Q. David Bowers
Grading Methods Used
Prices for each commemorative of the early period-coins minted 1954 and before-are given for a specific typical grade, such as MS-63, representing the average coin of that design type sold as Uncirculated in the market prior to 1986. In 1986 grading interpretations changed (more about this later), and published data became more reliable. From 1986 onward prices are given in several grades: MS-60, MS-63, MS-64, and MS-65. In each instance the price given is for a representative specimen of the grade level indicated. Spotted, stained, weakly struck, and otherwise below standard coins were worth less; coins with above average aesthetic appeal were worth more.
Prices for later commemoratives minted from 1982 to date-the modem series-are given in MS-65 and Proof-65 grades, representing condition "as issued." ( In most instances, those who like to use higher numbers can call these MS-67, MS-68, MS-69, etc.) The term Mint State is used by many people today in place of the term Uncirculated used years ago. However, the latter word is still popular and in fact is the term used today by the Treasury Department and the U.S. Mint in their news releases and brochures.
As noted, the ANA Grading System, which is based upon the Sheldon system, assigns numbers from MS-60, MS-61, MS-62, MS-63, continuously through MS-70, to Mint State coins. In practice most coins are graded from MS-60 (minimum quality Mint State) to MS-65 (a gem specimen with relatively few marks). Coins below the Uncirculated level-age graded in the ANA System from AU-58 (very close to Mint State) down to Good-4 or even less. The reader is referred to The Official Grading Standards for U.S. Coins for more information concerning the art of grading commemorative and other coins. The present text treats only Mint State (Uncirculated) coins and does not address worn examples.
Coins in grades above MS-65 are not discussed because (1) No reliable historical price data exist, and (2) There are no consistently applied grading standards in effect. In some instances, prices of MS-66, MS-67, etc., coins in the marketplace have been many multiples of the MS-65 level. Prices for many issues have fluctuated widely. The Certified Coin Dealer News-letter, issued weekly, provides quotations for higher-graded commemoratives.
Coins which grade MS-66, MS-67, etc., will sell for prices above the MS-65 level (except for issues from 1982 to date, which are available in "as issued" condition, given in the present text as MS-65 and Proof-65, although they can just as easily be called MS-66, MS-67, MS-68, etc.).
Until the 1970s commemorative coins offered for sale in advertisements, auction catalogues, and listed in reference books (such as The Standard Catalogue of U.S.Coins and A Guide Book of U.S. Coins)were simply called Uncirculated. No one called commemorative coins MS-60, MS-61, MS-62, MS-63, etc. A coin was either Uncirculated or it wasn't. Period. That was it.
Today the contemplation of our forebears buying commemoratives as Uncirculated, without further description (except that the word brilliant would be used to indicate a bright piece), is difficult to comprehend, especially as we are now used to a coin being worth, for example, $200 in MS-60 grade, $500 in MS-63 grade, and perhaps $1,000 at the MS-65 level. In today's world a small difference in grade can make a big difference in price. It wasn't always so.
Before 1986 typical Uncirculated coins in the marketplace were apt to be some-where from MS-60 to MS-64 (per today's grades). Some issues such as the 1900 Lafayette dollar, 1921 Alabama and Missouri halves, and the 1923-S Monroe half dollar were apt to be at the lower end of the range, say MS-60 or slightly finer, while other issues such as the 1936 Yorkand 1937 Roanoke halves were candidates for MS-63 or MS-64. These are what we would grade them today. Back then they were called all sorts of different things with no consistency among collectors or dealers. Not until 1986 was there a general agreement on grading practices, and even then there were differences here and there (but not to the extent seen earlier).
For Uncirculated commemorative coins minted during the 1892-1954 years and listed in catalogues and price lists published prior to 1986 I list what I consider to have been the typical grade of Uncirculated coin for each issue. For example, a typical 1900-dated Lafayette silver dollar advertised as Choice Uncirculated, Gem Uncirculated, MS-65, or any other designation indicating high grade in a publication issued in 1980 was apt to fall within a grade range of what we call MS-60 to MS-63 today.
On the other hand, a typical 1937-dated Roanoke half dollar advertised as Choice Uncirculated, Gem Uncirculated, MS-65, or any other designation indicating high grade in a publication issued in 1980 was apt to be what we call MS-63 to MS-64 today. The reason for this is that the vast majority of Uncirculated 1900 Lafayette dollars offered in 1980 were in the MS-60 to MS-63 grades, regardless of what anyone called them, and the majority of 1937 Roanoke half dollars were MS-63 to MS-64. As you read the present text, this concept will become clearer. Of course, at any given time there were some coins that were above or below these averages, but the typical piece encountered was apt to be in the grade or grade range indicated.
After the 1950s average grades for the typical commemorative coin minted earlier dropped slightly, virtually across the board, for many collectors and dealers of that era cleaned, overdipped, and other-wise mistreated their commemorative coins. Numerous advertisements and articles in The Numismatist and the Numismatic Scrapbook (the two leading coin collecting periodicals of that time) stated or inferred that "brilliant is best" and that a toned coin was worth a lower amount than a bright one. Numerous pastes, lotions, and other chemical cleaning preparations were advertised. Of course, not everyone cleaned coins, but many did. I recall, for example, that nearly all 1936 Bridgeport and 1936 York half dollars on the market in the early 1950s were pristine, but by the 1960s and 1970s most such coins showed evidence of cleaning. Many coins currently seen on the market are cleaned or rubbed.
Today most collectors realize that a coin should not be cleaned (except in very unusual circumstances such as to arrest corrosion), and that an attractively toned coin can be worth more than a brilliant one. The advent of slabbed coins in 1986 had the side benefit that such plastic encasements served to protect coins from handling. Nowadays we in the numismatic fraternity are much more careful of our coins than were our forebears.
Decades ago collectors were not nearly as condition conscious as they would become in the 1970s and 1980s. There were no uniform grading standards in effect, and quality varied from collector to collector, from dealer to dealer. By way of analogy, buying coins then was like buying a piece of antique furniture today. In the present market if you want to buy an antique chair, you might want to know if it is "new" or "used;" and, if it is used, how used is it? (1) Nearly falling apart, (2) Sturdy but shabby in appearance, (3) Sturdy and very clean but having some signs of wear, (4) Nearly new but with some scuffs, or (5) New. You could grade the chair Good, Fine, Extremely Fine, About Uncirculated, or Mint State. You could even abbreviate the grading adjectives and call the chair G-4, EF-40, AU-58, or MS-63.
Today we don't grade antique chairs with precision, and, if you or I buy an antique chair in new or "Mint State" preservation, we don't care if it is MS-60, MS-61, MS-62, etc., (chairs, much to the relief of dealers in antiques, are not graded by numbers. I use them only as an illustration). It is either new or it isn't. That is the way commemorative coins were graded a few decades ago.