Feature Article

Coin Grading Test

Richard Simpson

In early October, of 2004, following discussions on canadiancoin.com, I asked if some of the members would like to join a small group, and submit coins to two grading services, and working on the theory that raw coins only would be sent, I immediately had several takers.

The plan was to submit (to me) $100 each, plus some coins to be graded. I wish to thank the following people for joining in this test, Randy Ash (Edmonton), Wayne Bertoia (New Westminster), Jesse Mills (Toronto), Frank Leardi (Toronto), Rob Turner (Fountain City, CA), Willard Burton (Brampton) and Mike Wilson (Moncton, NB). It takes a lot of trust, as I had never met the first three in the list, had not met Rob until just prior to doing this test, while the others I knew fairly well.

By the middle of November, it was all in place. The original plan was to send coins to PCGS, however, the cost was such that the total funds available wouldn’t cover it. It was decided to send 30 coins to ICG for grading.

The coins were all judged and graded by me prior to sending them, which is a good test in itself. The coins were then sent to ICG by a Canadian courier. The coins were sent to the wrong address, and a frantic call from a young lady who received them brought the first set of worry. I telephoned the courier, and promptly got the message that the package had been delivered. Despite my pleas to the contrary, no one would listen, and it took a phone call to ICG, who cheerfully picked up the (still) intact package.

The coins were returned from ICG on January 17, and the break out of the holders started anew. All the coins were scanned first, and then the breaking of holders began. It was found that the ICG holders are very durable, with the coin held in a soft, elastic material that keeps the coin centered and free from rotation. A small tap with a hammer while holding the slabs on an angle easily shattered them.

Coin	Description, grade	ICG	ICCS
1881H cent	Obv. 2, MS-62 RB, 40% luster, raw	MS-64RB *	MS-63 RB
1904 5 ¢	Bright, estimated grade AU-50, raw	MS-61 ***	AU-55
1947 $	ANACS graded MS-61 pointed 7, quad die obverse. Attributed properly	MS-61 *	MS-60
1950 $	Arnprior type, raw, marked CH BU (AU-58)	MS-63	MS-63
1925 5 ¢	Raw, estimated grade VF-20	EF-45 ***	VF-30
1885 5 ¢	PCGS graded VF-30 misattributed 5/5 type Was called small 5, clearly a 5/5	VF-20	VF-20
1919 50 ¢	Raw, marked EF-40 (overgraded)	EF-45 ***	VF-30
1872H 25 ¢	Raw, may have been cleaned (VF-20)	EF-40 *	VF-30
1916 10 ¢	Raw, bright, appears borderline Unc. (AU58)	MS-61 *	MS-62
1891 5 ¢	Raw, bright (AU-50)	AU-58 *	AU-50
1954 $	ICCS PW 041, graded PL-65	PL-66 *	PL-65
1925 5 ¢	This coin is interesting as it had been graded twice before by PCGS and ICCS	AU-58 ***	EF-45
1926 5 ¢	Far 6, also graded twice before by PCGS and ICCS, widely different grades assigned	EF-40 *	VF-30
1973 25 ¢	Large Bust, raw from a Double Dollar set	PL-67 **	SP-65
1902 cent	Raw, Red. (estimate MS-63R)	MS-64R	MS-64R
1900 10 ¢	Raw, uncirculated with cameo	AU-58 *	MS-60C
1899 cent	Raw, nearly full red, uncirculated	MS-64 RB	MS-64R
1900 25 ¢	Raw, bright estimate AU-55	AU-58 *	AU-55
1928 25 ¢	Raw, bright estimate AU-55	AU-58 *	MS-60
1858 5 ¢	Medium dark toning, was ICCS graded, and removed from holder RT 001 AU-50	EF-45 *	AU-50
1904 5 ¢	Dark toning, was ICCS graded, and removed From holder PX 679, AU-50	AU-58 **	AU-50
1912 10 ¢	Medium toning, was ICCS graded, and removed from holder, PX 628, MS-60	AU-55 **	EF-45
1914 10 ¢	Light toning, good eye appeal. Was ICCS graded, removed. PX 629, AU-55	AU-55 ***	EF-40 RN
1882H cent	Raw, red and brown, looks Uncirculated	MS61RB***	AU-55
1903H 5 ¢	Raw, large H type. Clashed die Obverse, Unc.	AU58LH **	MS-62 LH
1944 5 ¢	Raw, Bright, slightly matte finish	MS-65	MS-65
1894 20 ¢	Newfoundland, raw, showing wear F-15	VF-20 *	F-15
1954 10 ¢	Raw, near gem, proof like with cameo	PL-67 *	PL-65 C
1900 50 ¢	Medium toning, raw. Couple of marks	Body bag **	F-12 scr.
1949 50 ¢	Raw, ugly toning, uncirculated	MS-62 *	MS-63

