I recently ran into a fascinating grading puzzle that really tested my numismatic instincts—a heavily corroded coin that made me rethink how we evaluate damaged pieces. It drove home how grading often lives in those tricky gray areas, especially with coins that’ve been through the historical wringer.
The Coin in Question
This poor thing appears to be a Summers Island coin—what collectors fondly call “hogge money” thanks to that little pig design. Most of these show brutal corrosion after centuries buried in Bermuda’s salty soil, usually dug up by detectorists. The pitting and wear were so severe I could barely make out details, making me wonder: how do you even assign a grade to something in this state?
The Grading Controversy
You could’ve knocked me over with a feather when I saw it got a straight AG-3 from PCGS. In my years handling coins, this much environmental damage—deep corrosion eating away surfaces—typically lands in a details holder for “damage.” It got me thinking graders might cut rare coins some slack. A few things stood out:
- Dr. Sheldon would’ve probably called this below Basal State, yet here it sits at AG-3—shows how modern standards can wobble.
- I’ve held 1799 cents with corrosion that still graded VG-8, and they looked worlds better than this.
- Always eye straight-graded coins extra carefully; pitting like this usually screams “environmental damage,” not mint weakness.
Historical Context and Collecting Insights
Remembering history helped: planchets for coins like the 1799 cent often got soaked during ocean voyages, stashed in leaky ship holds. Mints cleaned them before striking, but the damage led to weak impressions—especially around dates and LIBERTY. While context matters, it shouldn’t excuse major flaws. For us collectors, this means:
- Know your series—Bermuda coins practically come pre-corroded.
- Check strike quality first; misaligned dies create uneven wear patterns that tank value.
Practical Grading Tips
This whole episode changed how I eyeball problem coins. Here’s what I tell fellow collectors now:
- Start by learning typical issues for the series—don’t expect pristine Summers Island coins.
- Break out the loupe! Heavy pitting? Push for that details grade to avoid overpaying.
- Treat grading scales as guidelines. For coins like this, “Almost Poor” might be more honest than AG-3.
Market Observations and Value
That $6,500 PCGS value guide number? Pure fantasy in my book. Most collectors I chatted with figured it’d struggle to hit $100. Guide prices and reality rarely match for damaged coins. It reminded me:
- Check actual auction results, not price guides, for real-world values.
- Discount heavily for corrosion—it can turn a potential gem into pocket change.
Looking back, this corroded little teacher showed me grading blends history, rarity, and condition in ways I hadn’t fully appreciated. Staying curious and questioning grades? That’s where the real joy of collecting lives.
