Smart Buying Guide: How to Navigate the Four-Grade Coin Grading Debate and Make Savvy Purchases in Today’s Market

I’ll be honest — when I first caught wind of the four-grade coin grading proposal floating around the forums, I thought it was just another internet rabbit hole. But the more I dug into it, the more I realized this debate cuts straight to the heart of something every collector grapples with: how do you actually know what a coin is worth? If you’re looking to add to your collection — and get the best deal doing it — you need a strategy. And understanding this grading conversation is a key part of that strategy.

The numismatic world is no stranger to innovation, but every so often, a proposal comes along that ignites fierce debate across forums, auction floors, and dealer counters. The latest? A radical reimagining of third-party grading that would assign four separate grades per coin — two for the obverse (devices and fields) and two for the reverse (devices and fields). Under this system, a Morgan dollar might carry a label reading MS62 MS65 MS65 MS61 instead of a single composite grade.

As someone who has spent years tracking grading trends, price guide evolution, and collector behavior, I can tell you this proposal is more than a thought experiment. It is a lens through which we can examine the very foundations of how we buy, sell, and value coins. Whether or not this four-grade system ever becomes reality, the debate surrounding it reveals critical insights for collectors navigating today’s market — from where to buy and what red flags to watch for, to negotiating tactics and the perennial raw-versus-slabbed dilemma.

Understanding the Four-Grade Proposal: What It Means for Collectors

The concept, as outlined in a recent forum thread, is straightforward in its ambition. Each coin submitted to a major third-party grader (TPG) like PCGS would receive four distinct numerical grades:

• Obverse Devices — the portrait, central design elements, and high points
• Obverse Fields — the flat open areas surrounding the devices on the front
• Reverse Devices — the eagle, wreath, or other central reverse design
• Reverse Fields — the open areas on the back of the coin

The rationale, as its proponent @RedRocket argued, is that collectors have different priorities. Some want pristine, mark-free fields and will tolerate a softer strike on the devices. Others prioritize a bold, well-struck portrait — a “puffy, clean cheek” on a Morgan dollar, for instance — and don’t mind some chatter or slide marks in the fields. Under the current system, both coins might receive the same net grade, obscuring meaningful differences that directly affect eye appeal and, ultimately, numismatic value.

@RedRocket offered a compelling example that really brought it home for me. Picture two 1921 Morgan dollars, both brilliant uncirculated with blazing luster. The first has a deep gouge in the right field, but Liberty’s portrait is untouched and the reverse is fully gem. The second has near-flawless fields, but someone went at the devices with a tool — altering the surfaces in a way that would make any experienced collector’s stomach turn. Today, both might receive a “Details” grade, effectively reducing them to scrap bullion value. Under the four-grade system, the first might grade VF20 MS67 MS65 MS66 (the gouge drags down only the obverse field grade), while the second might grade MS68 AG03 AG03 MS67 (the tooled devices are penalized separately). The argument is that this granularity preserves value by highlighting what is right about a coin rather than solely punishing what is wrong. It’s a fascinating idea — and it raises real questions about how we assess collectibility.

Where to Buy: Navigating a Market in Flux

Whether or not four-grade grading ever materializes, the debate has immediate implications for where you should be buying coins today. The grading landscape is already complex, with PCGS, NGC, ANACS, and CAC all playing roles in establishing market confidence. Here is where I recommend collectors focus their attention:

Major Auction Houses

Heritage Auctions, Stack’s Bowers, and Legend Rare Coin Auctions remain the gold standard for high-end purchases. Their lot descriptions are detailed, their photography is excellent, and their return policies provide a real safety net. If a grading revolution were to occur, these houses would be the first to adapt their cataloging — and the first to create new premium categories that savvy collectors could exploit. For rare variety coins with strong provenance, auctions are where the serious action is.

Reputable Online Dealers

Dealers like Coin Rarities Online (whose forum handle appeared in the thread discussion) and other established entities offer coins with strong photography and transparent grading. When buying online, always insist on high-resolution obverse and reverse images. As @FlyingAl pointed out in the forum, collectors should be competent enough to evaluate marks in the fields versus strikes on the devices themselves — you don’t need a label to tell you what your own eyes can see. Train your eye. Study the luster. Learn to read the patina. The best investment you’ll ever make is in your own knowledge.

Coin Shows and Local Dealers

There is still no substitute for examining a coin in person. Shows allow you to compare multiple examples side by side — something no photograph can replicate. Local dealers often have inventory that hasn’t been picked over by the online market, and you can sometimes find genuine gems sitting quietly in a box. If you are buying raw coins — and we will discuss the raw-versus-slabbed question in detail below — a show environment with good lighting and your own loupe is invaluable. I’ve found some of my favorite pieces at shows, coins I never would have spotted online.

