The Plastic Holder Trap: Navigating the Risk of Resubmitting an Unattributed Fivaz-Stanton Variety Across NGC and PCGS

Sometimes the plastic holder is holding your coin back. Let’s talk about the risks and rewards of trying to upgrade this piece across grading services. In the high-stakes world of numismatics, a coin’s grade and attribution are the twin pillars of its market value. Yet, a significant number of collectors spend their careers fighting a losing battle against the very systems meant to protect their coins. As a professional crack-out artist who has spent decades examining, grading, and occasionally resubmitting slabs, I have seen firsthand how the plastic holder can act as a cage, limiting the potential of a coin that deserves much more. Today, we are exploring the Cross-Over Grading phenomenon—specifically the NGC to PCGS crossover dynamic—and the perilous waters of regrading and variety attribution. We will also tackle the unique challenges presented by unattributed Fivaz-Stanton (FS) varieties, where the plastic holder is actively suppressing the coin’s true numismatic identity.

The Anatomy of a Hold-On: Why the Plastic Can Limit Your Coin

When you hold a certified coin in your hand, you are looking at a sealed universe. The slab is designed to preserve the coin’s condition, but in doing so, it also creates a barrier between the collector and the raw, unencumbered reality of the numismatic market. A “hold-on” occurs when a grading service uses the slab as a vehicle to artificially cap or alter the perceived value of a coin.

In the case of an unattributed Fivaz-Stanton variety, the problem is acute. The coin sits inside a PCGS holder, likely graded MS-63 or MS-64, but lacks the FS variety designation on the label. Because PCGS is notoriously conservative regarding third-party guarantees (TPG) and variety attributions, the holder acts as a psychological and financial choke point. The collector is paying a premium for a slab, but without the variety, they are essentially paying for a standard, generic coin. As a crack-out artist, I advise collectors to look beyond the plastic. The true value of a coin is often unlocked when the variety is recognized and the grade is properly adjusted to reflect its rarity. I always tell collectors: don’t fall in love with the plastic; fall in love with the *strike*, the *luster*, and the *patina* hiding underneath.

The NGC to PCGS Crossover Dilemma

Cross-over grading—where a coin is submitted to a different grading service than originally certified—is a common practice among serious collectors, but it comes with its own set of complexities. The two titans of the hobby, NGC and PCGS, have different grading philosophies, different conservation standards, and different appetites for variety work.

If a collector has an NGC coin and wants it recognized by a TPG service like PCGS, they face a logistical hurdle. NGC tends to be more accommodating to variety attributions, especially if the documentation is strong. However, PCGS is incredibly strict about their own internal grading protocols before they will even consider a TPG attribution. To get a PCGS slab with an FS number, the coin must first clear NGC’s Varieties Program (VP), which serves as a rigorous gatekeeping process.

In our specific scenario, the collector has a PCGS holder. To upgrade this into a recognized variety, they are essentially forced into a regrading situation. They cannot simply take a PCGS coin and slap an FS number on it. They must break the slab, submit the raw coin to NGC for VP approval, and then pay for a PCGS reholdering and TPG attribution. This is where the “crack-out” truly begins.

Crack-Out Risks: The Double-Edged Sword of Regrading

As a professional crack-out artist, I view regrading not as a simple transaction, but as an act of faith—and a calculated gamble. Every time you break a slab, you risk the coin being damaged in transit, improperly conserved, or simply rejected by the receiving service.

Let us enumerate the specific risks associated with regrading an unattributed variety across NGC and PCGS:

• Physical Damage: Slabs are designed to protect. Breaking one exposes the coin to environmental hazards, mishandling, and potential hairline damage. If the coin is not properly protected, the very flaws you are trying to preserve for grading could cause a grade slip.
• Grade Slips: It is not uncommon for a coin to drop a grade during regrading. A coin that graded MS-64 at PCGS might receive an MS-63 at NGC due to different conservation standards or grading interpretations.
• Financial Loss: The cost of submission, conservation, and reholdering is not trivial. If the TPG attribution fails because the variety is deemed insignificant, the collector has spent a premium to learn a lesson.
• The “Phantom Variety” Trap: Some varieties are popularized by the Cherrypicker’s Guide but lack broader academic or numismatic backing. Submitting a phantom variety for a TPG attribution is a gamble that rarely pays off.

When you crack out a coin, you are asking the grading service to re-evaluate your coin based on new information (the FS variety). If the grading service deems the variety too insignificant to warrant a TPG number, your coin remains a standard MS-63 or MS-64, and you have lost the opportunity to unlock its true collectibility.

Identifying Undergraded Coins and the Phantom Variety Problem

This brings us to the central question of the forum thread: “Is it really a rare variety if none have been slabbed with an FS number?” The answer is nuanced. It depends entirely on the nature of the variety itself.

