let me know) So obviously it has a lot of eye appeal at first glance.  But then I see the lapel all banged up to heck. Sure it's likely just bag marks, but there are many.  Then there is this carbon spotting everywhere especially visible in the fields. I have been told that even a few spots kills the chance at at MS66 or higher.  Then there is the reverse. Also very appealing from a holistic point of view although my eyes are already drawn to the marks under E Plur.  See the marks here!  Detail isn't exceptional and there is a solid amount of spotting here as well.  Here's the slab  So I guess I'm just asking you all to help me understand how this coin graded MS67+. Is the "Martin-Bender Collection" prestigious? Am I just missing something? The holder seems to be somewhat new as well so I doubt it looked better when it was first graded. Thanks for the advice! Edited by Hordfest
04/21/2023 3:45 pm
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Bedrock of the Community
United States
94367 Posts |
Beats me.  |
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Pillar of the Community
United States
2830 Posts |
Possibly, Martin Bender has some "friends" that grade at PCGS. If I sent that coin in, it would have come back MS62.
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Valued Member
 United States
208 Posts |
Just one more tidbit to add. This is from PCGS's webinar on MS/Unc. coin grading. Surface preservation is over half of the total grade weight and yet that is the weakest part of this coin. I know that grading is ultimately subjective but this just makes no sense to me.   |
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Pillar of the Community
United States
2365 Posts |
Heritage explains the coin: Quote:1956-D 1C MS67+ Red PCGS. CAC. Ex: Martin-Bender Collection. This is a boldly struck, frosty example of this conditionally scarce Wheat cent issue. Vivid copper-red luster adorns the interiors, ceding to brighter gold around the peripheries. A few tiny flecks are not bothersome, and there are no abrasions of note. The 1956-D is scarce in Superb Gem Red condition, and this Plus-graded coin is tied for the finest certified. Here's an article about the "Bender" family: https://www.ha.com/information/tom-...collection.sApparently having a strong Numismatic reputation pays off! Edited by dsking
04/21/2023 3:33 pm
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Moderator
 United States
94672 Posts |
If that were my coin I summited, I would probably get a MS 60 or less.
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Bedrock of the Community
United States
19112 Posts |
I would have called it an MS64+. Not 67+. I have twenty or so '56 Ds in similar condition to the one pictured. I guess I should look them over (again).
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Pillar of the Community
 Canada
9862 Posts |
Quote: Quote:
...and there are no abrasions of note. Someone must have switched coins.  "Dipping" is not considered cleaning...
-from PCGS website
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Moderator
United States
56855 Posts |
Excellent example of "buy the coin" not the holder. And it is even CACed   John1  Edited by John1
04/21/2023 7:06 pm
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Valued Member
United States
208 Posts |
Here is another MS67+ I found on heritage solds. It's a 1950P. Only took the one snapshot of this one but the obverse was even worse! Sold for $5000+ in 2019. "This is the plate coin for the CoinFacts website. Glowing luster blends with copper-orange and sunburst-gold color over immaculately preserved surfaces. Lincoln's hair and the wheat ears showcase needle-sharp definition. There are no mentionable carbon spots on either side of this Registry-quality piece, while a microscopic fleck adjacent to the O in ONE serves as a pedigree marker. Amazing eye appeal. PCGS reports just two examples with the coveted Plus designation (4/19)."   |
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Pillar of the Community
United States
3634 Posts |
I can't understand the grade nor how it earned a green bean. And a $18k hammer price? That same coin sold at the Heritage FUN Signature auction (Jan 2019, lot 4122) for $1560, though at that time the attribution was from the Jerald L. Martin Collection. It was in a different PCGS holder, but also graded 67+ and with a CAC sticker. https://coins.ha.com/itm/lincoln-ce...ption-071515Member of SPMC, FCCB, ANA and ANS. My U.S. Classic Commemorative Complete Set: https://www.NGCcoin.com/registry/co...sets/278741/My U.S. Fractional Note Set: https://notes.www.collectors-societ...eSetID=34188Edited by hokiefan_82
04/21/2023 10:16 pm
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Pillar of the Community
Canada
5392 Posts |
Can you say " overgraded , Boys and Girls , Sure you can! "
What an excellent example of buy the Coin not the Holder .
If this was in a 2x 2 at an LCS it might bring 5 bucks on a good day!
If any of us peons submitted might get 64 RED.
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Valued Member
United States
208 Posts |
I'm glad you all seem to agree with me. Gives me a little more faith that I'm learning something!
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Moderator
United States
15386 Posts |
Quote:
Gives me a little more faith that I'm learning something! You are indeed and it's impossible to argue that you are seeing it wrong on this coin. If I submitted it would come back MS63 RB. Buy the coin and not the holder. |
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Pillar of the Community
United States
3207 Posts |
overgraded coins are never resubmitted, whereas undergraded ones are, with the result there are more overgraded coins Out There
could be the spotting appeared on the coin weeks after the grader had sneezed on it, but even without spots 67 is stretching things
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Pillar of the Community
United States
4036 Posts |
It was either a mistake, which seems unlikely, or a favor. That coin does not have good enough strike to make a 67, independent of any other concerns. I have literally rolls of coins that are that good or better. I guess I'm rich! Anyone want to buy a roll of 67+ from me? Just $18k each, or I'll give you 10% off for the whole roll...$810k per roll. 10 available.
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Replies: 24 / Views: 2,621 |
Posted 04/21/2023 2:43 pm