Forum and Private Sales

Collector forums can be excellent sources for coins, but they carry higher risk. Always use escrow services or PayPal Goods & Services for transactions with individuals you do not know. The forum thread that inspired this article is a perfect example of the passionate, sometimes contentious discussions that happen in these spaces — engage with them for education, but exercise caution when money changes hands. A seller’s reputation in the community matters enormously. Check feedback. Ask questions. Don’t rush.

Red Flags: What to Watch For When Buying Coins

The four-grade debate actually highlights several red flags that are relevant to coin buyers right now, regardless of whether the proposal is adopted. Here’s what keeps me up at night when I’m evaluating a purchase:

Over-Reliance on the Slab

One of the strongest criticisms in the forum thread came from collectors who argued that more numbers on a label do not make a better coin. @Old_Collector asked the essential question: “What is the benefit of replacing one opinion with four opinions?” The same logic applies today. A coin in a PCGS MS65 slab is not automatically a premium coin. You need to evaluate whether it is a PQ (Premium Quality) example at the high end of the grade range or a low-end coin that barely made the grade. Is the strike full? Is the luster original and cartwheeling, or has it been dulled by cleaning? The slab is a starting point, not a finish line. I’ve passed over plenty of slabbed coins that looked better to me in raw holders.

Problem Coins in Details Holders

@RedRocket’s example of the gouge-marked Morgan dollar raises an important point: coins with isolated problems are often undervalued. A coin with a single mark in an otherwise pristine field might receive a Details grade, but if the devices are sharp, the strike is bold, and the luster is superb, it may still be a worthwhile purchase — especially at a discount. As one forum participant wisely noted, “Don’t be afraid of buying problem coins today. I don’t shy away from a nice coin in a details holder. Let the market decide the price of a coin, not the government of the numismatic industry.” I think about that quote a lot. A coin with a small issue but outstanding eye appeal can be far more desirable to a collector than a technically “clean” coin that’s lifeless and lackluster.

Tooled and Altered Surfaces

The second Morgan dollar in @RedRocket’s example — with tooled devices — represents a more serious red flag, and this is where I draw a hard line. Tooling is an attempt to artificially enhance a coin’s appearance, and it is considered a significant problem by all major TPGs. If you are buying raw coins, learn to identify tooling under magnification. Look for unnatural flow lines, inconsistent surfaces, or areas where the metal appears to have been moved or smoothed. Sometimes you’ll notice a subtle difference in the texture of the patina around the devices compared to the fields — that’s a telltale sign. A coin with tooled devices will never receive a straight grade from PCGS or NGC, no matter how clean the fields are. Walk away, no matter how tempting the price.

Grade Inflation and Crack-Out Risk

Several forum participants worried that a four-grade system would lead to more grade inflation, more crack-outs, and more regrades. This is a legitimate concern in the current market as well. If you are buying a coin that appears to be at the very top of its grade range, consider whether it might be a candidate for a “plus” upgrade or even a full grade bump on resubmission — that’s potential upside in your pocket. Conversely, if a coin looks borderline, factor in the risk that it could come back lower on a future grading. I always ask myself: “Am I comfortable owning this coin at the grade below?” If the answer is no, I reconsider the price.

Negotiating Tips: Getting the Best Deal

Whether you are buying a raw Morgan dollar or a slabbed gem, negotiation is part of the numismatic experience. Here are strategies that have served me well over the years — many of them informed by the grading debate:

Know What You Value

The four-grade proposal is built on the idea that different collectors prioritize different aspects of a coin. Use this framework in your own evaluations. If you care more about strike than surface preservation, you can often find coins with strong devices but minor field marks at a discount to “cleaner” examples. Conversely, if you are a type collector who wants the most visually appealing coin for the grade, prioritize fields and overall eye appeal. Understanding your own priorities gives you negotiating power — you know exactly what you’re willing to pay for and what you’re willing to overlook.

Use the Price Guide Gap

As one astute forum participant noted, ANACS actually tried a split-grade system in the 1980s — assigning separate obverse and reverse grades — and abandoned it because price guides could not keep up. The same problem exists today. Price guides list one grade per coin. If you can identify a coin that is strong in the areas you care about but weak in areas that drag down the net grade, you may be able to negotiate a price between the two grade levels. This is especially true for coins where the eye appeal doesn’t match the technical grade — a coin that looks better than its number suggests is a negotiating opportunity, not a red flag.

Factor in Grading Costs

@RedRocket acknowledged that four-grade grading might “double or triple” current submission costs. This is a real consideration for buyers today, even under the current system. If you are purchasing a raw coin with the intention of submitting it for grading, factor the submission fee, shipping, and insurance into your total cost. A raw coin at $200 plus $50 in grading costs is effectively a $250 purchase. Make sure the slabbed value justifies the expense — and make sure you have a realistic expectation of what grade the coin will actually receive. I keep a simple spreadsheet for this. It keeps me honest.

