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CoinWeek IQ: CoinWeek Walks Through a Coin Submission at the ANA World's Fair of Money - 4K Video
Aug 18, 2016
CoinWeek IQ: Analysis and Insights from the editors of CoinWeek.com. Numismatic Guaranty Corporation (NGC) is one of the leading grading services in the rare coin industry. In this CoinWeek IQ video, CoinWeek editor Charles Morgan submits 13 gold and silver coins for grading, watches as his order is grading by NGC's expert graders, and then sits down with NGC Chairman Mark Salzburg to go over the results. Highlight Coins: 1831-1834 Bechtler K-5 $2.50 Gold Coin 1901-S Morgan Dollar 1907 High Relief Saint Gardens $20 Gold Coin 1884-S Morgan Dollar It's an exciting video that no coin collector will want to miss! CoinWeek IQ Video: #017 *** CoinWeek is the #1 website online for news and information about numismatics.
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0:00
hi everybody I'm coin week editor
0:01
Charles Morgan I'm at the world fair of
0:03
money in Anaheim California at the NGC
0:05
Booth one of the big businesses that the
0:08
grading services do at coin shows is
0:09
actually do on-site grading I have a
0:12
selection of 13 US coins that I'm going
0:14
to submit and see what the grades are in
0:16
the coins NGC has been generous enough
0:18
to give us unprecedented behindth scenes
0:21
access so we're going to get to see the
0:22
coins being graded and then we'll see
0:24
our results with NGC president mark
0:27
salsburg
0:29
[Music]
0:43
have 13 Coins here all
0:54
right it's important that they get the
0:56
coins accurately represented on the
0:58
order form as usually after the coins
1:00
are dropped off NGC has the chain of
1:02
custody for the coins
1:31
[Music]
1:45
okay there you go here's your copy great
1:48
thanks set forward to seeing me thank
1:50
you thank
1:57
you after submitting our coins for grad
2:00
NGC gave coin week unprecedented access
2:03
to their temporary grading room at the
2:05
show where we got to see firsthand the
2:08
entire process that goes into show
2:10
grading
2:19
coins temporary grading rooms vary from
2:22
show to show but most consist of
2:25
workstations computer terminals velvet
2:27
mats grading lamps and controlled
2:32
lighting after reviewing each coin the
2:34
graders key in the grade an attribution
2:36
into the system as a backup they also
2:39
write this information on the
2:41
label here NGC grader Scott sheer is
2:45
trying to determine whether the 1904 $20
2:47
Liberty gold coin that we submitted had
2:49
proof like surfaces he uses his finger
2:52
to detect reflection
3:04
professional graders know the lingo but
3:06
in case this is your first time inside a
3:08
grading room the positions in a grading
3:10
room are as follows the first person to
3:13
see the coin is known as first base this
3:16
is The Grater that inspects the coin
3:18
determines its authenticity and then
3:20
enters their grading opinion this is The
3:22
Grater that tries to see the best
3:24
attributes of a coin
3:30
when grading a coin it's just as
3:32
damaging to the market to overgrad a
3:34
coin as it is to fail to see a coin's
3:36
true
3:40
potential after grading the order a
3:42
second grader reviews the coins and
3:44
enters their grading opinions into the
3:50
system a finalizer the most senior and
3:53
experiened grader on staff reviews the
3:56
coins and gives the final grade
4:00
after the coin's final grades have been
4:02
determined NGC insert labels are printed
4:05
and the coins are sent to the
4:06
encapsulation
4:08
Department a quality control grader will
4:10
then review every encapsulated coin
4:13
checking for accuracy on the label and
4:15
reviewing the coin one more time to
4:17
ensure the grade is
4:24
correct NGC says that upwards to 8 to
4:27
10% of all the coins they reviewed you
4:30
we get an initial screening by ngc's
4:32
finalizer after
4:33
encapsulation all this is done to create
4:36
the most precise and accurate grade
4:38
possible it's this attention to detail
4:41
that has made NGC a leader in the Coin
4:43
Grading industry since its founding in
4:46
1987
5:04
this Beckler $2.50 gold coin has one of
5:07
the highlights of our
5:18
order it's a genuinely Rare Coin that is
5:21
almost never seen in this low of a
5:23
circulated grade
5:31
to
6:10
this 1901s Morgan Dollar was one of our
6:13
favorites a coin that could earn the
6:15
proof like designation it has beautiful
6:18
reflective mirror fields and a nice
6:21
overall
6:28
strike e
7:39
in order to grade coins at a coin show
7:41
NGC must bring with them dozens of
7:43
different sizes of inserts in order to
7:46
fit all of the different types of coins
7:48
that might be submitted at a
7:57
show Once the coin is mounted will be
7:59
fit inside this custom machine and
8:02
sonically sealed in the NGC tamperproof
8:08
[Music]
8:14
holder so I'm at the NGC booth and my
8:18
coins have been graded and finalized and
8:20