In numismatics, there is a stark difference between a genuine, highly sought-after variety and a “phantom” variety—one that is popularized by enthusiast publications but lacks broad scholarly recognition. The Cherrypicker’s Guide (CPG) is a fantastic resource for enthusiast varieties, but it is not peer-reviewed academic literature.

If the only evidence for this Fivaz-Stanton variety is an image from the CPG, the TPG’ers at PCGS may view it with skepticism. Why? Because if no other publications, CoinWorld articles, or Wexler’s Coins and Die Varieties entries recognize this variety, the service is right to hesitate. They are protecting the integrity of their registry sets and slabbed population. A phantom variety that suddenly appears in a slab is often viewed as a cherry-pick by the broader dealer community, who would not pay top dollar for a coin lacking proper publication backing.

Furthermore, identifying an undergraded coin is critical. If the coin is actually an MS-65 but is sitting in a PCGS holder labeled MS-63, regrading it might just yield an MS-65. But if it is genuinely an MS-63 that could be upgraded to an MS-64 or MS-65, that is a different story. The key to identifying undergraded coins lies in the *strike*, the *luster*, and the wear patterns. An unattributed variety that is merely an ordinary coin in disguise is the ultimate trap for the unwary crack-out artist.

The Economics of Variety Attribution: Is the Juice Worth the Squeeze?

The forum thread highlighted a crucial economic reality: the cost of getting an FS number on a slab can be steep. To get a TPG attribution, you usually have to pay for a new submission, conservation fees, and the TPG fee itself.

However, if the variety turns out to be a genuine “pop 1/0” (a coin graded MS-65 or higher with a significant variety designation), the ROI can be extraordinary. One forum member noted that turning a ~$50 proof Franklin half into a ~$200 coin through variety attribution proves the concept. While that example is a proof rather than a circulated MS, the principle holds: unlocking a hidden variety can drastically increase the *numismatic value* of a coin.

But here is the rub: you have to be absolutely certain the variety is real and significant. If you spend $200 on a TPG attribution for a coin that turns out to be a standard circulation error, you have wasted money. As a professional, I cannot stress this enough: do not submit a coin for variety attribution unless you have overwhelming, multi-source documentation. Don’t let a lack of provenance sink your hopes!

Actionable Takeaways for the Collector

Based on my years of experience as a crack-out artist and numismatic consultant, here is what I recommend to collectors considering this exact scenario:

1. Verify the Documentation: Before submitting, check Wexler’s Coins and Die Varieties, Variety Vista, and CoinWorld. If the variety is absent from these respected sources, your chances of getting a TPG attribution are slim.
2. Assess the “Pop”: Ask yourself: Is this a genuine rarity, or is it just a neat little die chip that enthusiasts love? If it’s the former, spend the money. If it’s the latter, walk away.
3. Consider the NGC Route First: If you are confident in the variety, send the coin to NGC for VP listing. NGC is generally faster and more accommodating to variety attributions than PCGS. Once NGC recognizes the FS number, you can then pursue the PCGS route.
4. Protect the Coin During Transit: If you decide to crack out the PCGS holder, use a sturdy slab, wrap it in acid-free tissue, and ensure it is properly padded. The last thing you want is a cracked slab ruining a potentially valuable coin.
5. Have a Plan B: If the TPG attribution fails, know your exit strategy. Selling the raw coin to a dealer who appreciates the variety, or auctioning it on an online venue, can still yield a profit even without a slab.

Conclusion: The Thrill of the Unseen

The Fivaz-Stanton (FS) variety in question represents a fascinating corner of the numismatic world. The fact that none have been slabbed with an FS number suggests either that the variety is incredibly rare, or that the broader numismatic community has not yet recognized its significance. For the collector willing to take the plunge, the reward is the thrill of the crack-out—unlocking a hidden gem that has been trapped under a plastic holder.

However, as a professional crack-out artist, I must warn you: the plastic holder is not always the enemy. Sometimes, it is the necessary armor protecting a fragile, yet potentially world-class, specimen. Navigating the NGC to PCGS crossover requires patience, meticulous documentation, and an understanding of the grading services’ conservative nature.

The historical importance of the Fivaz-Stanton series lies in its dedication to uncovering the subtle nuances of early American coinage. These varieties tell the stories of mint workers, die cutters, and the machines that stamped these coins into history. When you successfully attribute an FS variety, you are not just adding a number to a slab; you are honoring the complexity of the minting process. So, if you are standing at the precipice of this decision, weigh the risks, verify the documentation, and remember: sometimes the juice is worth the squeeze. Just make sure you have the slush fund to survive the squeeze if the variety falls flat.

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