Grading Old School BampMs: The Difference Between $10 and $1,000

The Golden Age of Coin Shops

Condition is everything. Here is how to look at the high points and fields to determine the true grade of this piece.

Before the internet transformed the hobby, brick-and-mortar coin shops were treasure troves of numismatic wonders. These establishments weren’t just retail spaces—they were community hubs where collectors gathered, learned, and discovered. The grading standards we take for granted today were still evolving, and the ability to properly assess a coin’s condition could mean the difference between a $10 purchase and a $1,000 find.

Wear Patterns: Reading a Coin’s History

When examining coins from the old school B&M era, understanding wear patterns is crucial. Unlike today’s slabbed coins with standardized grading, many coins from this period were evaluated through careful visual inspection and hands-on examination.

The high points of any coin tell the story of its journey through circulation. On Morgan dollars, for instance, the hair above Liberty’s ear and the eagle’s breast are typically the first areas to show wear. A coin that appears attractive at first glance might reveal significant circulation when examined under proper lighting. The key is to rotate the coin and observe how light reflects off these high points—this reveals even subtle wear that might not be immediately apparent.

“I remember the rotating trays (those were always worth a look), and the occasional graded coin that we tended to look at, sometimes with skepticism and even disdain. But we always looked, and everyone had a comment on the grade!”

This quote perfectly captures the grading culture of the time. Without third-party certification, collectors and dealers developed their own grading standards through experience and peer review. The rotating trays mentioned were often filled with coins in various conditions, from cull pieces to choice specimens, allowing collectors to compare wear patterns side by side.

Luster Quality: The Mirror of Preservation

Luster is perhaps the most misunderstood aspect of coin grading, especially when examining coins from the pre-slab era. Original mint luster has a distinctive cartwheel effect that rotates as the coin moves under light. This cartwheel is created by the flow lines from the minting process and is nearly impossible to replicate artificially.

When grading old school B&M coins, pay special attention to the luster quality in the fields (the flat areas of the coin). Original luster appears satiny and unbroken, while cleaned or dipped coins often show a grainy or subdued appearance. The difference between a coin with original luster and one that has been improperly cleaned can be worth hundreds or even thousands of dollars, particularly for key dates.

Many collectors from that era remember finding BU Morgans and Walkers in original mint condition for surprisingly modest prices. The key was recognizing coins that retained their original surfaces—a skill that required both knowledge and experience.

Strike Quality: The Foundation of Grade

Strike quality is often overlooked by novice collectors but is fundamental to proper grading. A weakly struck coin will never achieve the same grade as a fully struck example, regardless of how well-preserved it appears. This is particularly important when examining coins from the old B&M shops, where strike quality varied significantly between different minting facilities and years.

On Morgan dollars, for example, the eagle’s breast feathers and Liberty’s hair details should be fully defined. Weak strikes often show softness in these areas, which can be mistaken for wear by inexperienced graders. The difference between a weakly struck MS-63 and a fully struck example can be substantial in terms of value.

Key Strike Indicators

• Detail in hair strands and feather separation
• Clarity of lettering, especially on the rim
• Definition of central devices
• Presence of radial lines in stars and other design elements

Eye Appeal: The Subjective Factor

Eye appeal encompasses several factors: strike, luster, toning, and overall attractiveness. It’s the X-factor that can elevate a technically graded coin to a premium specimen. Many collectors from the old school B&M era developed an appreciation for attractively toned coins, particularly those with rainbow or peripheral toning.

However, eye appeal is also where many grading disputes arose. What one collector considered beautiful toning, another might view as environmental damage. The lack of standardized grading in this era meant that eye appeal often played a significant role in determining a coin’s value and grade.

“I gravitated towards older, rarer pieces, as well as Proof type coins and attractively toned examples of all types.”

This collector’s preference for toned examples reflects a common appreciation from that era. The ability to recognize and value attractive toning was a skill that separated experienced collectors from novices.

PCGS/NGC Standards: The Modern Benchmark

While the old school B&M shops operated without standardized third-party grading, today’s collectors benefit from the rigorous standards established by PCGS and NGC. Understanding how these modern standards would apply to coins from that era is essential for proper evaluation.

For circulated coins, the Sheldon scale (1-70) provides a framework for assessing wear. However, when examining coins from the pre-slab era, it’s important to consider factors that weren’t always accounted for in traditional grading:

• Environmental damage that might not constitute wear
• Cleaning or dipping that removes original surfaces
• Mechanical damage that affects grade but not necessarily wear
• Original striking characteristics of the era

Modern vs. Traditional Grading Considerations

Modern grading standards are more stringent in several ways. For example, a coin that might have been considered MS-65 in the old school B&M era might only grade MS-63 by today’s standards due to stricter requirements for surface preservation and strike quality.

The presence of bag marks, which were often overlooked in traditional grading, now significantly impacts a coin’s grade. Similarly, the requirement for full original luster is much more strictly enforced in modern grading.

Practical Grading Tips from the B&M Era

The old school B&M experience taught collectors valuable grading lessons that remain relevant today:

1. Hands-on examination: The ability to hold and closely examine coins was crucial. Look for luster breaks, contact marks, and overall surface preservation.
2. Comparative grading: Examining multiple examples of the same coin side by side helps develop grading skills and reveals subtle differences.
3. Historical context: Understanding the minting practices and typical strike characteristics of different eras is essential for accurate grading.
4. Market awareness: The value of a coin is ultimately determined by the market, and understanding what collectors value is crucial.

The Value of Experience

Many collectors from the old school B&M era developed their grading skills through years of hands-on experience. They learned to recognize the subtle differences between wear, striking weakness, and environmental damage. This experience was invaluable and often led to significant discoveries.

“I found a 1922 (no D). I carefully put the coin down in my ‘save/buy’ stack. I asked the shop owner, ‘how much if I buy ALL of these in the bowl?’ 85-cents a roll I was told.”

This story illustrates how proper grading skills could lead to exceptional finds. The ability to recognize a rare variety among common coins was a skill developed through experience and knowledge.

Conclusion: Bridging the Eras

The old school B&M era of coin collecting was characterized by hands-on learning, community knowledge sharing, and the development of grading skills through experience. While modern grading standards provide consistency and protection for collectors, the fundamental principles of assessing wear patterns, luster quality, strike characteristics, and eye appeal remain unchanged.

Today’s collectors can benefit from understanding both the traditional approaches of the B&M era and the standardized methods of modern grading services. The combination of historical knowledge and contemporary standards creates a comprehensive approach to coin grading that honors the past while embracing the future of the hobby.

The coins that passed through those old school B&Ms—whether graded by experienced dealers or simply examined by curious collectors—tell the story of American numismatics. Understanding how to properly grade these pieces ensures that their historical and monetary value is properly recognized and preserved for future generations of collectors.

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