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Pocketmags Digital Magazines
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Pocketmags Digital Magazines

RUINED COINS

Destructive Forces Can Make a Coin Ungradable, But Not Unvaluable

Whether through the hands of nature or by those of a person, destructive forces can make some coins ungradable. But ungradable doesn’t mean unvaluable. On the contrary, many coins that grading services and knowledgeable collectors would not assign a grade to are not worthless but, instead, priceless. In the framework of market realities, ungradable coins are those that have failed, should have failed, or would fail, if submitted, to receive numerical grades from the leading grading services. Controversies involving coins that should not have been graded and values of ungradable coins that are uncertified are beside the certification of a classic U.S. coin and has a large impact upon the current market value of that coin. Scarce and popular classic U.S. coins that have been certified as being authentic, yet are denied numerical grades because of serious problems, are a constant source of careful analysis when it comes to their market values. There is no price guide for ungradable coins

The Since the founding of the Professional Coin Grading Service (PCGS) in 1986 and the Numismatic Guaranty Corporation (NGC) in 1987, there has not been a grading issue that is more contentious than the dividing line between coins that qualify for numerical grades and those that are deemed to be ungradable. Coins with numerical grades assigned by PCGS and NGC are worth substantially more than the same coins would be if they were judged to be ungradable. How much, though, are ungradable coins worth? For pre-1934 U.S. coins, except bullion items, which are worth more than $250 each, prevailing price guides explicitly or implicitly refer only to coins that have received numerical grades from PCGS and NGC.

Determinations of a premium that stems from a particular shipwreck or from past ownership by a famous person are beside the overall concept of determining the value of an ungradable, scarce coin. Indeed, a shipwreck or the famous past-owner premium would be added to the base market value of the respective ungradable coin. There is a need to first think about the numismatic or collector value of an ungradable coin before thinking about a premium that is a function of the historical importance and current popularity of a particular shipwreck.

HISTORY IS KEY TO UNGRADABLE COINS

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About COINage

Beckett COINage Feb/March 2020, 2021 bullion coin game changer, The magazine for coin collectors and investors, Your coins and climate change, Numismatic global warning, And more..