Cracking the AG-3 Puzzle: My Journey in Guessing Coin Grades

I recently got my hands on a numismatic head-scratcher—a coin so corroded it looked like it spent centuries at the bottom of the sea. As someone who’s handled thousands of coins, this one really put my grading skills to the test and showed me just how unpredictable our hobby can be.

Unraveling the Mystery Coin

At first glance, this piece had me completely baffled. With its severe pitting, it almost looked like a crude token with what I’d jokingly call a ‘happy face’ design. After studying it closely, I realized it was Summers Island (or Bermuda) “hogge money”—named for the pig on the front. These coins almost always show heavy damage because they’re typically dug up in Bermuda’s salty soil after centuries of corrosion. I could just make out traces of a ship design, but the damage was so extensive I wondered if it even qualified as a coin anymore. Maybe it was struck on planchets that got soaked during ocean voyages—who knows?

Grading Controversies and Insights

When I heard PCGS straight-graded this as AG-3, my jaw dropped. Coins with this much environmental damage usually get a ‘details’ grade. Here’s what didn’t sit right with me:

• Scale Misalignment: By Dr. Sheldon’s original standards, this falls below Basal State-1—the pitting eats up so much detail that it’s practically ungradable. AG-3 seems generous; I’d call it ‘AP’ (Almost Poor) if that category existed.
• Straight vs. Details Grading: Maybe PCGS cut it slack because of its history, but I’d insist on a details holder. Problem coins like this lose significant value, and straight-grading them feels misleading.
• Practical Advice: Always check closely for corrosion damage—look for that telltale pitting from saltwater or soil exposure. If details are missing, fight for that details grade to keep things honest.

Historical Context and Production Flaws

This reminded me of those 1799 large cents with similar issues. Their planchets often arrived corroded after Atlantic crossings in seawater-soaked barrels. Even if the mint scrubbed them, the damage was done—resulting in weak dates and LIBERTY inscriptions. That’s why high-grade 1799 cents are rare treasures (a VG-8 can hit $12,000), while our AG-3 Summers Island piece might struggle to reach $100. Stories like this explain why some coins degrade so badly and show how provenance affects grading.

Market Observations and Collector Takeaways

The value difference here is staggering. While a problem-free VG-8 coin can command top dollar, this AG-3 example—with all its issues—barely climbs above scrap value. Here’s what I learned from this puzzle:

• Grade Impact: Cross-check grading service decisions. That $6,500 PCGS value seems optimistic for a coin with this much damage.
• Collecting Strategy: Focus on coins where you can actually see the details. Heavily corroded pieces are risky bets.
• Numismatic Wisdom: Embrace these grading mysteries—they sharpen your eye and deepen your appreciation for coin history.

Guessing grades isn’t just entertaining—it’s an essential skill that reveals how a coin’s story, condition, and history shape its place in our collections. Stay curious, keep learning, and remember—that’s what makes coin collecting so endlessly rewarding.