I'm here with NGC president Mark
8:22
salsburg and he's going to tell me why
8:24
my coins earn the grades they did so
8:26
thanks for taking the time to do this
8:28
with me Mark
8:30
so here we have a ult high relief um and
8:35
the coin
8:37
looks from arms length it looks
8:39
uncirculated and it is uncirculated
8:42
unfortunately it's been cleaned on the
8:44
reverse here uh maybe a long time ago
8:47
and you have to tilt it uh subtly and
8:51
you can see it's been circular circular
8:54
cleaning marks on the reverse um very
8:57
appealing coin the averse also o has
8:59
some cleaning areas but the reverse is
9:02
the the problem
9:04
area here we have a 1912 Saint
9:08
Gardens um nice original coin a few
9:12
surface marks in the center of the coin
9:15
little high point uh I guess stacking
9:20
and but for a 1912 they tend to come
9:23
very smooth this is a very nice
9:25
appealing coin and other other than the
9:29
a few little marks on the
9:30
reverse uh it would be a gem but it has
9:34
you know it does have the marks on the
9:35
reverse it has the marks in the center
9:37
uh but the fields are very clean and
9:39
it's and it's a very original
9:42
coin this 14s uh Saint another Saint is
9:48
um very similar very original and they
9:51
tend to come with really pretty luster
9:53
very rich uh this is rounded very well
9:57
Struck it has
10:00
again not any
10:03
concentrated surface marks but just a
10:06
little imperfections throughout but
10:08
overall a very very lustrous very nice
10:11
solid 64 and for this series it's very
10:14
difficult to find a Coin where the the
10:16
the the lady the Liberty is not hit at
10:19
some point right well they they were
10:21
originally issued in bags of 250 so
10:24
these bags were thrown in the back of
10:26
the wagon or back of a car later on and
10:31
uh you know they would bounce around um
10:33
they were saved in the 30s in 1933
10:36
Roosevelt made it illegal for citizens
10:38
to hold us gold uh unless it was new
10:40
mematic so a lot of these 20s and tens
10:44
were sent over and payment to Europe so
10:46
then you have the shipment and the
10:47
bouncing around over to Europe they sat
10:49
in European vaults for many decades and
10:52
many of are many of them are imported
10:54
back here um so you have a you have an
10:57
issue with uh
11:00
coin to coin
11:03
abrasions um large quantities were also
11:05
sent down to South America for payment
11:08
and there was a few hordes that were
11:10
discovered in the 80s and brought back
11:12
to the states of 1914 s's 09 s's 16 S's
11:16
and those were superb quality and those
11:18
today you find um the the very high-end
11:21
coins of 65s and 66s were from that
11:24
horde uh we we graded the U Wells Fargo
11:28
collection well Fargo horde it was about
11:30
20,000 1908s and I've never seen an
11:34
accumulation or a group of 20s that had
11:37
the same consistency these were put away
11:39
in 08
11:41
beautiful uh preservation and they they
11:44
acquired gorgeous original color right
11:47
and I was able to creade all 20,000 of
11:50
them in Wells Fargo Bank in Las Vegas
11:53
and some of those graded ms69 well I
11:55
didn't grade any n um I graded maybe one
11:58
nine but there was several eights lots
12:01
of 67s and I'd say the average was 66 to
12:04
give you an idea finest group of $20
12:06
gold pieces I've ever seen saints that
12:08
is so here we have a
12:10
1915 the difference between this 1915
12:13
Saint and the 12 is that it has more
12:16
marks and more severe marks deeper marks
12:19
in the center of the coin wholly
12:21
original uncirculated but those marks
12:24
are really in a bad place if they were
12:26
in the field it would make a little bit
12:27
of difference to the grade but since
12:29
they're centrally located in the body
12:32
and deep um we have to take it down to
12:35
62 if they didn't have we didn't have
12:37
those severe marks in the center would
12:38
be
12:41
63 here's a 1904 $20 gold piece graded
12:46
61 prooflike TL and prooflike
12:49
designation indicates a mirrored surface
12:51
mirrored fields and these were uh these
12:54
are highly unusual for $20 gold pieces
12:57
but you can find them in 19 4 1903 and
13:00
the reason is there were large
13:02
quantities large mintage so they make
13:04
very fresh dyes those fresh dyes were
13:06
polished right and they had this mirror
13:08
surface so these particular coins are uh
13:11
desirable because of the prooflike
13:13
mirrored surface and they're they
13:15
there's a premium associated with them
13:17
we designate uh that U characteristic
13:21
and um
13:23
unfortunately by having that they also
13:25
show up marks more so it's like a
13:27
double-edged sword it's a double-edged
13:28
sword it's a Catch 22 so you have a coin
13:31
that has a characteristic on one hand
13:33
that's unusual but that characteristic
13:35
actually uh reveals more and deeper
13:38
marks so does the market appreciate like
13:40
a 61 PL maybe more than a 63 without