Use CAC and Eye Appeal to Your Advantage

The CAC sticker — a secondary endorsement of quality within a grade — already serves as a negotiating tool. A CAC-stickered coin typically commands a premium of 10% to 50% or more over a non-CAC example in the same grade. If you are selling, a CAC sticker strengthens your position significantly. If you are buying, understand that the premium reflects genuine market demand for quality, not just label collecting. When I see a CAC sticker on a coin with strong eye appeal — original luster, attractive toning, a well-centered strike — I know I’m looking at a coin that will hold its value and be easy to sell down the road.

Raw vs. Slabbed: The Eternal Debate

No buyer’s guide is complete without addressing the raw-versus-slabbed question, and the four-grade proposal adds a new dimension to this discussion. I’ve gone back and forth on this over the years, and here’s where I’ve landed:

The Case for Raw Coins

Raw coins offer several real advantages:

• Lower entry price: Raw coins typically sell for less than their slabbed counterparts, especially in the AU to MS63 range where grading fees represent a larger percentage of total value. That gap is where opportunity lives.
• Opportunity for value: If you have a trained eye, you can identify coins that are undergraded or misidentified by sellers. A raw coin that you believe is MS64 might be priced as an MS63 — and if you are right, you have found a bargain. I’ve had this happen more times than I can count, especially with off-center strikes, repunched mintmarks, and other rare variety issues that casual sellers overlook.
• Flexibility: You can choose which grading service to use, when to submit, and whether to request special designations (like Full Bands on Mercury dimes or Deep Mirror Prooflike on Morgans). You control the timeline and the process.

However, raw coins also carry real risks. Without a TPG’s authentication, you must be confident in your ability to detect counterfeits, altered dates, and other deceptive practices. The four-grade debate actually underscores this risk: if even professional graders cannot agree on a single number, evaluating four separate grades on a raw coin is exponentially more challenging. When in doubt, don’t buy raw — or bring someone who knows more than you do.

The Case for Slabbed Coins

Slabbed coins offer tangible benefits that are hard to argue with:

• Authentication: The coin is verified as genuine, which is especially important for high-value issues and key dates where counterfeits are rampant.
• Standardized grading: While imperfect, the TPG system provides a common language for buyers and sellers. A PCGS MS65 is broadly understood in the market, and that shared understanding makes transactions smoother.
• Liquidity: Slabbed coins are easier to sell, especially online, where buyers cannot examine the coin in person. The slab provides a baseline of trust that raw coins simply cannot match in a digital marketplace.
• Protection: The slab physically protects the coin from handling damage, environmental exposure, and accidental drops. I’ve seen too many beautiful raw coins ruined by a careless moment.

The forum discussion highlighted an important nuance: even within the same grade, slabbed coins vary widely. As one collector noted, “Some coins (same numerical grade, slab) are PQ high-end coins. Others are low end in the grade range. Coins that are PQ will bring higher bids.” This is where the four-grade concept, whether formalized or not, can inform your buying decisions. Learn to distinguish between high-end and low-end examples within a grade. The difference in numismatic value can be enormous — sometimes hundreds or thousands of dollars on a single coin.

A Hybrid Approach

In my experience, the most successful collectors use a hybrid strategy. They buy raw coins for issues where they have strong expertise and confidence, and they buy slabbed coins for key dates, high-value pieces, and issues where counterfeiting is prevalent. They also maintain relationships with trusted dealers who can provide honest assessments of raw coins before purchase. I follow this approach myself. For common-date Morgans and Mercury dimes — series I’ve studied for years — I’m comfortable buying raw. For key dates, proof coins, and anything over $500, I want the slab. It’s not about being risk-averse. It’s about being smart.

The Historical Context: Why This Debate Matters

The four-grade proposal does not exist in a vacuum. Understanding the history of grading innovation helps put the current debate in perspective — and, frankly, it makes for some of the most interesting reading in numismatics.

ANACS and the Original Split-Grade Experiment

As one forum participant expertly recounted, ANACS actually pioneered split grading in the 1980s, assigning separate obverse and reverse grades. A coin might be labeled MS-65/62, meaning an MS65 obverse and an MS62 reverse. The system was abandoned because it was too complicated for a market that relied on single-grade price guides. The question of how to price an MS-65/62 versus an MS-62/65 versus a straight MS-63 was unanswerable with the tools available at the time.

