Mint State Coins
The presence or absence of handling marks is what
determines various levels within the Mint State category. A coin with no
handling or bagmarks visible under magnification is a candidate to be graded
MS-70. A heavily nicked, abraded, and rubbed coin which has never been in
general circulation but which shows extensive handling is a contender for the
MS-60 category. In between there are divisions such as MS-61, 62, etc.
Among early coins, particularly those dated prior to the
1940s, the highest generally available Uncirculated grade category is MS-65,
although for particularly common pieces (1879-S, 1881-S, 1882-S, 1884-O, and
1885-O Morgan silver dollars are examples) there are enough Uncirculated pieces
around that a goodly number have been graded in higher categories such as MS-66
and MS-67. It seems to me that in the past year or two the certification
services have been grading proportionately more coins at levels above MS-65, but
I have never verified this. I do know that a few years ago slabbed silver
dollars, commemoratives, and other popular issues were not often seen in MS-66,
MS-67, or other higher grades, but now they seem to come on the market with
frequency. Some of this is due no doubt to the resubmission of MS-65 coins to
the services in the hope of securing higher numbers.
Little in the way of subjective information has ever been
printed concerning guidelines for determining different Mint State categories.
What may be MS-65 to one buyer may be MS-64 to another and MS-66 to another.
Jack Ehrmantraut, Jr. related in a letter published in Coin World that a 1901-S
Barber quarter was graded by PCGS as MS-66 and sold for $140,000, but on second
examination the grade jumped two points to MS-68. Subsequently it was auctioned
for $550,000!
The point of this is that there are no fixed standards that
everyone agrees on, and one should be cautious when paying a great deal of money
for a higher grade coin, particularly in grades above MS-65. While purchasing a
coin as MS-66 and having it regraded as MS-68 is a pleasant experience, the
opposite is not true.
