Professional Graders Must Know All the Peculiarities
Question: I am curious to know how a professional coin grader goes about grading an old-time copper coin, such as the 1787 Fugio cent. Do they take into consideration the poor alloy of the copper, or the fact that the dies used in stamping are hand cut and perhaps not made in a first-class manner?
I would also like to know why the Fugio cent is never listed in coin-pricing catalogues. I have seen it only in the Red Book (“A Guide Book of United States Coins” by R. S. Yeoman). Usually the pricing starts with the half cent, yet the Fugio was the first coin allowed to be minted by the Treasury.--H.S.V.
Answer: The art of grading is not scientific. What you hope for from a professional grader is consistency. Grading coins is no different from grading skating in the Olympics. What you get is an opinion, and as long as that opinion holds true from coin to coin (or skater to skater), then the grader has done his job. But if the grader judges coins one way when buying and another when selling, you have an inequity.
Professional graders who know Colonial and copper coins take everything into consideration. They are familiar with the vagaries of each coin, knowledgeable about the porosity of early metal, aware of toning, strike, wear and other peculiarities of each date and variety. Because the value of coins to a large degree is determined by the grade, it is vital that coins be graded accurately. It’s not unusual for professionals to disagree on grading. Ultimately, the buyer determines the grade by agreeing to the price.
As for the Fugio cent, it is indeed an interesting piece and ignored, as you indicate, in weekly pricing guides. This is because early coppers, unfortunately, are not popular with collectors in general.
More trading activity would lead to the regular posting of coin prices for Fugio cents and the rest. You might take your cause to a coin club and organize a campaign for better reporting of these neglected pieces. Otherwise, you can monitor prices by attending coin shows and checking auction results.
Coin News
Canada’s 1988 commemorative silver dollar (pictured) marks the 250th anniversary of the Quebec-based Saint-Maurice Ironworks, the first industrial refinery in Canada. The coin, the 23rd in a series that started in 1935, is 50% silver. It will have a mintage limited to orders received before Nov. 30. The new Canadian dollar is $16.70 in proof and $12.50 in brilliant uncirculated. Order from the Royal Canadian Mint, P.O. Box 457, Station A, Ottawa, Ontario, K1N 8V5.
Coin Calendar
Today--Part II of an auction of ancient coins will continue at 9:30 a.m. at the Bel Age Hotel, 1020 N. San Vicente Blvd. The auction, conducted by Numismatic Fine Arts of Beverly Hills, began Wednesday with Roman coins and concludes today with Greek pieces. About $3 million is expected to be realized in the two-day sale.
Sunday--About 25 dealers are expected to participate in the 23rd annual show sponsored by the Verdugo Hills Coin Club. The show at Sterling’s Restaurant, 8737 Fenwick St., Sunland, will run from 10 a.m. to 5 p.m.