This historical precedent is crucial. If a two-grade system was too complex for the 1980s market, a four-grade system faces even steeper challenges today — despite the internet’s ability to disseminate information more quickly. As the forum participant calculated, with 30 grading levels and four grades per coin, there would be 30^4 = 810,000 possible grade combinations. No price guide could catalog every combination for every date, mintmark, and type. It’s a staggering number, and it illustrates why any move toward more granular grading will face serious practical headwinds.

NGC’s Ancient Coin Model

NGC’s approach to ancient coin grading offers a potential middle ground that I find particularly instructive. For ancients, NGC assigns separate scores for Strike and Surface Preservation (each on a 1-to-5 scale) in addition to an overall adjectival grade. This system acknowledges that ancients have far more variability in appearance than modern machine-struck coins, while still providing a single net grade for pricing purposes. Several forum participants referenced this model as a more practical alternative to the four-grade proposal. It’s worth studying — even if you don’t collect ancients, the framework for evaluating strike quality versus surface condition separately is applicable across all series.

The Role of Technology

One forward-looking forum participant suggested that technology might eventually allow more objective measurement of strike quality and surface preservation. High-resolution imaging, 3D scanning, and even AI-assisted grading could provide the kind of granular data that the four-grade system envisions — without relying entirely on subjective human judgment. This is an area I’m watching closely. I’m skeptical of any technology replacing the trained human eye, but I’m equally convinced that tools which help standardize what we see could add real value to the grading process. The question is whether the market will trust a machine’s assessment as much as a grader’s opinion. That’s a cultural shift as much as a technological one.

Practical Takeaways for Today’s Collector

Whether the four-grade system is adopted, modified, or abandoned, the debate offers actionable insights for collectors right now. Here’s what I’m taking away from the conversation:

1. Develop your own grading eye. Do not rely solely on the slab. Learn to evaluate devices and fields independently. A coin with strong devices and minor field marks may be more desirable to you than the reverse — and the market may not fully price that distinction. Spend time studying mint condition examples at shows and in reference collections. The more coins you handle, the sharper your eye becomes.
2. Buy the coin, not the label. A PQ coin in a lower grade is often a better investment than a low-end coin in a higher grade. This principle becomes even more important if grading becomes more granular. Eye appeal drives long-term value. Always has, always will.
3. Be cautious with problem coins. Coins with isolated damage (gouges, scratches) may offer value if the rest of the coin is strong — bold strike, original luster, attractive patina. Coins with tooled or altered surfaces should be approached with extreme caution — or avoided entirely. No discount is worth a coin you can’t sell.
4. Understand the cost of grading. Factor submission fees, shipping, and turnaround time into your purchasing decisions. If a grading revolution does occur, expect costs to rise — and plan accordingly. Build grading costs into your budget from the start.
5. Stay informed. The grading landscape is evolving. Follow forum discussions, read industry publications, and attend shows where these debates play out in person. Knowledge is your best defense against overpaying. The collectors who thrive over the long term are the ones who never stop learning.
6. Consider CAC as a quality signal. In a market where grade granularity is increasing (pluses, stars, stickers), CAC endorsement provides an additional layer of confidence — a “second opinion” that many collectors value. It’s not a guarantee, but it’s a meaningful data point.

Conclusion: The Future of Grading and Your Collection

The four-grade coin grading proposal is, at its heart, an attempt to solve a real problem: the current system’s inability to capture the nuances that make one coin more desirable than another at the same grade level. Whether you view it as a visionary innovation or, as one forum participant put it, “a solution in search of a problem,” it has sparked a conversation that benefits all collectors. And in this hobby, conversation is where progress begins.

The historical record is clear: grading systems evolve. The Sheldon scale itself was once a radical innovation. Third-party grading in slabs was revolutionary in the 1980s. The addition of plus grades, star designations, and CAC stickers have all refined the market over time. The four-grade concept — or something inspired by it — may well be part of that ongoing evolution. Or it may fade into the footnotes of numismatic history alongside ANACS’s split-grade experiment. Either way, the questions it raises are worth asking.

As a collector, your best strategy is to stay educated, buy wisely, and focus on the coins themselves rather than the labels. Whether a Morgan dollar carries one grade or four, its beauty, historical significance, and rarity are what make it worth owning. The 1921 Morgan dollar in your hand is the same coin regardless of how many numbers are printed on its holder — a tangible piece of American history, struck in silver, that has survived nearly a century of circulation, storage, and collecting. That’s what drew most of us to this hobby in the first place, and it’s what keeps us here.

Build your collection with knowledge, buy with confidence, and remember that the best deal is not always the lowest price — it is the coin that brings you lasting satisfaction, whether it sits in a PCGS slab, a raw flip, or a Capital holder. The grading system is a tool. You are the collector. Use every tool available, but never let the tool replace your own judgment. Your eye, your knowledge, and your passion for these pieces of history are what make you a collector — not the plastic slab in which they sit.

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