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THE SLIPPERY STANDARDS OF COIN GRADINGRegarding last week's mention of chopmarked Trade Dollars, Ralf Böpple of Stuttgart, Germany writes:
When I first learned about US coins, the Sheldon scale and slabs about 25 years ago, I was told that MS stands for "mint state". Now I know that coin grading is an art and not a science, but if anything can be taken as a sure thing, it is that a coin with chopmarks did circulate! Even if the wear it sustained was so little that it could still pass as an uncirculated coin... The type of coins I collect usually do not come in slabs, and if they do, they get cracked out as quickly as they enter my home, so I am no expert. But I have heard people complaining about grading standards becoming less and less strict. It appears to be the case. Another MS-62 coin I recently saw in an auction was described as "traces of cabinet friction are noted". Again, 25 years ago, that was the description of a typical AU-58, coins in this grade were even called "sliders". When did this change? While we typically avoid discussions of grading and valuation in The E-Sylum, Ralf's question is a good opportunity to review the history of third-party grading in the U.S., an industry I've seen appear and evolve during my numismatic career. As a hobbyist and not a dealer, I've seen this mostly as a bystander, but many of our readers have been on the front lines of this phenomena. Linked below are articles from a year or so ago relating to the general topic of third and fourth-party grading. A short overview of the history of changing grading standards would be useful. -Editor To read the earlier E-Sylum articles, see:
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