13:43
that or there's pl's are are very scarce
13:48
um they're not the most attractive but
13:50
they are rare in terms of mint uh
13:53
population report so the the market
13:56
gives it a premium but I'm I would say
13:58
it's probably more than a 63 value
14:01
because 61 and 62 and 63 $20 gold pieces
14:04
command very little premium difference
14:06
in this day and age
14:09
right here we have an 84 s20 fairly
14:12
scarce coin um very fairly common in in
14:17
AU once you start getting into the mint
14:19
states you have uh you have a little bit
14:23
more scarcity developing in terms of uh
14:26
grade um I have graded I believe a gem
14:29
in one of these that's only
14:32
165 uh they tend to come an incredible
14:35
luster very very uh well-made in San
14:38
Francisco uh but they tend to come into
14:41
in this particular grade often um
14:44
because they there was they were they
14:46
were used when you get into the 80s the
14:49
20s were really used and so a 61 is a
14:51
desirable coin but a 63 is a very very
14:55
good coin so what would the difference
14:56
between a 61 and a 63 be I mean seems at
14:59
the bottom end of the men state scale
15:02
we're talking about baggy coins to begin
15:04
with but how baggy does a coin have to
15:05
be to get down into a 60 or 61 range
15:08
well I think if you back into it and you
15:10
look at what is a what is technically is
15:12
a 63 it's a coin that's got full mint
15:15
luster it has a few light marks but it's
15:19
it really an arms length you go that
15:22
coin is Choice it's it's there's no
15:25
question on whether it's new or not new
15:27
when I look at this 61 one the first
15:30
question I asked myself is that really
15:33
rub or is it just abrasion right so
15:36
that's a difference between what an
15:38
instant 63 looks like to me and what a
15:40
61 or 58 looks like to me this coin I'm
15:44
starting at 61 I'm thinking going
15:47
backwards
15:48
63 um it's a really nice coin with a lot
15:51
of meat and it has a lot of luster uh
15:54
that that 15 saint that we were talking
15:56
about had a great luster mark in the
15:59
wrong place so that was a 62 so the
16:03
difference between the 61 and 63 would
16:05
be uh the cleanliness of it the lack of
16:07
marks and the lust there are here's a 90
16:10
s20 another SMN 20 these tend to come
16:13
these are a little scarcer uh they come
16:15
same way as the 84s fully struck pretty
16:19
pretty nice luster this one is um
16:22
clearly a very new very Choice coin and
16:26
but it misses 63 because of the market
16:28
Mark above the head and in the face in
16:30
the field here um it has a few scattered
16:34
abrasions but a really nice 62 and nice
16:37
solid 62 all day long right here you
16:41
have a
16:42
44d Dela $5 goal piece these were made
16:46
very very well but here's a perfect
16:48
example of a coin that looks like it has
16:51
great luster it does to some extent but
16:54
it's been cleaned now it's hard to see
16:59
looking head on but the luster is
17:01
strange so the first thing we do is we
17:03
look at it and we say that's not
17:04
original it doesn't it the light doesn't
17:07
hit it uh and and reflect properly for
17:10
an original coin so you start tilting it
17:12
and it looks almost like holographic
17:14
it's been clean this way and that's a uh
17:17
one way to to to tell if a coin's been
17:20
clean and there's a fine line between
17:22
what we call something we we give
17:23
details grades to this is au details
17:26
obverse clean so it's this this is a
17:29
very good coin for someone to learn on
17:31
because the reverse is original someone
17:33
took
17:34
unfortunately uh uh something harsh and
17:37
clean the averse the the the reverse
17:40
they left alone and you can tell the
17:42
originality of this it's got beautiful
17:44
luster and when I talked about dated
17:47
gold this is where you look in those in
17:49
those fields in the in the um in the
17:52
eagles's wings and the Eagle's neck and
17:55
look at the breast feathers I mean the
17:57
the the neck feathers and the eagles's
17:59
feathers and you just have to kind of
18:02
absorb them and determine that look
18:04
that's luster right some of it's there
18:06
is a little bit of weakness in the in
18:07
the legs but that's just weakness that's
18:10
not where right so you determine that
18:12
because the the feathers are all there
18:15
the luster is all there so that's how
18:17
you extrapolate you you it may not be
18:19
evenly impr the impression may not be
18:21
evenly um struck through and you have to
18:26
that's one way to look at it and the
18:27
luster is very nice on this but
18:29
completely different surfaces on the
18:31
averse right so it's a perfect coin to
18:33
learn um why we don't grade something if
18:37
it was less cleaned on the avus we might
18:39
have netted it called it maybe even
18:41
though it has detail of a a 58 we might
18:44
have 53ed it but it has too much wear
