Grading Resubmitting Graded Coins: The Difference Between $10 and $1,000

Understanding the Grading Process

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

The Reality of Cracking Slabs

When a coin is removed from its protective holder, it enters a critical transition period. As one experienced collector noted, “All bets are off once you crack it out of the holder.” This statement carries significant weight in the numismatic community, particularly when dealing with valuable specimens like the 1895-S Morgan Dollar.

Wear Patterns and Their Impact

The 1895-S Morgan Dollar in F-12 condition presents specific wear characteristics that graders must evaluate. At this grade level, wear is evident across the high points of Liberty’s hair and the eagle’s breast feathers. The key is to examine how the wear has progressed – is it uniform, or are there areas of concentrated friction?

According to professional grading standards, an F-12 should show:

• Moderate to considerable wear on all high points
• Flatness in the hair above Liberty’s forehead
• Flattened breast feathers on the eagle
• Clear but worn details in the wreath

Luster and Surface Preservation

Even at the F-12 grade level, original mint luster plays a crucial role in the overall assessment. When examining a cracked-out coin, graders must determine if any original luster remains in protected areas. The presence or absence of luster can significantly impact the coin’s eye appeal and, consequently, its market value.

“The grading company wouldn’t have any guarantee that the condition of the coin was unchanged from the time it was cracked out to the time it was submitted.” – MFeld

Strike Quality Considerations

The 1895-S Morgan Dollar is known for its typically sharp strike, particularly in the central devices. When evaluating a cracked-out specimen, pay close attention to:

• The definition of Liberty’s hair curls
• The clarity of the eagle’s feathers
• The sharpness of the motto letters
• The detail in the wreath leaves

Eye Appeal Factors

Eye appeal becomes even more critical when dealing with a cracked-out coin. Professional graders at PCGS and NGC consider several factors:

1. Overall surface quality
2. Color and toning consistency
3. Presence of any new marks or scratches
4. Cleaning or alteration evidence

PCGS/NGC Standards and Reholdering

Both major grading services have strict policies regarding cracked-out coins. As one collector pointed out, “Once the coin is cracked out it is raw… period.” This means that even with video documentation or the original label, there’s no guarantee of receiving the same grade upon resubmission.

Risk Assessment for Collectors

Before cracking out a graded coin, consider these factors:

• Current market value in the graded holder
• Potential value loss if grade changes
• Cost of regrading and reholdering
• Insurance implications

Documentation Best Practices

If you do decide to crack out a coin, follow these documentation steps:

1. Photograph the coin in the holder before cracking
2. Document the certification number and details
3. Take clear photos of both sides of the coin
4. Keep all purchase documentation
5. Consider creating a video of the cracking process

Conclusion

The decision to crack out a graded coin should not be taken lightly. While the 1895-S Morgan Dollar in F-12 condition might seem like a candidate for removal from its holder, the risks often outweigh the benefits. Professional graders emphasize that once a coin is removed from its slab, its grading history becomes largely irrelevant to the certification services.

For collectors building sets or those concerned about future inheritance, the best practice is to maintain coins in their original holders whenever possible. If removal is necessary, thorough documentation becomes crucial for maintaining the coin’s provenance and potential future value.

Remember, in numismatics, as in many collectibles, preservation of both the physical coin and its certification history often proves more valuable than the immediate satisfaction of having a raw coin for a collection.

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