Grading One of the strangest modern coins yet minted: The Difference Between $10 and $1,000

The New Zealand 1993 Two Dollar Kingfisher: A Professional Grading Perspective

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

Historical Significance and Context

The 1993 New Zealand Two Dollar coin featuring the Kingfisher represents an interesting chapter in modern numismatic history. While not particularly valuable in terms of raw market price, this coin presents unique grading challenges that make it fascinating for collectors and professional graders alike.

This coin was part of New Zealand’s shift toward circulating commemorative designs. The aluminum-bronze composition (92% copper, 6% aluminum, 2% nickel) was chosen for its durability and distinctive golden appearance. The security edge with its distinctive center stripe and rivets was designed to prevent counterfeiting and make the coin easily distinguishable by touch.

Identifying Key Markers for Grading

Metal Composition and Surface Analysis

The aluminum-bronze alloy creates a unique challenge for graders. Unlike plated coins, this is a solid alloy throughout, but the oxidation patterns can create the appearance of wear or damage that isn’t actually present. The “whitened” appearance on high points that collectors have noted is actually oxidation, not wear or plating issues.

When examining this coin under magnification, pay close attention to:

• The edge security feature – look for complete, undisturbed rivets and the center stripe
• The high points on both obverse and reverse – particularly the Queen’s portrait and the Kingfisher details
• The field surfaces for original luster and any toning patterns

Luster and Original Surface Preservation

According to PCGS and NGC grading standards, original mint luster is crucial for determining whether a coin is Uncirculated or About Uncirculated. For this aluminum-bronze alloy, the luster should appear as a warm golden sheen with cartwheel effect when properly rotated under light.

The oxidation that creates the two-tone appearance can actually help in grading – if the oxidation is uniform and covers the entire surface evenly, it suggests the coin has not been cleaned or harshly treated. However, if the oxidation is patchy or concentrated in certain areas, this could indicate environmental damage or improper storage.

Strike Quality Assessment

The strike quality on these coins varies significantly. The security edge feature requires precise striking pressure, and many examples show weakness in this area. When grading, examine:

• The definition of the center stripe and rivets on the edge
• The sharpness of the Kingfisher’s feathers and eye
• The detail in the Queen’s hair and facial features
• The clarity of the lettering and date

Weak strikes should not be confused with wear, but they do impact the final grade. A weakly struck coin in MS-65 condition might only grade as MS-63 due to the lack of detail.

PCGS/NGC Standards Applied to This Issue

MS-60 to MS-62 Range

At this level, expect to see significant bag marks, contact marks, and possibly some weakness in strike. The security edge may show flattening or damage. Original luster may be impaired by handling or environmental exposure. The two-tone oxidation effect is typically most pronounced at this grade level.

MS-63 to MS-64 Range

These coins show fewer contact marks, with only minor imperfections visible under magnification. The strike should be generally full with only slight weakness in the security edge. Original luster should be present, though possibly interrupted by the oxidation patterns. Eye appeal begins to improve significantly at this grade level.

MS-65 and Above

Gem specimens are genuinely rare for this issue. Expect full, sharp strikes with complete security edge detail. The oxidation should be minimal and even, preserving the original golden appearance. Contact marks should be virtually non-existent, limited to only the most minute imperfections.

“The difference between a properly graded MS-64 and an MS-65 can represent hundreds of dollars in value for this issue, despite its relatively modest catalog values in lower grades.”

Wear Patterns and Common Issues

Understanding the wear patterns specific to this alloy is crucial for accurate grading. The aluminum-bronze composition tends to wear differently than pure copper or nickel alloys:

• High points tend to develop a lighter coloration due to oxidation rather than actual metal loss
• The security edge is particularly vulnerable to damage from being stacked or stored improperly
• The fields may develop a matte appearance over time, which can be mistaken for cleaning

When examining for wear, use a 5x or 10x loupe to check for actual metal displacement rather than color changes. True wear will show as a smooth, flattened area where the metal has actually been displaced.

Eye Appeal Considerations

For this particular issue, eye appeal encompasses several factors beyond just technical grade:

• The uniformity of the golden color across the entire surface
• The visibility and completeness of the security edge feature
• The contrast between devices and fields
• The overall cleanliness and absence of environmental damage

Coin grading is as much art as science, and for this unusual issue, the security edge feature and distinctive coloration patterns require special consideration that goes beyond standard grading criteria.

Value Guide and Market Considerations

While the forum discussion correctly notes that these coins are “practically worthless” in circulated condition, properly graded specimens can command significant premiums:

• Circulated examples (VF-XF): $2-5 typically
• Uncirculated examples (MS-60 to MS-62): $10-25
• Choice Uncirculated (MS-63 to MS-64): $30-75
• Gem Uncirculated (MS-65+): $100-300+
• Proof silver versions: $50-200 depending on grade

The silver proof versions, with their mintage of only 10,000 pieces, represent the true rarity within this series and can command substantial premiums when properly graded.

Authentication Tips

When authenticating this issue, pay particular attention to:

• The weight and dimensions – should match official specifications
• The security edge detail – counterfeits often miss this crucial feature
• The color and composition – genuine specimens have the characteristic golden hue of aluminum-bronze
• The edge lettering and rim details – should be sharp and well-defined

Conclusion

The 1993 New Zealand Two Dollar Kingfisher coin represents an interesting challenge for professional graders. While not particularly valuable in absolute terms, the unique alloy composition, security edge feature, and distinctive oxidation patterns make proper grading both challenging and rewarding.

For collectors, understanding these grading nuances can mean the difference between acquiring a $10 coin and a $1,000 coin. The key is recognizing that this issue requires specialized knowledge beyond standard grading criteria – particularly regarding the aluminum-bronze alloy’s unique characteristics and the security edge feature’s importance to both grade and value.

Whether you’re a casual collector or a serious investor, taking the time to understand these grading subtleties will serve you well in building a quality collection of modern world coins.

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