18:47
too much cleaning on the Avers here's a
18:50
great Rarity this is a Beckler 2 and a
18:53
half Beed border these were made in
18:56
North Carolina and these are this is a a
19:01
territorial U North Carolina gold is
19:04
greenish very greenish Cal uh California
19:06
gold is more orangey and the reason that
19:10
these are very rare is because in
19:14
1834 they switch to a lighter design so
19:18
the beaded uh the beaded borders are
19:21
very very scarce because they were
19:23
melted down now this is exceedingly
19:26
interesting if you're a collector cuz
19:28
this was used
19:29
and no one ever turned it in to melt it
19:31
down we've probably graded two or three
19:34
of these the other ones that we've
19:35
graded are a 6 58 and a 61 why they were
19:39
probably saved because uh they were um a
19:43
souvenir they were they were understood
19:46
to be something different and so a
19:48
circulated one is almost even more
19:50
numismatic interesting so these
19:53
particular coins are incredibly scarce
19:55
because of the fact that many of them
19:57
were melted down because they worth more
19:59
than the face value of $2 half and even
20:02
getting one in like a circulated grade
20:05
would be very difficult very difficult
20:07
we've only seen three of these uh one
20:10
was a 58 one was a 61 and this is the
20:12
most recent I love this coin because of
20:15
the history of it the fact that it
20:16
survived honest wear um the other two
20:20
were probably saved because they were
20:22
keepsakes because of the fact that they
20:24
were U Rarities at the time so this
20:27
particular coin is a was a pleasure to
20:29
grade at the show maybe the coin of the
20:30
show because of the not necessarily the
20:33
value but the the Rarity of it grading a
20:36
coin I've only seen three of uh and it
20:38
happens to be a territorial which is
20:41
fantastic I this coin really tells a
20:43
story so so the ow and installer is a 65
20:47
plus PL very scarce this one happens to
20:49
be fully struck love the date uh the
20:52
it's a Well struck coin above the ear
20:54
and the Eagles uh breast is very very
20:57
fully struck
20:59
um this coin is incredibly clean it has
21:01
one little Mark on the cheek it has um
21:05
unfortunately a fingerprint down here
21:07
which eliminates it from being a 66 in
21:09
my opinion very scarce desirable coin
21:11
one of my favorite dates you don't see a
21:13
lot of pl's for that date don't see a
21:15
lot of PLS 01s 2 3 and 4 s's are very
21:20
very scarce 0s may be the rarest uh PL
21:23
coin in my
21:26
opinion 84s
21:29
obviously a key this one has just a tiny
21:32
bit of rub on all the high points on the
21:34
averse reverse happens to look like a 63
21:37
but that doesn't make any difference we
21:39
grade the AV the AV is most important
21:40
part of a coin uh this is a uh a great
21:46
solid 60 uh 58 coin 58 plus indicates
21:50
it's almost 60 so as a dealer you
21:54
wouldn't sell this as a 58 it's great
21:56
collectible coin so when I when I got
21:58
this Co it it did look almost midate
22:00
virtually midate like you said and that
22:02
satiny luster kind of threw me yeah you
22:04
know so are you pretty confident that
22:06
there's just no way that coin would end
22:07
up in a Midstate holder if it was
22:09
resubmitted I'm I'm confident if I saw
22:11
it again uh there's there's it it's from
22:15
arms length it has a mstate look the
22:17
more you look at it every single High
22:19
Point has a touch of rub slight amount
22:21
of rub and it goes into the field right
22:24
so uh even though the reverse most coins
22:27
uh of this date are are new on the
22:29
reverse the averse um would probably
22:32
every single time kick it out of 60
22:36
right so this last one was one I really
22:37
wasn't sure about okay so this
22:40
18681 is uh a coin that we had a lot of
22:43
discussion on uh it's a very good date
22:47
it has unfortunately been clean so it
22:50
has Au detail the reason that we default
22:52
to improperly clean is because we can't
22:54
come up with a solid grade and it the
22:57
the discussion was is it a 50 53 55 well
23:01
we couldn't come up with a grade that
23:02
was a consensus because of the cleaning
23:05
and as a as a collector or as a buyer
23:07
out there you have an uh an expectation
23:09
of what an au 53 or 50 coin look would
23:13
look like right this you would get this
23:15
in and you might be upset that it
23:17
happens to be great Au detail but it is
23:19
clean so we default to that because
23:21
that's the communication grading is a is
23:24
a language that's what we're
23:25
communicating to you right well Mark
23:27
thanks for grading these coins at the
23:29
show for me I hope you had fun grading
23:30
this I did it was very very good thank
23:33
you I appreciate it
23:45
[Music]
24:08
[Music]
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wow look it's an important Co
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