The 30 coins were then sent to ICCS, hand delivered at the CAND show. One of the great features of ICCS being local is that Mr. Cornwell attends most of the shows in the Toronto-Hamilton area, and is available for pickup and delivery of coins from dealers known to him.

The coins were returned from ICCS during the Torex show. I took the coins with me, scanned them all again, and distributed them to the correct owners of the coins at the show.

Some interesting results, some ICG coins were graded differently than expected. Generally, most were the same as ICCS, 5 cents nickels were all graded higher. ICCS graded some of their own graded coins lower than they had before.

The service at ICG is first rate; the service at ICCS is first rate. The cost to send 30 coins to ICG is $600 US, (or $740.30 Canadian at the time). The cost for 30 coins at ICCS is $192.60 (lower rate because I sent in 100+ coins) Total cost of the project was $932.90, of which amount the people in the study all paid an equal share.

Shipping problems using a Canadian courier caused some problems, the coins delivered to ICG were sent to the wrong address, and as they were not all my coins, it was a real worry.

It was never my intention of being overly critical of any service for slabbing coins. Third party grading is a fact of life with coins. The cost of doing this can be considerable, and with Canada Post not offering insurance for coins, it can be a worrisome.

I am impressed with ICG’s holder, and their shipping method which keeps all the coins isolated in a stiff shipping box. Coins marked * at one grading notch different, those with ** are two notches different, those with *** are three notches different.

Trends value of the coins as graded by ICG and ICCS are shown in the following chart. The grade MS-61 is seldom used in Canada, and where “trends” does not show the price of a particular grade, it is estimated.

Coin	ICG grade	Trends	ICCS grade	Trends
1881H cent	MS-64 Red & Brown	$800	MS-63 RB	$400
1904 5 ¢	MS-61	$325	AU-55	$160
1947 $	MS-61	$500	MS-60	$475
1950 $ Arn	MS-63	$175	MS-63	$175
1925 5 ¢	EF-45	$400	VF-30	$200
1885/5 5 ¢	VF-20	$300	VF-20	$300
1919 50 ¢	EF-45	$225	VF-30	$90
1872H 25 ¢	EF-40	$175	VF-30	$125
1916 10 ¢	MS-61	$140	MS-62	$175
1891 5 ¢	AU-58	$170	AU-50	$95
1954 $	PL-66	$500	PL-65 Cameo	$400
1925 5 ¢	AU-58	$1100	EF-45	$500
1926 Far 6 5 ¢	EF-40	$700	VF-30	$525
1973 25 ¢ LB	PL-67	$800	SP-65	$300
1902 cent	MS-64 Red	$250	MS-64 Red	$250
1900 10 ¢	AU-58	$200	MS-60 Cameo	$400
1899 cent	MS-64 Red & Brown	$300	MS-64 Red	$400
1900 25 ¢	AU-58	$500	AU-55	$400
1928 25 ¢	AU-58	$140	MS-60	$200
1858 5 ¢ SD	EF-45	$130	AU-50	$165
1904 5 ¢	AU-58	$175	AU-50	$80
1912 10 ¢	AU-55	$175	EF-45	$65
1914 10 ¢	AU-55	$135	EF-40 rim nick	$30
1882H cent	MS-61 Red & Brown	$100	AU-55	$40
1903H 5 ¢ LH	AU-58	$375	MS-62	$650
1944 5 ¢	MS-65	$35	MS-65	$35
1894 20¢ Nfld.	VF-20	$80	F-15	$45
1954 10 ¢	PL-67	$65	PL-65 Cameo	$65
1900 50 ¢	No grade given	$100	F-12 scratch	$100
1949 50 ¢	MS-62	$110	MS-63	$200

The bottom line is that I felt that submitting coins for cross-grading may influence the graders opinion of the coin. I still feel that way, but have only a handful of coins broken out and graded twice. Some of the coins had been previously graded by other major services.

The bottom line, learn to grade your own coins. Buy the coin, not the holder.