Guess The Grade: My Deep Dive into a Coin Grading Controversy

I recently explored a heated debate around a corroded coin that challenged my understanding of grading standards, and it’s made me rethink how we evaluate coins with extreme wear or damage. As a collector, I found this case both fascinating and instructive, revealing how grading isn’t always black and white.

The Coin in Question: A Corroded Enigma

I came across what appeared to be a Sommer Islands coin, often called Bermuda or Hogge Money due to its porcine imagery. This piece was so severely corroded that it barely resembled a coin—more like it had been submerged in seawater for centuries. PCGS graded it AG-3 in a straight holder, but I was shocked by its condition. The pitting and decay were so extensive that I couldn’t even identify key features at first glance. It’s a stark reminder that environmental factors, like Bermuda’s harsh climate, can ravage coins over time, especially for detector finds.

Grading Challenges and Practical Tips

This experience taught me valuable lessons about grading nuances. I now see why collectors argue that such coins should be in details holders for issues like corrosion or mechanical errors, not straight grades. Here are some key insights I’ve gathered:

• Always scrutinize for environmental damage: If a coin shows heavy pitting or corrosion that obscures details, it might not deserve a straight grade—PCGS’s AG-3 here felt overly generous.
• Know the grading scales: Beyond AG-3, there’s debate about grades below P-1, like AP (Almost Poor), or even inventing an AP-0.5 for ungradable pieces. This coin made me realize how the Sheldon scale can fall short for extreme cases.
• Consider “grading on a curve”: For historically significant coins like this Sommer Islands piece, graders might give leeway due to rarity and typical condition, but I question if that compromises integrity. In my view, details grading preserves market trust.

Historical Context and Preservation Insights

Delving into the history, I recalled parallels with coins like the 1799 US cent. Those planchets were soaked in seawater during transport from England, leading to corrosion even after minting. This explains why they’re seldom found in nice condition—similar to our Sommer Islands example. I learned that such damage often stems from poor storage or environmental exposure, reinforcing the importance of provenance in collecting. For instance, the 1799 cents had additional issues like weak strikes from misaligned dies, which compounded preservation challenges. It’s a vivid lesson: Always research a coin’s backstory to understand its flaws.

Market Observations and Value Realities

This discussion opened my eyes to market disparities. PCGS listed a guide value of $6,500 for this AG-3 coin, but I’d estimate it closer to $100 based on its state—a huge gap from a VG-8 coin of similar type that could fetch $12,000. It highlights how overgrading can inflate prices artificially. As a collector, I now advise:

• Be skeptical of high guide values for low-grade coins with damage; real market demand might be much lower.
• Focus on eye appeal: Even with a grade, if a coin looks terrible (like this one), its value plummets—prioritize coins with identifiable details for better investments.

Reflecting on this, I’m more cautious about grading services and urge fellow collectors to push for transparency. Grading should balance history with honesty to keep our hobby credible and fun.